Business experts have urged Nigerian entrepreneurs to look beyond business expansion and focus on building sustainable wealth, creating employment opportunities and establishing lasting legacies.
The experts spoke at a two-day business summit organised by the Redeemed Christian Church of God (RCCG), His Majesty Chapel, Lagos Province 122, in partnership with the Lagos State Residents Registration Agency (LASRRA).
The summit, themed “Becoming Mountain-Moving Entrepreneur,” was aimed at equipping entrepreneurs, aspiring business owners and members of the public with practical knowledge on business development and creating multiple streams of income amid the country’s challenging economic environment.
The Executive Director of the Nigerian Consumer Credit Corporation (CreditCorp), Mrs. Olanike Kolawole, said entrepreneurs should measure business success beyond expansion by considering the impact their businesses make through wealth creation and employment.
Kolawole said the economic realities of inflation and naira devaluation had made dependence on a single source of income increasingly difficult, urging Nigerians to identify their skills, talents and abilities and turn them into additional income streams.
“The reality is that inflation is high, and with the devaluation of the naira, what most people earn today may not be enough to meet their needs. So, we are preaching the importance of having multiple streams of income,” she said.
She also urged Nigerians to take advantage of opportunities within the country, noting that the nation’s large population represented a huge market for entrepreneurs who could identify problems and develop solutions.
According to her, foreigners, including Chinese nationals, were increasingly identifying and exploiting business opportunities in Nigeria, stressing that Nigerians should also position themselves to benefit from the opportunities available locally.
One of the lead speakers, Pastor Mrs. Rotimi Oluwabukola, who spoke on “Creating Multiple Streams of Income in a Challenging Economy,” urged Nigerians to leverage technology and social media to market their businesses, skills and services.
Oluwabukola advised aspiring entrepreneurs not to wait for huge capital before starting, noting that some businesses could be established with limited resources.
“Start with the small resources that you have. Don’t wait until you have millions in your account. There are jobs that you don’t need big money to start,” she said.
She encouraged Nigerians to become problem-solvers rather than depend solely on white-collar employment, while urging entrepreneurs to use social media to reach customers within and outside Nigeria.
On the increasing trend of Nigerians travelling abroad in search of better opportunities, popularly known as “Japa,” Oluwabukola advised prospective migrants to acquire relevant and marketable skills before leaving the country.
She said such skills would help them earn a living and remain financially independent while also encouraging Nigerians to explore business opportunities within the country.
Speaking on the initiative, the Pastor in charge of RCCG His Majesty Chapel, Pastor Tope Farorika, said the programme reflected the church’s commitment to empowering people spiritually and economically.
Farorika said the church believed that divine blessings should be complemented with practical knowledge, opportunities and empowerment.
“We thank God that this started last year and both members and people who came from outside to attend were blessed through their testimonies. We thank God for what He will do this year,” he said.
The head of the organising team, Debo Omilani, said the summit was initiated from the pastor’s vision to empower both church members and non-members with knowledge and opportunities capable of improving their economic wellbeing.
Meanwhile, a Business Development Professional, Anuoluwapo Adeleke, emphasised the importance of registering businesses with the Corporate Affairs Commission (CAC).
Adeleke said formal business registration could enhance the credibility of enterprises and position them to attract local and international opportunities.
She urged entrepreneurs to stop procrastinating on registration and take steps to formalise their businesses.
The Station Manager of the LASRRA office in Ojokoro, Mrs. Olaniran Silifat, also sensitised participants on the importance of residents’ registration.
Silifat said residents and people working in Lagos State were expected to register with LASRRA, describing the exercise as important for effective government planning and service delivery.
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