Nigeria Has Happened to Me:Shutting Down my Business After a Year of Operations

[Davidvictorson]

Nigeria is happening small and big business owners real fast that it is just painful to so many businesses leave the country and small businesses close down. According to this Nairametrics report, up to 50% of poultry farmers in Nigeria have closed their shops. And you do not even need to ask for their reasons because we(you) already know. Just two years ago, we could walk into a convenience shop and buy a crate of egg for N1000. A single egg was just within N30-N50 but right now, a crate of egg is above 3k and just a single egg cost N120. What is our hope.

Sadly, after a year of operations, I have reluctantly decided to close down the business. Inflation has taken a toll, making it financially unsustainable. The monthly maintenance cost has surged to over a hundred thousand naira. To provide context, a 15KG bag of booster dog food, which was priced at 30k a year ago, now exceeds 50k, and I purchase it every three weeks. Additional supplements and costs amount to over 40k every three weeks, pushing the monthly expenses well over 100k. Realistically, this figure is expected to rise.



As a small business owner, I find myself grappling with the adverse economic conditions.
Well, if you are interested buying my dogs send me a pm.

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[Y3shot]

This is the situation we face in the country now. Businesses are going down everyday because of how things are very expensive.  We are just really helpless,  the government have not been able to do anything about this difficult situation instead things are becoming worse everyday. I don't know how long we will continue with this hardship. It is not really easy at all this time to manage a business,  sometimes  just because one is desperate to get work you will have to accept work that after everything their won't be any gain.

[Amphenomenon]

Omo economy dey hit everyone bad, the business men and women and even consumers. Egret one thing way my Mom dey talk for this kind thing and na be:
Na wen things cost na you go know who sabi market .
If you really like your business nor give up, the Lord is your strength, just try continue and e good say you bring your business come this place.

I believe say you go get customer from here though me nor like dogs but we say plenty Naija people love dogs and I know them go still plenty for here

[Davidvictorson]

We are just really helpless,  the government have not been able to do anything about this difficult situation instead things are becoming worse everyday.

See eh our government dey live in a different reality. Imagine say everyday things dey add money and dem nor dey even shake body like say the masses nor dey feel am. E dey really painful.

Na wen things cost na you go know who sabi market .

This one nor apply to person wey just start business and still they try to navigate him way.

If you really like your business nor give up, the Lord is your strength, just try continue and e good say you bring your business come this place.

Me I don give up. Naija nor dey encourage their younglings at all.

[sokani]

Today, as I dey browse through my phone, I come stumble on an old clip wey pastor David Ibiyome dey warn him congregation to vote wisely in the presidential election if dem no want naira 1$ to be 5k. I know say inflation na global crisis but na Tinubu happen to Nigeria. Naija inflation tie wrapper and e don dey affect many businesses. Everything dey on the high side, some people for township don dey run go village and na just the beginning. We know say normally na fuel dey control the price things for the country, but by the time fuel touch 1k, ah no kno how e go be.

[Jegileman]

It is really a hard and trying time for everyone in the country. A lot of businesses have shut down just within a short period because of the surge in price of goods and items that are used to sustain their businesses. Even humans now find it hard to have three square meals a day, the current situation needs to looked into and a state of emergency needs to be declared on surge of prices of basic needs of the people. I pray for a solution to this soon. Sorry that you’re closing your business because of the situation of the country, God will see you through and make you come back bigger and better when things become better in the country.

[Cryptomultiplier]

For me, learning about the exchange rate, I couldn't believe my eyes that the price of a dollar to Naira now is about N1,300 blunt.
We were as at last year happy that the price was dropping and had hope for this new year, only to be shocked about the price hike in commodities, fares, PMS, food, housing and rent.

Am sad to hear about you shutting down a business you invested so much in, after more than a year. I know it's for the best though and pray you find a more rewarding and profitable venture to invest and reap great rewards from, in this year.

[Barikui1]

It very sad and regrettable how my beloved country naija have become so difficult to live in, because the cost of living is now trying to kill the living.

Subsidy removal and the high cost of dollar have really taken a toll on not just on our economy but also on every businesses in the country, people find it difficult nowadays to feed three square meal a day, and those doing business, the rate at which price of things are adding up daily is really unsustainable to the small business owners that don't have the capital required to cope with the present condition in the country, and the most annoying part of it is that the government are not doing anything about it,  my only prayers is that let this present condition of this country dont make it to burn when the frustration is too much on the citizens.

[Hewlet]

Considering the high cost involved in running a business in Nigeria at the moment, it's not strange to witness businesses closing down because the expenses are too much and with the high rate of low salary earners in the country, the number of potential buyers that are needed to keep a business running afloat would be very small.

Before venturing into any business now in Nigeria, you should ensure that you have made the necessary plan in place on how to tackle these national challenges or else it would not take time before your business goes down.

