Obiwuru et al in their appraisal of the Nigerian business environment in 2011 asserted that external factors such as multiple tax system, policy summersault, non-passage of the Freedom of Information (FOI) Bill into law (at the time), high cost of capital, high interest and inflation rates, volatile exchange rates, susceptibility of the economy to external shocks, infrastructure decay, dismal power supply, etc have escalated the cost of doing business in Nigeria. They submitted in their research work which was published in the eurojournals that these factors should be jettisoned from our operating environment to guarantee wealth creation to all stakeholders in business.
With very little political will on the part of government to address these issues, the onerous task to survive as a business entity lies in the ability of management to align their business model with the prevailing environment whilst still having ample room to absolve any unforeseen systemic shock.
As the saying goes, “a successful man is one who can lay a firm foundation with the bricks others have thrown at him.” This in all ramifications is the attitude the Nigerian entrepreneur has to adopt in dealing with the everyday challenges he contends with in our market space. His doggedness is questioned at every step of a transaction and he is constantly fighting a mental battle between sustaining his business goals and throwing in the towel as he watches those who are to facilitate his transactions hurl stones of “entitlement mentality”, “insincerity of purpose” and “institutionalised bureaucracies” that culminate in increasing the cost of his doing business.
As tough as this may be, he must not give up like so many have done in the past. He often must choose the path that has been less travelled by those who attempted to do business in a tough terrain. With a resolute spirit, he must fight and conquer all obstacles that threaten his aspirations. Only then would his business be able to thrive and possibly outlive him.
In this edition, Mr. David Kliegel, a seasoned leisure manager who is currently at the helm of affairs at the Federal Palace Hotel in Lagos, shares his experience in the leisure and hospitality business and the challenges and prospects of the hospitality industry in Nigeria.
Mr. Oriyomi Bankole, a Banker turned a haulage expert also shares his motivation on why he left the lucrative job of banking after 12years of experience to start up his haulage company-Imagodei Global Resources.
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