Economy
6 Ridiculous Excuses Young Nigerians Give For Not Starting Business
By Adeniyi Ogunfowoke
From time immemorial, starting a business has always been a monumental task. It is not for the fainthearted nor is it for those who aren’t dogged. And this won’t change anytime soon.
Regardless, you will find Nigerians who are dogged and who have the entrepreneurial tenacity or spirit running from pillar to post searching for jobs. Besides, even those who have jobs are no better. They always have an excuse for not starting a business on their own. Jumia Travel shares some of these pretty inexcusable excuses.
I don’t have enough money
A very convenient excuse for anyone who is not ready to start up. Money will always be a problem and in this economic recession, there is no guarantee that there will be steady cash flow. But you know that most successful businesses started small. You have your friends and family who can support. In fact, you can crowdsource funds online to start up.
I don’t want anyone to steal my idea
There is nothing new under the sun. Someone else is already doing what you do. What you can do on your part is to inject a unique and distinctive way of doing same which will make you stand out. So why are you keeping your ideas to yourself? It doesn’t mean you should tell every tom, dick and harry. Anyhow, you want to do, just get your idea out there and start even if you are afraid someone will steal your idea.
I don’t have enough time
Stop spending available time watching movies, African magic and surfing the internet if you are serious about starting a business. Dedicating this time to improving and positioning your business plan. You need to learn how to manage your time. Time will never be enough. Dangote had the same 24 hours when he started. It won’t be easy, though.
I don’t have enough knowledge about the business
The internet has made it very easy for you to learn anything you want. There are YouTube videos and you can Google any idea. There are also many free online courses you can take on any subject. This is really no longer an excuse but you will be surprised that Nigerians still give.
This recession is not good to start a business
There is never a good time to start a business. Whether Nigeria is in a recession or not, you will be blown away by the sheer number of startups that have been launched despite the recession. Life is all about risk. If you don’t venture into it now, and the recession is over, another lame excuse will arise to stall your plan to start up.
My plan is not perfect
According to research, the best formula for starting a new business is to launch, test and pivot. With this mindset, you should be aware that nothing can be perfect. You can only do your best. So, don’t wait for your plan to be 100% before you get off. Remember starting a business is not a 100 metres race, it’s a marathon!
Adeniyi Ogunfowoke is a PR Associate at Jumia Travel.
By Aduragbemi Omiyale
The listing of Dangote Industries Limited’s N300 billion series 1 and 2 bonds on the Nigerian Exchange (NGX) Limited has been described as an indicator of the depth of the Nigerian capital market.
The Group Chief Executive Officer of the conglomerates, Mr Olakunle Alake, said this on Wednesday when a closing gong ceremony was held to celebrate the completion of the listing of the corporate debt instrument on the local stock exchange.
Mr Alake, represented by the Group Chief Finance Officer, Mr Mustapha Ibrahim, said, “We are pleased to have showcased the depth and liquidity of the domestic capital market whilst we reflect the strong quality of the issuer, despite the current global market realities.”
According to him, the depth of the market was reflected in the successful issuance of the bond, which was the largest aggregate local currency bond issued in the capital market so far within the year.
He further noted that the listing of the bond recorded participation from a wide range of investors, including domestic pension funds, asset managers and insurance companies and further demonstrated investors’ confidence in Nigeria’s credit reality.
On his part, the Divisional Head of Capital Markets at NGX, Mr Jude Chiemeka, speaking at the event, applauded the listing of the bond, which provides corporates with the opportunity to raise capital.
“The listing of this transaction on our platform not only allows for a more liquid capital market, but it also shows our capacity to facilitate large transactions towards enabling a more robust ecosystem,” Mr Chiemeka said.
He further noted that NGX remains committed to fostering similar transactions through its digital gateways such as this and a confident market where corporates and investors can achieve their respective objectives.
By Adedapo Adesanya
Trading activities ended in a stalemate on the floor of the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, with no single price gainer or a price loser at the close of business.
As a result of this development, the market capitalisation of the bourse remained intact at N1.03 trillion, as the NASD Unlisted Securities Index (NSI) also remained unchanged at 743.15 points.
The unlisted securities market closed flat in the midweek session amid low investor appetite for the market, as attention shifted to the fixed-income market, where the Central Bank of Nigeria (CBN) sold treasury bills at the primary market, with the stop rate over 14 per cent.
Data from the bourse showed that the volume of securities traded yesterday was abysmally low as it went down by 99.9 per cent to 8,299 units from the 20.1 million units transacted a day earlier.
Likewise, the value of shares traded during the session dropped to N1.2 million, 97.3 per cent lower than the N44.5 million posted in the preceding trading day.
These transactions were carried out yesterday in nine deals, 75 per cent lower than the 36 deals executed on Tuesday.
Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with a turnover of 482.1 million units valued at N544.1 million, UBN Property Plc occupied second place with the sale of 365.8 units worth N309.5 million, while Industrial and General Insurance (IGI) Plc was in third place with the sale of 71.1 million units valued at N5.1 million.
Also, VFD Group Plc ended the session as the most traded stock by value on a year-to-date basis with a turnover of 7.3 million units worth N1.7 billion, Geo-Fluids Plc was in second place with a turnover of 482.1 million units worth N544.1 million, while UBN Property Plc was in third place with the sale of 365.8 million units valued at N309.5 million.
By Adedapo Adesanya
The Nigerian Naira appreciated against the US Dollar in the Peer-2-Peer (P2P) and the Investors and Exporters (I&E) windows of the foreign exchange market on Wednesday, March 30, but depreciated in the black market.
In the P2P segment, it gained N3 against its American counterpart to quote at N764/$1, in contrast to the N767/$1 it was traded on Tuesday as the demand for cryptos, which most traders in this category use the funds to buy, was relatively mild.
In the I&E window or the spot market, the Naira appreciated against the greenback yesterday by 51 Kobo or 0.11 per cent to settle at N461.24/$1 compared with the previous day’s N461.75/$1, according to data obtained from FMDQ Securities Exchange, with the forex turnover put at $74.31 million.
But in the parallel market, the domestic currency depreciated against the US Dollar in the midweek session by N4 to trade at N747/$1 versus Tuesday’s exchange rate of N743/$1.
Also, in the interbank window, the Naira lost N1.93 against the Pound Sterling to sell at N567.68/£1 versus Tuesday’s N565.52/£1, and against the Euro, it slid by N2.25 to at N499.21/€1 compared with the preceding day’s N496.66/€1.
Meanwhile, the digital currency market swayed to the bulls yesterday as most of the tokens tracked by Business Post ended in the green territory amid better-than-expected consumer confidence figures from the United States.
Data from the US Conference Board showed that its monthly survey rose to a reading of 104.2 basis points, better than the 101 mark expected, lifting Bitcoin (BTC) by 4.2 per cent to $28,519.76, as Ethereum (ETH) rose by 0.5 per cent to $1,788.52.
Solana (SOL) grew by 2.1 per cent to $21.08, Dogecoin (DOGE) gained 1.4 per cent to sell at $0.0751, Litecoin (LTC) increased by 0.6 per cent to $90.14, while Cardano (ADA) chalked up 0.5 per cent to quote at $0.3797.
However, Ripple (XRP) dropped 0.4 per cent to trade at $0.5336, Binance Coin (BNB) lost 0.2 per cent to settle at $313.02, and Binance USD (BUSD) and the US Dollar Tether (USDT) traded flat at $1.00 apiece.
