African Researchers Magazine (ISSN: 2714-2787) – premier source for latest African research, science and scholarly news

Tag: business growth

  • Entrepreneurship in Nigeria: The Impact of Traditional and Postmodern Cultures on Business Growth

    Entrepreneurship in Nigeria: The Impact of Traditional and Postmodern Cultures on Business Growth

    A recent study by Eregare et al. (2025) titled “ENTREPRENEURSHIP INSTITUTIONS IN AFRICA: A CRITICAL ANALYSIS OF TRADITIONAL AND POSTMODERN CULTURES IN NIGERIA published in OHAZURUME-Unizik Journal of Culture and Civilization reveals that both traditional and postmodern cultural elements significantly influence entrepreneurial practices in Nigeria.

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    Both traditional values and postmodern influences significantly shape entrepreneurship in Nigeria, impacting business practices, innovation, and growth.– Eregare et al. 2025

    The study examines how traditional and postmodern cultural elements influence entrepreneurship in Nigeria. The study delves into the historical and cultural contexts of entrepreneurship, exploring how these factors shape business practices, values, and the overall entrepreneurial ecosystem in the country. By analyzing both traditional and modern perspectives, the study aims to provide a comprehensive understanding of the entrepreneurial landscape in Nigeria and highlight potential areas for growth and development.

    How the Study was Conducted

    The study employed a qualitative research methodology. This approach involved in-depth interviews and focus group discussions with entrepreneurs, business leaders, and cultural experts in Nigeria. The researchers aimed to gather rich, detailed insights into how traditional and postmodern cultural elements influence entrepreneurial practices. Additionally, the study utilized document analysis to review historical and contemporary literature on Nigerian entrepreneurship and cultural practices. This combination of methods allowed the researchers to develop a comprehensive understanding of the entrepreneurial landscape in Nigeria.

    What the Authors Found

    The authors found that both traditional and postmodern cultural elements significantly influence entrepreneurial practices in Nigeria. Traditional cultural values, such as community support and respect for elders, play a crucial role in shaping business practices and fostering trust among entrepreneurs. On the other hand, postmodern cultural elements, such as innovation and adaptability, drive entrepreneurial growth and modern business strategies.

    Why is this important?

    This study is important because it sheds light on the dynamic interplay between traditional and postmodern cultures in shaping entrepreneurship in Nigeria. Understanding these influences is crucial for several reasons:

    Cultural Context: It provides insights into how cultural values and practices impact business operations, decision-making, and relationships in Nigeria. This understanding can help entrepreneurs navigate cultural nuances more effectively.

    Entrepreneurial Growth: By identifying the strengths and challenges associated with traditional and postmodern cultural elements, the study can inform strategies to foster entrepreneurial growth and innovation in Nigeria.

    Policy Development: The findings can guide policymakers in creating supportive environments for entrepreneurship by considering cultural factors and addressing potential barriers.

    Economic Development: Entrepreneurship is a key driver of economic development. By leveraging cultural strengths and mitigating challenges, Nigeria can enhance its entrepreneurial ecosystem and contribute to overall economic growth.

    Global Relevance: The study’s insights can be applied to other African countries with similar cultural contexts, providing a broader understanding of how cultural elements influence entrepreneurship across the continent.

    What the Authors Recommended

    The authors recommended several strategies to enhance entrepreneurship in Nigeria:

    • Leverage Traditional Cultural Strengths: Encourage entrepreneurs to embrace traditional values such as community support, respect for elders, and collective decision-making. These values can foster trust and collaboration, which are essential for business success.
    • Promote Innovation and Adaptability: Foster a culture of innovation and adaptability by providing access to modern business tools, training, and resources. This will help entrepreneurs stay competitive in a rapidly changing market.
    • Balance Cultural Influences: Create policies and programs that balance traditional and postmodern cultural influences. This approach can help entrepreneurs navigate cultural nuances and capitalize on the strengths of both cultural elements.
    • Enhance Access to Resources: Improve access to financial resources, markets, and infrastructure. This includes providing better access to credit, electricity, and contract enforcement, which are critical for entrepreneurial success.
    • Supportive Policy Environment: Advocate for policies that support entrepreneurship and address potential barriers. This includes creating a regulatory environment that is conducive to business growth and development.
    • Education and Training: Invest in entrepreneurship education and training programs to equip aspiring entrepreneurs with the necessary skills and knowledge. This can help bridge the gap between traditional and modern business practices.

    In conclusion, the study by Eregare et al. (2025) highlights the crucial role of both traditional and postmodern cultural elements in shaping entrepreneurship in Nigeria. By understanding and leveraging these cultural influences, entrepreneurs can develop more effective business strategies, foster innovation, and contribute to economic growth. The study’s findings offer valuable insights for policymakers, business leaders, and aspiring entrepreneurs, emphasizing the need for a balanced approach that embraces both cultural heritage and modern advancements. With the right support, Nigeria’s entrepreneurial ecosystem can continue to thrive, creating sustainable opportunities for future generations.

