SUSU PODCAST Business in Africa has never been so critical as it is today. With the rest of the world leading the way, Africa must leapfrog in order to get ahead. Demi Samande explores the journey of Entrepreneurship in Africa through her own manufacturing business as well as the stories of other entrepreneurs, business owner & thought leaders who are emersed and devoted to the process to excellence within the African context.
SUSU COOLDOWN Susu Cooldown explores a series of topics that impact our mindset on a deeper level as Africans. Matters that help people develop the skills they need to improve themselves personally.
thank you Demi for love ,hope and peace you bring .am far away from home am in Swiss ,every Susu talk makes my day. thank you again .❤❤ Our Motherland will be great .
@demisamande I kinda like your podcast and how your consistently are advocating for reforms in the Manufacturing sector of Nigeria 🇳🇬 economy. Yes your views are valid and rational. Nigeria needs to stop its total reliance on crude oil as a major FDI option. The monolithic economic model of depending on largely proceeds from Crude oil as a means of foreign direct investment need to be eradicated asap. The focus should be on building infrastructure and creating a viable business environment particularly for SMEs and by extension fostering manufacturing while the excess of goods or products manufactured are then exported. This was the economic model being practiced long before the discovery of petrol Hydro carbon and its by products. But the FG must fix the Energy crisis and restore consistent Power supply around every part of the country if this manufacturing revolution is to be sustainable. Thankfully we're in the 4th industrial revolution where TECH and automations via artificial intelligence is being adopted across every niche. In conclusion Consistent Energy supply + Manufacturing + TECH this is a good blue print or secondary alternative to solve the monolithic economic system currently being practiced.
I started investing in Nigeria because of you. You have no idea how your old videos and current videos have inspired me to help our people. For years, your videos kept me going, even in the midst of difficulty and doubts. Please keep the videos coming. Right now, I’m building a physical business in Nigeria and also a remote business to employ our people.
Thumbs up on your assertions, Susu! Yet this same government and all they stand for does not value made in Nigerian goods. When senators go for foreign SUVs thereby making foreign currencies stronger in value amongst other viable products they import, what impressions are they giving Nigerians. Leaders should lead by example. Let them have attitudinal change driven by a positive mindset and you will see how far we can fly. Let the government consolidate our power sector by giving us 24/7 power supply, be very considerate in their economic policies, be unbiased in their corruption fight, create endearing and enabling environments, invest in the locals not carting away funds meant to improve the common man to the abroad etc, and Nigerians and locally made goods will thrive beyond measure. These said multinational companies will be back in no time. My submission though!
10:19 ... Awesome piece... Your analysis of the Nigerian economic model is spot on.... Nigeria is a consuming nation, and her leaders are myopically deliberate & reluctant to make economy friendly policies that would benefit Nigerians & Nigeria...They lack the visionary capacity to understand & implement economy oriented policies that may ultimately lead to Nigeria's industrialization. Our leaders are too busy amassing wealth, to the end that they lack leadership insight & foresight on how to run a nation in the 21st century!
Q: Are multinationals harming Africa's economies? A: No. Multinationals are in rich countries too. They are in Japan, South Korea, Singapore, Malaysia, Hong Hong, Australia, France, etc. Coca cola is not why South Korea is rich and Coca Cola is not why Ghana is poor. Ghana was richer than South Korea in 1960. It is the reverse today because Ghana didn't take good care of its economy and South Korea did.
begin to collaborate intentionally with one another because survival right now is critical and we can leverage off one another for that. Be vocal about your challenges and especially about the great work you are doing to any one willing to listen.
This is a great analysis ma'am. Nigeria is heading to pure socialist economy or communism where only government is with resources or where very few people have access to resources and people can barely survive, under this administration it is becoming more difficult to create anything. hopefully the authority can listen to your perspective and there can be progress.
I heard about this loan comming, Bank of Industry already does something similar but because of the high interest rates, the federal government is looking to provide a sustainable means of lending. Ministray of Trade and investment is taking application for small businesses that need money to expand. Check it out.
