Starting up a business and keeping up with that business is a tough herculean task considering all the hassle one will need to go through just to start up the business. In surviving and running such a business in Nigeria requires a lot of innovativeness.

Here are some of the known Challenges that most Business owners or starters would definitely have to face while starting or running their businesses.

1. Lack of Infrastructure
The first business challenge you will face when doing business in Nigeria is infrastructural challenge. Nigeria lacks the basic infrastructure and logistics to support entrepreneurship. If you are going to run a successful business in Nigeria; then you must have the financial muscle to provide your own infrastructure.

Take for instance you want to start a manufacturing firm in Nigeria; you will need to build your own factory, provide your own water supply and other amenities that encourages business operations. Infrastructural challenge will directly or indirectly increase your start-up overhead cost so you have to properly factor in this challenge in your business plan.

2. Poor Power Supply
Poor power supply is the next challenge militating against the successful growth of small business start-ups in Nigeria. Successful companies operating in Nigeria has found a way to deal with the challenge of power supply by providing their own power. while few others have moved into neighboring countries where power supply is stable. If you are successfully going to operate a business in Nigeria; then you must map out a plan to curtail the harsh effect of poor power supply.

3. Inadequate Security
Security is the next challenge you must deal with especially if you are a foreigner wanting to invest in building a business in Nigeria. apart from the efforts of the security forces you still need to factor in the cost of providing a private security for your business to avoid the unwanted that can ruin your business.

4. Inconsistent Government Policies
Government inconsistency is really a challenge you will have to tackle if you must succeed in Nigeria as an entrepreneur. Governance is something entrepreneurs have no control over; all entrepreneurs can do is to influence government’s policy with respect to enacting favorable business laws. But you must have political clout and massive resources to be able to influence government laws. The best strategy to combating the ever changing policy of the government is to keep a keen eye on government laws and swiftly adjust your business to align with the policies.

5. Transportation Challenges
The next challenge of doing business in Nigeria is the poor transportation standard. As expected; the dependable source of raw materials may not be situated close to its market. So you will have to decide if to locate your business close to the raw materials or close to your market. Either way; transportation of either raw materials or finished goods will be involved and this will pose a great challenge if you intend operating in Nigeria.

6. Inability to access funds
Of all the business challenges involved with starting a small business in Nigeria; this one interest entrepreneurs the most. Inability to access funds and banks unwillingness to support entrepreneurship and small business is the major barrier to massive entrepreneurship growth in Nigeria.

7. Lack of Governmental Support
The last but not the least challenge of doing business in Nigeria is government’s insensitivity to the plight of entrepreneurs and small business owners. And the result of these insensitivity surfaces in the form of double taxation, unnecessary levies and duties; and high cost of obtaining business licenses.

8. Corruption
Corruption is a cancer that has eaten deep into the hearts of governance in Nigeria and can be seen in almost all aspects of governance and organizations here in Nigeria, When starting or running a business in Nigeria you need to be aware of such challenge and make sure your business is genuine and you have acquired all necessary document needed to certify your business or else you might become a money bag for some people who will want to take advantage of you and ripe you of the little money you are trying to use to run your business.

In conclusion, Doing business in Nigeria can be so challenging but if you are able to overcome this challenges you will surely enjoy doing business in Nigeria as you have a ready market for whatever business you want to operate in Nigeria that will be willing to give you the financial pleasures you want to derive from your business but that's if you are willing to put in the effort to make yourself a brand in that business niche.

I highlighted these challenges not to discourage anyone wanting to start up a good business in Nigeria; but to help you prepare in advance in order to overcome this challenges and take up business to the zenith.

Best of Lucks.