Interest Rates Today - Problems Encountered by Nigerian Entrepreneur and potential Solutions
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The success enjoyed by most industrialized countries can be attributed to the role played by technological innovation and entrepreneurship, both of which continue to drive their economies today. These two factors are seen as key components for the industrialization and amelioration of African countries. The Nigerian government has recognized this fact and has taken measures aimed at promoting and cultivating the entrepreneurial culture in our country. Straight through the Nigerian Investing Commission (Nic), our government has in the past introduced a policy that required university students regardless of their area of study to take courses in entrepreneurship. While our government is putting extra effort in promoting entrepreneurship in Nigeria, there are still a number of problems that a Nigerian Entrepreneur faces. Below are some of the problems encountered and potential solutions.
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* Diversifying the Economy
Though our country's cheaper has over the last couple of decades relied heavily on its oil production, we must find ways to diversify our cheaper and avoid the over reliance on oil. Like other developing countries, Nigeria is facing an increase in its unemployment rate that is now at 6 % and is on the increase, with many graduates seeing it hard to get jobs while most of those who get jobs are underemployed. This coupled with the global financial accident in which massive numbers of employees are being laid off; entrepreneurship is seen as an considerable key if we want our country to accomplish its ambition of being an industrialized nation by the year 2020.
* Unfriendly firm Climate
Being an entrepreneur in Nigeria requires great measurement as practicing and potential firm owners are faced with countless challenges. Nigerian's firm climate should be made welcoming to those in the Micro, Small and Medium Enterprises (Msmes). The role played by these Msmes should not be underestimated since majority of the flourishing businesses fall in this kind and for us to accomplish our goals, adequate concentration and withhold must be directed towards these institutions. To be able to help and protect entrepreneurs, we must first have a clear idea of the challenges facing our entrepreneurs in their pursuit of production Nigeria a flourishing country.
* Lack of prestige Facilities
Potential Nigeria entrepreneurs go Straight through many hardships when trying to access prestige for their businesses. Though there is a wide range of financial institutions that offer firm loans, they usually payment high interest rates deterring aspiring entrepreneurs. For instance, major banks have pegged their lending rates to as much a 28% deterring potential entrepreneurs who are mostly low revenue earners. Other obstacles faced by our entrepreneurs contain severe collateral conditions set by banks and other lending institutions. Though our government Straight through the Central Bank and the Banker's Committee came up with guidelines requiring banks to set aside 10% of their profits for funding Msmes, majority of these banks have been reluctant to do so. This has led to the emergence of micro-finance institutions which though helpful are not adequate for meeting the financial requirements.
* multiple Taxation
One other sensitive challenge that is encountered by majority of Nigerian entrepreneurs is multiple taxation. Although we have a accountability of funding the government Straight through paying taxes, most of the taxes expensed on entrepreneurs are not lawful and have the effect of expanding the cost of doing business. Although Nigeria's companies revenue Tax Act (Cita) has beloved only 39 taxes and levies, there are over 500 varied levies and taxes that are imposed by state and local government agents. These taxes are questionable and in the case where they are genuine, they are mostly duplicated and this has the effect of expanding the cost of doing business.
* Poor State of the Country's Infrastructure
The state of our infrastructure can be deemed to be a horror to both entrepreneurs and the rest of the country's population. With the existing infrastructure deteriorating and in some places it is non-existent; the cost of doing firm has tremendously gone up. The state of the country's road network makes it hard for entrepreneurs in the agricultural sector to vehicle harvested yield from farms to processing factories. According to a report released by the World Bank, Nigeria's pace of socioeconomic amelioration and increase is way below what we can achieve. This is mostly because of the erratic furnish of electricity which has negatively affected many businesses. The outcome of power problems has prompted entrepreneurs to create power Straight through expensive ways that have in turn increased their production costs and made their products uncompetitive due to high prices. Our government should put policies in place to perk up Nigeria's infrastructure so as to promote flourishing entrepreneurship.
* Failure to Adapt to the Changing firm Environment
Majority of those who venture into Msmes (Micro, Small and Medium Enterprises) do so because of their need to make money and in practically all cases, such entrepreneurs lack relevant and adequate data about the businesses they engage in. In the event where problems arise, most of these firm owners lack adequate problem solving skills and in the end they find it hard to survive. With the telecommunications sector having grown by about 206.5 % in the middle of 2002 and 2004 and is continually expanding, Nigeria has become one of the fastest growing Ict market not only in Africa but also worldwide. This presents a challenge to entrepreneurs who have not embraced technology, and who are now seeing it hard to remain relevant in the competing firm environment. For existing and potential Msmes to survive and be relevant, we must adapt to the changing firm environment and embrace technology.
* Addressing the Challenges
Solving the problems encountered requires a combined effort by both the entrepreneur and all concerned stakeholders. As Small and medium firm owners, we need to increase our knowledge and skills of the market by acquiring relevant and up to date study particularly in your area of business. Our entrepreneurs need to gather data about their target market by seeking help from consultants and professionals who have sense in the singular market.
One strategy that can be used by our small and medium entrepreneurs to remain relevant and competing in today's market is to come up with fresh and creative ideas of doing business. Due to the increase in technology, firm is fast changing, thus our Msmes need to enduringly re-invent the way they do business.
There is a great need of creating a strong link in the middle of Msmes and supporting institutions if Nigeria is to fully benefit from such businesses. Though some financial institutions are still reluctant to furnish financial assistance to Msmes, there are some that give out loans at inexpensive rates provided the firm sounds viable. The key challenge is for our entrepreneurs to prepare sound firm proposals. For our country to accomplish its goals and stop relying on oil alone, we need to focus much concentration needs on the underground sector and our government must create a conducive climate for such businesses to thrive and drive the country towards economic prosperity.
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