It is in undoubtably scary. The mortality rate for SMEs within five years in Nigeria is approximately 80% businesses failing before their fifth anniversary. This high failure rate is why we are now in forth place. We desperately need substantial reforms and support systems to create a more conducive environment for small businesses to thrive.
@@SUSU-PODCASTalthough I agree that the startup/new venture failure rate is a contributing factor (mostly for high lending rates), but the driving factor causing Nigeria to lose peg to other economies on the continent is monetary policy, for too long the naira spread between bank & market rates magnified the problem which will perpetuate more arbitrage. Nigeria has many challenges, and will take a well diversified approach to solve the issue of low economic diversification. It starts with abundant energy and agricultural production (with affordable/predictable/stable energy). Low cost raw materials can create value addition and meet the demands for the domestic/regional and eventually foreign markets, thus creating sustainable economic development and jobs, while halting imports and strengthening the naira. It will also attract FDI which perpetuates the results and strengthens the outcomes. Nigeria could be a $1T /year economy if it addresses the many structural and infrastructural reforms necessary to actualize its many great benefits, it can be a long/painful/out-of-box thinking - journey, but it’s within reach. Good content BTW👍🏿
Beautiful! We Nigerians in Diaspora need more of this kind of documentary on our culture, history , foods, different languages and our diversity in Nigeria. We MUST NOT lose our culture, clothes/ fabrics, Languages, traditions and foods. We NEED to pass on our Nigerian languages and culture to our children and generations to come. GOD BLESS NIGERIA 🇳🇬
Nigeria should learn from China, but things changed because China mandated that all multinationals must teach the locals how their products or services are made before they get access to the market
Some of us will like to come back home to invest but the process is the system doesn’t help us ,too much tax ,multi taxing is way to much ,they tax you out of business
Stop blaming multinational corporations for the demise of Nigeria 🇳🇬, you Nigerians are architects of your own demise because you are very corrupt and wicked to the core. That's just the simple truth, and you better accept it. Always blaming other people for your own foolishness.
Tolaram is staying because it has the reserves to play the long game, or it is still leveraging its benefactors within the system in Nigeria which has enabled it to continue to reap the benefits of remaining in Nigeria. I listened to this person from start to finish and I am ashamed that people are here cheering her on. She does not know anything about what she is claiming to talk about and here is why. Look at this very video and everything behind her from that well placed handbag to the air-conditioning system, does anything behind her say to any of you, she is a "BUY LOCALLY" person? When she does not source locally, how the heck can she hope to sustain the economy of Nigeria by asking me to source locally which is what her angle seems to be? Speaking with a foreign accent does not make you smart, being smart is just being smart! Just a thought.....
Not only do we source locally we hire locally, train locals, manufacture locally and export out of Nigeria. Kindly share your very own contributions thus far to the solutions we seek.
@@SUSU-PODCAST First and foremost, I am not here to address your own personal business if you are a furniture company. I am addressing your personal consumption habits as an individual and you should have noticed I mentioned your "well placed handbag to the air-conditioning system..". I could have aimed my comment at what you have on your person but that would be too personal, and my point is, if you, the advocate for "buy local" are not consuming locally produced items, how the heck do you think the economy is going to sustain those you are hoping will fill the space left by Multinationals? Again, I have given you the solution using you as an example and if you missed it, it is that there is a need to change behavior across the board as Nigerians. That change in behavior begins with what each Nigerian residing in Nigeria consumes. If your personal consumption ratio is even 70% foreign sourced items, everything you are trying to talk about will not happen, period. You need to get your foreign sourced consumption ratio to under 45% to stand a chance of digging yourselves out of the mess the economy is in, period! Right now, the average Nigerian as an individual unit is consuming over 70% foreign sourced items. You do not have the foreign reserve to support such a level of consumption, period and that is the first conversation that needs to happen. The second conversation that has not happened but urgently needs to happen is the BIRTH RATE in Nigeria. You cannot make any headway if you keep breeding at the rate taking place across Nigeria. Those are the fundamental conversations which need to happen, period. I am a Nigerian. I used to live in Nigeria, I used to do what you are attempting to do today, otherwise called "podcasting", mine was actual BROADCASTING so I just might know a thing or two about how to change a society and its behaviors! Plus, I was equally considered to speak with a foreign accent! In actual fact I and my colleagues did do EXACTLY that which is change Nigeria and