  • Impact of Microfinance Banks on SME Performance in Maiduguri, Nigeria: Enhancing Growth and Financial Inclusion

    Impact of Microfinance Banks on SME Performance in Maiduguri, Nigeria: Enhancing Growth and Financial Inclusion

    A recent study by MODU, A. U., & MAINA, A. M. (2024) titled “IMPACT OF MICROFINANCE BANK ON THE PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN MAIDUGURI METROPOLIS, NIGERIA” published in the International Journal of Financial Research and Business Development shows that microfinance banks significantly enhance the performance of small and medium enterprises (SMEs) by providing essential financial services.

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    Microfinance banks significantly improve SME performance in Maiduguri by enhancing financial health, productivity, and growth.-MODU, A. U., & MAINA, A. M. 2024

    This article investigates the impact of microfinance banks on the performance of small and medium enterprises (SMEs) in Maiduguri Metropolis, Nigeria. The study aims to evaluate how these banks affect the growth and sustainability of SMEs in the region. It includes data collection from SMEs and analysis of their performance metrics before and after receiving microfinance support. The results suggest that microfinance banks significantly enhance the financial health and operational efficiency of SMEs.

    How the Study was Conducted

    The study employs a descriptive survey design to gather data from SMEs in the Maiduguri Metropolis. The target population consists of SMEs in the area, with a sample size determined using specific sampling techniques. Data is collected through structured questionnaires distributed to the selected SMEs. The collected data is analyzed using statistical tools to determine the impact of microfinance banks on SME performance.

    What the Authors Found

    The authors found that microfinance banks significantly enhance the performance of small and medium enterprises (SMEs) by providing essential financial services, and access to microfinance leads to increased productivity and growth of SMEs. The authors also posit that despite the benefits, SMEs face challenges such as high interest rates and stringent loan conditions.

    Why is this important?

    Economic Growth: It highlights how microfinance banks can stimulate economic growth by supporting SMEs, which are crucial for job creation and innovation.
    Financial Inclusion: The study underscores the role of microfinance banks in promoting financial inclusion, especially for underserved populations.
    Policy Development: insights from the study can inform policymakers on how to enhance the effectiveness of microfinance institutions.
    SME Performance: It provides valuable data on how access to microfinance impacts the performance and sustainability of SMEs in the region.

    What the Authors Recommended

    • The authors suggest improving access to microfinance services for small and medium enterprises (SMEs) to boost their performance.
    • The study recommends providing training and capacity-building programs for SME owners to enhance their business skills.
    • The authors advocate for supportive government policies to create a conducive environment for SMEs to thrive.
    • Furthermore, the authors emphasize the importance of regular monitoring and evaluation of microfinance programs to ensure their effectiveness.

    In conclusion, the study by Modu and Maina highlights the crucial role microfinance banks play in enhancing the performance of SMEs in Maiduguri, Nigeria. By providing vital financial services, these institutions drive business growth, promote financial inclusion, and contribute to broader economic development. However, to maximize their impact, challenges such as high interest rates and stringent loan conditions must be addressed. With the right policies and support systems in place, microfinance can be a powerful tool for sustaining the growth and success of SMEs, fueling innovation and job creation in the region.

  • Margaret Obiageli Olele: Advancing U.S.-Nigeria Trade and Technology through Effective Communication and Collaboration

    Margaret Obiageli Olele: Advancing U.S.-Nigeria Trade and Technology through Effective Communication and Collaboration

    Margaret Obiageli Olele, the current Chief Executive Officer and Executive Secretary of the American Business Council (ABC), recently emphasized the critical role that effective communication plays in enhancing the impact of significant events like the Global Tech Africa (GTA) conference. In an exclusive interview, she discussed the Council’s mission, the value of international collaborations for economic growth, and the role of communication in fostering technological innovation in Nigeria and across Africa.

    The Vision of the American Business Council: Expanding U.S.-Nigeria Trade Relations

    Olele highlighted that the primary vision of the American Business Council is to serve as a pivotal vehicle for expanding trade and investment opportunities between Nigeria and the United States. The Council focuses on advocating for policies that support business operations, facilitating cross-border trade, and promoting cultural exchange. By nurturing strong partnerships between the two nations, the ABC aims to significantly contribute to Nigeria’s economic transformation and the prosperity of American businesses in the region.

    International Collaborations: A Catalyst for Economic and Technological Progress

    Drawing from her extensive experience in the pharmaceutical and food industries, Olele emphasized the indispensable nature of international collaborations in driving economic growth and technological advancement in Nigeria. She pointed out that through platforms like the Global Tech Africa conference, key stakeholders can come together to address complex challenges—such as vaccine accessibility and counterfeit drug detection in the pharmaceutical sector—by leveraging global expertise and innovation. Olele believes that such collaborations are crucial for improving vital sectors like healthcare, agriculture, and education, thereby creating jobs and boosting Nigeria’s economic development.

