Some stakeholders have said that improving the ease of doing business in Nigeria would encourage entrepreneurship, attract international investment and promote sustainable development, thereby unlocking the country’s economic potential.
The stakeholders said this in Lagos at the Nigerian- German Chamber of Commerce (NGCC)Founder’s evening where they hosted delegates from a four-week start-up/SMEs Exchange project, funded by the Ministry of Economic Affairs, Industry, Climate Protection and Energy of the state of North Rhine- westPhalia, Germany featuring Nigerian, and Ghanaian founders in the tech, manufacturing, and telemedicine industry.
The event was organised by the Nigerian-German Chamber of Commerce. The Consul General of German Embassy, H.E Weert Borner, reaffirmed his country’s commitment to the development of small businesses in Nigeria.
He assured that his government was committed to supporting Nigerian startups by providing aspiring local entrepreneurs with exposure and modern innovative ideas to compete globally.
IGbuan Okaisabor, president of the chamber, reminded founders, that the key to success in emerging markets like Nigeria, was collaboration with the right local partner who possesses market understanding, the right values, and an extensive network.
According to him, “This strategic alliance is crucial for overcoming obstacles. The German-Nigerian business community and organisations like the Nigerian German Chamber of Commerce, Delegation of German Industry and Commerce in Nigeria (AHK Nigeria) are excellent resources for establishing these connections.”
Contributing to the panel discussion, Lola Soyannwo, founder of Health boxes, telemedicine consultant, said that navigating the business terrain had not been an easy feat.
She further said that data protection regulations have been a big challenge for companies like hers, amongst other challenges such as funding, irregular policies, power/technology disruption, and infrastructural limitations.
“In Nigeria, considering the current business challenges which cut across all sectors, I will say success on a sustainable level is not just about competence alone, but about resilience in the face of adversity and the ability to seize opportunities where others see obstacles.
“As I reflect on my journey these past years through the Nigerian business terrain, I’m reminded of the words of a wise entrepreneur: ‘In Nigeria, our best opportunities are masked in our challenges.’
“So, let’s embrace it, celebrate the victories and continue to chart new paths in this ever-evolving landscape,” she said.