There is no doubt that entrepreneurship suffices as a means of breaking even for many in Nigeria, considering the very challenging economic turf citizens are battling with. This is because it usually starts as a small business but the long-term vision is much greater, to seek high profits and capture market share with an innovative new idea.
According to the Fate Institute’s Report on the “State of Entrepreneurship in Nigeria 2021,” 67 percent of entrepreneurs in the country are youths whose age brackets fall between 18 and 35 years.
The implication is that despite the uncertainty in Nigeria’s economic landscape, more youths are exploring the huge opportunities that abound in entrepreneurship.
But is entrepreneurship without its challenges?
Akpolophi Otega Isaac, is a Nigerian businessman and entrepreneur, who owns Otega Restaurant and Otega Furniture, Abuja, successful brands in interior decoration, real estate, and hospitality; redefining the fine dining experience in Nigeria. He believes being a young entrepreneur in Nigeria is a rollercoaster ride.
Isaac, whose early life was marked by a keen interest in technology and design, which led him to pursue higher education at the University of Benin, where he obtained a Bachelor’s degree in Computer Science, however, said despite the challenges, it is always exhilarating for one to see their ideas take shape and contribute to the economy.
“There is an apparent fear among youths in Nigeria towards venturing into entrepreneurship, obviously for glaring reasons.
“Numerous challenges confront young entrepreneurs including access to capital, navigating complex regulations, and limited infrastructure, to mention just a few.
“Government policies can be a double-edged sword, as there are shreds of evidence where they have stifled young businesses, even when they were intended to help. Again, some of these government initiatives aimed at promoting youth businesses, I agree, can be helpful, but bureaucratic hurdles and an unpredictable business environment can stifle growth.
“It therefore follows that navigating these challenges can be overwhelming. While some young people are thriving, success requires determination and resilience,” Akpolophi said.
Akpolophi also shared his success story on how he built the Otega furniture where he deployed cutting-edge technology to redefine how interior spaces are experienced, and made a notable impact in the culinary world with his establishment, Otega Restaurant.
According to him, his educational background provided him with the technical skills and innovative mindset that would later drive his entrepreneurial ventures.
He said; “My diverse business portfolio, including Otega Restaurant and Otega Furniture, acts as a safety net during economic downturns.
“Each venture caters to distinct needs, creating a synergy that fuels overall success. Adaptability and a relentless drive to innovate are the cornerstones of my approach.
“At Otega, customer satisfaction is paramount. We create a memorable experience every visit, from the restaurant to the furniture store. This commitment to excellence ensures our customers return for the same exceptional experience time and again.
“Several attributes have contributed to my success. A passion for creating positive experiences, a commitment to quality and affordability, and a focus on customer satisfaction are at the core of everything I do.
“Additionally, I leverage my diverse educational background (computer science) to embrace technology and streamline operations.”
The young entrepreneur emphasized that although Nigeria’s high poverty rate undeniably makes things more challenging, it also creates a landscape ripe for innovative solutions.
He thinks youths can address unmet needs and build businesses that empower themselves and their communities.
“The key is to identify a gap in the market, offer a unique solution, and be prepared to work hard.
“I encourage anyone with a strong idea and the will to succeed to pursue entrepreneurship. There will be challenges, but the rewards are immense,” he said.
Akpolophi also harped on the need for young entrepreneurs to create visibility for themselves and their businesses by engaging in community service and corporate social responsibility activities.
Beyond his business achievements, Mr Akpolophi has made significant contributions to improving the lives of underprivileged individuals in his community, Omosomo in Delta State, having floated a scholarship program that has provided educational opportunities for 40 underprivileged children.
He has also financed the construction of a water borehole, ensuring that the community has reliable access to clean and safe drinking water.
In recognition of his entrepreneurial excellence and community contributions, Mr Akpolophi was in 2023, honored with two prestigious awards: the Young Entrepreneur Summit Africa Initiative Award and the Ambassadorship Honorary Award, underlining his impact on the business world and his dedication to making a positive difference in society.
He also bagged the prestigious Young Entrepreneur Summit Africa Initiative Award (2023) and Ambassadorship Honorary Award (2023)
The young business leader insisted that the government can make entrepreneurship more attractive by simplifying regulations, offering more accessible access to funding, and creating mentorship programs that connect young entrepreneurs with experienced professionals.
“Highlighting success stories of young entrepreneurs can also inspire and motivate others.
“Entrepreneurship is not a get-rich-quick scheme.
“It requires hard work, dedication, and a willingness to learn from failures. However, the potential for personal and economic growth is immense.
“By fostering an environment that supports young entrepreneurs, Nigeria can unlock a wave of innovation and create a brighter future for all,” said Akpolophi, who has plans to expand his businesses further and explore new opportunities in different sectors including real estate and hospitality, leveraging technology to drive innovation.
