1.Lack of adequate technical knowhow.

2.Lack of pre-requisite capital and finance.

3.Poor Administrative and managerial control.

4.Unresearched targeted audience and markets.

5.Bad government policies.

6.Poor infrastructure.

7.Unsuitable economic climate-famine,melt-down,recession,inflation.

8.Poor book-keeping skills.

9.Illegitimate business venture.

10.Inadequate marketing and advertisement pull.

11.Production incapabilities.

12.Inadequate manpower,materials and labOur resources.

13.Inadequate Staffing and training.

14.Unhealthy business rivalry and competition.

15.Wrong business machineries and tools.

16.Credit and capital indedtedness.

17.Improper Long-term objectives.

18.Faulty organisational structure.

19.Poaching and Man behaviours-impropriety,Embezzlements.

20.Unjustifiable divestments agenda.

21.Improper budget decisioons.

New businesses should understand fully well the following indices and analysis inorder to break-even.

SWOT ANALYSIS.

S.Strenghts.
W-Weaknesses.
O-Opportunities.
T-Threats.

With these four nemonics at the back of your mind, your businesses can never liquidate.

Start up a business Today.
God bless.
i will definately not employ u as a consultant , reason being nigeria buss. enviroment defies theory. trust me.

I fink it also lack of team work. Nigerians hav a problem with partnership, team working, innovation initiative and new ideas. Most still believe n hold on to d old ways. Looking @ businesses outside nigeria no matter how large dey are the still make sure they make sure every1 in dat organisation feel like part of the business n the constantly look for innovation, initiatives n new n young ideas to create a competitive advantage.

Mr. Op, it seems you don't travel at all, right? So what you are telling me is that these big cities in Nigeria(Lagos, portharcourt, Kano and Kaduna[before boko escapade], Abuja, Onisha, Nnewi, Aba, and every other place) were as they are today since independence? My friend, Adenuga, Dangote, Ibeto, Coscharis, Innoson, Mangal etc, are Nigerian based companies and they are progressive like never before. Your point of observation is poor.

Naija work ethics are bad. Most times, kids who are apparent heir to their parents' bussinesses don't put in the amount of work required to sustain the business like their parents did. They just want to do the barest minimum. Minimum input equals minimum/negative output!

because as you dey make the money, na so uncle go come he need help, mama ibeji go come twins never chop since last month, grandfather inlaw wey don die since twenty years dem need to 'turn hin back' do anniversary... small small party here and there! most business men wen they make huge profit, dey will never go home straight, dey hv to branch at joints on their way home first... omo pupo, lepa shandy... baron, andre, hennesy, point and kill etc! how can business be sustained and successful?

(Why Do Businesses Fail In Nigeria?)

Because there is no love for the country.. Period! People lie and cheat in other to catch the early morning bus!

Just like the government,MISMAGEMENT.

Nigerians want quick returns and lack the intuitions to see far ahead into the future.

Selfishness.

tony_m1: LACK OF TRUST AND ALOT OF DEBTORS

this is correct, na anoda business crippler bi dat.

Logicboy03:


Every successful business has inner workings. Should one not be trained or given proper advice on such, the company will fail. There are stakeholders like the suppliers and special customers that one has to build relationship with. Should the father or CEO not brief his successor on the dynamics and present situation with such stakeholders, the business will fail. There are also many other examples

I can tell that you dont have experience from your comment.

100 likes

Mad Cow: .1. Poor Planning... - Many people stumble upon X amount of money and quickily rush into the closest business they can see around them without planning and carrying out the proper ground work..

2. Follow-Follow : Because Peter made it selling recharge cards, is no guarantee that Paul will also make it selling the same comodity. Dont get into a business solely because another man is doing same.

3. Multiple Taxation: How can One business pay the following Levies, Duties and Taxes;
- Environmental Sanitation Levy
- Personal Income Tax
- Value Added Tax
- Union Levy
- Local Government Tax
- Signboard Levy
- NAFDAC Levy (if you are in the food and drugs/chemical business)
e.t.c

One business can be paying as much as 10 different fees to 10 different government and Union bodies..

yOU have it spot on!

Power
Dishonest workers

mko abiola

how was heaven, welcome back to earth.

Most people fail to think outside the box.

one of the reasons business fail is lack of contract.... see how you can win business contract easily without hassles
https://explicitsuccess.com/how-to-win-business-contracts/

Here are some of the factors that can cause business failure...

Nice thread from waaaaay back.

Good Luck to Nigeria!

InvertedHammer:
Why do business survive in Nigeria would have been a better question.

^^^

IbeOkehie:
Nice thread from waaaaay back.

Good Luck to Nigeria!

^^^


What?

You are here too?!

Amusing, yet sad thread.

A good 12 years later and the problems are still there - in some cases they are much, much worse.

Most of these posters have moved on...but the problems remain.