Poor financial records, cash flow woes crippling Nigerian businesses — SWAN

LAGOS — The Society of Women Accountants of Nigeria (SWAN) has identified poor financial record-keeping, inadequate cash flow management, ineffective pricing and limited understanding of profitability as some of the factors undermining the survival and growth of businesses in Nigeria.

The association said many promising businesses struggle not necessarily because of a lack of opportunities or customers, but because their owners lack the financial knowledge required to manage resources and make informed decisions.

SWAN stated this at its 2026 Accounting for Non-Accountants Workshop, held on Thursday at the Institute of Chartered Accountants of Nigeria (ICAN) Annex, Ebute-Metta, Lagos.

The workshop, organised as part of the association’s Corporate Social Responsibility initiatives, had the theme, “Business Made Easy: Practical Financial Skills.”

Speaking at the event, Chairperson of the Planning Committee, Mrs Ruth Jawo, said financial literacy had become essential for entrepreneurs, traders, professionals, employees and business managers, particularly amid the country’s challenging economic conditions.

According to her, financial knowledge would enable business owners to make informed decisions, manage resources effectively, avoid penalties and achieve sustainable growth.

“The theme reflects SWAN’s commitment to simplifying financial concepts and equipping participants with practical knowledge,” she said.

Jawo explained that the workshop was designed to bridge existing financial knowledge gaps and empower participants to manage their finances more confidently.

She expressed the expectation that participants would apply the knowledge acquired to improve their businesses, workplaces and households.

“Our expectation is that every participant leaves with valuable knowledge, practical tools and a renewed determination to develop better financial habits.

“The true success of this workshop will be measured not merely by attendance, but by the positive changes it inspires in businesses, workplaces and households,” she said.

Jawo urged participants to put the lessons into practice, describing the workshop as an opportunity to promote financial empowerment and sustainable growth.

She also commended SWAN’s leadership, facilitators, sponsors, partners, planning committee members and volunteers for their contributions to the programme.

Earlier, the National Chairperson of SWAN, Mrs Blessing Osakwe-Ogo, challenged participants to consider why businesses that record daily sales could still struggle to meet their financial obligations.

She said the problem was often not a shortage of customers, but inadequate financial records and the inability of business owners to interpret them.

“You cannot successfully grow what you do not properly measure, and you cannot protect a business whose financial position you do not understand,” she said.

Osakwe-Ogo explained that the programme was designed to equip entrepreneurs and business owners with practical knowledge of basic bookkeeping and accounting records.

She said the skills would help them track income and expenditure, monitor profitability, control costs and make informed business decisions.

The SWAN chairperson added that the association had expanded the programme to include discussions on emerging financial and tax laws, particularly Nigeria’s recent tax reforms and their implications for small businesses, entrepreneurs and business owners.

The workshop featured presentations by various facilitators on practical financial management skills.