Why businesses may fail in Nigeria
We really don’t need anyone to tell us Nigeria is a failed state with a lot of political, social, economic and security as major problems in the country.
Harassment by security agencies
Zero online freedom
Decline in free speech
Bureaucracy, Inconvenient Government policies & regulations
Electricity / Power Supply
Nigeria is a Hostile Business Environment
High cost of business financing
These are some of the challenges of starting a business in Nigeria and according to Nigerian bank Stanbic IBTC over 80% of Nigerian start-ups fail within their first five years. If the Opay, Go-kada and other bike hailing services didn’t teach some people lesson, I don’t know what will.
With population of 25.5 million, Ghana is considered to be one of the more stable countries in West Africa that has thrived. Its economy has continued to expand in 2019, with real GDP growth estimated at 7.1%.
Why businesses will thrive in Ghana
Unlike Nigeria, over the past few months Ghana’s Government has been working to improve business environment, it has reduced overall cost of doing business and improving the macroeconomic space to reduce significantly the cost of borrowing.
According to the World Bank Group 2020 Doing Business Report, the country improved its ranking to 118 out of 190 countries while Nigeria ranks 131
Although Ghana’s economic outlook is positive but faces several risks and challenges due to the spread of COVID-19 and lower oil prices, here are some reasons why Doing Business in Ghana is beneficial
Economic and political stability
Vibrant Media Activities
One of the fastest growing economies in the world
High standard of peaceful environment for business
Decreasing Bureaucratic Systems
Conducive entrepreneurial climate
Extended open hands for investors and investments
We can all agree that with everything happening in Nigeria, it can no longer be tagged the Giant of Africa but who is?
Is Ghana surpassing Nigeria?
Growing up, the only most talked about countries were Ghana, South Africa and Nigeria, Ghana with reference to “Ghana must go”, South Africa a dream location for most Nigerians and Nigeria as the giant of Africa.
Today, Ghana has gone and left Nigeria behind, South Africa is still good place to visit and Nigeria is debatably the giant of Africa.
Following an announcement from Jack Dorsey on Twitter of its incoming presence in Africa and looking to open its first office in Ghana, sparked up rage from Nigerians about how disappointed they are with Nigerian government and how backward the country is.
The choice of Ghana as HQ for Twitter’s Africa operations is EXCELLENT news. Gov’t and Ghanaians welcome very much this announcement and the confidence reposed in our country. 1/3 #TwitterInGhana #TwitterGhana https://t.co/HdCqFgXK0x
— Nana Akufo-Addo (@NAkufoAddo) April 12, 2021
so why Ghana?
Some reasons why it is Ghana
-Ghana has surpassed Nigeria in Democracy and more
– a supporter of free speech.
– Promotes online freedom.
-Africa continental Free Trade Area (AfCFTA) is hosted by Ghana
Why Nigerians concerned about this news?
If there are over 20 foreign companies in Nigeria then why is Twitter HQ a concern? The first thought that comes to mind is as “giant of Africa” and most active Twitter users in Africa, one would think the first place Twitter settles would be Nigeria.
Most importantly, The new Twitter HQ in Ghana creates job opportunity for IT enthusiast in Africa as a whole, It will recruit 11 people in Ghana which will be the company’s first hires in Africa. It is a great news to Ghanaians but not so much to Nigerians. “if you want to be stationed in Ghana why are some of your roles focused on Nigeria and Nigerians”?
Ghana must go? yes they left and left Nigerians behind as the winner of the “Jollof war”