Getting small business solutions

If getting small business solutions in Nigeria is what you are searching for, then you must read this article to understand the fundamental cause and the steps to take. Let’s get started…


In a recent survey, it was noted that seventy (70%) percent of the Nigerian economy was illiterate.

The results of the last census showed that well over fifty (50%) percent of the population constituted of the working class group (ages 18-50) and this is the group that helps define the future of an economy.

Based on the above statistics, one can infer that seventy (70%) percent of the working class is illiterate.

Illiteracy is an all encompassing variable that spreads into social illiteracy, educational illiteracy, cultural illiteracy and financial illiteracy.

The first step to small business solutions is to understand social literacy, educational literacy, cultural literacy and financial literacy.

Social literacy is the knowledge of proper group and public behavior including respect for fellow man and his privacy and proper use and maintenance of public infrastructures like public buildings, public toilets, bridges, hospitals, schools, the awareness of and the act of public duties like payment of taxes and corporate governance. It spills into the true definition and practice of integrity and transparency in human interaction and body politics.

Educational literacy is what we get from the four walls of our schools from primary to tertiary levels; be it formal or informal.

Cultural literacy is knowledge of the ancients and juxtaposed with current trends. It includes a knowledge of the cultures and beliefs of our ancestors and history, what is the proper values and norms to have, a knowledge of the need to love, preserve and respect our national monuments like the national flag and what it represents, historical sites, language and the reason to be proud of all these.

Financial literacy on the other hand is knowledge of the importance of money, how to get it, secure it, save it, value it, share it, protect it, enjoy it, and pass it on to the next generations; and this is one key area that there seems to be almost none or very little level of literacy of the subject matter in this side of the global hemisphere. It’s the key to small business solutions.

Presently there is a wide gap between the literacy levels in Nigeria.

In the United States of America, it has been noted that small/medium scale industries (SME) form sixty (60%) percent of the economy, and that for any economy of any nation to grow and become a first class economy, this ratio of SME’s to full-fledged companies has to hold.

Meanwhile, the Nigerian educational system does not contribute to the economy in this regard. We are trained to “go to school, get good grades so that we can get good paying jobs” (which are scarce in supply even with the good grades).

So the solution is not moving from pillar to post with resume’s, worn shoes and weather beaten faces getting frustrated with various ‘no vacancy’ signs; the solution is to empower oneself to become an employer of labour.

But to achieve this, a strong level of business/financial literacy is highly needed coupled with financial support/leverage as most times, entrepreneurs will not even have collateral to get loans to finance their ventures, and those that have the collateral or the funds do not have the business/management prowess to effectively and successfully run their ventures.

This situation is not pertinent to Nigeria alone, but exists at different levels and in varying degrees in most countries of our world today.

Therefore, in our little way, we have decided to contribute our quota to society by filling this gap of poor business/entrepreneurial and investment knowledge.

The purpose of this blog is to provide you information that will provide small business solutions.

coinboxlimited@gmail.com