‘No quick wins in business’

2026-03-01 - 05:56

In a time when many young people seek overnight success, the story of Mr. Obiokoye Oluchukwu Peter serves as a powerful reminder of the value of humble beginnings. Starting as an apprentice in the telecoms store, he persevered through challenges, weathered the storms of the industry, and today counts his blessings as a successful entrepreneur. Excerpts: What kind of business are you into? I am into the telecommunications business, where I engage in the wholesale and retail of mobile phones and accessories. The business serves a wide range of customers, from individuals looking for affordable devices to traders who buy in smaller bulk. Over time, we have built a reputation for reliability, quality products and fair pricing, which has helped us retain loyal customers in Lokoja. Why did you venture into this line of business? My journey into telecommunications started over 20 years ago after I was introduced to the business by my older sibling. At the beginning, it was purely about learning and understanding how the trade works. I observed customer behavior, pricing patterns and supplier relationships. With time, experience and consistency, what started as learning gradually developed into a full-scale business that I now manage independently. Would you describe the performance of the business as successful? The business is performing fairly well, considering the realities of the market and the intense competition in the telecoms sector. While it is not without challenges, it provides a steady and decent income. The key has been consistency and the ability to adapt to market changes, customer preferences and economic conditions. How did you raise capital to start the business? Raising startup capital was one of the major challenges I faced at the beginning. Like many small business owners in Nigeria, I did not have access to financing at the early stage. I relied on financial support from family members, which allowed me to start small. That experience taught me important lessons about prudence, gradual growth and the importance of managing resources carefully. Did you access any credit facility to boost your business? Banking has played an important role in the growth and stability of my business. I bank with Jaiz Bank Plc and my relationship with the bank has been very supportive. Seamless transaction processes have enabled me to make payments promptly and place orders without unnecessary delays. Access to financing has also helped in boosting working capital, especially when purchasing phones and accessories in bulk to meet customer demand. How would you rate your experience using digital banking services? My experience with the Jaiz Bank Mobile App has been positive. The platform is efficient and reliable, which is very important in a business where timing matters. Beyond the app, the consistent support from my account officer and branch staff has made a big difference, especially whenever operational or technical issues arise. What are the major challenges you face in your business? One of the major challenges I face is logistics. Most of my supplies come from Lagos and Kano, which are far from Lokoja. This distance sometimes leads to delays in delivery, increased transportation costs and occasional stock shortages, all of which can affect daily business operations. What strategies do you use to manage these challenges? To manage these challenges, I focus on planning ahead. I place orders early and factor in possible delays before stock runs out. This approach has helped me maintain stability and continue serving customers even when logistics become challenging. What advice would you give to young Nigerians who want to start a business? My advice to young Nigerians is to understand that there is no easy business. Every venture comes with its own risks and challenges. Patience, consistency and a willingness to learn are very important. Young entrepreneurs should take time to understand their chosen field, start small if necessary, and avoid expecting quick success or unrealistic returns at the early stage.