Causative Explanation of the Causes of Family Business Failure in Nigeria

Abstract

The failure or collapse of businesses is a common occurrence in Nigeria. Though business opportunities do not cease to spring up, but their prospects of survival continue to hinge on the conditions obtainable within the volatile Nigerian operational environment and the specific strategies put in place by the respective business owners. This is most especially true of the operations of family businesses, which have for several decades, occupied prime position in the economic and social landscape of Nigeria. This paper using the historical narrative and analytical method provides a historical perspective to the factors that often lead to the failure and disappearance of many family industries and enterprises in Nigeria. With a conclusion that efforts are geared towards engendering conducive structural and cultural practices that would facilitate the viability and sustainability of family businesses for the overall economic prosperity of the country.