Dishonest business practices in Nigeria people say, is due to harsh economic environment where useful infrastructure is lacking leading to a widespread culture of corruption in the private and public sectors of the economy, I wish to disagree with this opinion. This article examines this topic by looking at the following: giving bribes for contracts, tax evasion, creative accounting, and embezzlement of money, misleading marketing, poor work environment and safety standards, and maltreatment of employees and poor salary.
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Other areas of focus includes producing substandard goods, over invoice, wrong and overcharges to customers accounts, corporate organizations breaking the law by making false returns to regulatory authorities and delays in submitting returns to regulatory authorities
10 Most Common Dishonest Business Practices in Nigeria that is killing the Economy
At the end, you will learn that Nigeria economy can grow when she changes the negative business practices that are pervasive in the land, and she will receive positive ratings from world bodies.
World Bank Survey
In 2017 World Bank Ease of Doing Business Survey, Nigeria ranked 169 out of 192 countries. In addition, the vital indices of electricity supply and paying taxes show that it ranked 180 and 182 respectively. Yearly, the country ranks as one of the most corrupt nation on earth, this is unacceptable. Bribery is the bane of doing business in Nigeria and this must change.
1) Giving Bribes for Contracts
Many corporate organizations bid for government jobs they are not qualified for because they have other means of winning the contract apart from tendering a practical bid.
In many public establishments, officials will receive your application for a contract and withhold it until you give them bribe to move the file from one table to the other. Some unqualified companies get major contracts due to their ability to give bribe to top government officials only to abandon the project half way. This accounts for why there are many abandoned projects scattered all over the country. This is so sad.