During the 2024 Women in Management Business and Public Service conference in Lagos, former Nigerian Vice President Prof Yemi Osinbajo highlighted the unsustainable extravagant lifestyles of Nigerian business owners. He noted that excessive spending on maintaining an image of success detracts from the viability of their businesses. “The lifestyle of business owners is a problem for Nigerian businesses,” he asserted, pointing to the societal pressures that compel entrepreneurs to project affluence beyond their means.
Osinbajo expressed concern over how social media perpetuates unrealistic expectations, leading many business owners to feel inadequate compared to seemingly successful peers. This results in sizable investments in luxury goods and services that do not align with their companies’ actual performance. He further urged the affluent class in Nigeria to prioritize social welfare issues and advocate for the less fortunate.
In her opening remarks, Vice Chancellor of the University of Lagos, Professor Folasade Ogunsola, motivated attendees to turn dreams into action, stressing that leadership entails taking risks despite fears of failure. The event underscored the necessity for women’s involvement in all sectors to amplify their impact on decision-making.