Family businesses will remain Nigeria’s economic identity – Report

A report by Moniepoint Inc, a digital financial services provider, has stated that family businesses will remain at the heart of Nigeria’s economic and cultural identity. In a statement, the company said the study, which gave insight into the dynamics of family businesses in the coming years stated that the sector will also power the […]

A report by Moniepoint Inc, a digital financial services provider, has stated that family businesses will remain at the heart of Nigeria’s economic and cultural identity.

In a statement, the company said the study, which gave insight into the dynamics of family businesses in the coming years stated that the sector will also power the nation’s economy and shape its future for future generations while ushering in a new era of growth, sustainability, and global competitiveness.

It added that the study showed family businesses are founded on the bedrock of resilience, adaptation, and enduring legacy, thus, the sector has a bright potential as more enterprises embrace the tools and strategies for success in a digital age, supported by innovative driven solution partners.

“Against the urgent need to deepen the federal government’s economic agenda – financial inclusion, job and wealth creation and fiscal growth, the critical role played by family businesses as the heartbeat of Nigeria’s economy has once again been spotlighted and thrust into sharp focus,” the statement noted.

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“Key drivers that undergird a lot of these enterprises include, strong cash flow with a view to ensuring that they remain profitable, high levels of trust driven by shared vision and business objectives and cohesive cultural bonds where one out of every two Nigerian businesses bear the distinction of being a family business,” he said.

Speaking on the rationale behind this latest study, Vice President, Communications and Public Relations, Moniepoint Inc, Edidiong Didi Uwemakpan, noted that the decision to focus on family businesses was driven by their significant contributions to Nigeria’s economy despite their varying sizes and sectors.