In all honesty - it's not that bad (that's the good news)
The bad news - depends on your point of view.
Nigeria is not actually a paradise for doing buiness, except when you've learnt to Maneuver in her shark infested waters of danger, deceit, fraud and the plain unexpected.
There are so many untapped opportunities in different sectors - agriculture, telecoms, IT, trading, real estate, banking, insurance, manufacturing etc
At least the recent recapitalisation execise in the banking sector will see that loans and other financial aid packages to businesses (small, medium and large) will become available at negotiable interest rates that will benefits both sides.
Of course, it will take some time for the loan fad to catch on - this is as a result of the various financial mismanagement practises in many banks and the presense of many bad loans and debts that are still uncleared and will likely remain that way.
The recent policies that provide support for SMEES should be applauded but at this time there has been no take off. Banks do afterall have to be cautious.
So what can a entrepreneur look forward to while doing business in Nigeria?
Depending on his area of business and the demand for his brand of goods or services - there are many possibilities.
Most banks shy away from alot of these projects because of many issues, which include some of the following:
1. Credit worthiness
2. Collateral
3. Guarantors
4. Experience
5. A business model and plan
As in almost all cases the issue of financing is a real thorn. There are as of yet no venture capitalists or angel investors that are operating in nigeria.
Plus the issue of the advanced fee fraud (popularly referred to as 419).
Inspite of the lsit of negatives, I'm still very hopeful beacuse there's no other way to go. As a die hard entrepreneur, I'm commited to making it the honest way...
How I plan do that? That's for me to know anf for you to find out!
regards
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