broadcasting as you know it today! We did not just talk the talk; we showed by our example that what we are attempting to do was possible. My colleagues and I brought you the FIRST PRIVATE RADIO STATION IN NIGERIA. We also brought you 24-hour radio and television broadcast in Nigeria. We laid the foundation for the music industry you have right now in Nigeria and propelled the Nigerian Movie industry to what it is via our collaborations with independent movie producers in the mid 1990s! We were responsible for the first ever successful local movie HYPE in Nigeria which created a massive box office hit for the producers of the movie called DOMITILLA! We promoted the Daddy Showkeys and Plantation Boyz of the Nigerian Afrobeats industry you know today and pioneered one of the most successful music labels which laid the grounds for your Davidos of today! We did that! So yeah, I did not just talk the talk; I can point to the changes I was part of in Nigeria which you might be a beneficiary of today! That is my real name on my profile, {Denis DeMenace Ogi} go ask around who I am and what my colleagues and I pulled off in Nigeria. You asked and I have told you. You might mess around and find out; I am still changing Nigeria from outside Nigeria till date! Sometimes, a comment on RU-vid might just be the real deal. Just saying....
@@denis-demenace-ogithank you for your contribution sir. 🫶🏾however this discussion goes far beyond buying local. Buying local means nothing when you import all your raw material, then sell to a local market that does not have real purchasing power...this is redundant in the African Market sir. We are and we must think bigger than that. Take your industry for instance, Nigerian music only began making exponential revenues when it began exporting to the world. Nobody needed to focus on banning consumption of international music. They simply focused on creating a product that could be exported to the rest of the world and figured out how to sell it consistently. In my humble opinion we should focus on the right things that actually bring about sustainable results long term...my hand bag unfortunately is not it. Ultimately the goal is for Africa to compete on a global stage in all sectors, not to isolate itself by pursuing autarky.
@@SUSU-PODCAST You are still missing the point of my response to you. If you are going to sustain any business investment in Nigeria whether local or multinational, you have to first do the primary thing of changing the population's mindset. Take your company which is a manufacturer of Furnitures according to you. You should not start a business and within a year or five of doing so, your primary target market is overseas! You should have a core market share in Nigeria upon which you are building on and spread to the international market! Why, because when the markets outside Nigeria become a problem, you should be able to rely on your core market to weather such a storm until you are able to reposition yourself as a business. But if you are primarily manufacturing in Nigeria and selling abroad, it is an indication of the problematic nature of your local market! Which is..... A: Your local market is not buying your products because it is indigenous hence the "buy local" headache or.... B: Your local market will want to buy your products, but it is priced out of doing so as a result of the spread of purchasing power! Both situations return us back to the fundamental issue which is "buying local"! If you are experiencing such a challenge, then you should expect other multinationals to be impacted and that is one of the reasons, we got here with the exit of such multinational companies. The other equation is remittance of profits. You are able to sell abroad and get your profits back to Nigeria so you can recycle your revenue to push more production. If on the other hand, multinationals operating in Nigeria are unable to remit their earnings, it becomes a major problem as it's other global arms will have to carry the burden of infusing liquidity into its Nigerian arm of the business and trust me, you can only do this for so many times before an activist shareholder come down hard on the board! Where these kinds of things have happened, you have seen the companies having to scale back their operations and that is what you have in Nigeria. So, what is the solution. The solution is simple. Redirect the consumption habits of the local population. That will actually drive even the multinationals to source locally as the question of having to justify the ratio of foreign to local content sourcing goes away. The above brings down cost for the local population and puts less pressure on the draining of scarce foreign exchange reserves. When you put less pressures on the demand for foreign exchange, you make it possible for Nigeria to meet profit remittance on real time bases which is why a multinational will make a bet on investing in Nigeria. You cannot fix anything else if you do not fix the local market and that is the conversation on the table. IF YOU ARE GOING TO SUSTAIN ANY MULTINATIONAL COMING TO NIGERIA, it should be able to remit its profit back to its home country and right now that is not happening and the overall purchasing power is sliding further downwards which makes doing business in Nigeria bet no one is willing to take from the eyes of most foreign investors who are not will to sit on their investment capital for the next 100 years! We can actually do some good if we address the real issues and that is why I engaged you.
