In a heartfelt and candid interview, Ola, a Lagos-based entrepreneur and mother of two, has revealed how an overwhelming debt of ₦18 million has drastically changed her outlook on life and business. The financial strain, which developed over the last two years, has forced her to abandon her trusting and generous nature and embrace a tougher, more guarded approach in all aspects of her life.
Ola’s journey began with hope and ambition. Two years ago, she decided to expand her small retail business, aiming to capitalize on Lagos’ booming consumer market. Encouraged by initial success and supported by loans from friends, family, and formal lenders, she invested heavily in inventory, staff, and marketing. However, a combination of unforeseen economic challenges and customer payment defaults quickly turned her dream into a financial nightmare.
“The market shifted,” Ola explained. “Customers delayed payments, costs went up, and suppliers became stricter with credit. I kept pushing, thinking things would improve, but they only got worse.” Within months, the debt ballooned to ₦18 million, a figure that overwhelmed her and put her business and family under immense pressure.
The impact of the debt has been far reaching. Ola revealed the toll it has taken on her mental health, relationships, and personal finances. “I couldn’t sleep. I was anxious all the time. My relationships with friends and even family were strained because I was constantly worried about money,” she shared. “People who I trusted started treating me differently when they found out about my debt.”
Ola’s story highlights a common struggle among small and medium sized enterprises (SMEs) in Lagos, Nigeria’s economic powerhouse. According to recent reports, SMEs contribute over 48% of Nigeria’s GDP but face enormous challenges such as limited access to affordable credit, unstable market conditions, and inflationary pressures.
Economic experts emphasize that Ola’s experience is not isolated. Dr. Chukwuemeka Okafor, an economist at Lagos Business School, commented, “Many entrepreneurs in Lagos and across Nigeria find themselves trapped in cycles of debt due to a combination of external economic shocks and internal management challenges. It’s a systemic issue that requires comprehensive policy responses and increased financial literacy.”
Ola admits that her biggest mistake was mixing personal generosity with business transactions. “I was always nice to my customers and suppliers, often giving them extended credit or discounts because I believed in goodwill. Unfortunately, this was taken advantage of,” she said. “After this experience, I’ve realized that kindness in business has limits. You have to set clear boundaries.”
The ₦18 million debt forced Ola to make painful decisions. She had to sell her car and other personal assets to meet repayment demands. “It was humiliating,” she said. “But I knew I had to do it to save my business and keep my family afloat.” She also had to cut back drastically on household expenses, affecting the wellbeing of her children.
Despite these challenges, Ola remains determined. She’s now focusing on rebuilding her business with a more strategic approach, emphasizing financial discipline and risk management. “I’m learning to say no and to demand contracts and guarantees,” she explained. “I still want to succeed, but I won’t let anyone take advantage of me again.”
Her story has resonated widely on social media, where many young entrepreneurs have expressed sympathy and shared similar experiences. “It’s a tough lesson, but an important one,” commented one user. “Ola’s honesty should inspire others to be cautious but also resilient.”
Ola also calls for greater support systems for entrepreneurs in Lagos and Nigeria at large, including access to affordable credit, mentorship programs, and mental health resources. “We need more than just loans; we need education and community,” she said.
In the midst of Nigeria’s challenging economic environment, stories like Ola’s provide a stark reminder of the human cost behind business statistics. Her vow to “never be nice again” might sound harsh, but it reflects a pragmatic adaptation to harsh realities a survival instinct in a competitive market where trust is often exploited.
As Lagos continues to be a hub for commerce and innovation, the lessons from Ola’s experience could serve as a wake up call for entrepreneurs and policymakers alike. Protecting the backbone of Nigeria’s economy its SMEs requires not just capital, but resilience, savvy, and sometimes, tough love.