MoneybyZikoko: Can Nigerian Businesses Beat Inflation?

Good morning,

There’s no easy way to say it: running a business in Nigeria isn’t for the faint of heart. I know this, and you do, too. But every time something points to this, I’m reminded again of the sheer scale of business owners’ difficulties.

Here are a few examples from the past year: the cash scarcity, fuel subsidy removal + scarcity, epileptic national power grid, and multiple naira-dollar price fluctuations. Also, just a few months ago, the Landmark beachfront and the Good Beach in Lagos were demolished, effectively ending the businesses operating in the space. And of course, the biggest bottleneck business owners face: Inflation.

The ease of doing business (or the lack thereof) forms the basis of the stories in this week’s dispatch. From small to medium-sized businesses, it takes a lot of work to catch a break.

Let’s get into it.

In this letter:

• #NairaLife:The Trader Who’s Tired of Fighting Inflation
• “The Nigerian Market Is Pure Chaos”— Lola Akintola on Running a Tech-Enabled Food Business
• Aunty M: How Do I Convince My Dad to get a Job?
• #ZikokoMoneyVideo:How Long Will ₦100k Last You With Your Current Lifestyle?
• QUIZ: How Much Will Your Wedding Cost?
• Where The Money At?!

The 54-year-old clothes trader in this #NairaLife has been hustling since she was 17. Her business efforts have been relatively successful, but recently, she’s struggled with a common enemy: inflation.

How’s she holding up?

Read her #NairaLife here

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Lola Akintola, arrived in Nigeria in 2014 ready to impact the country. She soon found an opportunity to do so by launching a tech-enabled breakfast business.

But four years later, she packed up and left and doesn’t see herself returning again.

What happened?

Hi Reni.
This isn’t exactly a personal problem, but it affects me. Short story: my dad’s business has been affected by modernisation, and he is too Gen X to adjust, so he has basically been useless at home. My mum has been picking up the slack, but it’s telling on her. My dilemma is that he is a stubborn Igbo man and I’d like suggestions on jobs he can take, where I can possibly find them and how I can approach him with said suggestions.

PS: Driving and dispatch are out of it because he had a terrible accident while learning how to drive many years ago and never went back. Thank you so much for your time
– Emmanuel, 23

Hi Emmanuel.This one is a bit tricky; I can’t lie.

First, you and/or your mum (ideally both) need to converse with your dad. Knowing how he is, you need to approach him with the utmost respect and compassion, empathising with him about his business struggles and highlighting that it is getting hard [for your mum] to support the household with the rising costs.

For other jobs he can do, I’d suggest something similar to what his business does. Maybe he can do something similar for another company that has modernised. You need to look at his skill set and interests and find roles based on that. He could also take on some sort of advisory role or consulting role for business owners if he is open to that. But honestly, if he doesn’t want to do anything, he won’t, no matter how many jobs you push his way. Someone he respects needs to talk to him.

Xoxo,
Reni

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