Mr Lukman Shobowale, a co-founder and head of business, Dukiya Investments has recently lamented the hostile government policies as the factors militating against the growth of businesses in the country.
Shobowale said this in a lecture titled “The ever-changing government policies: Effect on business creation and sustainability’ delivered in Lagos State University Medical Students’ Association (LALUMSA)’s programme tagged Entreneurship Summit 2021, adding “According to a World Bank report, Nigeria ranks 131 out of 189 countries regarding the ease of doing business, while 80% of new small business fail in 3 years.”
He corroborated that government horrendous policies are affecting businesses in several facets, including the establishment of business, taxation and access to finance.
“In Nigeria, business is war. Treat it as such.”
While charging emerging entrepreneurs, Shobowale reiterated that every entrepreneur should know that the Nigerian business environment is hostile and a bit hard, hence, it is necessary to begin taking proactive measures to build an atmosphere that enables business to thrive inspite of government policies and further look for alternative ways to create a platform that suits their business models.
Meanwhile, he highlighted the successful ways of running a business in Nigeria as “being intentional about one’s marketing, building relationship with those at the corridors of power, thinking global and building a business that will outlive the entrepreneurs,” emphasizing that the strength of an idea is in its universal appeal.
“Nothing feels good having clients who pay business owners in foreign currencies,” he stated.
“I consider an entrepreneur very successful when they are able to meet the expectation of their clients and meet their profit margins.”
Furthermore, Shobowale encouraged entrepreneurs not to give up, and to keep pushing because consistency is the key to succeed in business.