Why businesses crash in Nigeria – Financial expert

A business management expert, Ofonime Eset has identified misinformation and lack of proper feasibility studies as the main causes of business crashes ravaging individuals, organisations and companies in Nigeria.

He said the ‘crash and burn’ business operations in Nigeria have taken a toll not only on the individuals and companies but on the dwindling economy of the nation at large.

Eset in an interaction with journalists in Uyo, Akwa Ibom state capital on Thursday called on business owners, companies or intending business officers to seek information in their areas of interest which would guide them to make informed decisions.

According to him, ” the reason why people experience crash and burn or keep on failing in their business is not that they are not good at what they do, but because they are not informed, they didn’t get the right knowledge or the right information.

“Most times, people make decisions based on emotions; a business that works in Abuja does not mean it must work in Uyo for instance. A particular business may thrive in a particular location or State and may not do the same in another place.

“Also some businesses are not required to be launched in a particular scale; the simple rule is to make sure that, what comes in, in terms of profit is higher than what goes out to avoid business crash.”