Importance of Business in Nigeria

Importance of Business in Nigeria cannot be overemphasized, we are going to find out how needful and indispensable…

Importance of Business in Nigeria cannot be overemphasized, we are going to find out how needful and indispensable business is in Nigeria.

Effect of Business on Economic Development in Nigeria 

Importance of Business in Nigeria
Importance of Business – Photo Source:

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Businesses are ventures which are set up by individuals or partners with the aim of distributing goods and or services to make profits while creating jobs.

More often than not, most of the things we consume are manufactured by individual businesses. This article will expound on the importance of businesses in Nigeria and why you should consider starting one.

Importance of Business in Nigeria

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1. Job creation

In Nigeria, where jobs are inadequate and the labor market keeps getting more congested by the day, businesses have come to the rescue of a number of people- i.e. both those who are industrious enough to start a business and thereafter employ hands to help them.

If you have looked in vain to get a paid job since graduation, you should consider creating your own job by starting a small business.

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2. Businesses are assets to the economy of Nigeria because they contribute immensely to the gross income of the country

Depending on the kind of business, there might be tax exemptions and holidays, but more often than not, the opening of new businesses increases the number of tax-paying individuals and firms and that would raise government revenue.

3. Businesses tend to provide goods and services in the best form, which when left to the government would be unable to meet such a level of quality

For instance, during orientation camps, general meals are nothing as delicious and tasty as what is obtainable in the mini-mart, popularly called the mami market.

Private firms and businesses always aim at high quality because they know that they need to satisfy their customers and retain them in order to make more profits.

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4. Businesses are fertile grounds to plant one’s investments

Once in a while, people have some excess money after having met their needs (necessaries and comfort needs), and they are looking for where to invest their surplus money.

In this kind of situation, business is one of the best places to look. So many people are making investments in agribusinesses and related enterprises that have been found to be profitable after a careful market survey.

5. Multiple streams of income

With the ever-increasing retrenchment possibilities, many people are into a number of businesses while still doing their salary jobs.

So many have been laid off or fired without any warning. In some cases, the company or employer found that they were not making enough money to continue to pay the salaries of a person whose job can be replaced with a piece of technology, or the company had gone bankrupt and needed to fire some members of its staff to stay afloat or get back on its feet.

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The possibilities abound and it is only wise for everyone to consider starting a business or two, in order for them to have something to fall back on in the event of retrenchment.

Conclusively, owning a business is as good as being self-employed, and hence, you are your own boss. The peace of mind this brings and the security it affords in the event of retirement is something everyone should have.

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