“Do you know the country called Nigeria? Of Course! The fantastically corrupt lot”
Perception; it is one beast that is so hard to tame once let loose. It will run rampage and most certainly destroy the image that was once a jewel. Nigeria can be described in many ways and it all depends on your perception. This is so often shaped by either optimism, experiences or the media with each factor presenting its own idea of the Nigeria of the past, the present, and the future.
So to clarify the facts, Nigeria is a multicultural state founded on the lines of ethnic sovereigns who now co-exist with a singular interest which is the nation. She has a population of 170+ million people, growing exponentially and could possibly reach half a billion in the next 30 – 50 years. She is arguably the largest economy in Africa with oil as its major source of revenue. With these facts, if I were to make an investment decision, I would say Nigeria presents a unique investment opportunity and has a huge potential for growth with the right economic parameters. But while that might be the expectation, the reality is quite different. The economy is currently in recession, and revenues falling, and one might argue that Nigeria presents a rather challenging business environment to invest in. Rather than invest based on an optimistic view of the future, many would perhaps reconsider their options given the overbearing weight of challenges as against the potential opportunities for growth.
Nigeria presents a uniquely and dynamically challenging environment for every investor and that’s not because of corruption or the social ills that plague the green white green state. I believe it is because there is an absence of effective and sustainable support structures; systems truly empowered to make things work. So for an entrepreneur starting a business, an investor investing in a venture, the challenges, and threats within the business environment can be described as somewhat overbearing or at best walking on a thin rope. At such point, the numbers simply hold little value and passion meets the test of perseverance where only a few survive. While expectations fall on the government to create and most importantly maintain such systems, the truth is today’s society is plagued with a mentality that doesn’t support a maintenance culture. Nigeria as such needs to create a system of accountability; one that ensures that everyone is accountable. A system that ensures that the structures created are properly managed and effectively channeled towards supporting the economy.
Corruption in Nigeria is not just a vice; it has become a mentality
Today’s business environment is plagued with many problems and Nigeria is no exception. While the general consensus is that corruption is the main problem which should be tackled wholeheartedly I hold a different opinion. My stance is that a single-minded approach to tackling challenges leaves you vulnerable to the multi-faceted nature of today’s challenges. You simply cannot focus your attention on killing the snake and neglecting the surroundings for other potential threats. Corruption in Nigeria is not just a vice; it has become a mentality-one that has become enshrouded in every facet of today’s society. You simply cannot fight the treasury looters and neglect the society that breeds them. We need to re-orientate our youths and fight the mindset. Most certainly we need to include this in our curriculum in every facet of the education strata. Tomorrow’s leaders and business moguls must be re-oriented to avoid the same chaos that we are in today.
A single minded approach to tackling challenges leaves you vulnerable to the multi-faceted nature of today’s challenges.
While we focus on implementing change we must not forget that the real issues still remain -how does one sail through the ocean of uncertainty to challenge for the Nigerian space.
I am a firm believer in an innovation-driven business environment because innovation is the future. The time when organizations competed mainly on just price and a differentiation strategy is gradually fading away. The world is looking beyond such strategies and asking the question: what else can you compete? How can we redefine our brand, broaden our income streams and simply push towards the next level of business and most importantly rise above the challenges inherent in our business environment? The answer is innovation.
Innovation is the new playing field
An organization and an environment not driven by innovation would lose value in the next few years because innovation is the new playing field. And for a country like Nigeria, I believe we can reach the critical mass as we see more innovatively driven offerings and organizations rise as against the traditional un-innovative ones. Organizations must become innovation firehouses and chart a new course into the future. So also, the government must support an innovation-driven environment where the bar of performance and expectation is constantly been pushed much further. Challenges are, without a doubt, present in every environment and the key to rising above such challenges is thinking beyond the conventional limitations and imbibing not just new ways but innovative initiatives to tackle such challenges. Organizations must develop a culture of innovation and build their engines of growth on them. Innovation is the key and it is the future.
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