Growing A Small Business In Nigeria
Startups generally refer to small new businesses with prospects of growth. However, as soon as a business successfully survives the first five years of operations, such a business is regarded a successful startup.
Several initiatives have been put in place around the world to promote and grow the startup ecosystem. How successful these initiatives have been in achieving their objectives can be clearly seen from available statistics. For instance, of the 50+ schemes/initiatives introduced by the Indian government to support startups, only a few such as Fund of Funds, Tax exemption, gain hype across the startup community in India.
In Nigeria, private businesses face a lot of challenges, from which startups are not immune. These challenges include corruption, bureaucratic bottlenecks, lack of supportive infrastructure, high interest rates, erratic fluctuations in exchange rate, unstable monetary and fiscal policies, insecurity and lack of skilled manpower. However, despite these challenges, some companies (including startups) have been able to survive and thrive.
This report contains insights into the critical success factors of businesses in Nigeria. It further goes on to propose strategies to the government on the best ways to engage with startups in Nigeria.
Finally, it contains discussions and recommendation to stakeholders in the startups ecosystem.