Economy
By CHRISTABEL EJENIKE
DESPITE the harsh economic environment in the country, small business owners in Lagos have adopted different strategies to ensure their survival. Unfortunately, this class of businesses receive little attention and support from the government.
But in most advanced countries Small and Medium Enterprises, SMEs, are the pillar of their economy. According to the Nigeria Bureau of Statistics, SMEs were responsible for 48% of Nigeria’s GDP in the previous five years, contributing a total number of 17.8 million. They also account for approximately 50% of industrial jobs in the country and 90% of the manufacturing sector in terms of the number of enterprises.
Meanwhile, a united kingdom based business consultant, Okon Williams, once said that “petty trade in Nigeria is a very interesting and complex one, yet without a doubt, it has the potency of opening up rich, untapped resources in the country and playing a vital role in poverty alleviations.”
However, Realnews was at the Computer Village Market in Ikeja to find out how small business owners are coping with their businesses in the face of high inflation and harsh economic environment in the country.
For Ifeanyi Uba a roadside technician who majors in repairing gadgets like laptops, smartphones, “The business is hard and because of how expensive things are I can’t increase the price of my commodities and scare away the customers and there isn’t any difference from the gains I made before and now. In addition, I repair all kinds of gadgets.” Ifeanyi also sells gadgets and accessories like batteries, chargers, earphones and phones.
Ifeanyi also says that the business is what has been helping him since 2013 that he started it. He learned how to repair gadgets from his master and did go to any school to learn it.
Debora Garuba, who is an employee in Purch Electronics located at the Computer Village, Ikeja, says that the company has no particular class or group of customers. She says that most of their customers walk in to buy goods of their choice, while the others are from the company’s contacts.
She explained that despite the current harsh economic conditions in the country, people still buy and make use of gadgets. According to her, quality of products, brands and the name you’ve created play important role in the business.
Apart from Purch gadgets, the store also sell electronic products of other brands like, Samsung, Gionee, Tecno, Infinix among others and they also put these accessories on display for their customers to see.
For Mama Gabriel, who sells small chops, says she buys them wholesale and retails to her consumers. She explains that the proceeds from the business is what she uses to feed her household.
Speaking on how he has been coping with the high cost of living, Yemi Akinshete, a roadside barber, told Realnews that because of the high inflation rate, he adjusted his charges by a hundred naira. “Before now, I used to charge N200 for haircut, but now I charge N300 per haircut. Yemi says he survives with the little gains and from the help he gets from friends and family members.
And Keji Adeniji, who sells cooked food on the street also says that she trains her kids in school and foot her bill from the gain she makes from her food business. She told Realnews that she had to increase the price of her rice from N50 for a spoon of rice to N100 in order to meet her cost and remain in business. She also sells beans, bread and pure water.
First published on – FEB. 18, 2022 @ 10:47 GMT | C.E
Tags: Computer Village Debora Garuba ICT Okon Williams
