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Top Challenges Hindering Small Business Growth in Nigeria

Published

4 months ago

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Nigeria’s Small Businesses: Overcoming Challenges to Unlock Economic Growth

According to the World Bank, Nigeria ranks 131st out of 189 countries in the global ease of doing business index. This ranking reflects the tough realities many entrepreneurs face—where 80% of small businesses reportedly fail within their first three years due to multiple systemic challenges. These challenges remain key factors affecting the sustainability and growth of small and medium enterprises (SMEs), defined as businesses with fewer than 300 employees.

Despite these obstacles, SMEs are vital to Nigeria’s economy. They drive job creation, reduce poverty, and contribute significantly to national GDP. Recognizing this, all levels of government—local, state, and federal—have acknowledged the importance of supporting small businesses to tackle unemployment and stimulate inclusive economic growth.

However, while progress has been made, small businesses continue to struggle. Below are some of the most pressing challenges facing Nigerian SMEs and actionable recommendations to overcome them:

1. Access to Finance

Challenges:

  • Limited access to loans or venture capital due to high-interest rates, lack of collateral, and rigid lending conditions.

  • Banks often impose prohibitive interest rates, making credit access unaffordable for small businesses.

Recommendations:

  • Financial Literacy Programs: Equip business owners with skills in financial management, bookkeeping, and knowledge of alternative funding options.

  • Flexible Lending Schemes: Encourage financial institutions and fintechs to create SME-focused loan products with friendlier terms.

2. Infrastructure Deficiencies

Challenges:

  • Unstable electricity, poor road networks, and limited access to high-speed internet reduce productivity and increase operational costs.

Recommendations:

  • Government Investment: Prioritize infrastructure development such as consistent power supply, road upgrades, and digital connectivity to enhance SME operations.

3. Skills Gap and Capacity Constraints

Challenges:

  • Many SMEs lack access to skilled labor and in-house technical expertise, hindering innovation and scalability.

Recommendations:

  • Vocational Training & Capacity Building: Partner with public and private institutions to deliver training programs that align with SME needs.

  • Promote entrepreneurship education and mentoring to boost managerial competencies.

4. Regulatory and Bureaucratic Hurdles

Challenges:

  • Business registration, licensing, and tax compliance remain complicated and time-consuming.

  • Corruption and lack of transparency further compound these administrative challenges.

Recommendations:

  • Digitization of Government Services: Expand e-government platforms for seamless business registration, tax filing, and licensing to reduce human interference and corruption.

5. Additional Challenges

  • Time Management: Many business owners struggle to balance operational responsibilities with personal commitments.

  • Market Volatility: Shifts in consumer behavior and economic instability can disrupt business plans and revenue.

A Call to Action

Small businesses remain the bedrock of Nigeria’s economy, but their survival and growth depend on deliberate support and reform. The combination of economic pressures, skill gaps, and infrastructure bottlenecks calls for urgent and inclusive interventions.

Strategic planning, continuous learning, and targeted policy action can help small businesses overcome current barriers. With stronger support systems, digital tools, and a thriving entrepreneurial culture, Nigeria’s SMEs can not only survive but become engines of sustainable development.

About the Author
Emmanuel Otori is the Chief Executive Officer of Mangrove Technologies Ltd. He has worked on projects with the World Bank, GIZ, Mastercard Foundation, Central Bank of Nigeria, and the Nigerian National Petroleum Corporation (NNPC). Emmanuel has empowered over 1,000 businesses to build sustainable models.

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Discover Life-Changing Digital Products You Can Buy on Selar Today

Published

1 month ago

on

September 24, 2025

By

In today’s fast-paced world, knowledge truly is power. The people who thrive are those who continuously invest in themselves. Whether you want to learn a new skill, start a side hustle, improve your finances, or build a healthier lifestyle, the right digital product can open doors to opportunities you never imagined.

That’s why millions of smart people across Africa and beyond are choosing Selar—one of the largest digital product marketplaces. From ebooks, online courses, masterclasses, templates, business blueprints, and more, Selar gives you access to tools that can transform your life.

Why You Should Invest in Digital Products

  1. Instant Access – No waiting, no shipping delays. Get your product immediately and start applying what you learn today.

  2. Affordable Learning – Instead of wasting years figuring things out, you can gain insights directly from experts who have already succeeded.

  3. Proven Results – Every product is created by professionals with strategies and methods that have worked for them—and will work for you too.

  4. Lifetime Value – Buy once and keep coming back. You can re-learn, refresh, and apply the knowledge whenever you need it.

Who Needs These Digital Products?

These products are designed for:

  • Business owners who want to increase sales, attract more customers, and scale their operations.

  • Students and young professionals looking to master in-demand skills like digital marketing, UI/UX design, forex trading, or freelancing.

  • Entrepreneurs eager to discover profitable side hustle opportunities.

  • Anyone who wants to grow in health, wealth, and personal development.

How to Get Started on Selar

  1. Choose a Product – Below is a carefully selected list of high-value digital products that have helped thousands of people.

  2. Click the Link – Each product includes a direct link to purchase securely via Selar.

  3. Start Learning & Applying – You’ll gain instant access so you can begin your journey right away.

Recommended Digital Products You Can Buy Today

Here are some of the top digital products available now:

Final Thoughts

Investing in the right digital products can change your life, career, and finances. Instead of spending years figuring things out on your own, you can leverage the wisdom of experts and start seeing results faster.

Don’t wait—take action today. Each product listed above is designed to equip you with skills, knowledge, and opportunities that will continue to pay off for years to come.

