In the face of the collapse of small businesses in Nigeria, Precious Forcados, Managing Partner at Biztraction Limited, is leveraging their pro-bono business advisory initiative to help Nigerian micro and small business owners survive and thrive.
According to data from the Association of Small Business Owners of Nigeria (ASBON), over 10 million small businesses shut down in 2023 alone.
BusinessDay further reports that over 80 percent of Nigerian MSMEs collapse within their first five years.
According to Forcados, these figures are “alarming but not surprising,” based on insights gathered from months of working directly with struggling entrepreneurs across the country.
The pro-bono initiative under Biztraction offers one-on-one strategic consulting and business modeling support to small business owners. The goal is simple but ambitious: provide the kind of hands-on, practical business guidance that most MSMEs in Nigeria do not have access to and often don’t even realise they need.
Through personalised sessions, Biztraction helps entrepreneurs answer critical questions: “Who is my real customer? What exactly am I selling? How do I price for profit? What must I do now, next, and later?”
The initiative is designed to meet entrepreneurs where they are, whether they’re graduates launching a hustle after NYSC or informal business operators trying to turn side gigs into sustainable ventures.
“We’re not just teaching theory,” Forcados explained. “We’re helping them think clearly, model their operations in real-time, and give them strategies to structure their business for survival and scale.”
While many assume MSME failure is due to bad ideas or poor work ethic, Forcados argues that systemic barriers are the real culprits. Entrepreneurs grapple with inconsistent power supply, weak infrastructure, limited financing options, and a lack of mentorship.
Additionally, most MSMEs operate in isolation, without access to peer learning or professional advice. Compounding the problem is a cultural disconnect: many business owners don’t believe strategic consulting is for them.
“Consultancy is seen as something only for big companies,” Forcados said. “We’re changing that perception by showing small businesses how powerful strategy can be.”
The Biztraction sessions do more than solve business puzzles; they plug entrepreneurs into a community of other business owners. Participants often gain access to shared experiences, referrals, and partnerships that strengthen their networks and boost visibility.
This human-centered approach is part of Biztraction’s long-term vision: to normalise business advisory services at the MSME level, making it as routine as opening a bank account or registering a company.
The survival of MSMEs is not a private struggle, it’s a matter of national importance. With MSMEs accounting for 96 percent of businesses, employing over 60 million people, and contributing nearly 50 percent to Nigeria’s GDP, their collapse directly undermines economic development.
Forcados emphasises that even a modest improvement in business survival rates from 20 percent to 50 percent could have a transformational impact, creating millions of jobs and increasing local production.
If we keep businesses alive, we strengthen families, communities, and the country as a whole,” he noted.
Biztraction is now calling on development partners, CSR units, NGOs, and government agencies to partner, support, or refer entrepreneurs to the initiative. “We’ve seen what’s possible when support comes early and is rooted in strategy,” Forcados said. “Now, we want to scale.”
By helping Nigerian entrepreneurs rethink their business models and embrace structured decision-making, Biztraction is not only offering a lifeline to struggling businesses, but it is also rewriting the MSME survival narrative.
“Let’s build this together, one strategy session at a time,” he said.
