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Nigeria’s growing economy and challenges of competitors in business

Vision 2040, fraud, Nigeria
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By Adeola Badru

  • Recognising and overcoming the common pitfalls associated with growth is essential if one’s business is to continue to grow and thrive.

Growing businesses face a range of challenges. As a business grows, different problems and opportunities demand different solutions.

Crucially, one needs to ensure that adequate steps are followed to guard against pitfalls.

Effective leadership will help you make the most of the opportunities, creating sustainable growth for the future.

Also read: Creating a just Nigeria through the ‘veil of ignorance’

Nigeria, as the most populous Nation in west African, stands at an advantageous position in doing business going by her huge population.

It possesses a very good market going by her landmass, population and gateway to many other countries on the continent.

This and many more formed part of the reasons people refer to her as the giant of Africa. Businesses of low, medium and large scale thrive in different parts of the county and mostly in the cosmopolitan cities.

However, as veritable as the country looks, issues of insecurity, epileptic power supply, unhealthy rivalry especially among competing businesses and many more are part of the major challenges affecting entrepreneurship growth in the country.

In the construction business, for instance, cases of shoddy execution of projects and high-level of the insincerity of some desperate few also posed a serious challenge.

Although the government is doing so much in fighting corruption and working tirelessly in providing an enabling environment for young businesses to grow, while many other business owners had been frustrated out of the county.

One of such is the case of Ayodeji Ige and Tolulope Ige of MIT Nosmas Smith. These siblings established this construction company with a positive vision of setting a good example in the construction business.

However, having won most of their biddings and discharged their projects within the time frame and due compliance to expected terms, their company became a household firm, known for standard and good work which later peaches them against other rivals which subsequently involved life-threatening efforts from rivals in the business.

The numerous direct target to eliminate the face of owners of this company (MIT Nosmas Smith) and family caused Ayodeji to abandon the company and relocate with his family to another country, but his partner, Tolulope remained in Nigeria to salvage the situation but it was quite unfortunate that his family was attacked in July 2019, by unknown gunmen and his only daughter was murdered in the incident.

Meanwhile, in an attempt to stay alive, after several physical attacks and assassination attempts, Tolulope left the shores of the country for South America.

This is one of the few cases of competitors in business. New businesses often run in perpetual crisis mode. Every day brings new challenges that urgently need resolving and management spends most of their time troubleshooting.

As one’s business grows, you also need to be alert to new problems and priorities. For example, your business might be increasingly at risk unless you take steps to ensure your intellectual property is properly protected.

Vanguard

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