After returning to Nigeria, Professor Tayo Oyedeji reveals a pervasive culture of dishonesty in business practices, sparking widespread debate and highlighting the complexities of the Nigerian market.
A Nigerian university professor, who returned to the country two years ago, has shared his striking observations.
Professor Tayo Oyedeji revealed on social media that upon his return to Nigeria, he discovered a pervasive culture of dishonesty regarding business margins, profitability, and sustainability.
Taking to X, he expressed that everyone seemed to be lying about their businesses’ financial health. According to him, starting with the assumption that “everyone is lying” could lead to greater success in the Nigerian market.
His tweet read:
“I moved back to Nigeria about 2 years ago, and the one lesson I’ve learned is that everyone is lying about the margin, profitability, and sustainability of their business.
“Everyone is lying.
“If you start from that standpoint, you’ll probably have more success in this market.”
Reactions to Professor Tayo Oyedeji’s Tweet
Professor Oyedeji’s statement has sparked a variety of reactions online:
@tocenbyl commented:
“Oh, really? It always amuses me when international organizations present statistics that naive diaspora use to gauge Nigeria’s health. I get annoyed when Ivy League-educated Nigerians use these figures to make economic decisions on Nigeria! Ask a Nigerian instead!”
@Tokwonna remarked:
“That’s one part of it. But you came back during a period of significant wealth erosion and an increase in poverty due to government policies, which has drastically altered the business landscape.”
@ChukwumaNwanze added:
“Maybe ‘most’ are lying, but it is a hasty generalization to say ‘everyone.’ In the long run, sustainability is something you cannot lie about. Eventually, the truth will come to light.”
Professor Oyedeji’s insights and the ensuing discussions highlight the challenges and complexities of doing business in Nigeria.
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