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Why 60% Nigerians startups fail- Expert

A business expert, Mark Idiahi, has disclosed why 60 per cent of Nigerian startups fail within their first two years.

According to The PUNCH, Mr Idiahi who is the Chief Executive Officer of Second Chance Care Foundation, a non-governmental organization stated that many Nigerian startup companies fail because of poor leadership in the country.

Idiahi while speaking at the future leadership conference stated that Nigeria had been missing effective leadership which had crippled the country’s growth and development.

He said, “We moved from being ruled and led by colonial masters to being ruled and led through poor leadership. Not having enough to show for 62 years of existence is accountable for the numerous years of corruption, ineptitude and unreasonable attachment to selfish and limiting beliefs. These have led to high levels of poverty, unemployment and loss of lives.

“The primary responsibility of any result-oriented government is to create an enabling environment for people, businesses and ideas to thrive. However, when leadership is missing, the environment becomes hostile to growth, investments, or investors.

“Nigeria is a blessed nation yet reflecting the curses. Over 60 per cent of start-ups fail within the first two years. The buying power of citizens diminishes with each passing day. Corruption is the degrading of the human spirit. Many brilliant minds have been reduced to nothing because a nation can be so blessed and yet consumes its own.”

The CEO stressed the significance of reimagining leadership as centred on values other than those of one’s own group, such as altruism, compassion, and selflessness.

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