The most important element in a business is the business model you decide to operate.. If the business model is defective, even if you are a good operator, you will still struggle. Yes, the business model is supreme in the market system. For example, no matter how smart you are, if you are running a B2C ecommerce business in Nigeria, you will struggle to scale it because the core components which improve unit economics and marginal costs (those logistics systems, etc) are not present; for hybrid with drop offs, you have a chance though!
That brings me to Nigeria. Our current problems and the challenges are not due to geopolitics and the Ukraine-Russia war; Nigeria’s CORE problem is simple: our national business model is terrible. That problem is the reason we have been having issues well before the pandemic and the recent wars, and will continue until we do something about it.
The apex bank governor “attributed Nigeria’s economic challenges to a combination of macroeconomic factors, including the lingering impacts of the COVID-19 pandemic and the ongoing Russia-Ukraine war.” The national business model is a key reason why things keep going down.
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What is this national business model? State-level responsibility and competitiveness. Until we have that, the macroeconomic factors will not improve because business is local and states are supposed to be drivers of what happens in Abuja. Nigeria needs FISCAL federalism, and must stop this babysitting of state governments with monthly sharing of the commonwealth. Yes, until we do that, nothing transformational will happen! We can blame Ukraine, Russia, pandemic, macroeconomic factors, etc, but those are not the core problem – and that core problem is that Nigeria must change how it operates.
The most important element in a business is the business model you decide to operate.. If the business model is defective, even if you are a good operator, you will still struggle. Yes, the business model is supreme in the market system. For example, no matter how smart you are,… pic.twitter.com/dMoycIPrrd
— Ndubuisi Ekekwe (@ndekekwe) November 8, 2023
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This one is a free speech, and leads to nowhere. Remember that the last Confab of 2014 was boycotted by the same APC bunch, but they still captured power in 2015. When many Nigerians rant online, I keep wondering if they are newborns or just suffering memory loss. The same gang who had been harping on restructuring, immediately they captured power, they ended up destroying any semblance of independent institutions in the land.
These are the creatures today who take up the microphone and lecture us on our economic problems, what did the apex bank governor say that is original or different? Same old tasteless yammering up and down, after which everyone carries on as normal.
The APC as a party lacks credibility to even lead any serious institutional reforms or constitutional amendment, the problem is that most Nigerians never pay attention to finer details, so they will always delude themselves that even crooks could have good intentions, and they keep getting disappointed, because it’s an aberration to think in that manner.
Whatever will become a working Nigeria will take a while, if it will ever happen, but never expect it to come from current or future APC government, because they are antithesis to what such system entails.