Business Why women entrepreneurs fail in businesses in Nigeria - Montgomery West Africa


Ms Tori Abiola, Managing Director, Montgomery West Africa, a non-governmental organisation, on Wednesday said many women entrepreneurs failed in business because of the lack of ambition and proper management skills.

Abiola told newsmen in Lagos that many women lacked adequate knowledge on how to manage their businesses to attract necessary funding for growth.

She said that women entrepreneurs, especially at small and medium scale levels, often underrated themselves.

“As such they do not focus on establishing businesses that can grow into large enterprises.

"Women do not think of how to build businesses that can outlive them.

"They allow themselves to become constrained by the gender biases of the society that confine women to little achievements.

"Many women don't think big; they run businesses from the booths of their cars and sell to family and friends.

"They prefer to remain on small scale rather than opening several retail markets for the growth of their businesses,'' Abiola said.

She added that women entrepreneurs in Nigeria were yet to take advantage of the growing economy and booming population that was gradually turning the country into a multi-trillion- dollar consumer market.

Abiola said that her organisation was organising an event that would focus on grooming women between the ages of 18 years and 35 years to become successful entrepreneurs.

The News Agency of Nigeria reports that the event has the theme: "Turning your passion to profit''.

The event will hold from June 26 to June 27 at Oriental Hotel, Lagos.

Mrs Omonuju Irukwu, Managing Director, Chapel Hill Denham Ltd., Lagos, an asset management company, said that participants in the conference would be educated on practicable ways to access and manage finance.

"Women often neglect the issues of finance management, which is an important element of a successful business.

"The conference will address the need for women to imbibe a healthy financial habit by reducing spontaneous and imprudent spending.

"It will also offer participants access to business mentoring and business matchmaking as well other necessary supports for young and aspiring business women,'' Irukwu said.