Succession planning seen as key to Nigeria’s business future
Nigeria’s industrial growth is at risk if businesses do not survive beyond their founders, according to industry leaders. George Onafowokan of Coleman Technical Industries Limited and other stakeholders stress that discipline, mentorship, and structured succession are essential for long-term business continuity. Reports and experts highlight that family-owned enterprises dominate Nigeria’s economy but often lack robust succession frameworks. Without deliberate planning, many businesses struggle to endure across generations.
TLDR
- George Onafowokan led Coleman Technical Industries Limited to its 50th year and emphasized the need for intentional succession and discipline to ensure legacy.
- A March 2025 PwC report highlighted that cultural values and structured planning are crucial for business continuity in Nigeria.
- In 2023, Dr Jumoke Oduwole stated that there were about 23.8 million family businesses in Nigeria, contributing roughly $200bn annually to the economy.
- The Moniepoint report in 2024 noted that only a few Nigerian businesses reach 100 years, with most lacking clear governance or succession plans.
- Experts warn that without mentorship, training, and governance structures, most family businesses do not survive beyond the second or third generation.
