Former Nigerian Vice President, Prof. Yemi Osinbajo said this on Thursday in Lagos during his keynote address at the 2024 Women in Management, Business and Public Service conference.
Expressing his concern that the investible resources of the business owners are spent on maintaining appearances, Osinbajo said :
“Trying to keep up an image of success affects a major plank of business. The lifestyle of business owners is a problem, in my own opinion, for Nigerian businesses. There is a huge pressure that Nigerian business owners have which probably business people elsewhere do not have.
“To maintain a perception of success that is usually above the means of the business. If the business cannot support your lifestyle. There is pressure to look and spend as though you are very successful even though your business is only a few years old. The pressure is worsened by the unrealistic lifestyle of allegedly successful people on social media and an environment where most wealth is unexplained or unexplainable and where so many people are rich before becoming business persons.”
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