I wrote a quick LinkedIn article about the scourge of delayed payments in Nigeria.
A friend who runs a SME in Nigeria recently told me about their struggle to get paid for work they did for a large corporation. While the service was confirmed satisfactory and invoices were accepted nine months ago, payment has not been made. Understandably, they are reluctant to involve lawyers or otherwise escalate the situation.
I tweeted about it, and an outpouring of comments indicates this is more common in Nigeria than it should be. Many people work for a SME that has had trouble getting paid or know someone who does. If this is indeed that common, it is bad for our economy.
The rest of the article is available on LinkedIn here.One day we will talk about how large corporations kill SMEs because of this singular reason. So many SMEs take loans to run projects for large corps. When payment isn't made on time, loan interest eats into project profit and sometimes wipes it out completely.— Simi Oluwatomi (@simioluwatomi) November 29, 2019
