The Nigeria business economy is a booming industry, however, the majority of Nigeria youths and graduates are not looking to take advantage of the potential in this industry.
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The Nigeria business economy is a booming industry, however, the majority of Nigeria youths and graduates are not looking to take advantage of the potential in this industry.
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There are several reasons why Nigeria graduates are not interested in business despite the sector being a thriving money making ecosystem. We looked into some of these reasons in the post coming below.
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I will love to more, it is an awesome topic
Among other things, the obvious reasons Nigeria graduates are not showing interest in doing business are the challenges they have to face to survive in the business.
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Anyone who is ready to face the challenge is not ready to survive
These challenges includes but not limited to the 4 points mentioned in the post.
Lack of initial capital
Lack of enabling environment due to bad government
Taxes issues
Hurdles to get a business loan
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Your points are clear and very true... To be able to manage business in Nigeria, you need to be more strategic in whatever you are doing because the economy will not take it easy on you.
Lack of capital and passion for business is another challenge
Capital is really a big challenge to start a business. As for the role of government, they are only good in rhetoric to provide a thriving environment for entrepreneurs, but their policies particularly taxation tell us otherwise.
Capital is really a big challenge to start a business. As for the role of government, they are only good in rhetoric to provide a thriving environment for entrepreneurs, but their policies particularly taxation tell us otherwise.
Read the details of the post and suggestions for way forward.
https://leofinance.io/posts/fexonice/challenges-hindering-graduates-in-taking-part-in-the-nigeria-business-economy
#gosh
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In Japan, I believe that many graduates find employment instead of starting their own businesses. But I am not sure if that is a good idea.
ASAP, am reading it immediately
I don't think there are any stats to back your claim that the business economy is booming.
Inflation is at double digits
Government policies are stringent
Access to capital is difficult.
The environment is anti-entrepreneurship
The business economy is indeed booming, those who are in business can attest to the fact. However, the challenges to starting a successful business are enormous, that's what the article is all about. I guess you didn't read it.
The problem with youngsters starting in any country not just Nigeria is a lack of capital to start many businesses.
Coming out of school or college and 9/10 of us have zerospare money!
You are very correct, that's one of the challenges discussed in the post
But if there are so many obstacles how is the business economy booming??
It's for those who are already into the economy. The problem is with youngsters who are not able to push their way into the industry due to some challenges such as a lack of capital, no access to business loan, bad government policies, etc
Managing a business under bad economy country is quite challenging and I can see the reason why Nigeria youth prefer online business.
But is the economy really booming? I see a lot of people complaining everyday.
People may complain, but that doesn't represent the truth. The Nigeria business landscape is full of opportunities, only that successive governments have not been favourable in terms of providing the enabling environment and infrastructure
Sadly, it's funny how only a few know what they could possibly make out of this country's economy... The country is blessed, I'm so sure of that. We just need to figure out what we can use the blessings for hehe.
Unfortunately, there is a lack of government incentives to train the workforce and, consequently, professionalize these young individuals.
The environment isn't really encouraging youths to go into business, government policies inclusive. The recent removal of fuel subsidy without alternative measures is one of it. No constant power supply, taxes, levies etc
Well, the truth is that the country doesn't really provide an enabling opportunity for business to grow. Becoming an entrepreneur is really difficult and only a few can manage the risk
That's one of the challenges I discussed in the post
Welll to that problems named another one inflation.
I wonder why Nigeria is a thriving country. Could you explain me your point of view on this?
Yes, Nigeria is a thriving economy in terms of business. As a entrepreneur myself and a business owner, I can confidently tell you that there's money in business in Nigeria when you get your things right.
Unlike what many imagine being an entrepreneur requires facing immense challenges as you mentioned in this Threadstorm and not just anyone can handle it.
It is a pity, conditions should be favourable for young people to enter business, they will be able to innovate and give more value to the industry.
That's the problem we are facing in Nigeria, the government are not thoughtful about the youths
The lack of seed capital can be a problem. It is hard to start a business. Graduates should look to join a business, not to start it. That can come later, if they have the money. Access to capital is difficult.
it is the younger population that has to be made productive and a part of the economy as they have the energy to be a part of growth and can benefit the economy
That's how it should be, but the problem in Nigeria is that the government doesn't think much about the youths
Sometimes we do not take advantage of the opportunities that arise in life.
Interesting perspective. I've heard that inflationiis really bad though
There is inflation no doubt, but business is the real deal to making good money in Nigeria. Unfortunately, the youths are not looking that way
Some youth are lazy, they want to make money in an easy way forgetting that no easy way for money
It's great that business is booming over there. May the youths find their niche, overcome the hurdles and be able to create their place in the industry.
I want to open a business too but the lack of principle money is the main problem for me as well. Govt and banks give loans only to rich people but not to those who are actually needy. This should change.