Chamber Lists Challenges Of Business Sustainability

The Nnewi Chamber of Commerce, Industry, Mines and Agriculture (NCCIMA) has expressed worry over the extinction of businesses in Nigeria, especially after the demise of the visionary entrepreneur.
NCCIMA expressed the worry at the 2018 edition of its Annual General Meeting (AGM) and unveiling of its 9th President in Nnewi last Thursday.
The theme of the AGM is, “Making of a Successful and Sustainable Enterprise: Challenges and Opportunities’’.
Delivering a Lecture, Dr Okechukwu Mbonu, former Managing Director of Sierra Leone Breweries, said business must be supported to succeed as it was a step toward the quest for Nigeria’s industrialisation and economic development.
Mbonu, a Chattered Engineer, blamed high business mortality on poor business plan development, inadequate consultancy and succession plan by most Nigerian entrepreneurs.
He also identified external factors such as long term financing, lack of adequate locally oriented technical and management expertise as some of the bane of businesses.
The expert said there was need for effective legal regime, fair competition, and absence of multiple taxation, friendly operational environment and policy consistency for Nigerian businesses to be successful and sustainable.
“Even when some locally owned businesses can overcome the identified challenges which are external, most of them are observed to shrink or collapse immediately after the demise of the visionary entrepreneur,’’ he said.
Contributing, Dr Nkem Okeke, the Deputy Governor of Anambra, commended the Chamber for its vibrancy, resilience and contribution to economic viability of the state in spite of identified challenges.