Because of the high cost of fuel, must shops have shifted to the use of solar and almost all barbers shop now uses rechargeable clipper just so they can cut down cost. And as a business person you should look for ways to cut down on your expenses so you can still remain in the business. I know running s business in Nigeria isn't all that easy but if you've looked at the existing businesses you will observe that their are so many things that they are nit doing right and if you work more on creating a unique brand that is relevant in the country you wouldn't bother about competition close down any time soon.

[Agbamoni]

Sincerely speaking the only type of business that can flourish in this era of solid inflation are those businesses where customers make consumption on a daily basis. Something that humans cannot do without every day. I see the rate at which buy food and they can effortlessly spend money on eating good food, another is the way people make expenses on making hairs, painting their nails and buying new wigs. More businesses like bakery, transportation, real estate, boutiques and so on. These are businesses that people patronize every day. And i feel they are the only businesses that will survive for a long period of time.

[AYOBA]

It's clear that many in our country are struggling right now. Seriously, typical companies from which people may make a small profit and support their families are becoming increasingly challenging due to rising commodity prices. That is why I do not blame them for closing their firm during this difficult time because everything is now too expensive, the rate is high, and the salary is too low. I think I think it would be beneficial if the government could review those concerns and consider it, The most unexpected aspect is that the dollar is soaring uncontrollably while Nigeria's currency is simply depreciating. Things are expensive because the dollar is currently worth about 1400. However, other nations do not experience the same problems that we do on a daily basis in our nation, perhaps it's is due to poor leadership we have in our nation, as other nations' food and items are so inexpensive, but Nigeria's own become costly.

[Pokapoka124]

Hmm I remember the time you start this dog business. Na the first time you dey do the business, normally you go feel the pressure more than people wey don dey the business for long. Food prices and medical bills na normal costs wey we dey calculate for the hustle. Na you dey go buy dog booster every month. If you won survive for the business, you go need to get substitute for can food. Wetin you supposed do na to go any fast food around your area make you pay for remnants, you go still go shawarma spots make them give you chicken bones. Them Dey sell am by kg and e dey affordable. Nor give up on the business, your dogs don big and you go soon dey make your money.

[Miles2006]

Today, as I dey browse through my phone, I come stumble on an old clip wey pastor David Ibiyome dey warn him congregation to vote wisely in the presidential election if dem no want naira 1$ to be 5k.

I came across the video last week and it seems bloggers brought out the video to remind us about our choice and the consequences. In my opinion the last election conducted in Nigeria I no see any better candidate and I never bother to vote, if I should start mentioning names Peter obi, Tinubu, Atiku non of them fit change the country present situation, this country really need prayer and a right leader, now the question is who is that leader and will the leader have the right to rule the country. Anytime I hear of vote wisely I will be confused cause Nigeria election na cheating and corruption full, nothing dey clean again for the election system besides someone will just decide to offer you billions to change the result and na so we see the country. Looking at the election almost every citizens came out to vote for peter obi if I'm not mistaking, now currently who's ruling the country na another person

[iBaba]

Sadly, after a year of operations, I have reluctantly decided to close down the business. Inflation has taken a toll, making it financially unsustainable. The monthly maintenance cost has surged to over a hundred thousand naira. To provide context, a 15KG bag of booster dog food, which was priced at 30k a year ago, now exceeds 50k, and I purchase it every three weeks. Additional supplements and costs amount to over 40k every three weeks, pushing the monthly expenses well over 100k. Realistically, this figure is expected to rise.

The ease of doing business in Nigeria is absolutely poor right as many small and medium enterprises are suffering seriously from the biting economic situation bedeviling our country today. Nigeria must be better but of course not through our style of leadership which is closely related to Kleptocracy.

A lot of things are attached to the reason why we are suffering from our businesses in Nigeria, especially as far as small and medium enterprises are concerned, an example is your own dog business, because we usually have issues around even the funding, so because you don't have a lot of money that you can use to start your business and you're suffering from, Your capitals that you're already using, plus how things are becoming difficult by the day in terms of inflation and whatnot, it become very difficult for you to continue with your business.

Now any business that you do today, I believe you are doing it for the sake of making profits and at the same time you are doing it with your expenses, with the intention that you are going to recoup back at least what you spent in the business. But when what it takes you to maintain that same business is even higher than the expected expenditure, I mean the expected profits that you want to bring into the business, it becomes worse.

Why it is worse is because you may end up running down all your costs or all the money that you have budgeted for the plan that you have. In your mind, but yet you've not even gained any profit in the business. So this is one reason why a lot of small businesses do suffer in Nigeria.

Another thing that your kind of business is also doing so far is infrastructural challenges. Infrastructural challenges in the sense that some of your businesses require electricity, your dogs too would require to have light, and in that regards, you need to provide electricity, if not constant electricity for them, but when the infrastructural development of the country is completely bad and the country is suffering from epilepsy power supply. Then you would be challenged to go and get an external podf supply, in that regards, you're forced to get fuel for your generator or anything.

