Nigeria has the highest number of owner-managers and nascent entrepreneurs in the world.
The Economist Pocket World in Figures 2020 says 39.9 per cent of owner-managers in the world are Nigerians.
But Chief Executive Officer of Financial Derivatives (FDC) Limited, Bismarck Rewane, however said, due to the Lekki massacre that led to the looting of several stores in the country, it is a fact that most entrepreneurs are skeptical about having a physical store.
“However, even with an online store, access to adequate finance could be a problem especially if one doesn’t have a stellar business plan. Unfortunately, a business plan drawn pre-COVID is not reflective of current realities.
So now is the time to pull the bootstraps and re-strategize to navigate these murky times”, said FDC in its Lifestyle section of the Unity Bank digest.
Just when the Nigerian economy started to recover from the aftermath of the pandemic, Nigerian youths began a nationwide protest opposing police brutality in early October.
The youth called for the ban of the notorious police unit – the Special Anti-Robbery Squad (SARS) – which has long been accused of violent and criminal activities. After two weeks, the pro- test escalated to violence when Nigerian soldiers opened fire on peaceful protesters at the Lekki toll gate.
The decision to use military force to quell protesters led to the deaths of at least 12 protesters. This was met by an outburst by protesters, hoodlums and thugs.
The current situation is ex- pected to heighten insecurity in Nigeria, discourage foreign investments, reduce economic activity, especially in the Lagos metropolis, and thereby lead to a lower economic growth in the fourth quarter of 2020.
The Lagos state government has said over N1 trillion was lost in the wanton destruction.
The Lagos Chamber of Commerce and Industry (LCCI) disclosed that Nigeria has lost more than N700 billion in economic value since the #EndSARS protests in 14 days.
This disclosure was contained in a statement by The Lagos Chamber of Commerce and Industry (LCCI), through the Chambers President, Toki Mabogunje.
According to Mrs Toki Mabogunje, LCCI uncovered that the Nigerian economy has suffered an estimated ₦700 billion loss in just 12 days.
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