Oluyomi Ola-David Insights

One goal of informal money lenders and formal financial service providers is to have a steady stream of credit-worthy customers who pay off their high- or low-interest loans on schedule. This serves to keep the cycle of credit steady and available throughout business cycles.   Whatever happens when debtors are running late with their scheduled repayments reveal the value systems of the creditors. On one hand, creditors may be patient and understanding, offering extension periods to hitherto faithful customers.  This is with an understanding of the financial history of such customers with the firm. Customers who may have been shown consideration with piecemeal payment options are likely to retain patronage of such financial service firms.   On the other hand, aggressive firms may demonstrate draconian methods (for instance, as reported by customer reviews of Fintech firms operating in Nigeria). These include recruitment of unpleasant customer service representatives, who use ope

Deep within Nigeria's and Africa's inundating socio-economic problems lay streams of opportunities and potential for socio-economic strengthening. However, more often than not, a considerable majority of indigenous populations, who may be without visionary perspectives, merely bemoan the numerous challenges. Thankfully, the inflow of human capital and financial capital from oversea territories increasingly serve to jolt local sleeping giants to action. For instance, soon after a stream of foreign-owned firms expanded the output of the Nigerian telecommunications sector at the turn of the century, an indigenous telecommunications firm emerged to claim part of the market share. Moreover, several cases of knowledge spillovers from 'foreign presence' in various industries are apparent in the recent development history of Rwanda, Madagascar, and Kenya amongst others. In the light of these, foreign direct investment as well as portfolio inflows to Africa's largely untappe

The African continent is fast becoming a hub for global investments in financial services, energy generation, goods manufacturing, sanitation and waste management, real estate development, construction, agro-processing, IT development, media and entertainment amongst several others. Consequent to this, African governments urgently need to move beyond promoting investments and creating favourable local business climates that are conducive for foreign direct investments.  I think it is more imperative and welfare-enhancing to build and maintain institutions that effectively and sustainably regulate business practices as well as protect consumers and the environment.  For instance, while the recent growth in the financial services sector, powered by vibrant indigenous and foreign-vested fintechs, has increased competition and innovation in the financial services sector, more is to be desired with respect to compliance with global best practices.  A survey of customer reviews of some forei

Africa is a continent of beautiful and bright colours, with rich and diverse cultures, and a promising young population; all of these assets contribute to its prospects for growth and development. Even though the scars of self-hatred subtly engineered by colonial rule and dependence may abide in the mindset and lifestyle of the average African, there is hope for development on the continent and wholesome expression of African dignity. Africa's many development challenges, from energy insecurity and low manufacturing capacity to poor healthcare investments are only opportunities for forward-looking investors.  For instance, many indigenous and foreign-vested firms are currently facilitating enterprise development through the provision of technology-enabled business and personal finance solutions. Thus, improving access to finance, which was once touted the main obstacle to business start-ups and growth on the continent. As African individuals, households, firms, and governments incr

Do you really need a MBA (Masters in Business Administration)? Then you may not really need to spend all that resource just for a certificate from Harvard Business School. Just invest in moving your time, skills, healthy body, and resources to Nigeria. All you will get is a real certification in business acumen plus a Masters in MBWAN (Management By Walking Around Nigeria).  Most assuredly, if you can learn to succeed at administering and doing business in Nigeria, then succeeding elsewhere is a piece of cake. If you fail to succeed in Nigeria, then you may not really have any business doing business anywhere else. Here is my bottomline: tough business climates are the real schools for educating, building and sustaining resilient businesses. In addition, the imminent transformation in Nigeria will ensure that all other categories of value-creating businesses can survive and thrive. Brace up! #businessclimate