    American Business Council’s Sponsorship of the Global Tech Africa Conference: Motivations and Goals

    The ABC’s sponsorship of the Global Tech Africa conference is rooted in its commitment to Nigeria’s digital transformation, particularly in the technology sector. Olele explained that technology is a powerful tool for driving economic growth and creating opportunities for both businesses and individuals. The Council’s ICT Committee, which actively participated in the conference, underscores ABC’s vested interest in the tech ecosystem. By sponsoring this event, ABC aims to connect Nigeria’s dynamic tech community with American businesses, facilitating knowledge exchange and identifying potential partnerships. The ultimate goal is to support Nigeria’s rise as a leading tech hub in Africa.

    Effective Communication: Key to Amplifying the Impact of the GTA Conference

    Olele asserted that effective communication is essential for maximizing the impact of the Global Tech Africa conference. A multi-channel communication strategy, combining both traditional and digital media, is necessary to reach a diverse audience. By showcasing the conference’s potential to drive innovation, generate employment, and improve living standards, the Council hopes to spark widespread interest and engagement. Leveraging social media platforms to foster discussions, share success stories, and build a robust online community is also a key part of this strategy.

    Leveraging Relationships for Enhanced Collaboration in the Tech Ecosystem

    With her deep background in public affairs and communication, Olele plans to leverage her relationships with government committees and trade associations to enhance collaboration between American businesses and the African tech ecosystem. During the GTA conference, members of ABC’s ICT Committee participated in panel discussions, providing insights into forging partnerships with larger corporations and the government. Post-conference, ABC intends to build on these connections to create tangible opportunities for knowledge transfer, technology adoption, and joint ventures, all aimed at accelerating Africa’s digital transformation and fostering sustainable economic growth.

    The Role of American Businesses in Africa’s Technological and Economic Development

    Olele highlighted several areas where American businesses can significantly contribute to Africa’s technological and economic development. These include infrastructure development, fintech innovation, healthcare technology, education, and skills development. Companies like Amazon Web Services, Visa, Google, and Zipline are already making impactful contributions in these areas through initiatives like cloud computing education, financial inclusion programs, and the use of drones for medical deliveries. Such collaborations not only drive economic growth but also address critical socio-economic challenges in Africa.

    Lessons from Healthcare for Sustainable Growth in the Tech Sector

    Olele’s extensive experience in the healthcare sector has taught her the importance of public-private partnerships, capacity building, and impact-focused strategies. She believes these principles are equally applicable to the tech sector. To ensure sustainable growth, partnerships between government and businesses must be prioritized, workforce development should be a key focus, and the impact of technological innovations should be regularly assessed to ensure they address real-world challenges and improve lives.

    Building Strong Partnerships for a Conducive Business Environment

    Olele’s approach to fostering strong partnerships involves active engagement with the Nigerian government, knowledge sharing among businesses, advocacy for supportive policies, and maintaining trust through consistent delivery of commitments. These efforts are crucial for creating a conducive environment for American businesses to thrive in Nigeria.

    Navigating Challenges in the African Tech Landscape

    Olele acknowledged that there are challenges in facilitating greater involvement of American businesses in Africa’s tech landscape, such as regulatory complexities, infrastructure deficits, and policy inconsistencies. However, the American Business Council is actively addressing these challenges by advocating for regulatory reforms, providing market intelligence, and engaging in continuous dialogue with the Nigerian government to create a more business-friendly environment.

    A Bright Future for American-Nigerian Business Relations

    In conclusion, Olele expressed optimism about the future of American-Nigerian business relations and technological collaboration. She views the Global Tech Africa conference as a crucial platform for stakeholders to come together, share ideas, and build partnerships that will shape the future of the continent. By working collaboratively, the U.S. and Nigeria can unlock the full potential of Africa’s tech sector and create a more prosperous and inclusive future.

    Margaret Obiageli Olele: A Brief Profile

    Margaret Obiageli Olele is the CEO and Executive Secretary of the American Business Council. With over 30 years of experience engaging African governments on behalf of the private sector and 25 years of leadership in the food and pharmaceutical industries, Olele has a wealth of expertise in public affairs, business development, regulatory compliance, and communication. She has been instrumental in various initiatives to improve healthcare access and strengthen health systems across Africa. Olele is also a Fellow of the Advertising Practitioners’ Council of Nigeria and holds multiple academic degrees, including a BA in English and Literature, an MA in English, and an MSc in Mass Communication. She is passionate about teaching and has served as an adjunct faculty member at the Pan Atlantic University. Through her work, Olele continues to make significant contributions to the growth and development of business and technology in Nigeria and Africa.