The path of entrepreneurship, particularly within the dynamic and often unpredictable terrain of Nigeria, is not for the faint-hearted.
It demands a unique blend of attributes to navigate the complexities and seize the latent opportunities.
During a recent mentoring session in Ikoyi, Lagos, organised by some young business leaders, Leo Stan Ekeh, Africa’s most decorated tech entrepreneur, articulated a compelling and insightful perspective: to truly flourish as an entrepreneur in Nigeria, one must cultivate a composite strength, drawing inspiration from the distinct yet powerful qualities embodied by prominent national figures – Bola Ahmed Tinubu, Atiku Abubakar, and Peter Obi.
Ekeh’s analogy, while seemingly unconventional, resonates deeply when dissecting the multifaceted demands of building and sustaining a successful enterprise in this unique environment.
He posited that the intricate tapestry of Nigerian entrepreneurship requires a leader to possess the strategic acumen, capacity, leadership, and courage of Tinubu, the bravery, fairness, determination, humanity, and meticulousness of Atiku, and the humility, spirituality, thriftiness, morality, and capacity of Obi.
We know President Bola Ahmed Tinubu’s political career to be indelibly marked by extraordinary resilience and long-term strategy.
As the only opposition governor who survived the 2003 PDP sweep under President Obasanjo, Tinubu demonstrated defiance and exceptional ability to withstand immense political pressure and navigate Obasanjo’s regime.
This resilience, honed through years of political battles, is an indispensable trait for any Nigerian entrepreneur.
The business landscape in Nigeria is often fraught with unforeseen challenges, such as economic fluctuations, regulatory shifts, infrastructural deficits, and intense competition.
An entrepreneur must possess the mental fortitude to weather these storms, learn from setbacks, and emerge stronger.
BAT is fundamentally a man of capacity, astute strategic thinking and decisive leadership. As someone whose parents were not the richest, himself possibly not the most intelligent person in Nigeria, and who himself is not the richest, he woke up one day and told a population of 230 million Nigerians, ‘Emi lo kan’ (it’s my turn).
This speaks of bravery and capacity. He has demonstrated that no one goes to war intending to be defeated, and politics in Nigeria is like war. Similarly, entrepreneurs must build the capacity and courage to declare their readiness for market leadership, regardless of their starting point or resources.
Additionally, his ability to build coalitions, identify key opportunities, and implement well-defined plans were instrumental in his political successes.
Similarly, a successful entrepreneur in Nigeria must be a strategic thinker, capable of identifying market gaps, formulating effective business models, and leading their team with clarity and purpose.
The courage to make bold decisions, even in the face of uncertainty, a hallmark of Tinubu’s leadership, is equally vital for entrepreneurs seeking to disrupt markets and carve out their niche.
Former Vice President Atiku Abubakar is often described as a tenacious and persistent politician of modern Nigeria.
Atiku’s bravery in challenging political structures, even taking the Federal Government to court during his tenure as Vice President, demonstrates the type of tenacity entrepreneurs must adopt when confronting unfair policies or bureaucracy.
Atiku’s statement, during a press briefing in 2023, “I am not going away…For as long as I breathe, I will continue to struggle with other Nigerians, to deepen our democracy and rule of law,” encapsulates a spirit of perseverance that resonates deeply with the entrepreneurial struggle. Building a business in Nigeria often requires navigating bureaucratic hurdles, overcoming systemic challenges, and maintaining faith in one’s vision despite seemingly insurmountable obstacles.
Ekeh narrated how himself has had to take focused steps in ensuring that a digital Nigeria is born, though with blackmail and persecutions from left and right. Success, as an entrepreneur, attracts friends and foes.
Peter Obi, a former Governor of Anambra State and a recent presidential contender, is revered for his prudent management style and humility, a stark contrast to the often-ostentatious nature of politics.
This humility, however, should not be misconstrued as a lack of ambition but rather as a grounded approach to leadership, one that prioritizes service and impact over personal aggrandizement.
As governor, he drastically cut the cost of governance, saved reserves, and still delivered impressive results in Anambra.
Entrepreneurs, especially in their formative years, must learn the difference between thriftiness and stinginess. Obi’s approach teaches business leaders to prioritize essentials and minimize wastage. In a volatile economy like Nigeria’s, this is how businesses survive and grow.
Obi’s spirituality and morality also highlight the importance of ethical business practices. Building trust among clients, investors, and staff can make or break a company.
According to Ekeh, a company that has credibility is credit-worthy.
Ekeh’s assertion that to be a successful entrepreneur in Nigeria demands the,
“combined strength” of Tinubu, Obi, and Atiku is not just metaphorical. It is a practical blueprint for survival. The Nigerian market does not forgive mediocrity or indecision. Only entrepreneurs who are tacticians, reformers, and moral visionaries will remain standing when the tides inevitably shift.
As Africa’s largest economy, Nigeria is also one of the hardest places to run a business. However, it is equally one of the most rewarding if navigated properly. Ekeh’s rise in the tech space, pioneering digital publishing, launching Nigeria’s first internationally certified computer brand, and building a conglomerate like Zinox Group, echoes these three traits.
Success requires more than innovation. It requires a strategic blend of courage, sacrifice, calculated frugality, and unwavering belief in possibilities.
Nigerian entrepreneurs must prepare to bend without breaking, be agile yet rooted, and above all, operate with ethical conviction. By; cultivating this integrated strength, Nigerian entrepreneurs can navigate the complexities of the local market, capitalize on its immense potential, and build sustainable, impactful businesses that contribute to the nation’s economic growth and prosperity.
