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Friday, February 3, 2023

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Nigerian Businesses Are Suffering

A Facebook friend closed her shop on Friday; she squandered over #25 million. Her husband, that got the loan, cannot take it. It is now causing emergency divorce.

When she was telling me her story this evening, I knew her problem.

If you are a young person living in Nigeria:
You have fewer funds.
You lack direction.

And you’re in business.

Listen to me carefully.

ShopRite has recorded a series of losses. Do you know why?

The open market system is thriving because our purchasing power is poor. The open market business process cost is lower than that of ShopRite.

ShopRite needs to put its vegetables at the right temperature to maintain freshness.

Mama Bukola, that is selling tomatoes need to spread them on the floor.

ShopRite will pay staff, run their generator 24/7 and keep their store functioning under strict routine managed by high-end paid managers. This is money running in millions.

Let me ask you this and do the findings by yourself – how many people do you know that shop for their foodstuffs and daily needs from ShopRite from January to December?


Let me explain it

If you are doing business to create wealth, you have no business with some vanities people are trying to sell to you here.

It is ok that you want to be a second shopRite. Big dreams are alright. Dream away, but don’t use people’s money for such business dream. Moreover, your realities are poverty and lack of government support.

Stop listening to people telling you to squander money on uniforms, branding and software.

Nigeria’s poor. ASSU lecturers are at home; the only people circulating money are politicians and their affiliates.

Don’t waste money on business process vanities that will not bring money. You are not shopRite. If they fail in Nigeria, their American or South African shops might do well to fix the losses in Nigeria.

Oriaku Enwe Iroh

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