Mr. Jonathan Ortmans, President of the Global Entrepreneurship Network (GEN), has declared that Nigeria possesses extraordinary potential to outpace many developed countries in its growth as a startup nation.
During a recent visit to Nigeria in preparation for the 2024 Global Entrepreneurship Week celebration in November, Mr. Jonathan Ortmans, President of the Global Entrepreneurship Network (GEN), shared his insights during the “Conversation with the GEN President” event hosted by GEN Nigeria.
He emphasized that “Nigeria has a wealth of assets,” highlighting the unique challenges and opportunities of building a thriving entrepreneurial ecosystem in a large economy. “It’s often more challenging to create a high-performing entrepreneurial environment in bigger economies than in smaller ones. While this might sound counterintuitive given the complexities involved, it’s true,” he explained.
Ortmans pointed out that several countries have successfully developed their startup ecosystems in a relatively short time. He believes Nigeria possesses the right entrepreneurial culture and a robust economy, bolstered by a significant population interested in entrepreneurship. “We see extraordinary potential for Nigeria to grow much faster as a startup nation,” he asserted.
When addressing the challenges faced by Nigerian startups, he cited governance as a critical concern, noting that “the startup climate is often seen as unsafe for investors.” Corruption also poses significant hurdles, as building a company must be done in a healthy environment.
During a lively discussion with Dr. Nneka Okekearu, Director of the Enterprise Development Centre at Pan-Atlantic University, Ortmans shared strategies for startups to attract funding, establish sustainable marketing access, and enhance training and coaching while sourcing talent.
He encouraged Nigerian startups to tap into the vast talent pool available, stating, “This talent can help navigate the challenges of accessing capital, entering markets, and improving product quality. Often, it’s not just about access to capital or markets—it’s also about leveraging the incredible talent we have.”
Dr. Olawale Anifowose, Managing Director of GEN Nigeria, spoke about the organization’s collaborations with government agencies supporting SMEs. He highlighted partnerships with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) and the Bank of Industry (BOI), among others.
“We tirelessly advocate for all startups and entrepreneurs in Nigeria, encouraging regulators to be flexible in their roles,” he said. He also stressed the need for these agencies to evolve alongside Nigeria’s dynamic landscape. “It’s crucial that they adapt to make it easier for startups to thrive, especially during these economically challenging times. That’s precisely what GEN Nigeria is committed to achieving.”