Hello Hive.

Having successfully completed the first quarter of the year and starting the new month it has been a bit of a concern to me about how my fashion business startup has been on hold for a while. This is one important business goal I have hopped to achieve this year and the first quarter is now gone with no tangible progress. The economic situation of the country has halted so many activities of our lives. While I had hoped that at about this time my brand logos and fliers will be out, completion of the business registration and some of the other activities of business setups coming into place, some of these things I had thought would have been achieved by now and without glitches are totally in hol.
At first I was worried that there might be something possibly wrong with me for not achieving the monthly business goals because I had set up some business goals and splitted them into sections that should be achieved monthly but while I was lamenting over this a good look at already established businesses and how they are struggling to survive in this period came to mind.

A popular drug company whom I have often purchased a certain antibiotic for around $5-6 dollars relocated their business out of Nigeria. Now the prices of thesame antibiotics which was formally affordable at about $5 is now about $40 because they are no longer manufactured in the country but have to be imported. The company made this decision because of the harsh economic situation and the current government/government policies on ground. Several other businesses and companies have also relocated out of the country because of the non friendly business environment.
And the goods we enjoy at cheaper rates are now sold at outrageous prices because they are now imported by companies who were once in the country and the clearance fee for importation of these drugs which are quite expensive is all together been calculated and added to the selling prices of these drugs and every other imported item.

Several other smaller business have liquidated. My brother works with an Agricultural firm for almost 5years now and at the beginning of this year the staff's have been laid off including my brother.
The company can no longer pay staffs and having worked for almost 6months without salaries everyone was then relieved of their duties.
This is the current situation and several companies have been liquidated as well.

The removal of fuel subsidy, increase in electricity tarrifs and other tax with the hope that the generated funds from such developments will be channeled into creation of social amenities and development of the country is seeming futile to me personally. The government is quick to make harsh decisions and policies to milk out funds from the citizens while it is very slow in implementing policies and decisions that will push the country forward.

The fuel subsidy removed for almost a year now has been raising significant income into the government purse but it is still unknown as to when or how these monies will begin to be utilized. And like we all know fuel holds a center place in so many businesses since power supply in the country is epileptic purchasing fuel at an outrageous price to run businesses has made so many business to close down. And for those of us hoping to get started plans has to be on hold.

The minimum wage been paid as against the amount needed to survive (cost of living) is in total contrast with each other and if I were to rely on that wage as a source of capital to startup a business I probably might have to wait for years and with every likelihood that the business will never see the light of day. The money isn't enough for one to survive on talk more of saving from it to start a business.

To conclude this:

In the face of severe hardship most people are seen dipping their hands into their savings in order to pass by the days and survive the hard times,the sum of money/savings I have kept for business startup capital has to be channeled into more pressing needs.
I can't say if that is a wrong use of the business capital and financial resources but I'm willing to crosscheck this with other and people in business to see if I was doing anything wrong while equally seeking to know of any available options of generating funds business started even in the face of the current economic situation. Pulling together funds are startup capitals gets harder by day as survival is prioritized at these times and taking loans to get started isn't a part of the plan or a good idea at all.

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