Why business fail in Nigeria .

Nigeria my country is really a shadow of death for businesses and for me a land full with business opportunities and potential, before you kill me let me tell you my reasons so you can see from my point of view, take for instance in our country Nigeria where many are finding it difficult to have a Complete square meal but on the other hand some persons dog feeding Allowance can sustain a family for days, weeks or even months.
Now the question is ,are they not fellow Nigerians?
Nigeria the giant of Africa has a reason why it been called that not just because of its land mass or population but also the opportunities and resources she has to offer to not just her citizens but to the world at large. After a lot of research and test it can be said that starting or having a business in Nigeria is not easy due to the unstable economy of the country which in turn has it effect on the cost of living talk more of owning a business.
Here are some reason why business fail in Nigeria

1. improper planning/ research : some business are started on the basis of improper research and planning there by affecting the business in a long run, for instance if I want to go into any business or investment let's take palm oil trading for example and all I know is that palm oil can be bought and sold without knowing that palm oil production has season which season of production can be used to buy and store while waiting for the season of production to be over so I can Sale higher. So you see that without proper research and planning am with not kno that there are season to the cycle .

2. Lack of Innovation : in business being able to adapt to new changes in other to meet up with demand is really important to the future and success of that business take an example ,if two persons happen to open a restaurant and one include the service of delivery and online booking which do you think will do better ? Well you don't need to answer am sure you know better.

3. Economic conditions : the condition of a country economy has alot to do with the success of a business ,if the economy is bad it will definitely have a bad effect on everything in it including business, and if the government AGENCY Is holding restrictions on business it has it own way of affecting the business too .so in order to be in a safer position when starting a business make sure that all documents are available and your business can earn you money from other countries with no limitations.

4. Poor management team and support system :lol, don't mind me am just trying to laugh that out but never the less if just like what we said above improper research and planning If you ask a child of 10 years to child to cook for your visitors (clients) with out proper guideline or support system what do you think the result will be, I guess you get the point now?

5.lack of diversity in product/services: sorry if I tamper with your ego here but the truth is is you are in to real ESTATE development for example you should as we consider ESTATE MANAGEMENT because by so doing you are no longer limited as to services to offer so if there's no real ESTATE development offer you can find an offer in the real estate management aspect. That's my own little opinion, is not good to put all your eggs in one basket. For more insight join our community

Conclusion

From research and finding ,it can be concluded that businesses fail because of these reasons , if all forms of amendment are made ,one can then successfully be a business owner in Nigeria with any contradiction.

Good luck and happy business success .