Family Businesses play significant role in Nigeria’s economy – LBS

The Dean of Lagos Business School (LBS), Professor Chris Ogbechie, has advised entrepreneurs on how family businesses can boost Nigeria’s economy and sustainability by contributing up to $200 billion. He gave this advice during the LBS Family Business Conference in Lagos.

During her keynote speech, Ogbechie noted that only about 30% of Nigerian family businesses survive beyond their first generation, citing research conducted by the Nigerian Stock Exchange (NSE).

She emphasised that “despite the substantial contribution played by family businesses, the NSE statistics underscore the need for tailored support in ensuring their longevity and continued successes in legacy businesses.”

Other stakeholders at the conference, including the Director of Family Business Initiative, Dr Oke Nwuke, and founder of the Chair Centre Group, Ibukun Awosika, raised concerns about the need to discourage the extinction of family businesses by embracing the right values and management issues across generations.

Awosika also advised entrepreneurs to allow their successors the freedom to explore their ideas without being limited to the existing templates of the family businesses, as this allows for a new approach to expanding the business’s vision.

Meanwhile, the PwC report shows that government policies remain crucial to sustaining the expansion of businesses in the private sector, especially in providing a government-friendly environment.

Read: JCI Nigeria’s Creative Young Entrepreneurs Award: Combating Unemployment Through Innovation

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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