What really is the fate of small and medium scale businesses in Nigeria 2022?
Recently, the number of small businesses in Nigeria are increasing daily. Seeing that both the young and the old are becoming self-employed in order to meet ends/needs. From research, everyone in Nigeria is into one business or the other. Technology has even made things easier for youths to start up a business without a physical presence. This means no one needs to own a shop in other to sell.
A very common small business done by many youths now is the mini-importation. Mini importation is a simple type of business where someone buys a product from overseas at a cheap price and resells it at a higher price for profit. Currently, most Nigerians involved in this business buy from the Chinese industry. This is because the industry tends to have variety of product that can be sold at low prices.
Gladly, this has served as a means of survival for many unemployed Nigerian youths. More so, with the rate of unemployment in the country, it’s a good thing that no one is waiting to be employed, rather they want to start their businesses and recruit workers.
Admits all these, what are the chances of survival for these businesses? This article will highlight the likely challenges small businesses will be faced with in 2022 and the need for business boosters.
Challenges For Small Businesses In 2022
1. Too many similar businesses
There’re too many similar small businesses that have brought about more competition. If more and more businesses continue to emerge at this pace, especially without a business plan these businesses will fail soon.
2. Big Businesses
The big businesses in Nigeria are not giving room for small ones to compete. Even more, big and flourishing businesses offer better services/products to customers both online and offline. Mostly because they’re popular and have larger capital to generate more revenue.
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With these challenges, it’s obvious that small businesses in Nigeria will need business boosters in 2022
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Written by: Nnamdi Chinonso
Email: nnamdichinonso5@gmail.com