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By Chinelo Obogo
Amaka Aniekwe, the chief executive officer of Somes Multidynamics Company Limited in this conversation, speaks on how the 2023 elections will affect businesses in Nigeria, while urging the government to implement policies that will boost business growth, among other issues.
What do you think are the prospects for businesses in this election period?
We are in a very crucial time now, do you see the dollar exchange rate as of today? The proliferation of dollars during primary of the political parties was worrisome. However, I was shocked at the two parties on their choice of candidates especially for All Progressives Congress (APC). One would have thought that they would choose Prof. Yemi Osinbajo considering his age and other qualities needed for Nigeria to grow. You will think Osinbajo would be a better choice but money answers everything according to the holy book. We saw how the dollarisation of the whole process has affected the economy. Both the APC and the Peoples Democratic Party (PDP) have impacted the economy adversely through their action and these are Nigerian leaders and potential leaders. While entrepreneurs like us are looking for dollars to power the economy and it looks like a mirage, the politicians on the other hand are throwing the dollars like pebbles that you see on the streets.
There is the speculation that businesses will improve this election year with the level of economic activities expected to take place, job creation for those in the printing business, advertising, etc. What are your thoughts?
It is true that businesses like advertising, printing will boom this time because they are the platforms that politicians use for their campaigns but we have other sectors that need to be strengthened as well. We will appeal to the government to do something that will affect every sector positively. The return of fuel queues at filling stations is a very disturbing situation because a lot of businesses are affected by fuel scarcity. The government should address that urgently.
The cost of doing business in Nigeria is skyrocketing with the cost of diesel getting out of the reach of the average Nigerians. How do you cope as an entrepreneur?
Prices of everything in Nigeria are skyrocketing, and I must say the truth is that Nigeria does not encourage those of us that are business owners. Every day in this country, businesses are closing shop and insecurity is on the rise. It is so because people are jobless and when they don’t have jobs, they will create one for themselves in the crime sector.
Besides fuel, we have the issue of forex. The truth is that I don’t see things becoming better with the forex because Nigeria doesn’t have good regulations for export because that aspect is completely ignored. We have a lot of things we can export and this will help generate more forex but no structure at all. The forex policy is nothing to write home about. There is need for a total overhaul. You cannot plan in this country as a business owner. I have related my challenges in sourcing forex so many times to journalists during interviews and as we speak, things are getting worse.
What advice can you give to local manufacturers in this troubling time?
Anybody that is producing now in Nigeria deserves to be given kudos because the epileptic power system is worse now. How does one produce as diesel prices keep going higher? In fact, I haven’t been in Nigeria regularly this period because of power. If I calculate how much diesel I buy at home and in the office per month, the cost of me staying abroad for two or three months is cheaper so I will rather travel to save cost and you know what that translates to the economy of Nigeria. I need to stay, work and engage the services of people that would have empowered the people and those who depend on them for livelihood but I am engaging the services of people outside the country.
Do you think that female entrepreneurs deserve any kind of concession?
A lot of concessions are supposed to be given to female entrepreneurs to encourage people like us who are striving to do business in a difficult country like Nigeria, but then again no structure is in place. The policies of the government are not helping anybody. The policies are not helping the men and they are not helping the women; even international investors are not encouraged to come to Nigeria. There must be a total overhaul of policies to boost businesses in Nigeria as I mentioned earlier.
What is the prospect for your business considering the harsh business environment under which most companies are operating now?
Most companies are closing down, I don’t know if any company in Nigeria still has any prospects unless Nigeria is restructured by a good economist like Peter Obi, one of the presidential candidates. I mentioned him because we have seen his blue print and I am not sure any of the other contenders have done so. We need somebody who can fix this country before it collapses.
I know that you have interest in politics, a lot of women were sidelined in the current electoral process, even when some political parties gave concessions for nomination forms, we didn’t see the kind of interest that was expected. What are your thoughts?
The major reason is cultural impediments, some men still think that women are weaker sex and their place is in the kitchen. Even some women that are capable may not have got their husbands’ consent to come out fully to participate in politics. Politics in Nigeria is highly monetised. How many women can afford to buy forms for N100 million or N40 million? Another reason is violence; the political scene in Nigeria encourages violence, so women will just decide to stay away.
Though some men will be quick to say that few women who were tried disappointed, they will point to someone like Dezieani Madueke, former Petroleum Minister. They will claim that she wasted the nation’s wealth out of greed. Unfortunately, it is true that it happened and it is condemnable. We still have a lot of men who have embezzled the nation’s wealth and are still very active in politics as if nothing happened. We need women in politics, the women that have compassion and are ready to lead with motherly care and we have a huge number of them. We need to give them a chance. I am really disappointed in the way politics is being played in Nigeria and I pray that our people understand the essence of politics and vote for individuals with integrity not those that are there to enrich themselves with monies that their 10th generation can’t finish. We shouldn’t vote based on political, tribal, or religious sentiments but for people with integrity. We should stop celebrating corrupt people in this country. In Japan, when someone is caught for corruption, he commits suicide.
