Entrepreneurship largely depends on the existence, maintenance and improvement of adequate infrastructure. Given that Nigerian roads, ports, and airports are often in disrepair, it has made logistics a nightmare and reaching new markets has become a difficult challenge.
Yet another significant challenge is corruption. Businesses are often faced with this issue, especially in their first few years, but even older businesses are not exempt from its effects. Corruption is a major obstacle that plays a part in every sector of the country. For SMEs, corruption is a familiar enemy, and the consequences are stunted growth, lack of competition and, ultimately, this leads to the death of innovation.
One other way to enhance the capacity of employees is through mentorship. Businesses can set up a mentorship program to help employees at all levels, from new hires to executives, with advice and support. By implementing a strong mentorship program, businesses in Nigeria can tap into seasoned professionals’ knowledge, experience, and expertise and develop the skills and competencies needed to compete on a global stage.
For global dominance, Nigerian businesses must look beyond Nigeria’s borders and explore opportunities in other African countries. An opportunity for Nigerian businesses to access a market of over 1.3 billion people and a GDP of over $3 trillion has come to light with Nigeria’s ratification of the African Continental Free Trade Area agreement which came into effect in January 2021. Businesses can now take advantage of the growing intra-African trade and expand their customer base.
Great economic growth 💯❤️
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Source: GuardianNigeria - 🏆 1. / 94 Read more »