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business

Discover Life-Changing Digital Products You Can Buy Today on Selar

Published

2 months ago

on

September 1, 2025

By

In today’s world, knowledge is power—and the people who succeed are those who invest in themselves. Whether it’s learning a new skill, starting a side hustle, improving your finances, or building a healthier lifestyle, the right digital product can open doors to opportunities you never imagined.

That’s why millions of smart people across Africa and beyond are turning to Selar, one of the biggest marketplaces for digital products—from ebooks, online courses, masterclasses, templates, to business blueprints and more.

Why You Need These Digital Products

  1. Instant Access – No waiting, no shipping. Buy now and start learning or applying immediately.
  2. Affordable Investment – Instead of spending years figuring things out, you can learn from experts who’ve already succeeded.
  3. Proven Results – These products are created by professionals who have tested strategies and methods that actually work.
  4. Lifetime Value – Once you purchase, you can always come back, re-learn, and apply the knowledge again and again.

Who Can Benefit from These Products?

  • Business owners who want to grow sales, attract more customers, and scale faster.
  • Students and young professionals looking to learn in-demand skills like digital marketing, UI/UX, forex, or freelancing.
  • Entrepreneurs searching for side hustle opportunities to increase income.
  • Anyone who wants to improve in health, wealth, and personal development.

How to Get Started

  1. Choose a Product Below – I have carefully selected high-value digital products that have helped thousands of people.
  2. Click the Link – Each product has a direct link to purchase securely through Selar.
  3. Start Learning & Applying – You’ll receive instant access so you can begin right away.

Recommended Digital Products You Should Buy Today

(This is where you will list your affiliate product links with a short description for each, for example:)

  • Digital Marketing made Simple

https://selar.com/p/19b4zi?affiliate=8fpr

  • Affiliate Marketing Simplified

https://selar.com/p/323311?affiliate=emzc

  • Rare Easiest Affiliate Marketing Blueprint (REAMB)

https://selar.com/p/1482w7?affiliate=n3bz

  • The Top Level Video Editing Masterclass

https://selar.com/p/8yi8?affiliate=9agp

  • Crypto Profit Kit

https://selar.com/p/ejtf?affiliate=kjn7

  • Beginners and Advanced Crypto

http://Womenincrypto.selar.com/oqgd?affiliate=9cjc

  • Mini Beginners Course to Invest in Crypto Currency

https://selar.com/p/jsn1?affiliate=8lyn

  • Online IELTS Training PRO Edition (2022-)

https://selar.com/p/9v47?affiliate=rodi

  • Ghostwriting Income Generator

http://dangig.selar.com/qelh?affiliate=gxd5

  • Ghostwriting Income Network

http://coachannieg.selar.com/1m51b8468h?affiliate=mivc

  • Ghostwriting Money Magnet(GMM)

http://olaleregmm.selar.com/g84813?affiliate=3646

  • 7 Figure Meta Ads Academy

https://selar.com/p/6h15b7?affiliate=ccze

  • Simplified Online Survey Guide (GET PAY IN POUNDS)

https://selar.com/p/7210p5?affiliate=mwt8

  • Affiliate of Affiliate Marketing Sales Secret (AMSS)

http://victornathel.selar.com/k4gk?affiliate=iqxg

  • Life Of Options Program (LOOP)

https://selar.com/p/yotn?affiliate=co2u

  • Profitable Freelancing Academy

https://selar.com/p/4163r7?affiliate=s8ba

  • Mobile Videography Course: Learn How to Create Quality Videos with your Phone

https://selar.com/p/k7xi?affiliate=tpwp

  • Trade Like TONYSNIP3R

https://selar.com/p/i02p3k?affiliate=s25x

Final Thoughts

Investing in the right digital products can transform your life, career, and finances. Instead of wasting years trying to figure things out, you can leverage the experience of experts and start seeing results immediately.

Take action today by choosing from the products above. Each one is designed to equip you with skills, knowledge, and opportunities that will pay off for years to come.

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business

We are Hiring: Social Media Growth Ambassadors (2 Positions)

Published

3 months ago

on

August 18, 2025

By

Remote | Part-Time or Flexible Hours

Are you active on social media and passionate about business, jobs, and opportunities?
Do you know how to attract attention, spark engagement, and drive traffic online?
Then this opportunity is for you!

Role Overview:

We are looking for 2 dynamic individuals to serve as Social Media Growth Ambassadors for GlobabizEmpire.com — a trusted online platform for global jobs, business insights, and income opportunities.

Key Responsibilities:

  • Promote GlobabizEmpire.com consistently on Facebook, Instagram, WhatsApp, TikTok, or X

  • Share daily job updates, business news, and smart money tips from the website

  • Drive website traffic using content, trends, reels, and referral links

  • Respond to DMs/comments and convert viewers into website visitors

  • Provide weekly reports on reach, impressions, and traffic performance

What You’ll Need:

  • A strong presence on social media (min. 2,500 followers on at least one platform)

  • Great communication skills and social media creativity

  • Consistency and accountability

  • Passion for helping people grow their careers or income

What You’ll Get:

  • Monthly stipend + performance-based bonus

  • Opportunity to grow your personal brand with us

  • Free digital training + content materials

  • Certificate of Digital Advocacy (upon successful campaign)

How to Apply:

Send us a message with:

  1. Your full name

  2. Link to your active social media profiles

  3. Short message on why you are the perfect fit

  4. Screenshot of your past engaging post (if available)

Email: [email protected]
WhatsApp: +234 8153507382
Deadline: August 22, 2025

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