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7 Common Problems Facing Small Business in Nigeria

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Problems Facing Small Business

Nigeria has been described as one of the most economically turbulent places in the world. To start a small business in Nigeria, you need a lot of resources and factors to be in place. You may have an amazing ‘ billion dollar’ business idea; but due to unfavorable and economically unfriendly circumstances, that business idea may not turn out to become a global entity.

Below are

7 of the Most Distressing Problems Faced by Small Business Owners in Nigeria.

  1. Access to needed capital to start and run the business smoothly

Business start-ups with low start-up capital

The greatest discouragement any entrepreneur can face is the inability to fully execute his intended business plan due to insufficient funds. This could have been a minor issue if there was access to funds and capital from external bodies and the government, but this is not the case. As a result of this, little compromises will be made in terms of staff strength, packaging, branding and publicity, raw materials used in production, quality of equipment ordered, etc. The aftermath of this is a sense of underachievement felt by the business owner.

  1. Insufficient power supply

Generator Business in Nigeria

This indirectly bounces back on the problem of poor financing. The cost of starting and running a small business in Nigeria could be reduced greatly, in the presence of constant power supply. This is because 90% of small businesses in Nigeria are run on alternative energy sources and this increases their running costs by over 70%. This has caused many small businesses in Nigeria to lose their market and eventually fold up because the business owner could not afford to run the business on standby generators (due to the nature of the business). Although some small businesses can survive on low power consumption prior to any meaningful growth and expansion, others that have to do with preservation of goods and products in extremely cold conditions are less fortunate. It is estimated that Nigeria loses about $500 million annually due to lack of sufficient power supply.

  1. Unfavorable policies and regulations

Although one of the lowest in the world, the system of taxing employed in Nigeria for small businesses remains unfavorable. This is because, aside from the taxes imposed on small businesses (corporate income tax), other regulatory bodies such as SON, CPC, EFCC, NAFDAC, CAC, and other environmental protection agencies come up with exorbitant and highly unreasonable laws and demands that will weaken and eventually cripple the growth of the business. There are also a lot of unnecessary company registration and identity approval bottlenecks that need to be removed from the regulatory agencies in the system (e.g. How long it takes to open a corporate account, and number of documents and information required to do so; all of which can be simplified.

  1. Poor online presence

internet-entorm.com

It’s very surprising that, in this era of social media networking, including all the wonders it has proven to be capable of creating, many small businesses in Nigeria still have zero online presence. According to statistics, there are approximately 1.9 billion users of the Internet using at least 1 of the social media networks today. Making use of such an enormous platform can expose the business to access empowerment instruments such as funding, raw materials, technological equipment, and the most advanced business strategies and technologies.

Related: Crowdfunding in Nigeria, How to achieve success in 5 steps

  1. Lack of required marketing skills

four elements of marketing-www.entorm.com

This is the most important aspect of the business. The sole purpose of starting any business and its ultimate goal is to make sales (which lead to making profits). Making repetitive sales must be the target of every business manager. What drives sales for any business enterprise is excellent marketing skills. This is made easier by identifying the prevailing market trends and more importantly, being able to predict future market patterns. It is obvious that setting a small business in Nigeria and growing it to maturity is an endeavor that demands hard work, commitment and tenacity, there are still many entrepreneurs with good success stories that serve as pointers to the fact the Nigerian economic market is still green.

  1. Lack of well-trained personnel and staff

avoid becoming vulnerable online

Another problem that small business encounter, the personnel, and staff being hired to manage a business might be inexperienced to run the business smoothly because they lack major things an experienced personnel and staff do have like the manager of business entity, relating with customers and making them come back and recording of day to day business sales. This is a good factor an aspiring entrepreneur should look out for when starting a business, hire the right people for your business.

Related: How to stimulate your employees and make them better entrepreneurs for better productivity

  1. Lack of knowledge of the business

mistakes entrepreneurs make

One of the problems facing small businesses in Nigeria. A Nigerian entrepreneur can decide to go into a small business without having the basic knowledge of the business they are into, probably a good reason for that is that the business that makes more profit will be a good one for them to start, whereas they have little to no knowledge about what the business.

Visit Gistdeck for more business tips.

