Business has been regarded as one of the engines that power Economical growth of any Country; either large, small or medium scale. With the Russian and Ukrainian War, Economy across the world is begining to crumble while some Countries, especially those in the African regions are experiencing high degree of inflation. How are businesses surviving these days, even with ASUU Strike?
What are possible solutions? All these and more Daily News Report explored during one and one interview with a business expert and entrepreneur- Mr. Ngozi Felix.
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| Guest |
Quest: What gives you inspiration to start a business?
Guest: I already have passion for business when I was small. I used to follow my Father to his spare part store and also serve as his personal assistant when I am on holiday.
Also, my Father do encourage me to aim at any business before I graduate from the University. Sadly, I didn't enter the university before he passed on. So, had to stop my University process and go into his business.
Quest: But, aside going into your Father's business, you are also selling Flowers and Vegetable Oils, why?
Guest: Yes, I felt there was a need for me to diversify my business, I can't put all my eggs into one basket, so I go into Flower and Oil importation and spelling.
Quest: How do you cope with both businesses sir?
Guest: All requires passion. You need to be passionate towards whatever you do and be positive towards doing it. Practically, I have many boys that work for me; so I pay them at the end of the month and the boys too are also learning from me.
Quest: Do you have issues with Money, Account and records keeping?
Guest: Before I wanted to apply into the university, had wanted to study Computer software because I have some knowledge of operating computers; but like I said, I couldn't further my education because of my Father's death. It is the little knowledge I have that I used to ask for how I could manage my business with computer. So, I hired a computer expert to develop a application for me and that is where I keep my stock records. Any goods that come in or out must be recorded for proper balancing. I also have CCTV cameras in my shops for security purposes. I'm always in any of my shops to check the activities too. Technology soften my works so far.
Quest: Indeed, you have used the technology so nice. But, there are other business Men/Women out there that does not embrace technology, what is your advice to them?
Guest: Technology is good, once you know how best to use it wisely, embrace it. It's cost-effective and I believe so much in Tech to enhance business. But, as a boss, u also have to know how to use it so that your employees won't use the Technology against you.
Quest: How are you coping during this Economy and Russian/Ukrainian War?
Guest: hmmm, the economy is harsh because inflation is taking over all goods and services. The sad one is the war, I am praying it should end so quick because it is affecting the price of goods every day.
Both Russia and Ukraine are regarded as one of the highest producers of Oil and Flowers, with the war, they stopped exportation. Hence, we have little access to Flower and oil here in Nigeria and at the highest price. Dollar too is rising everyday, this is affecting import of goods to Nigeria, something I will spend 1k to import, over 6k will be needed to do it currently, and we don't know what tomorrow will bring forth. I'm only coping because I believe this time shall pass.
Quest: How can government come in to help boost your business?
Guest: Government can not just come in to boost my businesses, I would rather tell government to work more on building the economy back to the Giant it stands in Africa before. This current government is not encouraging business at all; with the increase in Tax, VAT and other tarrrif, all these could force Industrialists and business Owners relocate their business to other favourable Countries.
Quest: Are you saying Government should not collect Tax and others?
Guest: No, all I am saying is that, government should rather reduce those taxes and grant waiver on some goods and services considering the Dollar rate and inflation. If Government should do this, we the Marketers and Producers will also reduce price of good and services to our Customers and Retailers. We are also not happy with the price increase.
Quest: What advice will you give to government in this current situation?
Guest: I will advise government to work more on diversifying the Country's economy. Nigerian government rely solemnly on Crude oil. Let them work on Agriculture and Power Sectors too. Lots of Companies relocated to Ghana due to bad electricity in Nigeria. More importantly, the security has worsen. More works need to be done.
Quest: What is your advice to Youths out there?
Guest: I will advice the Youths to make use of this ASUU Strike to learn a trade. Education is a light, but handiwork is currently the key to self-sustainability.
There is no white-collar job anywhere that will feed you well. One trick Youth don't know is that, before an employer employs you, he already knows he can pay you 30k and get a profit of 60k from your Labour. Let them use this ASUU Strike period to do something meaningful with their lives.