If you do not like your teacher, you will likely struggle in his/her class. If you do not like your school, learning will be harder in that school. If you do not like your country, you will likely not see anything good in it. No matter what, you must find ways to #believe so that you can think right on the opportunities in Nigeria.
“The best companies for Nigeria have not been started. If you look at Dangote Group and you think it is big, just note that it remains a company within a $500 billion economy. There are opportunity-moments for $2.5 trillion space available. If you look at banking and you think we have max’d all opportunities, I will remind you that Nigeria’s largest bank by market cap, Zenith Bank, at less than $2 billion, is a huge testament that our banking sector is still at infancy.
“The big buildings should not fool you – the Nigerian banking sector has not reached up to 10% of its natural value even though First Bank may have clocked a century! Yes, in those years, no one has pioneered a credit system which is a legal money multiplier in an economy.”
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#Believe does not mean being in denial of the challenges; it is activating the inner energy to keep pushing. This life is really amazing. One Friday afternoon, I defended my final year undergraduate project (I might have skipped a meal that day in FUTO to balance the budget). On Monday, I began work in Bourdex Telecoms with a furnished 3-bedroom flat, car and driver, etc. Magically, that Friday became a distant past because in just days, the transformation became evident. But that Monday would not have come if I had not persevered in FUTO. Find ways to keep pushing because everyone will have a Monday!
I have listed many opportunities and ideas here which can help an innovator in Nigeria.
Comment on Feeds
Comment 1: Banks?! Are you speaking about growth in banks, sir? I believe banks would cease to exist or at least not exist as we currently know them to exist. Maybe not very soon, but soon enough, the growth you see may not come to pass.
My Response: Banking is important but banks are not. The banks of today are evolving. Access Bank just launched Hydrogen which is a fintech. Wema Bank has Alat. In other words, do not expect those banks to disappear since they are doing what those that will take them down are doing. In other words, do not think that you have many better fintechs than GTPay, Wema’s Alat, Access’ Hydrogen, etc. With those moats, banks will be here. They can over time, rename Wema to become Alat or Access to Hydrogen. As holding companies, Nigerian banks are now at the center and edges of smiling curve https://www.tekedia.com/smiling-curve-nigeria-manufacturing-plan/
Comment 2: Yes very true advice Proff Ekekwe. Although credit is not a good system to develop Nigerian banking sector. The credit system in US created a serious debt crisis that contributed to economic decline subsequently. Credit is used for consumption mostly, which will increase demand of products. If we are not the ones that make those products, that money goes out of the country. Then if other factors in the market cause job loss- the credit causes a debt crisis, affecting domestic banks and reducing consumption. Traditional banking is not a good business model, increasingly. A better tool to expand the economy of Nigeria is to allow crowd funding platforms, which will be used to produce enterprise, with some oversight. Even better is the community funding model used by African Entrepreneurs Cooperative – where people pool money to fund and grow businesses in different sectors.
My Response: “The credit system in US created a serious debt crisis” – some crises are better. (1) A man has a sick child but has no money; the hospital refuses to help. The child suffers because there is no credit. (B) The same man takes a loan and helps the child. Question: which do you prefer?
Another case: (A) a kid is admitted to a school but no money or credit (B) the child can get a student loan.
Question: Which one do you prefer?
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