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The effects of data collection in improving SMEs and Businesses in Africa
20. September 2018 at 17:54
by Chukwuemeka Benedict Osondu
Issues of competitive advantage falls within the context of applying information and improving information. The use of data collection can not be underestimated. We need data and this helps us to evaluate our innovations, recreating and improve our businesses. SMEs has about 80% of our business community in Nigeria aside the unreachable parastatal.
The SMEs brings about the growth of any growing and established economies. Like China, USA, India, Japan, Canada, etc. Where is our innovation where is our innovation where are our SMEs? Multiple taxation from both local, state and federal government. It was discovered that among 10 starts up it is possible and likely that 7 to 8 will end up before it gets 1 year.

What are the problems facing businesses in Nigeria? Biggest Challenges Facing Nigerian Startups Revealed by Benth Plus Consulting. In Africa Nigeria is known as a big Face in the growth of human and resources capacity. The international business and a focus on Nigeria as the most populous nation in Africa, with an Assumed population of about 190 million people. Over the last few years the Nigerian economy has grown at a steady pace, as shown by the recent GDP rebasing of the economy which has led to more than 80% growth in the economy but the recent survey by Benth Plus Consulting found out that businesses go into extinction with many challenges facing it. The challenges are either high tax by local, state and federal government or by high cost shop and office rentals. These various challenges are either lack of market survey, Feasiblity study or market place analysis.

It is no doubt that Nigeria is a country blessed with human capital, mineral and natural resources, making her a viable hub for various business activities as well as investments, thus making her the toast of every entrepreneur and investor all over the world. Despite the growth of the economy and the potential of great business opportunities, Nigeria still has some challenges that can affect an entrepreneurs or investors who plan to do business in the country, in the survey about 300 SMEs were interviewed 52% had the issues of not doing a qualitative and quantitative study before starting up, while 40% complained about government taxes which as a result would have giving them much ideas when they have done their business study, while 8% was as a result of needing financial aid.

The Prime Minister of the United Kingdom did say that about 87million Nigerians leave below $1.90 a day. The problem does not only fall on the context of challenges facing our Nation but falls with in the context of weakness. Poverty in Nigeria and Africa grows in progression. For over 3decades the poverty rate in Nigeria has doubled from 17Million in 1980 to 35Million in 1985, also doubled to 67Million in 1996 and doubled again to 116Million in 2017. The rate still falls back to the challenges of failing businesses because of Government obnoxious attitude towards improving the sustainability of businesses in Nigeria and Africa as whole. . This variables keeps all in a space of thinking what hope is left for the ideas and dream that will come there after?

Cite This Article As: Chukwuemeka Benedict Osondu. "The effects of data collection in improving SMEs and Businesses in Africa." International Youth Journal, 20. September 2018.

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