@@denis-demenace-ogi Hi again Denis, thanks for your insightful comment...you are just wonderful. I fully understand your rationale, but I believe a broader approach is necessary. While having a strong local market is crucial, Nigeria's current buying power doesn't support a solely inward-focused strategy... it simply will not work because it has not worked. Economies similar to Nigeria, such as Vietnam and Bangladesh, have shown that focusing on export can drive economic growth. They leveraged export revenues to rebuild their economies and strengthen local markets. Here are a few of the reasons why I believe we need a more balanced approach: Export-Driven Growth: Many successful economies initially focused on exports to generate revenue, which was then reinvested into their local markets. This approach attracts foreign exchange with urgency, stabilises the economy, and eventually strengthens local purchasing power. Immediate Revenue Generation Targeting international markets helps bring in much-needed revenue that we need in circulation. This income can be reinvested in improving local infrastructure, production capabilities, and market expansion. Multinationals currently source foreign exchange over investing Naira due to economic instability. Yes you are absolutely right that creating a stable revenue stream through exports, we can make Nigeria a more attractive investment destination...but for locals first! While focusing on exports, we can simultaneously work on improving local consumption habits. This dual approach ensures that when international markets face challenges, we still have a robust local market to rely on...this can not however be forced nor can it be a short term strategy for change. It will happen organically and as a by product of our own brands playing globally. Relying solely on the local market is risky due to its current limitations. Diversifying our economic activities to include robust export strategies provides a buffer against local economic fluctuations.... and vise versa Your point about redirecting local consumption habits is valid and should be a long-term goal. However, waiting for the government to solve these issues is not practical given the current resource constraints. Immediate actions through export strategies can bring in the resources needed to address these fundamental issues over time. Let's work towards a balanced approach that includes both strengthening our local market and but aggressively targeting exports. This strategy has precedence and has worked for economies in similar situations. I also encourage you to watch my latest video for a more detailed discussion. Thank you for engaging Denise 🤗
It starts with leadership, let's get our leadership right. We can't keep voting in drug trafficking, certificate forging frail octagenarians into office and expect robust economic policy. We need a 20, 50 year economic vision with huge investment in R&D, espionage and education. Unfortunately, tinubu cannot go against his paymasters in Washington and Paris. IOC divested after over 60 years of operation and can't we can't even manage what they left behind, same with refineries, pharmaceuticals, FMCG. Only a patriotic leader can save us, not " it's my turn" leaders. Thank you for your strong resolve in demystifying our economic potentials
But at the very least we get involved, we are deeply in the game, we bring local solutions and inevitably WE position to be the benefactors of the work we do. You can never win a game you refuse to play. I'll take our chances
Sadly, you can't achieve anything with a government that’s not interested in industrial growth. As long as there's no commitment to improve electricity you're wasting everyone's time. By the way try not to use clichés like '"Nigeria is the giant of Africa"...and by the way, where did pull out the falsehood that Nigeria is 'a country of 300 million people'?
Which bank can loan the youth the capital to start up business? We don’t need IMF OR WORLD BANK Now which financial institutions can loan us money to start up business this is where the failures of our government comes, Still we don’t give up We still invest on our little Or travel to invest Either ways But manufacturing need good capacity cum capital.
Nigeria is hurting itself, people should stop blaming outside locus of control in terms of Nigeria problems. Nigeria is not well governed and is not harnessing the vast human resource it has which is enough to move Nigeria at least 20% of where it is today.
You have said it all dear sister. First came across you on one of the feature videos by Tayo Aina. As dear sister Aisha Yesufu keeps saying, we need more active Nigerians, not activists.
