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Taking Nigerian Small Businesses to Paradise

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Why Small Businesses Fail

In the last 40 years, small business owners and entrepreneurs have been receiving greater recognition as drivers of economic growth all over the word. It has become a given that, to achieve long-term economic growth and prosperity, participation from entrepreneurs is very important.  Small businesses have contributed to job creation, economic growth and poverty reduction.

As we have seen in Nigeria in the last two decades, entrepreneurship is a driving force within the economy because of entrepreneurs’ innovative nature, among other factors. In developed economies, corporations and large capital significantly determine the extent of scientific, technical and production potential.

In third world countries with a market economy system, small enterprises are the most common, dynamic and flexible form of business life. In Nigeria, they contribute in stabilising the political climate. Yet not every small business will flourish

Why Small Businesses Fail in Nigeria, a seven-chapter book written by Ayodele Ajayi, provides sufficient facts why entrepreneurs in the country pack up after a while. In knowing the hidden pitfalls, as outlined by the author, the writer creates a veritable platform for small businesses to reinvent themselves and blossom.

Ajayi educates all that there is a probabilistic indicator to show that not all businesses in Nigeria surpass their first anniversary. This sounds like a spoiler alert, but the author links this to the inability to overcome teething problems and other avoidable mistakes.

Talking from experience, Ajayi, whose entrepreneurial journey has been like a yo-yo experience, says his substantial investment and unwavering effort in the paint business didn’t yield the much-expected dividends when he set out. Why Small Businesses Fall in Nigeria, therefore, seeks to empower the reader and the entrepreneur with a weapon to navigate the intricacies of Nigeria’s business environment. It is also beneficial for big businesses.

In the first chapter, Ajayi paints a realistic picture of Nigerian entrepreneurship beyond the hype on some success stories. “When considering starting a small business, one of the first decisions you must make is whether to operate online, offline, or a combination of both,” writes Ajayi.

He points out that the reality of entrepreneurship is far less glamorous than many anticipate, part of which includes supporting the lives of team members and other partners involved in the business. He recommends that, before setting out, you must study the business environment of the country, because the reality of doing business in Nigeria differs with many factors he outlined in the book (read the book).

Part of the reasons for business failures include inappropriate location, hence: “A solution to that problem may be to change the location to a more strategic area with a higher demand for the business’s products or services. The structure of the business can also make or mar it.” Another reason is faulty operation. Ajayi stresses the importance of learning from others, for nobody knows it all.

The author zeroes in on the pitfalls that crumble businesses in Nigeria. Understanding and answering the purpose of your business, he says, will help the entrepreneur navigate and avoid the landmine. Expertise is also important. The author makes a case for implementing effective corporate governance.

Explaining in detail the common reasons for small business failures in Nigeria, the author highlights inadequate market research, poor management of business resources, poor cash flow management, wrong expansion, poor marketing and sales skills.

Offering practical steps to follow to navigate these pitfalls, the author advises business owners to be disciplined, detach themselves from the businesses, plan and execute well, learn continuously, build a strong network and stay financially savvy. He encourages entrepreneurs to guide against having a single product or service in Nigeria, develop excellent customer service, and adapt to market trends. Unlike Easy Taxi that crumbled in Nigeria, the author cites Mega Chicken as one that has successfully stood out in a competitive food market.

The fourth chapter of the book emphasises on financial management.  “Financial management is a necessary skill for every business, because it deals with how you account for your money,” says the author. who goes on to furnish us with basic financial concepts that relate to small business in Nigeria.

These include budgeting, cash flow management, investment management, debt management, financial planning, risk management, bookkeeping. The book furnishes the reader with strategies for securing funding and managing debts effectively. It arms us with the right resources for maintaining financial support, literacy and mentorship in Nigeria.

Ajayi, in the fifth chapter, teaches the power of marketing and sales. This is very important. You may have a good product yet it is not selling. Like he has done throughout the book, he offers practical steps for creating a customer-centric approach and building brand loyalty, including but not limited to personal service, reward system and getting feedback from customers.

The concluding part of the book x-rays the demands of leadership. Without reading this book, you may not appreciate the gems in the publication. I recommend this book to not only businessmen anywhere in the world but those aspiring to have multiple streams of income in Nigeria.

