‘ Amazing Entrepreneurial Spirit In Our Nation Should Take Us Far If We Are Organised’
the removal of trade and investment barriers for European companies operating in Nigeria and provide assistance to Nigerian businesses to take advantage of the benefits of entering EU markets. To provide monitoring of trade and investment agreements and identify problems hindering dynamic development of trade between the EU and Nigeria. Report and create awareness about the importance of intellectual property rights and patents. To facilitate business networking for European enterprises and companies through a close exchange on various levels including inter- active working groups.
Some activities of Eurocham Nigeria include High- level events ( bi- annually) with distinguished keynote speakers. CEO Roundtable Sessions ( bi- monthly) with guests’ speakers to engage in valuable relationship with our main stakeholders. Working Groups meetings, ( bi- monthly or on demand) a platform to assess, review and improve our members business operations. Currently we do have three active Committees: sustainability, finance and trading across borders.
Moving back to Nigeria must have been a hard decision to take, why did you decide to move back and what would you say has been the major difference?
I would not say it was a hard decision relocating to Nigeria; I’ve always loved and remain passionate about Nigeria. My husband moved back two years before I did, so it was easy for me to ease in as he had done all the readjusting and settling; house, transport, etc. We decided to move back because we wanted to give back; we know that Nigeria is a country with both significant challenges and immense promises. As business- minded people, we saw the huge potential for profitable innovation, whilst also contributing in a myriad of ways to the country we both hold so close to our hearts.
The major difference for me since I have been back is I am always learning, unlearning and relearning. I would say that I have really honed my capacity to understand the limitations of cultural differences, but also draw on my extensive experience in the UK to implement hybrid strategies, and this has served me well. All of these have provided me with a sense of purpose and I feel fulfilled.
Would you say all the degrees you have bagged home and abroad adequately prepared you for where you are today? Yes and No. Yes, because to be a professional accountant, you need training and as such by studying for the degrees I obtained, I have developed a skillset that prepared me to be an accountant anywhere. No, because to be successful, you need more than a degree/ degrees. First, you need to have a vision. Vision is the source of discipline. My vision determines what I do with my time; it helps me maintain focus and be intentional about what I do, how I do it and when I do it. What I have achieved to date is driven from my purpose, which comes from my vision. Giving back to society and helping humanity is my purpose for living. This is what wakes me up in the morning; this is where my drive comes from. Hard work, serving, listening, networking and personal development are some of the ingredients that got me to where I am.
It is no secret that many SMES here are still struggling financially as a result of the pandemic. What would you advise they do to get back on their feet?
Nigeria’s economy has such a lively array of SMES; they form the backbone of job creation and community development, so this challenge has been serious. SMES are not as resilient as the big companies when it comes to facing the challenges that the pandemic brought with it, hence the struggle to stay afloat financially.
Smaller cash reserves ( liquidity buffer), smaller customer base ( market share) and less capacity to expand/ grow ( capital) have been some of the limitations of SMES vis- à- vis coping with the new normal. My advice to SMES struggling is to leverage on tax holidays/ incentives ( e. g., applying for pioneer status) seeking financial support provided by the state and federal government through grants and development finance ( low interest loans). Also, take advantage of technology for better customer segmentation through data analytics ( customer demographics) and customer reach/ visibility ( social media for cheap advertising and marketing of products and services).
Invest in both personal and business growth opportunities available in your sectors. These are not normal times, as evidenced by the scale of the global response, and many other
SMES are in a similar position, so at this time, proper financial research, efficient processes ( speed to market, value for money/ cost management, rejig of product strategy) and perseverance will be invaluable.
How can we help more women owned businesses improve in financial management whilst decreasing risks especially now?
It’s so important to support women entrepreneurs because there’s so much evidence that shows that women thrive when they are empowered to lead. We also know that women- led businesses tend to yield high lateral rewards for their communities. Financial management can make or break a business and so it is a very important education for any businessperson. As you may know, the education of the girl child and women in general has been unequal in our society. So, we must do more to support women and I believe one important step is to continue the advocacy for women in fora that promote financial education.
We should also actively showcase the value of financial education for women wherever there is an opportunity to do so. The more people we can win over for this, the more support we can mobilise for women entrepreneurs. Women entrepreneurs that have been fortunate to receive financial education should also play a leading role in this move, especially as role models who show what can be possible.
Much fanfare greeted the AFCFTA agreement that took off at the start of the year, how best do you think we can maximize it so businesses benefit?
The AFCFTA is potentially an excellent concept designed to stimulate greater trading across the continent. However, it is not automatic that Nigeria or any other country will reap the benefits. The agreement is a call for African countries to organise themselves, build on their competitive advantages and explore the largest trading block by population in the world. Continental and international trade is not something you can will into existence; you have to organise yourself to do it.
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