 

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Top 10 Online Learning Platforms In Nigeria

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E-learning has become the conventional way of acquiring professional and academic knowledge since the COVID-19 pandemic began. People have been learning and receiving certifications online. There are several online learning outlets where learners can enroll depending on their internal or career path.

Learners keep to their schedules and take classes online from wherever they are. There are different platforms, some foe basic and professional education, the learner chooses what he/she wants to learn and proceeds to register with the platform that best suits him/her.

Top 10 Online Learning Platforms In Nigeria

A student utilizing an Online Learning Platforms for study.

There are E-learning portals modeled to meet the academic needs of kids between the ages of 3 – 11, junior and senior high school students, scholars readying themselves for O-level and A-level exams. There are also platforms for undergraduate, graduate, and, postgraduate learners. Some platforms cater to the educational needs of children, from toddlers to the O-level and A-level.

Below are the top 10 online learning platforms in Nigeria.

(1) Roducate:

This is the first indigenous eLearning platform in Nigeria. They cater to the academic needs of children from primary 1 to the university with curricula approved by the African Union, NERDC, NUC, and Lagos state ministry of education and authorized by the government. Their teaching methods are tailored to suit every learner. Schools are granted access to use roducate to customize their learning structures to suit their students.

(2) 9ija Kids

This portal concentrates on the needs of children between the ages of 3 to 11 years. They maintain a fun-filled learning structure to grab the attention of children, thus helping them to learn without falling asleep. They impact learners with critical skills and knowledge to help them solve problems.

(3) Ulessons

This platform caters to the needs of students preparing for senior secondary school examinations like SAT, WAEC, GCSE, IGCSE, KCSE, and so on. It provides a complete learning experience in Physics, Mathematics, Chemistry, and Biology.

(4) Easyprep

This online platform caters to the need of learners of all levels in Nigeria. Their main focus is to make the educational structure more efficient and effective, by allowing students to electronically follow up their curriculum with the help of a virtual assistant teacher.

(5) StudyLab 360

This platform uses a collective curriculum consisting of topics from IGCSE and NERDC.

This platform allows learners to get acquainted with curriculum-aligned questions in all topics to prepare them for their WAEC and JAMB examination.

They provide video explanations for better assimilation and follow up on the performance of learners using standardized assessments.

(6) Classnotes

This online platform grants junior and senior high school students access to curriculum-relevant subjects and topics and allows them to learn whenever at their own pace.

(7) Prepclass

This platform connects learners to qualified teachers. They teach English language, grammar structuring, phonetics, sounds, and pronunciation.

The classes could be held physically or virtually, this platform only established the connection between the learners and their tutors.

(8) Afrilearn

This platform provides specialized content to students through practice exercises, instructional videos, and customized learning, using WAEC, JAMB, NECO, Professional exams, and African University Curriculum.

It allows students to learn at their speed, anywhere, and any time. They offer their services in partnership with lead organizations across Africa.

(9) Compass Tutors

This platform provides residential and full-time tutors as well as online tutors for university and international students.

They help learners from school entrance examinations students to those looking to secure a university admission with highly skilled consultants to counsel learners

(10) Teachme.ng

This Nigerian based online learning platform is one of the biggest in Africa. Their main aim is to enable learners to acquire skills that could help them achieve their goals, such as; photography, designing, programming, yoga, marketing, cake decoration, finance, and lots more.

Conclusion

E-learning employs electronic technologies to access educational curriculum away from the physical walls of a conventional classroom.

Here, casses are held online with the use of available electronic devices such as tablets, computers, mobile phones, and so on. This makes virtual learning more convenient.

In no specific arrangement, I discussed the best E-learning portals in Nigeria in this article. Now, which of these have you enrolled in or considered enrolling on? Let me know in the comments section below.

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Top 10 Advertising Agencies in Nigeria

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advertisement agencies

Top 10 Advertisement Agencies in Nigeria

It is no big news that advertisement has formed a core part of business creation, operation, and expansion. It is part of the packaging and packaging is key to the survival of a particular business, especially in this dispensation. There are so many advertisement agencies in Nigeria currently and they have different media to do that. Some of them are experts in online advertisement while others specialize in offline advertisement using magazines, newspapers, and banners. These companies offer professional ad services and these they do use printed medium for the offline advertisement or using different websites, blogs, videos, etc that have a good number of clients and fans.

