On Saturday, June 15, 2013 Mr. Raimi Lukman, AAE Member Support Volunteer for Nigeria presented at a Business Seminar organised by MSSN Oworo Branch Lagos Nigeria on at University of Lagos, Guest House, Committee Room.
In his presentation, Mr. Lukman noted that businesses are hindered in Nigeria by several operational and institutional constraints (OICs), which include: limited access to loans due to lack collaterals, insufficient managerial acumen, infrastructural deficiencies especially electricity, and dubious legal systems. Other identified constraints include: mind-set to remain informal, inability to afford new technology, unfriendly tax system, local markets, lack of incentives from governments, corruption, difficult business registration, ineffective partnership among stakeholders in the region, lack of succession plan, inadequate legal framework, and dying culture of entrepreneurship.
According to him, the chain reactions of all the constraints have created very weak businesses, that cannot create jobs, add value to national GDPs nor able to improve the quality of lives of the citizens.
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Greater Accra Region,
Member Support Volunteer, Nigeria