Family-Owned Businesses Contribute $200 Billion Annually to Nigeria’s Economy…

Date:

Family-owned businesses in Nigeria have been recognized for their pivotal role in the country’s economic landscape, contributing an impressive $200 billion annually. At an event sponsored by First Bank, themed “My Family My Business,” stakeholders emphasized the significance of securing the legacy and continuity of these enterprises for the prosperity of future generations.

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Dr. Jumoke Oduwole, the Special Adviser to President Bola Tinubu on the Presidential Enabling Business Environment Council (PEBEC), underscored the essential contribution of millions of family-owned businesses in generating substantial employment opportunities within the country. These entities, including the renowned Ibru family and others, constitute a significant portion of Micro, Small, and Medium Enterprises (MSMEs), contributing over 50% to Nigeria’s Gross Domestic Product (GDP).

A critical concern discussed at the event was the lack of succession planning among family businesses, with only 25% reported to have a structured succession strategy in place. Trust issues among stakeholders and family members, along with Environmental, Social, and Governance (ESG) considerations, were also identified as significant challenges affecting the sustainability and success of these businesses.

Stakeholders stressed the indispensable role of family businesses in Nigeria’s economic prosperity, calling for the implementation of a business-friendly environment by the government to support their growth trajectory.

Looking forward, the business community has high hopes for President Bola Tinubu’s administration, particularly in his commitment to reviving dormant industries, enhancing security, promoting agriculture, ensuring reliable power supply, infrastructure development, and bolstering local production.

The significant contributions of family-owned businesses to Nigeria’s economic stability and growth remain a cornerstone for future policy considerations and strategies aimed at fostering a conducive environment for sustainable business growth and development.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247newshttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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