Related:  8 banks with quality internet banking in Nigeria

The problem is that we have some very unreliable advertising firms in Nigeria and others, despite the fact that they offer good services; you might not be satisfied with the outcome or performance of your product in the market. Remember, the aim of advertising is for the products to sell or improve its market demand. The list below, in no particular order, is the list of the advertising companies you can do business with. These firms are registered under the Association of Advertising Agencies in Nigeria. You will also find phone numbers and contact addresses.

Related:  the essence of network marketing in Nigeria

List Of  Top 10 Advertisement Agencies

  1. Twenty-First Century Communication:

This advertising agency is one of the biggest advertising agencies in Lagos. They specialize in creating quality ads, the placing of the ads on various media (social media inclusive), and finally, the run training on advertisement for potential prospects. They are located at 5 Jeremiah Ugwiu Street, off Babatunde Anjous, Lekki Phase 1, Lagos. You can reach them on +23412707777.

  1. Xavier Communications Ltd

This advertisement company has been in the market since 1998. It is really old and they know what they are doing. They are one of the best advertisement companies around. It is quite reliable. It is located at Suite 31, Garki 2 shopping center, Muhammad Buhari Way, Garki 2, Abuja, Nigeria. You can reach them on any of these numbers; 08053464880 or 08032858342.

  1. Diamond Network Ltd

The company specializes only on regular advertising and marketing. It is located in Lagos at 1, Olayinka Bamgbose Street, by Toyin Street (Off Unity road) Ikeja, Lagos You can connect them with this phone number; +23414930851

  1. Roar Digital Frames

Roar digital frames is another to top advertising firm. You cannot talk about top advertising agencies in Nigeria without mentioning it.The company is located in Abuja. They offer:

– Business services;

– Advert creation;

-graphic design;

-Video production

Content design

They are at Shop 1, Plot 1242, Supreme Shopping Complex, Abuja, Nigeria.

  1. Mariqual Ltd

This is a small company located in Lagos. It, however, produces and offers high-quality services.You can find them at 118, Murtala Mohammed Way, P.O. Box 246, Ebute-Metta, Lagos, Nigeria. They also have two telephone lines – +23417634419 and +2348062226503.

  1. FIIZ Communication Ltd

This company specializes mostly in advertisement and then does some other services.

You can find them at 1311 Crescent, Plot 13, Abuja, Abuja FCT. Their phone number is +23495211509.

  1. Resnova

The company is one of the advertisement agencies in Nigeria. It offers different online services. They also work on:

– Advertising;

– Marketing;

– Branding;

– Printing press and printing services;

– Travel agents.

They are located at 48, Olurunfemi street, Off Oregun Road, Ikeja, Lagos, Nigeria.

  1. Unique Billboards

Unique billboards ranks as one the reliable advertisement agencies in Nigeria. Their company specializes in different services:

– Advertising;

– Web development;

– Web Design;

– Laundry & Cleaning;

 

They are located at 14, Akinwumi Street, Off Queens Street, Alagomeji, Yaba, Lagos, Nigeria. They can be reached on these phone numbers; – (0)802 316400 and 805 5484108.

  1. Advertisers’ Association of Nigeria

One of the best advertising agencies that can create great adverts for organization and businesses. It is an association for all advertisers!

They are at 17A, Salvation Road, Off Opebi Road, Ikeja, Lagos, Nigeria. Their phone number is 0708 293 4854.

  1. Homitex Communications

They are great for any customer and provide high quality services.

Address: 17 Aguiyi Ironsi Shopping Complex, Asokoro Abuja, Nigeria. Their phone number is +23493147564.

We have given you a rundown of the best and most reliable advertising agencies in the country. There are a lot more. Remember, they are listed here in no particular order. The first is not better than the last and the last is not worse than the first. Be advised to choose anyone that is very convenient for you. If you have more to add, please do put them down. Kindly share to help other brothers and sisters in need.

 

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6 Nigerian Bloggers Endorsed By GT Igwe Chrisent You Can Learn SEO From

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Nigerian Bloggers top seo blogger in nigeria endorsed by igwe chrisent nnamdi of entrepreneur nigeria

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