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PenCom Recovers N1.58bn from Pension Defaulters

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Pension Benefits

By Adedapo Adesanya

The National Pension Commission (PenCom) has announced the recovery of N1.58 billion from defaulting employers through enhanced enforcement efforts as total pension assets under management (AuM) surpassed N23 trillion as of February.

The Director General of PenCom, Ms Omolola Oloworaran, made this disclosure on Wednesday in Kano during the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT) that state remittances had also improved, reflecting a greater adoption of the Contributory Pension Scheme (CPS).

Ms Oloworaran noted that in spite of these advancements, challenges remain, as only 25 states and the Federal Capital Territory (FCT) had enacted laws to implement the CPS.

“Six states operate hybrid schemes, while another six have bills at advanced legislative stages.

“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states,” she explained.

To address this gap, PenCom has introduced a flexible adoption model, allowing states to begin implementation with new employees or those with fewer than 10 years of service.

The director general further stated that the commission was providing technical support to assist states in planning for legacy liabilities and transitioning their entire workforce in a financially sustainable manner.

She reaffirmed the commission’s commitment to achieving full onboarding of all states and the FCT into the CPS.

“With sustained dialogue, technical collaboration, and strong political will, we are confident of reaching this goal,” she said.

Ms Oloworaran described the ongoing forum as more than just a routine meeting, calling it “a call to collective action.”

She urged participants to seize this opportunity to co-create solutions, share innovations, and renew their commitment to a secure, unified, and inclusive pension system.

On his part, the Head of Service (HOS) of Kano, Mr Abdullahi Musa, reaffirmed the state government’s commitment to pension reforms.

He commended PenCom for its leadership in promoting best practices and described the forum as a “vital platform for dialogue, peer learning, and policy refinement.”

Mr Musa said that Kano State had made significant progress in restructuring its pension system, notably through the adoption of a hybrid model that combined elements of the defined benefits and the CPS.

He revealed that the state government, under the leadership of Gov. Abba Kabir, had taken bold steps to settle pension backlogs and improve the management of retirement benefits, adding that the state government had paid N16 billion in outstanding entitlements, which represented about 40 per cent of the liabilities inherited from previous administrations.

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Unlock Business Success with the Best Mainland Company Setup in Dubai

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Zara Biz Services

Dubai continues to be a hub for entrepreneurs and investors worldwide. Whether you’re launching a new business or expanding your presence in the UAE, setting up a mainland company is one of the most strategic moves you can make. And when it comes to doing it right, Zara Biz Services is your trusted partner—widely recognized as the best Mainland company setup consultant in Dubai.

Why Mainland Company Setup in Dubai?

Mainland businesses in Dubai enjoy several advantages:

  • Full access to the local UAE market
  • Ability to trade internationally
  • No currency restrictions
  • Opportunities to bid on government contracts

Whether you’re starting a retail store, marketing agency, tech firm, or manufacturing unit, a mainland license provides maximum flexibility for growth and success. Also Check For Freezone Company Setup in Dubai

How Zara Biz Services Makes It Effortless

Zara Biz Services offers complete end-to-end assistance for mainland company formation in Dubai. From business activity selection and license approval to office space and PRO services, we simplify the process so you can focus on building your dream business. Also Check For Business setup consultant in Dubai

Here’s what sets us apart:

1. Strategic Business Structuring

We help you choose the right legal structure and business activity based on your goals, ensuring compliance with the Department of Economic Development (DED) regulations.

2. Transparent and Timely Services

Our consultants provide clear timelines, cost breakdowns, and constant updates throughout the process, avoiding surprises and delays. Also Check For Golden Visa Services in Dubai

3. Local Partner Support (If Required)

As per UAE laws, some business types require a UAE national partner. We connect you with trustworthy and transparent local sponsorship arrangements if needed.

4. Documentation and Approvals

From name reservations to license approvals and visa applications, we handle it all—quickly and professionally.

5. Office Space Solutions

We help you choose from multiple office options across Dubai that meet DED requirements for mainland licenses.

Your Ideal Consultant for Mainland Company Setup in Dubai

Zara Biz Services isn’t just another consultancy—we’re known for being the best mainland company setup consultant in Dubai, with a strong reputation built on trust, client satisfaction, and a deep understanding of the UAE business ecosystem.

