Survey predicts positive outlook for Nigerian businesses

A positive economic outlook has been predicted for Nigerian businesses, despite the current challenges being faced by the nation’s economy.

The projection was contained in a twice-a-year Global Entrepreneur Indicator (GEI) survey by a global network of business owners- the Entrepreneurs’ Organisation (EO).

The prediction is coming amid great apprehension in government circle and the Organised Private Sector (OPS), about the headwinds assailing operational profile of businesses in the country.

The survey’s report was however assessed as being a whiff of optimism for Nigerian businesses, following a national economic summit hosted by the Federal Government to proffer solutions to the economic challenges.

In the survey, 57.1 per cent of the respondents reported a willingness to start a business in their current economic environment, with the expectation of improvement in the business environment in the next six months.

An interesting aspect of the survey is the prediction of a great improvement in the country’s economy with 85.7 per cent of the respondents affirming this against the global average of 28.0 per cent.

The Nigeria business community also affirmed an increase in both the number of people in full-time and part-time employment with 42.9 per cent of the respondents expecting even a rise in the number within the next six months.

Besides, 57.1 per cent of the respondents expect business revenue, net profit and access to capital in the country to rise in the next six months while 28.6 per cent of the respondents expect an increase in the use of debt instruments in the next six months against what obtained in the last six months.

Commenting on the report, a business executive and Group Managing Director, NiGSA Energy Nigeria, Vincent Brown Molokwu, expressed confidence that the Nigerian economy will surely bounce back, especially with the concerted efforts of the government and the OPS.

Molokwu, who is also the President of EO, Lagos chapter , expressed great optimism in the positive outlook predicted by the survey report, advising that participants at the forthcoming economic summit should explore the report before coming up with their recommendations for the government.

According to him, “proper leadership and sincere effort at providing selfless governmental direction are major pointers that give cautious but strident hope to the Nigerian business community.”

Managing Director, Trivest Technologies, Sam Fadiora also concurred with the report, saying with the ongoing efforts, the Nigerian economy will surely witness a rise as predicted in the report.

EO is a global thought leader on entrepreneurship and plays an integral role in businesses, industries and the lives of leading entrepreneurs worldwide.

Since its establishment in 1987, EO, which is the world’s only peer-to-peer network exclusively for entrepreneurs has been transforming the lives of the entrepreneurs who transform the world.

EO is a global network of more than 11,000 business owners in 48 countries, with an average yearly turnover of $52.3 million per member and a combined $565 billion in yearly revenue.