Government must create conditions that make it easier and more attractive for businesses to operate, grow, and invest
Business and Technology Analyst and CEO of Newchip Technologies Ltd, Jesufemi Adeogun, gave the charge during his interview on Lagos Television’s The Conversation. He called for a more supportive business environment that will enable Nigerian companies and entrepreneurs to thrive, expand, and contribute to economic development. Adeogun said government policies, regulations, economic conditions, technology, and market opportunities all play important roles in determining the success of businesses.
Sharing his entrepreneurial experience, Adeogun revealed that he started his business with just ₦10,000, acknowledging that the early years were challenging. He said consistency, self-belief and proactive business development were crucial to the company’s growth, urging aspiring entrepreneurs not to wait for perfect conditions or huge capital before starting. He encouraged them to submit proposals, attend meetings, promote their businesses and consistently seek opportunities.
The business and technology Analyst also raised concerns about the growing competition faced by Nigerian businesses from foreign companies, particularly those with access to cheaper financing and greater capital. He noted that such advantages allow some foreign businesses to operate on a larger scale and offer products and services at prices that local entrepreneurs may struggle to match.
Adeogun called for a balanced approach that protects and strengthens Nigerian-owned businesses while continuing to encourage productive foreign investment. He maintained that technology remains central to improving competitiveness, creating new opportunities and driving growth, stressing the need for entrepreneurs to embrace innovation and remain resilient despite the challenges of doing business in Nigeria.
