Entrepreneurship is a lifeline for millions of Nigerians, with many running small businesses as a means of survival amid widespread unemployment. Many young school leavers are turning to crafts such as art, photography, baking, fashion design, and trading to create sustainable livelihoods.
These small businesses form a significant part of Nigeria’s informal sector, a vital component of the economy that employs a large percentage of the population. In this interview with Sunday Aborisade, trader and tech entrepreneur Mr. Nwoke Chibuzo discusses the opportunities available to Nigerians in the informal sector and how technology can help small businesses thrive while ensuring fair market pricing.
Can you introduce yourself?
I am Mr. Chibuzo Nwoke Emmanuel, a BSc holder in Economics from the University of Nigeria, Nsukka, and a certified entrepreneur recognized by the Central Bank of Nigeria. I am passionate about the growth of Nigeria’s economy, and I strongly believe that technology has a crucial role to play in achieving that.
How did your journey into trade and entrepreneurship begin?
My entrepreneurial journey began in childhood. I was raised by a trader and a mother who instilled in me the values of wealth creation, persistence, and determination. This early exposure to business shaped my career path and influenced my decision to study Economics.
At university, I realized that sales were the backbone of entrepreneurship. Determined to be self-employed, I co-authored a book titled Nigerian School System – Doubts and Realities (The Missing Link), which highlighted the gap between classroom teachings and real-world business challenges. Observing these gaps, I became convinced that financial success is built on innovative ideas rather than traditional employment.
Raising Capital: What Challenges Did You Face?
Raising capital as a young entrepreneur is never easy. However, I discovered that integrity is the most valuable capital any entrepreneur can have. When you build integrity, you establish trust, and trust attracts financial opportunities.
After university, I struggled to find financial support but decided to create value with the little resources I had. I noticed that a nearby market lacked electricity, so I used my knowledge of electrical work from secondary school to provide power using a small generator. I targeted shop owners who needed electricity the most, which helped me build credibility in the market.
Although the revenue was modest, the trust I gained enabled me to launch an Esusu (Yoruba) or Akawo (Igbo) savings scheme. With this growing trust, I expanded my power generation business and later ventured into bakery and confectionery after undergoing entrepreneurship training with the Central Bank of Nigeria.
The government had promised financial support for trainees but failed to deliver. Undeterred, I leveraged the trust I had built in the market to secure funding and rent a shop to start my bakery. Initially, my reach was limited to the market, but as my bread gained popularity, I expanded and started employing staff.
What Lessons Should Young Entrepreneurs Learn?
Young entrepreneurs should understand that business is not an easy journey. Success requires determination, resilience, and integrity. Integrity, in particular, opens doors and makes financial growth easier.
Challenges Facing Small Businesses & Opportunities for Growth
Small businesses in Nigeria face significant challenges, including lack of financing, difficulty in market penetration, and poor public relations. Unlike in the past, banks rarely provide financial support to startups, so it is essential for entrepreneurs to start small and reinvest profits wisely.
Marketing is another key challenge. While traditional media advertising is expensive, entrepreneurs can leverage social media, direct marketing, and local networks to build brand visibility. By exploring digital platforms, small businesses can expand their reach beyond their immediate environment.
How Did You Venture into Tech & What Problem Are You Solving?
In today’s world, no business can thrive without technology. As an entrepreneur, I faced challenges such as limited reach and price manipulation by middlemen, especially when purchasing baking equipment. These experiences inspired me to create Tradabook, an app designed to connect small businesses directly with customers, eliminating unfair pricing practices.
Tradabook enhances visibility for small businesses, allowing them to build a strong customer base. It also enables buyers to compare prices across different vendors, ensuring transparency and reducing market exploitation.
What Has Your Tech Journey Been Like?
Transitioning into tech was challenging, especially as a non-technical founder. Initially, I wanted to build the app myself, but I lacked the necessary skills. Unfortunately, I was scammed by a developer who promised to deliver the app in eight months but disappeared after receiving 75% of the payment.
Despite this setback, I remained determined and eventually found Coach Barakat Awoyemi, a tech expert who also trains children in digital skills. She delivered the app in just 12 weeks, reinforcing the importance of supporting women in tech.
Through this process, I have built a dynamic team of young innovators, showcasing the incredible talent within Nigeria’s tech ecosystem.
How Can Technology Transform Small Businesses?
Technology is a game-changer for small businesses. It provides a cost-effective way to expand market reach, streamline operations, and ensure fair pricing. Entrepreneurs can start by leveraging social media marketing, e-commerce platforms, and digital financial tools to grow their businesses.
The global market is vast, and with the right technology, Nigerian businesses can transcend local limitations and compete internationally. By embracing digital tools, small business owners can boost productivity, increase revenue, and contribute to the country’s economic development.
Final Thoughts
For small businesses to thrive, they must embrace technology, maintain integrity, and focus on value creation. The key to sustainable growth lies in leveraging digital tools, fostering trust, and staying adaptable in a rapidly changing business landscape.
