Mr Chidi Ezirigwe, Principal Manager, Abuja Enterprise Agency, has identified poor planning and infrastructure decay as factors responsible for business failures in Nigeria.
Ezirigwe said in Abuja on Friday that some steps were necessary for an enterprise to succeed.
“Businesses fail primarily because people do not plan; sometimes people need to understand the calling of entrepreneurship and business.
“It requires a lot of patience, a lot of perseverance and planning.
“So many people venture into business because they get the perception that a certain activity is profitable and they have the money, thereafter, they just go into it without proper investigation, homework and planning.
“They did not plan to succeed in it, not ready to be patient, not ready to take it one step at a time; they are in a hurry to make profit.
“They do not go for requisite information and knowledge in the business areas they want to venture into.
“More importantly, the basic infrastructure in the country in terms of power and road, for one to succeed in business are lacking,”Ezirigwe said.
According to him, the propensity to fail in a business is always high as long as the infrastructure decay is not addressed.
The official, however, pointed out that it was the responsibility of the government to provide the enabling environment that would encourage entrepreneurship.
Ezirigwe said although Nigeria was a country facing hard times, it would become stronger when the citizens were united.
“I believe so much in Nigeria as a country in progress, forget about the current challenges, we will come out better and mightier.
“In Nigeria, market people buy and sell on the basis of naira and kobo, while no one is interested in tribe, religion, language. In fact, it is said that people who speak different languages do better in their businesses.
“I do not believe that Nigeria is a country designed to fail, every part or citizen of this country is as important as the other and we can do better when united,” Ezirigwe said.
He said the government should be firm on the war against corruption to be able to address the infrastructure challenges.