A marketing specialist and brand positioning professional, Wale Olajubu, has said the local business environment is hostile to the growing entrepreneur.
He said challenges such as lack of power to limited access to funds, high cost of overhead and multiple taxations still confront the enterpreneurs.
Olajubu who is the Editor-in-Chief of Doctors Magazine Nigeria said: “We could go on and on. It takes self-determination to succeed. The government, through the Central Bank of Nigeria (CBN) is rolling out multiple innovations almost regularly to help support startup funding in Nigeria, but coming with these fine ideas and managing the implementation is a different conversation. So you hear the CBN has approved some sort of small and medium-sized enterprises (SME) loan for a segment of the SME market, at a certain rate and a given term but to be disbursed through the commercial banks. These commercial banks will give you a different rate and a totally different term and when you refer to the CBN advert, the banker will laugh it off. We need to do more strategy implementation of CBN Ideas. Aside from these, multiple taxations can kill businesses before they even kick-off.”
According to him, a certain state in the country said it was looking to tax the new executive bike companies some ridiculous amounts of money per annum. “Do those bikes even make that much? That is the question we should be asking. The government needs to show more sincerity, give some stability to power and harmonise taxation,” he said.
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According to him, the government needed to show commitment to power generation and distribution. We should see real commitment in the power sector, this will go a long way for the small manufacturers and farmers.
Talking about farming, the insecurity and bad roads are two major critical issues for farmers, you are not safe on your farm and you also cannot transport your goods to the consuming market. The government needs to also commit to infrastructure and do more in implementing financial sustenance for small businesses,” he added.
Speaking more on why SMEs should given attention, he said: “The truth here is that the SMEs are actually the largest sector in the Nigerian economy as opposed to the big corporations. It is, therefore, important that we pay more attention to their critical needs. If these needs are not given the right attention, the repercussions could affect more than just a few companies. As a matter of fact, it could gradually slow the economy and job market of the entire country. As it stands today, the small businesses support heavily in job creation, economic progress, and innovation.”
He said DWA Nigeria is an award-winning branding and marketing agency that specialises in creating bold strategies and brand experiences for ambitious category disruptors. “At the heart of DWA Nigeria is a team of creative and strategic professionals that share the same creative passion, philosophy and firm belief in the power of great ideas,” he said.