Toke Makinwa, a well-known Nigerian media personality, author, and entrepreneur, recently sparked an interesting conversation when she expressed her concerns about the lack of entrepreneurs she admires in Nigeria. According to her statement, she struggles to find individuals in the Nigerian business landscape who inspire or resonate with her. This comment has ignited a broader discussion about the challenges and realities of entrepreneurship in Nigeria, and why many, like Makinwa, might find it difficult to identify entrepreneurs they admire.
Makinwa’s observations might seem harsh at first, but they are rooted in the unique economic and social challenges faced by businesses in Nigeria. The Nigerian economy, one of the largest in Africa, is also one of the most difficult to navigate due to several factors. Issues such as poor infrastructure, inconsistent policies, and a volatile regulatory environment create an environment where business growth is often stunted. These challenges affect the way entrepreneurs operate and the kinds of businesses that thrive in the country.
One of the primary reasons Toke Makinwa might struggle to find an entrepreneur she admires in Nigeria could be linked to the highly transactional nature of many businesses in the country. Entrepreneurs in Nigeria often face an uphill battle with very little room for failure. In such an environment, business owners can sometimes focus more on survival rather than innovation or long-term sustainability. This can result in the rise of businesses that may not necessarily be built on strong ethical foundations or long-term growth plans but rather on the ability to quickly adapt to an unstable environment. For many, the constant battle with Nigeria’s infrastructure and policy landscape forces them to prioritize short-term gains over building businesses that would inspire future generations.
Another significant issue is the perception of success in Nigeria. Many people view financial wealth and material possessions as the key indicators of an entrepreneur’s success. While this is not unique to Nigeria, the country’s challenges often mean that individuals who rise to the top through unconventional means (such as exploiting loopholes, cutting corners, or making deals with the government) are often celebrated as icons of success. This can make it difficult for aspiring entrepreneurs or public figures like Makinwa to find role models who truly inspire them in terms of integrity, vision, and sustainability.
In addition to this, the Nigerian entrepreneurial ecosystem is dominated by a few sectors such as technology, real estate, and entertainment, while other important sectors such as agriculture, manufacturing, and services often struggle to gain recognition. In many cases, businesses that are seen as the most successful are in fields that are easily monetizable and frequently involve massive upfront investments. This emphasis on capital-intensive sectors can overshadow smaller, grassroots businesses that might be doing important work in local communities but lack the visibility to capture national attention.
Moreover, the Nigerian business environment often celebrates entrepreneurs who have connections or access to power, rather than those who rise purely through merit and innovation. Corruption and nepotism are significant issues in the country, and many entrepreneurs in Nigeria may find themselves navigating a landscape where success is sometimes more about who you know than what you can actually do. For Makinwa, this reality might present a discouraging picture when looking for entrepreneurs to admire—particularly when many business figures who are successful may have benefited from political or corporate connections rather than innovation or ethical business practices.
The challenges faced by entrepreneurs in Nigeria are further compounded by the lack of reliable infrastructure. The electricity situation in Nigeria is one of the worst in the world, and many entrepreneurs struggle with constant power outages that disrupt productivity and increase operational costs. In addition to this, high tariffs, poor transportation networks, and inadequate internet connectivity all add to the cost of doing business. These issues are not just logistical they are barriers that prevent businesses from growing sustainably and from creating the kind of impact that would inspire future generations of entrepreneurs.
Despite these challenges, there are still remarkable entrepreneurs in Nigeria who are working hard to build successful, innovative businesses. However, the problem may lie in the visibility and recognition of these individuals. For every person like Aliko Dangote or Folorunsho Alakija who achieves high levels of success and global recognition, there are thousands of smaller-scale entrepreneurs who may not have the resources to market their stories or publicize their work. Toke Makinwa’s difficulty in finding an entrepreneur to admire may be a result of this disparity where the focus tends to be on the elite few rather than a broader spectrum of individuals doing remarkable things within their communities.
Moreover, there is the issue of mentorship and support. In Nigeria, the concept of mentorship is still developing, and many entrepreneurs lack the necessary guidance to thrive in the business world. This means that many business owners are left to navigate their entrepreneurial journey alone, without the kind of advice or inspiration that could help them overcome the hurdles they face.
In conclusion, Toke Makinwa’s struggle to find Nigerian entrepreneurs she admires is an indictment of the broader issues within Nigeria’s entrepreneurial ecosystem. From systemic challenges like poor infrastructure and inconsistent policies to a focus on transactional success and a lack of mentorship, there are many factors that make entrepreneurship in Nigeria difficult. While there are certainly inspiring entrepreneurs in the country, the broader environment sometimes makes it difficult for the true essence of entrepreneurship to shine through. For Makinwa, and many others, these are the reasons why it’s so hard to find role models in the Nigerian business landscape.