24.6 C
New York
Tuesday, July 16, 2024

Buy now


Corruption is a big risk factor in doing business in Nigeria. Here’s your survival toolkit

Corruption is a major problem in Nigeria, and it can make it difficult for small businesses to thrive.

Here are some facts and figures about corruption in Nigeria:

  • According to Transparency International, Nigeria ranks 146 out of 180 countries on the Corruption Perceptions Index.
  • The World Bank estimates that corruption costs Nigeria $150 billion each year.
  • Over 10,000 people have been convicted of corruption-related offenses since 2015.
  • The Nigerian government has passed a number of anti-corruption laws, including the Economic and Financial Crimes Commission (EFCC) Act and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Act.

However, there are a number of things that entrepreneurs can do to overcome these challenges and succeed in a corrupt society.

One of the most important things is to be aware of the risks of corruption. Entrepreneurs need to know what types of corruption are common in their industry, and how to avoid them. They also need to be aware of the signs of corruption, such as requests for bribes or other favors.

Another important step is to build relationships with people in positions of power. This can help entrepreneurs to get things done more easily, and to avoid being targeted by corrupt officials. However, it is important to build these relationships in a legitimate way, and to avoid any activities that could be seen as bribery.

Finally, entrepreneurs need to be prepared to fight corruption. This may mean reporting corrupt officials to the authorities, or taking legal action against them. It is also important to speak out against corruption, and to educate others about the dangers it poses.

By taking these steps, entrepreneurs can increase their chances of success in a corrupt society. They can also help to make a difference by fighting corruption and promoting a more transparent and accountable government.

Here are some additional tips for small scale business entrepreneurs in Nigeria:

  • Focus on your core competencies. Don’t try to do everything yourself. Outsource tasks that you’re not good at or don’t have time for.
  • Be organized and efficient. Wasted time and resources can be costly in a corrupt environment.
  • Be persistent. Don’t give up easily. Corruption can be frustrating, but it’s important to keep fighting.
  • Build a strong network of support. Having people in your corner can make a big difference when you’re dealing with corruption.
  • Don’t be afraid to speak out. Corruption thrives in silence. If you see something wrong, speak up.

By following these tips, business entrepreneurs can increase their chances of success in Nigeria.

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -spot_img

Latest Articles

Verified by MonsterInsights