L-R: Managing Director, GEN Nigeria, Dr. Olawale Anifowose; Advisory Board Member, GEN Nigeria, Tomi Davies; Director, Enterprise Development Centre, Pan-Atlantic University, Dr. Nneka Okekearu; President, Global Entrepreneurship Network (GEN), Mr Jonathan Ortmans; And Executive Director, Providus Bank, Mr Deoye Ojuroye; During the Conversation with GEN President at The Providus Bank Headquarters in Lagos
The President, Global Entrepreneurship Network (GEN), Mr Jonathan Ortmans has stated that Nigeria has extra-ordinary potential to grow much faster as a startup nation than other developed countries of the world.
Ortmans, who visited Nigeria recently in preparation for the 2024 global entrepreneurship week celebration in November 2024 stated this during the conversion with GEN President event powered by GEN Nigeria.
According to the GEN Global president, “Nigeria has got a lot of assets,’ adding that “It is much harder to build a healthier hyper-performing entrepreneurial ecosystem in a large economy than it is in a smaller economy. This may sound illogical because of so many complexities that the larger your country is the more difficult it can be to make it work,” he added.
In his words; “We have seen some countries do very well at this in a shorter period of time, we think Nigeria has the right entrepreneurial culture, it has got the size of the economy as a result of some of the other areas that they have grown their gross domestic product (GDP), but it has also got the potential as a result of the high population that interested in entrepreneurship. Therefore, we see an extra-ordinary potential for Nigeria to grow much faster as a startup nation.”
Speaking on the challenges confronting startups in Nigeria and probable solutions, Ortmans stated that “I think one that is commonly talked about outside of Nigeria is governance and the notion is that the startup climate is not very safe for investors. Corruption is another major issue because the process of building the company must be a healthy one.”
During the fire chat session which featured Ortmans and Director, Enterprise Development Centre, Pan-Atlantic University, Dr. Nneka Okekearu, he provided solutions on how startups in the country can position to attract fundings, create sustainable access to marketing, acquire training and coaching as well as source for talent.
He urged startups in the country to leverage on the enormous talent pool that is available in Nigeria because this talent can help this business navigate the rough side of access to capital, access to market as well as the quality of products.
“Part of the challenge is also talent, startups should make sure they are leveraging the enormous talent the country has because at times, we say it is access to the capital, access to the market but a lot of the time that is not what they really need.”
Speaking on the GEN Nigeria collaboration with agencies of government, Managing Director, GEN Nigeria, Dr. Olawale Anifowose said, “GEN Nigeria is in partnership with many of the government agencies that are responsible for supporting SMEs in Nigeria. We have a strategic partnership with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), we also have a strategic partnership with Bank of Industry (BOI), Development Bank of Nigeria.”
He said, “We are tirelessly working to make sure that we continue to lend a voice for all of the startups and entrepreneurs in Nigeria so that many of the regulators are also able to be flexible in the way in which they carry out their responsibility,” he added.
According to him, “Nigeria is a dynamic place and is gradually evolving. So, it is important that those agencies and regulators are also dynamic and enough to be able to move with the time so that it becomes easier for startups in helping new business to be able to fit in their environment. It is a trying time, economically, in Nigeria and this is the time when more businesses need support and that is exactly what GEN Nigeria is doing”
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