Ecosystem Snapshot

Ibadan

Stakeholder Insights

Challenges

  1. Limited access to financial support for SGBs
  2. Poor collaboration among support providers
  3. Limited access to information about ecosystem support providers due to lack of centralized data.
  4. Limited access to market opportunities
  5. Mutual distrust between investors and small business owners
  6. Lack of enabling environment and supporting policies for SGBs to thrive
  7. Due to a perceived lack of economic opportunity in Ibadan, many talented professionals are drawn to Lagos, reducing the talent pool for SGBs in Ibadan.
  8. Political instability

Opportunities

  1. Increasing demand for investible agricultural businesses
  2. Proximity of Ibadan to other larger cities to boost market access
  3. Affordable costs of infrastructure and running a business
  4. Growing local investor interest, such as angel investors, to boost entrepreneurship in Ibadan
  5. Opportunity to commercialize research and development, which is a core strength of Ibadan
  6. Opportunity for a sustainable collaboration between the private and public sectors to harness Ibadan’s unique strength in agriculture and food

Recommendations

  1. Investor Education: Local and foreign investors should be educated on the opportunities available for investment in Ibadan.
  2. Mentorship Platforms: Capacity development providers need to collaborate in creating platforms for sustainable entrepreneurial mentorship.
  3. Interstate Collaboration: Both the government and private sector should collaborate with other economically viable states in Nigeria to attract more supporters to the broader entrepreneurial ecosystem.
  4. Localize Support Programs: Because of Ibadan’s unique entrepreneurial culture, support programs must be adapted to better suit the local context.
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