The Nigerian economy is growing and business is playing a key role in this growth. Nigeria’s business sector is worth more than $13 billion and that market value could rise to $50billion over the next decade. The challenges of business in Nigeria still persists despite efforts from stakeholders to tackle some of them. Here’s how to overcome these challenges:
Mistrust of online shopping
Since the entry of business in Nigeria, you expect that Nigerians would trust online shopping. The fact is more people need to be educated about the fact online shopping is more convenient and very reliable unlike other forms of shopping. Measures have been put in place to ensure that online shopping is easy and seamless. Hence, there is no need to mistrust online shopping.
Preferring to pay with cash
Nigerians are accustomed to paying with cash. It’s more familiar and tangible than digital payments. However, CoD (cash-on-delivery) in business is more expensive and involves a high level of risk. A delivery driver is responsible for the company’s cash and is more prone to becoming a victim of theft. With digital payments, transactions are carried out before delivery, and drivers don’t need to carry any money around with them – completely eliminating the risks.
Nigeria’s transportation and delivery system are not equipped to deal with the booming business industry. Transport infrastructure is limited and the numbering of streets is not topnotch. This has created obstacles for business merchants seeking viable delivery options. To overcome this, many eCommerce now employ the use of the motorcycle which easily navigate these roads and deliver orders in good time. In fact, there are organisations that now use drones to deliver orders.
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Internet penetration has significantly increased in Nigeria. However, internet connectivity is still a shortcoming. There are still some Nigerian communes that lack internet services which can allow them to order goods online. Infrastructure development is the key to providing Internet to more of the population. These solutions provide infrastructure and reduce the expenses involved in connecting to the Internet.
By Damilola Faustino
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