Expert Bemoan Rising Business Failures, Fault Leadership 

Omolabake Fasogbon 

Experts have expressed worries on the growing rate of business mortality in the country, which to them was detrimental to Nigerìa’s invesment profile.

The experts equally blamed this trend on poor leadership and management system adopted ny business owners.

According to Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), about 2 million Micro, small and medium-sized enterprises (MSMEs) collapsed in the country between 2017 and 2021, a development which is believed to have rubbed off negatively on Nigeria’s debt profile.

Speaking at a Press conference ahead of a Global Leadership Summit for Business (GLS4Business), the convener, Godman Akinlabi tasked business owners on effective leadership for growth & sustainability, adding that  government cannot be entirely blamed for failures.

According to Akinlabi, the summit themed: ‘Leading Effectively in Uncertainty,’ aimed to equip business leaders with the critical skills needed to thrive amid economic uncertainties.

He said,  “Businesses would require different mindsets, toolsets and skill sets to remain relevant and grow in the current economic season. We understand that customers and consumers’ behavior are changing rapidly and they are becoming more sophisticated in knowledge..”

On her part, Chief Executive Officer of Umugini Pipeline Infrastructure Limited, Dr. Blessing Ayemhere noted that while natural factors like climatic disasters were unpredictable, businesses need to be proactive to surmount such uncertainties.