Victor Aylor is the Chief Executive Officer of Numero Capitol Trading Company which is into Information Technology hardware, laptops and computer sales and services, and sales of gadgets like IPhones and others. In this interview with IKECHI NZEAKO, he speaks on how adequate funding of entrepreneurs will solve the challenges that the Nigerian economy faces. Excerpts:
What was the motivation to go into this business?
I studied mechanical engineering in university and at that time, it was not easy for those that graduated before me to get jobs and I did not want to waste time searching for a job. And knowing that my family was more into tech, it was very easy for me to set up a business.
I had to set up my own because I did not want to be an employee; I wanted to be an employer of labour. I did not want to look for jobs when I could create jobs. So set the business to create a job for me and others.
And where did you start?
I started my journey into self-employment in the year 2012. Even as a student, I had always been trading.
I used part of my school fees to buy things and sell to people. I made profit and paid my school fees and still had money to sustain myself for the semester.
And how has it been for you over the years now?
How has it been over the years?
It has not been easy because of the difficult environment; securing funds to expand has not been easy.
The banks are not friendly; the interest rate is too high. There is competition, but we thank God because we have been able to build traction over the years because we have loyal customers who trust our judgment.
One thing that is very important in business integrity; integrity is more valuable than gold and with integrity we have been able to sustain ourselves.
Most of the big companies cannot give the direct services that we provide, which is an edge for us.
It is easier for us to have personal interaction with the customers and when they buy things from us, they get personalised service which they cannot get when they go to a big corporation where the owner of the business is nowhere to be found, and so, that has been the driving force for us to
Generally, how would you describe doing business in the country?
Doing business in the country is actually difficult.
However, the environment has made Nigerians work hard and learn to improvise. Whether you believe it or not, Nigeria trains you because we are not in an ideal situation. This is because in the Nigerian space, there is no room for sleeping. There is no room for rest.
So, it makes you to always be able to think 25 hours in 24 hours. So, that is the only thing, Nigeria makes you think on your feet because it’s not easy, but you must find a way out.
And that’s what the Nigerian business space has given us. It’s like an added value because we are more dogged than rugged.
What two or three things would you advise the government to do so that people who do business like you can prosper and make more money?
We need to be able to access funding; funding is the most important thing, especially for entrepreneurs.
In Nigeria, the easiest way for us to raise capital is from friends and family, but in other countries, the typical entrepreneur has backing from the government.
This is what we are lacking here. A small grant from the government can have a multiplier impact on the economy. And don’t forget that the middle class is shrinking every day and these are people who actually pay for goods and services; it is the middle class that sustains an economy.
So, if the government wants to solve the problem of poverty in the country, then it should support entrepreneurs, because it is entrepreneurs that create jobs for unemployed people.
It is not about sharing N100 billion, N700 billion to people; let us create a system of empowerment through entrepreneurs and SMEs.
The government should give funds to those that have ideas so they can turn the ideas into businesses.
Don’t forget that Elon Musk, the richest man in the world, was actually funded through a system. That was why he was able to have a track record. And even when he started space exploration, he used the US government’s patronage.
The biggest funding that Facebook got was from the State Department and the Pentagon. Pentagon adopted Facebook and it has become the largest database of humans worldwide and employing hundreds of thousands of people across the world.
So you see the ripple effect of the government funding SMEs? You can actually transform Nigeria before 2050 if small businesses and entrepreneurs are adequately funded. If this is done, I am very sure that we will have less jobless people than the United States of America.
The government should make the funding of SMEs and entrepreneurs a priority. Entrepreneurs should not have to sell their property before they can have a business or expand an existing one.
If you need N50 million, the bank should give it to you and not tell you that you need a piece of land that is above N100 million in terms of collateral.
Currently, if you ask a bank to lend you N50 million, it will tell you that you need a turnover of maybe N300 million. So, these are some of the challenges that make it harder for entrepreneurs to compete.
The Chinese get funding from their government and enter the Nigerian economy and we cannot compete with them. So, when they come here, it is a walkover for them.
The Indians are here; when they see an opportunity here, they go back to India and their government that has empowered institutions give them almost zero interest credit. And they come here and they compete with us; the competition is an unequal one.
With a population of over 250 million, Nigeria is an ecosystem that can be self-sustaining; the only thing we need is the catalytic injection of funds from the government to entrepreneurs.
We also have the challenge of inadequate supply of electricity; we know that electricity is not just for the SMEs and for entrepreneurs. Without adequate electricity, we cannot have industrialisation.
The cost of living is very high and landlords have increased rents by more than 500 percent.
If a young person comes to you and says he or likes what you do and wants to do it, what advice would you give that young person? I will tell the person to follow their passion because it is passion that has been the driving force for me. This is because there are times you don’t make a sale days and weeks. There are times when you do business and you know you are not making a profit.
Make sure you enjoy what you are doing; look forward to the challenges and embrace the challenges. So, when the money starts coming in, it is just like an added value.
Young people should determine what passion they have and chase it. Chase the dream and try to reach to the pinnacle of the passion that they have developed for a particular enterprise.