Bringing Business Opportunities to Life in Nigeria
March 3rd, 2007 | Published in Business and Entrepreneurship, Governance, Nigeria | 4 Comments
Making a few sporadic millions of Naira is possible in Nigeria, in fact this seems to be the order of the day for several people engaged in “business”, or better still, “trading” or “government-contract-hustling”. This is “running after opportunities” compared to creating well-thought business ventures (either small, medium or mega-sized) that address and fulfill a particular need (entrepreneurship).
Aijuswanarite, a blog started by a former Nigerian expatriate (a.k.a Snazzy) that just returned to the country has a interesting post tagged: Nigeria - The Land of Opportunity? I have visited the site to comment and read the expressions of others as well.
The impression I got from the site begets the need to clarify the difference(s) between business opportunity and running a viable business venture. Business opportunities exist everywhere, and are exactly what what they are: opportunities come and go; however, seizing an opportunity and converting it into a viable business is something else: it takes time, effort and resources, moreover, it takes government intervention.
If I need to re-echo the vibes on Snazzy’s blog and many other online forums (fora) as well, the extent of business opportunities that exist in Nigeria is just incredible. But that’s all there’s to it; these opportunities take an above-average resilient, clever, and thick-skinned entrepreneur to explore, and convert into meaningful and sustainable ventures, particularly for the small/medium businesses. No thanks to the lackadaisical government attitude that seem to focus more on issuing policy statements than implementing enabling business environment. This is the sad truth and reality of Nigerian business climate. And it shouldn’t be so.
However, it is reassuring that despite the harsh business environment in Nigeria, several entrepreneurs have found ways to make their plans work. Tayo Taiwo Ayedun of Credit Registry is one such that operate below the radar in Nigeria; he’s quietly bringing his unique business idea to life. Otunba Gadaffi (Isaac Durojaiye) of DMT Mobile toilets is another entrepreneur that comes to mind; I’ve had the pleasure of showcasing him and Tayo Taiwo on this blog in the past. And there are many more out there.
P.S: Hat-tip to Nilla for providing the link to Snazzy.
March 4th, 2007 at 10:27 pm (#)
Thats a great post Imnakoya! As a credit specialist in America it’s always interesting finding out about such opportinities in Nigeria and other parts of Africa. There is another credit bureau that has not yet made it into Nigeria but was started in Kenya and has since grown into the Mauritius, Egypt, Botswana, Zambia, Tanzania, Uganda, and Ghana markets. It is Credit Reference Bureau Africa
I think that as more and more of these services spring up throughout Nigeria and other parts of the continent GDP growth will mushroom. Perhaps prices on consumer goods normally purchased with credit or checks might lower or at least not rise as quickly when businesses know that there granting of credit and trade lines is more safe from defaults.
On business ventures versus oppurtunities in Nigeria, perhaps something very similar could be said of any large city in America like Chicago or New York City-where making a fast buck might be easy for the quick witted but sustaining a healthy and thriving business requires much more substantial time, planning, investment, help, and etc…
Hat tips to you, very excellent post!
March 6th, 2007 at 10:15 am (#)
[…] Bringing Business Opportunities to Life in Nigeria. […]
March 11th, 2007 at 3:47 am (#)
Political will, an enabling legal environment and an efficient judicial system comes to mind….
July 6th, 2007 at 1:06 am (#)
[…] Imnakoya presents Grandiose Parlor Bringing Business Opportunities to Life in Nigeria posted at Grandiose Parlor, saying, “This post delves into the small business scene in Nigeria highlighting the entrepreneurial pursuits of two individuals each of whom is fulfilling their own unique market niche.” […]