• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Oluwatosin Olaseinde explains why many businesses cannot kick off in Nigeria

Amaka Obioji by Amaka Obioji
April 23, 2019
in Business News, Career tips, Financial Literacy
bad, loans, steps, negotiate, Tax Waivers for startups - Emotional intelligence
Share on FacebookShare on TwitterShare on Linkedin

Nigerian entrepreneur and Founder of Money Africa, Oluwatosin Olaseinde, took to her Twitter page over the weekend to explain why many businesses can’t kick start in Nigeria.

Poverty and Low Purchasing Power are to blame

According to her, Poverty and low purchasing power are the main reasosn why a lot of businesses fail to kick start in the country.

Sharing further, she stated that even though businesses need to scale, they are often limited because their founders cannot afford the costs that comes with doing that. Moreover, there are way too many businesses fighting for limited and low disposable income, she said.

RelatedStories

African tech startups

Nigeria’s startups raised over $100 million in Q1 2025 – Here are the top 10 deals 

May 31, 2025
“Nigerian stock market is not a reflection of the economy”– Egie Akpata 

“Nigerian stock market is not a reflection of the economy”– Egie Akpata 

November 30, 2024

Poverty and low purchasing power is the reason why a lot of businesses can't kick off in Nigeria

At the end of the day
The business needs to scale
But how many people can afford it

Different businesses fighting for limited/low disposable income

— Olúwatósìn Olaseinde (@tosinolaseinde) April 21, 2019

The need to invest mainly in essential products 

Many of Oluwatosin’s followers agreed with her perspective. Some, however, suggested that in order for Nigerian entrepreneurs to beat the odd and flourish in the Nigerian market, their business models must begin to focus on the production and merchandising of essentials such as food, clothes, and drugs. This is because the need for such items never runs out.

People will keep buying essentials. Food, clothes, drugs.
[An Indian pharmaceutical company in Nigeria made rev of 800m last year].
Finding the right market entry strategy to capture your share is key!

— Simi (@JSBabasanmi) April 21, 2019

Another follower opined that another way entrepreneurs can beat the market is to either focus on providing essential commodities as enumerated above, or ensure that they earn in dollars; in other words, export their products.

Deal in the essentials, or make sure you earn in dollars(export).

Anything else, is a little tougher

— Simi (@JSBabasanmi) April 21, 2019

Competition is also a problem 

Meanwhile, inasmuch as it is important for entrepreneurs to focus on the production of essential commodities, the fact remains that the weak purchasing power of most Nigerians remain a major issue to contend with. This is according to another follower of Oluwatosin, who also argued that competition is yet another problem that may be hindering some businesses from growing.

The problem isn’t the deal. It lies with the purchasing power here and competition when you eventually begin

— Otunba Iperu-Remo (@SirBusayoAmusan) April 21, 2019

Many other factors could also be responsible for business failure

In Nigeria, new businesses spring up almost on a daily business. However, the unfortunate pattern is that these new businesses seldom last. This is due to a whole lot more factors other than the ones enumerated above.

The truth is that running a business can be tough. Even when a business owner has the most perfect business idea/product, such a business can still fail. This is because there are other factors that can militate against business success. See below:

  1. Lack of long term vision and goal,
  2. Absence of Brand Identity,
  3. Improper account reporting,
  4. Inadequate use of technology,
  5. Poor business packaging,
  6. Lack of ethics and conducts.

Follow us for Breaking News and Market Intelligence.
Tags: Business in NigeriaMoney AfricaNigerian EconomyOluwatosin OlaseindeStartups in Nigeria
Amaka Obioji

Amaka Obioji

Related Posts

African tech startups
Metrics

Nigeria’s startups raised over $100 million in Q1 2025 – Here are the top 10 deals 

May 31, 2025
“Nigerian stock market is not a reflection of the economy”– Egie Akpata 
Economy

“Nigerian stock market is not a reflection of the economy”– Egie Akpata 

November 30, 2024
FDI, foreign direct investment, Covid-19: Nigerian government explains how it will fund proposed N2.3 trillion stimulus
Economy

10 Fastest growing sectors in Nigerian economy based on GDP as of Q3 2024

November 26, 2024
Bitcoin, Silver
Cryptos

Bitcoin market value now nearly 10x the size of Nigerian economy  

November 22, 2024
Tinubu sacks five ministers, appoints seven new ones amid cabinet reshuffle  
Op-Eds

Management of the Nigerian economy: Staying the course but pausing to reflect

October 31, 2024
food insecurity
Economy

10 most expensive staple foods to buy in Nigeria in July 2024 

August 31, 2024
Next Post
NIPP, GenCos to halt supply if NBET insists on new service charge, Gencos want Discos’ job as it seeks to sell electricity directly to customers , Nigeria secures $210 million facility to boost power infrastructure,

NERC introduces franchising for Discos, as groups and consumers commend move

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • SEPLAT tops trading value as All-Share Index hits N80 trillion; ACCESSCORP leads volume 
  • President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 
  • FG to establish National Design and Development Agency to support Nigerian innovators 

Follow us on social media:

Recent News

Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%

SEPLAT tops trading value as All-Share Index hits N80 trillion; ACCESSCORP leads volume 

July 14, 2025
President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 

President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 

July 14, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics