[Nigeria Business Week] Andrea Ayemoba: Experts point toward startup management for local productivity
Nigeria’s crown jewel, oil and gas, has been in a state of mild disrepair for several months now. There’s an ongoing fuel scarcity situation that is intensifying by the day and causing a ripple effect in every aspect of daily life. Airlines and travel are not exempt, randomly delaying and canceling flights as aviation fuel is also on the hike. Crude oil earnings have long dipped and OPEC’s rising quotas have been impossible to meet. Technology giant Huawei has committed to more support for this sector in Nigeria and the NNPC is working on the acquisition of more power plants. The aim of it all? Restore the equilibrium and sustainability of fuel production.
Foreign investment has been tagged as crucial for higher GDP and this year is to see a higher inflow from across borders, and this is the outcome expected from Qatar’s projected $500b investment for the year 2022. Emergency support funds summing billions of dollars poured in from the IMF into Nigeria during the worst of the pandemic and while this was a welcome relief, some experts argue that it does not count as foreign investment.
The indigenous Beer sector did prove to be a fairly lucrative one however, raking in over $2b in a 12-month period and there’s renewed interest in the economic potential of consumer goods.
Manufacturing saw some success over the past year as well, with foam makers showing increased turnover, which they attributed to flexible financing. To this end, more attention is now turning to sustainable productivity. Experts and business leaders are unified in their position that effective startup nurturing and management is vital to kind of progress being made.
Banking, technology and agriculture have become increasingly intertwined in their mode of operation in recent years. As a trio, they have demonstrated to be a winning combination when managed competently. Banks make use of technology to communicate with their customers and stay relevant on the market and agriculture leverages technology and financing to reach the youth and startup community. The premier bank, CBN, has made recent leaps in agriculture initiatives with the clear aim of upping local production.
The governing bodies and business leaders have the right idea – with the strategic combination of the right resources, almost any economic goal is within reach.
Andrea Ayemoba is a Senior Editor at Africa Business Communities.
