Businesses in Nigeria are family enterprises which account for up to $100 billion of the country’s GDP.
The dean of the Lagos Business School, Professor Chris Ogbechie, emphasized the significance of these companies by pointing out that only thirty percent of them make it past the first generation.
This emphasizes how specific assistance is required to guarantee their longevity and ongoing success.
The director of the Family Business Initiative, Dr. Okey Nwuke, pointed out that poor management has caused the demise of numerous family enterprises.
The founder of the Chair Centre Group, Ibukun Awosika, stressed the significance of upholding the correct principles and having a clearly defined vision for the long-term viability of family enterprises.
She counseled founders to give heirs the latitude to carry on their ideas without being constrained by preexisting models. These figures highlight the family enterprises’ tenacity and enduring significance in Nigerian society.
Businesses in Nigeria are family founded.
