2/08/2016

A Right Moment To Grow Small Business In Nigeria



The world we live in right now is a very different world from what we were in ten years ago. Things have changed from economies, to technology, to infrastructure to the government. What is more, is that the small business operator who few years ago was struggling to get their business grow is now a successful business entrepreneur. What is so different now? Very many things are different.

Africa is known to be a third world continent. Many forget that Africa has some growing economies like South Africa, Egypt and Nigeria. These are countries that got independence just the other day but have since independence, grown to an unimaginable extent in terms of development.



In Nigeria for instance, the oil wells are providing a great source of income for this highly populated region. And like Egypt and South Africa, Nigeria is also growing at a rapid speed. There is revenue from oil and petroleum; its subtle beaches bring in a good amount as well as the growing entertainment industry (Nollywood). Looking at our infrastructure one can easily spot a huge difference regarding development.

In short, Nigeria is grown and is still growing and what better place to grow your small business than in a growing economy? I understand it is a risk setting up a business in a developing country than in a fully developed country, but the truth is, the higher the risk you undertake in a business deal, the higher the returns you get.

Why is this the right moment to grow small businesses in Nigeria? Before, it was very difficult for small businesses to get financing. The government policies were harsh for small and medium enterprises to grow in this country. Now is the right time; it is the right moment to develop your small business.

The trick is utilizing available resources properly. Regardless of the industry you have decided to venture in, ensure that you put all the available resources into proper use and exploit them fully.

The level of technology and infrastructure is improving in Nigeria, so take this opportunity to put your business on the next level, if poor technology and infrastructure were the barriers to your business’ success.

Another important thing is the shift in interest to technology as many people are spending more time online; it is a perfect moment to make your business available online.

You can do so by getting listed in an online business community like infoisinfo where you can connect with users and also connect with other business owners.



Today getting financing is very easy. The loan interest is reduced to reasonable rates. Again, microfinance organizations have cropped up widening the options of business financing. So you are not limited to access financing from banks but also make use of the microfinance organizations.

Additionally, the government policies are not as harsh as before, which means that this is an opportune moment to make your entrepreneurial dream come true. Also, business knowledge has become very easy to acquire.


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