EO forecasts positive Nigerian outlook in 2016 GEI Report

The Entrepreneurs’ Organization (EO), a global network of business owners, has released the first part of its twice-a-year Global Entrepreneur Indicator (GEI) survey results, predicting a positive economic outlook for Nigerian businesses.

This prediction is coming amid great apprehension in government circle as well as the organized private sector (OPS) about the challenges facing the Nigerian economy. Analysts say the survey report is however coming as a timely assurance of a better future for Nigerian businesses following a national economic summit hosted by the federal government to proffer solutions to the current economic challenges.

EO is a global network of more than 11,000 business owners in 48 countries with an average annual turnover of $52.3 million per member and a combined US$565 billion in annual revenue.

The GEI survey which is in its 6th year was conducted from February 1 and 29, 2016 and is aimed at predicting the economic outlook and business landscapes in 155 chapters from the 48 member-countries of the EO.

The survey examined the current economic market and realities for entrepreneurs in the member-countries, and provided insight into their predictions for the next six months with more than 7,000 of the over 11, 000 business owners in the EO’s membership responding to the survey.

Participants were presented with 14 questions assessing current and projected economic health and the reports were then issued to each of EO’s chapters around the world, based on the responses collected from each chapter’s members.

The survey report indicates a positive outlook for Nigerian businesses in spite of the current challenges as 57.1 percent of the respondents reported a willingness to start a business in their current economic environment with the expectation of improvement in the business environment in the next six months.

An interesting aspect of the survey is the prediction of a great improvement in the country’s economy with 85.7 percent of the respondents affirming this against the global average of 28.0 percent.

The Nigeria business community also affirmed an increase in both the number of people in full-time and part-time employment with 42.9 percent of the respondents expecting even a rise in the number within the next six months.

Furthermore, 57.1 percent of the respondents expect business revenue, net profit and access to capital in the country to rise in the next six months while 28.6 percent of the respondents expect an increase in the use of debt instruments in the next six months against what obtained in the last six months.

Commenting on the report, Vincent Brown Molokwu, a business executive and group managing director, NiGSA Energy Nigeria, expressed confidence that the Nigerian economy will surely bounce back, especially with the concerted efforts of the government and the OPS.

Molokwu, who is also president of EO Lagos chapter, expressed great optimism in the positive outlook predicted by the survey report, advising that participants at the forthcoming economic summit should explore the report before coming up with their recommendations for the government.

According to him, “Proper leadership, sincere effort at providing selfless governmental direction are major pointers that give cautious but strident hope to the Nigerian business community.”

Sam Fadiora, managing director, Trivest Technologies, also concurs with the report, saying with the ongoing efforts, the Nigerian economy will surely witness a rise as predicted in the report.

EO is a global thought leader on entrepreneurship and plays an integral role in businesses, industries and the lives of leading entrepreneurs worldwide.

Since its establishment in 1987, EO has been transforming the lives of the entrepreneurs who transform the world.

 

MIKE OCHONMA