To navigate the high inflation and interest rates, the Chief Executive Officer (CEO) of Pecksgrey Group, Dr. Oluremi Olukoya, has tasked entrepreneurs to adopt the business growth modulation (BGM) model.

This innovative framework was showcased at the 5th edition of Big Five Construct exhibition and Conference in Lagos with the theme: ‘Building Resilience, Grit in a Challenging Economy’.

By embracing the BGM, he said, Nigerian entrepreneurs could transform their businesses and contribute to the country’s economic growth.
Olukoya emphasised that Nigeria’s economic challenges, including foreign exchange volatility, high energy costs and limited access to funding, necessitate innovative solutions.

“BGM, honed through my successful business ventures, is a proven framework we continue to develop, designed to fuel entrepreneurs’ growth.
“This model advocates for a growth mindset, realistic goal setting, positive attitudes, and robust systems.

“By adopting these principles, entrepreneurs can enhance adaptability, boost efficiency, secure funding, and expand market reach,” Olukoya stressed. He lamented that the cumulative effect of the challenges entrepreneurs face in Nigeria is a lack of access to funding.

According to him, entrepreneurs are also having trouble in the importation of raw materials and equipment as well as maintaining good profit margins.

“The lack of access to funding and credit stifles business growth and expansion, while the difficulty in importing raw materials or equipment hampers production and efficiency.

“Maintaining profit margins becomes a daunting task, as businesses struggle to absorb increased costs. Retaining employees becomes challenging due to high labour costs and competing with established businesses becomes an uphill battle. Moreover, adapting to changing regulatory environments requires significant resources and agility, which many entrepreneurs in Nigeria lack,” he noted.