Now imagine that you are doing business already and the economy is biting you. You are finding it very difficult because of the economic challenges as far as the instability of price of things are concerned, which is inflation, there is also an issue of exchange rates.

You know which means the dollar rate is becoming higher than every other person can would expect in the history of, Nigerian Forex and other things too that are happening in the state. Would stop you from doing your business. If you don't have any well established external sources of making money, you're almost gone in the street and I think that is exactly what this is reflecting today.

But i would encourage you to keep on with business keep looking for your potential customers and you can also increase the prices of your Dogs so that you would get more patronage from people and more importantly be able to match up you are getting there with the expenditure.

[Briankimp1]

Our dearly beloved country is in a state of pandemonium we are not only going backwards we’re digging a deep hole in the process, I tried starting a business last year it was going to be something small just a road side roasted meat business initially I wanted to employ someone until I did my market survey and understood if I wanted to make my business work I’d have to do it myself. I tried to meet a couple of business owners already into this same venture and most of them gave me an overview of how much they put into the business for a start, I used that as a benchmark for myself.

What actually happened when I was ready to begin my business shocked me I took some time to save up enough capital cause most of business owners I met kept telling me that whatever I had to start the business I should have double of that aside for losses and for the safety of my business can you imagine that when I wanted to start my business double the amount wasn’t even enough the stand was triple the price the levy’s I was supposed to pay were doubled not to even talk about my meat supply the price of children had escalated and it really broke me.

[Promocodeudo]

Sincerely speaking the only type of business that can flourish in this era of solid inflation are those businesses where customers make consumption on a daily basis. Something that humans cannot do without every day. I see the rate at which buy food and they can effortlessly spend money on eating good food, another is the way people make expenses on making hairs, painting their nails and buying new wigs. More businesses like bakery, transportation, real estate, boutiques and so on. These are businesses that people patronize every day. And i feel they are the only businesses that will survive for a long period of time.

Yeah, business that can succeed here at this current economic down tune is those business that has high level of potential customer turn up, though these businesses are scarce, the major problem here in Nigeria is lack of idea for customer-driven businesses but it's not always the case, currently I noticed that it is not about the business again but the patronage, the patronizers to business is on the low side and that's because of low cash, Nigerians are faced with a dwindling economy that is accompanied with low flow of cash and extreme level of job redundancy, how do we expect a jobless man to afford his basic needs and mind you this basic needs are been sold by people who owns this businesses so how would such business continue to be in existence without a good number of patronage, it is the problem, first of all the issue of employment and industrialization that will create this employment should be tackled before we can talk about flourishing business.

[Jaycoinz]

Saw this post a little late though but I want to do some updates showing how bad this country has turned itself. As of now that am writing this, the matter has gone so worse that a crate of egg is now at the surge price of 160naira over which is something they sold 120 for a few days back. If you ask me this country and it's high inflation is turning to something else and I would really like for some new intervention to be done to atleast salvage what is left of the country.

[odunybiz]

This is the situation we face in the country now. Businesses are going down everyday because of how things are very expensive.  We are just really helpless,  the government have not been able to do anything about this difficult situation instead things are becoming worse everyday. I don't know how long we will continue with this hardship. It is not really easy at all this time to manage a business,  sometimes  just because one is desperate to get work you will have to accept work that after everything their won't be any gain.

The country is getting worse by the day. Things are getting more expensive everyday rendering small scale business owners to risk of their business being collapse. Just like OP has said, imagine an egg trader using just #20,000 to trade then. How many crate of eggs will she be able to buy with the same #20,000. No business give same profit as before but there is little we can do as a citizen.

[Majestic-milf]

 Omo, I feel your pain and you know the sad part? E still dey hit and as we never see any move to calm the economy, e go really choke for small business owners o. Surviving in naija daily no be done chop. Another thing wey dey pain me be say as these goods dey increase dey go, the quality go dey reduce and e just be like say you dey throway your money.
Right now, we govt no feel say the country need help until the able bodied citizens Japa finish or maybe the value of naira drop kpata kpata fes nai dem go begin find solution.
 At the same time too, since we know say the country no get head, we sef fit try engage in businesses wey no go be liability for us, because e get some business wey need a beta location to fit thrive, while others no need at all.

[Frankolala]

The inflation is getting higher everyday and this has caused pain on the poor that are struggling to feed themselves. I don't know why our country own is different, and the government are adamant to reduce the suffering in the country. If the government can focus more on production and fix up our refineries, so that we can become a country that export their produce out to other countries for sale, it will be better than this consuming state that we are.

Youths with good investment knowledge cannot invest because of the high cost of commodities and the ones that have invested, are shutting down because they can no longer meet up with the price of things anymore. This is make the country economy to become worse, because the youths that own businesses, will empower someone by employing the person to work with him. But now that businesses are shutting down, there will be lots of people roaming in the streets because of lack of job. The government cannot provide her citizens with jobs, and the individuals that have managed to set up his business is been discouraged with high rate of inflation.