Welcome again to Techconvos, this is another interesting conversation which requires some techy convos. Sometimes ago, I had a discussion with some friends about increasing the usage of the title of ‘CEO’ on social media profiles and many always say they are unregistered. However, recent information shows that they may have been registered businesses. Francis Arinze Iloani of the Daily trust online report that the Acting Registrar General speaks at a customer forum held in Abuja in March 2019 that 3.1 Million Companies are already registered in Nigeria since the inception of the Corporate Affairs Commission (CAC). Just within 2016 to 2018 a total of 618,309 business entities were registered by the commission. Also, she indicated that during the participating forum that most of the companies were limited liability companies.
Now it clear why it is hard to get a clear company name registered in Nigeria because almost every name has been taken. This is based on the view that many believe that registering a business name is the first thing step to become an entrepreneur and to leap away from poverty. However, the Nigerian population was approximately estimated at 203 million as of December 23, 2019, from the Worldmeters elaboration of the latest United Nations data. Mathematically, it can be easily denoted that in every 66 Nigerian there is one or more company founder(s) and yet, many of the youths are unemployed and several embarking deeply on prostitution and fraudulent activities as the only survival path in the country.
Lest we forget, that following the Industry’s Classification Benchmark taxonomy launched by Dow Jones and FTSE in 2005 only 41 companies in Nigeria are notable and functioning, although some of the 41 companies are on the edge of being defunct and going bankrupt. This is a pathetic report for a country that was considered in the year 2015 as an emerging market by the World bank.
I personally think that is a sign of big issues ahead because many registered businesses are collateral platforms which are caused by the increasing unemployment in the country. Your opinions are welcomed. Is it also the same situation in your country.