We work with startups, SMEs, and large corporations across diverse sectors. Our expertise ensures that your business is built on a strong, compliant, and growth-oriented foundation.

Let’s Start Your Journey Today

Thinking of launching your business in Dubai? Don’t let the paperwork and procedures slow you down. Partner with Zara Biz Services—the trusted name in the best mainland company setup in Dubai.

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Customs Records N1.75trn Revenue in Q1 2025

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Nigeria customs wale adeniyi

By Adedapo Adesanya

The Nigeria Customs Service (NCS) recorded N1.75 trillion in revenue, intercepted N7.7 billion worth of contraband, and processed N36.3 trillion worth of trade in the first quarter of 2025.

The Comptroller-General, Mr Bashir Adewale Adeniyi, announced the record-breaking revenue collection, saying the N1.75 trillion revenue for the first quarter of 2025—surpassing its quarterly target by N106.5 billion and marks a 29.96 per cent increase over the same period in 2024.

According to him, the performance reflects the impact of reforms initiated under President Bola Ahmed Tinubu’s administration and the leadership of the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.

“Against our quarterly benchmark of N1.645 trillion, we recorded N1.75 trillion—representing 106.47 per cent of the target. This performance speaks to the strategic measures we’ve implemented to plug revenue leakages and promote compliant trade.

“January alone saw the service rake in N647.88 billion—an 18.12 per cent rise above its monthly target and a 65.77 per cent increase compared to January 2024. February and March followed the upward trend with collections of N540.11 billion and N563.52 billion, respectively,” the customs chief stated.

Beyond revenue, the NCS made 298 seizures during the quarter with a total Duty Paid Value of N7.7 billion, a 78.41 per cent increase from Q4 2024. The seizures included 135,474 bags of rice, 65,819 litres of petroleum products, narcotics worth N730.7 million, and wildlife products valued at N5.65 billion.

“These figures show the vigilance and effectiveness of our officers across Nigeria’s borders. We’re not just chasing revenue; we’re also securing our economy and environment from illicit trade,” Mr Adeniyi stated.

He added that the service’s enhanced focus on high-risk commodities like drugs and wildlife was yielding tangible results through intensified intelligence and technology-driven operations.

“In trade facilitation, the NCS processed 327,928 import declarations representing over 4.9 billion kilograms of goods valued at N14.8 trillion—an increase in both volume and value over Q1 2024. Though export declarations dropped by 24 per cent, the volume of export cargo surged by 348 per cent to over 5 billion kilograms, indicating Nigeria’s shift towards bulk commodity exports.

“The total trade value handled in Q1 2025 stood at N36.3 trillion. That’s proof that despite global economic headwinds, Nigeria remains active and growing in international commerce,” the Customs boss said.

Highlighting modernization efforts, Adeniyi cited the expansion of the indigenous B’Odogwu platform to more commands, the launch of the Authorized Economic Operators programme for trusted traders, and the “Customs Cares” corporate social responsibility initiative, which has already benefited over 2,000 students and 1,000 residents with educational and medical support.

“Results speak louder than plans. Faster clearances through B’Odogwu, trusted traders through AEO, and measurable food price relief from our exemptions—we’re scaling what works.”

Mr Adeniyi noted that the service supported national food security by waiving duties on essential food imports like maize, rice, and sorghum. These exemptions, he said, have contributed to a 12–18 per cent drop in food prices nationwide.

However, he acknowledged persistent challenges including exchange rate volatility—recording 62 rate changes in the quarter—and evolving smuggling tactics.

“From a minimum of N1,477 to a high of N1,569 per USD, the unstable exchange rates affected customs valuations and trade predictability. We’re working closely with the Central Bank and the Finance Ministry to stabilize this,” he said.

On outlook, Mr Adeniyi pledged to deepen modernization and improve service delivery through expanded tech deployment and stakeholder engagement.

“We’re building a smarter, faster, and more transparent Customs Service—one that works for the Nigerian people, protects our economy, and enhances national development,” he concluded.

The Comptroller-General also extended gratitude to Customs personnel, federal authorities, and trade partners, calling for continued cooperation to advance Nigeria’s economic and security interests.

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