A member representing Egbeda/ Ona-Ara federal constituency of Oyo state in the house of representatives and founder, Nairabet, Oloye Akin Alabi, has explained the reasons many businesses do not thrive in Nigeria.
He identified lack of adequate knowledge about market and customers’ need by those venturing into new businesses as a major factor responsible for failure of many Small and Medium Enterprises (SMEs) in Nigeria.
“One of the mistakes people make before starting a buisiness is that they decide their products before identifying markets.
“It is not about what you like to do it, is about what the people want to buy,” he said.
Alabi stated this in his keynote address delivered at the inauguration of Etreprenurers Network, in Ilorin, Kwara state capital where 10 individual business onwners got N1million grants each to grow their businesses.
In his remarks, convener of the network and CEO Lahmad concepts, Ahmed Lawal, said the essence of the network was to bring individual business owners together under one umbrella that will promote and grow their businesses.
He said the network which has in its fold, over 1,000 individual business owners was proposing the establishment of a micro finance bank to further assist members with loan facilities to grow their businesses.