Entrepreneurs across different cadres of business have lamented poor turnover in 2016, especially since recession started rearing its ugly head. Some business owners ENCOMIUM Weekly sought their reactions and assessment of their business since January 2016 till date also shared similar views, charging the government to do everything possible to revamp the ailing economy.
‘To be sincere 2016 is not a funny year’ – Gbenga Adewusi (Bayowa)
Unless we want to keep deceiving ourselves, this year has not been favourable to any business and every common Nigerians. Whatever may be the case, the show must continue. That’s the slogan in the entertainment industry generally. But to be sincere, 2016 is not a funny year at all concerning my business.
But in all, I give thanks to Almighty God. The government is not really doing anything in line with the change mantra with which it’s voted. The new government is even worse than the previous administration in terms of performance.
Nothing has been successful under this administration – hunger, poverty and all that are all over the place. This recession is the worst so far and nothing to fall back on, especially by the poor masses.
Things are generally difficult. Recession has not only affected our business but every sector of Nigeria’s economy. And if things continue like this, this government will be kicked out in 2019.
Nigerians are tired of Buhari and his people. They should just make sure they do something fast. If not, 2019 will be very difficult for them.
‘Buhari should do something fast’ – Zainab Asifat
Our business really went down this year. Things are just too expensive now. It’s only the grace of God that’s keeping us in business. Prices of all imported items skyrocket every day, and customers are not ready to pay higher than they used to. There is low patronage everywhere.
The recession has affected our business but we will keep praying for relief from God. We just need to appeal to President Buhari to do something fast, he should stop shifting the blame to Jonathan. We’re tired of suffering.
‘Things will soon pick up’ – Moon Obi Ifeobu
Since January till date, business has been so dull due to a lot of factors, including poor power supply, poor infrastructure, lack of genuine access to loan facility, skyrocketing exchange rate, bad economy and more. This recession has made things extremely difficult.
Those of us dealing in importation of wears are even worse hit. Although, I just opened another outlet in Ogba here, hoping that things will pick up soon. But the most important thing is to be alive, I thank God for that.
All we’re appealing to the government for is to revamp the economy in 2017, so that we can all move forward.
‘It’s difficult to import now’ – Demola Adunola
My business has been dull for over a year. The process of getting dollar for importation has been very difficult. It’s so difficult to even import a pin. Now, the recession has worsened the situation. We don’t find it easy doing any business again in the country.
Generally, 2016 has been a very tough year for all. Things can’t continue like this, relief measure has to be put in place.
‘Nigeria has always been in the darkness’ – Kayode Salako
There’s no way Nigeria’s current economic situation will not affect business survival adversely. If anybody tells you it is well right now, business wise, it’s a lie. Even when there was no recession, there have always been economic challenges in Nigeria.
Doing business in Nigeria has always been peculiarly challenging and critical. One of the main factors which helps to boost business growth and survival in any country is electricity. And Nigeria has always been a country without it.
Nigeria has always been in darkness. Nigeria has always run on archaic generator technology. And because of this, the cost of generating energy to run businesses has been frustrating and expensive. However, not to talk of now that the country is in recession. The challenges have now doubled, if not tripled.
In a recession, balance of trade tendencies would be negative. Foreign exchange would be scarce. Money would not flow. And when money is not in circulation, it will affect everything in the country. That’s why in Nigeria today, the purchasing power of Nigerians has diminished. The cost of buying food items has gone up so high, even beyond the reach of the poor. Poverty level has increased and Nigerians are hungry and that’s why they’re angry.
Most business organizations are finding it difficult to pay salaries. The rate at which Nigerians are owing is high and embarrassing. So, if this can be the effect of recession anywhere in a clime like Nigeria, my own business enterprise can’t be an exception. All of us are in it, to endure it and keep hoping things would get better.
Right now, a lot of our clients can’t pay for the services we render. And those who are paying are not doing that in time to meet the cost of running the system on daily basis. We also lose a lot of them to lower and inferior competitors. My only consolation is that the nation would come out of the mess soon.
I believe we cannot really blame the present administration for this ugly situation. It’s the fault of the previous administration that handed over power to the current government. Buhari’s government, to me, is still a responsible, disciplined, visionary and focused one. It will surely leave Nigeria better than it met it.
‘The recession is a painful disease’ – Larry Owojori
Business, generally, in Nigeria has been so poor this year, unless we don’t want to tell ourselves the gospel truth. Nothing is moving at all. Exchange rate keeps skyrocketing, prices of goods have jumped over the ladder and there’s no money in circulation.
Even those that have, are afraid of spending it because of the fear of the unknown. The recession is a painful disease and the way I see it, Buhari can’t cure it any soon. But no matter what, when there’s life, there is hope. I still keep thanking God for being able to cope in my little way while I keep praying that things get better in 2017.
‘This year is tough’ – Jide Onakoya
From January till date, business has been tough. But with God on our side, we can’t complain too much. We have introduced a lot of sales promotions and packages to suit our customers. Recession has affected my business because customers don’t patronize like before.
The company’s turnover in production has also dropped. Though, we have tried to expand the business in other areas just to increase sales. The current situation in the country is affecting a lot of small and medium enterprises in the country and Nigerians as well.
‘Every business is just struggling to survive’ – Saidi Balogun
We thank God for being among the living. That’s the most important thing. But talking interms of business and recession, it’s like trying to create a big headache for yourself. Business, generally has witnessed low turnover.
Since January till date, every business is just struggling to survive. A lot of people have lost their jobs, companies folding up. And those of us in the entertainment industry are not smiling at all. Piracy is still very much tormenting our business, then worsened by the poor economy the country is going through. But one thing I still believe is that there will be gain after the pain.
‘…we can’t stop being entertainers’ – Yinka Quadri
Things have not been easy in the industry generally but we thank God for life. Recession or no recession, we can’t stop being entertainers. That’s what we know how to do best. But the truth remains that things have not been really working fine this year, especially with this recession.
A lot of movies shot this year have not been released due to the poor and terrible economic situation facing the country. But we still have hope that things will be alright in due course.
‘Everything has been at a standstill’ – Olajide Great Mcdede
2016 has been my worst year in business. Everything has been at a standstill since January till date. Paying workers’ salaries has been extremely difficult. Things are running bad, hunger and poverty cover the whole land. The recession has even worsened the business for us. There’s no money anywhere, everybody is just complaining.
Buhari just keeps fighting corruption while the economy keeps suffering. He said he has recovered some loots, yet we can’t see the traces on the economy. So, what’s the essence of all he claimed he has recovered? He just has to do something urgent to rescue the economy in the coming year so that the nation can move forward.