1. What motivated you to go into your lines of businesses?
During my time at university, I had a strong conviction that I wanted to run my own business rather than work for someone else. I often thought, “Why should I help someone else build their empire when I can create my own?” While I always had a dream of owning a restaurant, I initially felt too young to pursue it. So, at 23, I launched my first business, Anne Jacobs, with my family’s support and at 25, I decided to attend fashion school. Anne Jacobs officially opened in 2017, and I began earning money from my collections, bespoke designs and unique fabrics.
In 2019, I began discussing the idea of opening a restaurant with my family, as it had been a passion of mine since I was young. I had always said that before I turned 30, I wanted to open my own restaurant. I agreed on a name that felt personal and found a suitable location for the business. I secured a long lease, devised a plan to rent out the spaces below the restaurant, and opened my first restaurant, TAJ Bistro. After two years, I realised, “Why not invest the profits instead of letting them sit idle?” I considered opening a location in London, but the fluctuating exchange rates made me anxious. Thankfully, my friends and family encouraged me to establish a restaurant in Lagos, so I opened TAJ Restaurant | Bar in Lagos.
In the process of opening, I took it upon myself to source everything. I thought to myself that I could not be the only one in the hospitality industry facing supply challenges. Inconsistencies in ingredients can significantly impact a meal’s quality. For instance, using a different brand of garlic powder can alter the appeal, especially in seafood dishes. Recognising that many might experience similar struggles, I decided to create “TAJ Metro Mart,” since I often travel and buy food items that can last for up to a year, and I knew my way around sourcing the ingredients.
2. You built from the ground up, what was your experience like?
Building my business from the ground up has been a journey filled with lessons, challenges, and growth. I first ventured into entrepreneurship during my university days, though it was only during the summer breaks. I always had an eye for opportunities to make money in a way that felt rewarding and legitimate. At 19, I noticed that many of my friends had the same opportunities for international travel that I did, yet they were fascinated by my outfits. Inspired by their interest, I decided to take advantage of my trips to America. During these trips, I explored various shops and handpicked unique pieces to bring back home for resale. That was my first taste of entrepreneurship.
After university, I started selling fabrics. At the time, I did not have a store so people would come to my house to buy, or I would meet them somewhere, and my car became my mobile shop, with fabrics in the back seat. In hindsight, I can see that my dad wanted me to understand what it meant to build something from the ground up. He believed that if I was truly serious about
business, I could make a profit regardless of my circumstances. He supported me with some start-up capital, and I began travelling to source fabrics, which marked a turning point.
Selling fabrics allowed me to save up and open a small space, where I brought in tailors from Cotonou. Two years later, I moved to Wuse 2 and officially launched Anne Jacobs. For the grand opening, I created a collection, and it was a success. Founding Anne Jacobs was a major milestone in my entrepreneurial journey. It proved to me that with determination and vision, no goal is unattainable. Reflecting on this journey, I realise how much each stage taught me about resilience, hard work, and maintaining a positive outlook, even when the odds seemed daunting.
3. There’s this notion of a gender barrier in entrepreneurship and access to finance, what’s your view on this?
When it comes to the notion of a gender barrier in entrepreneurship, particularly in accessing finance, I do not necessarily believe it is entirely a gender issue though, women do face unique challenges. In Nigeria, the reality is that both men and women struggle to access financial support for business startups. The system does not seem to support businesses as much as it should.
The challenges of our economy compound the problem. With fluctuating exchange rates and the high cost of living, many people barely have enough left to save after meeting their basic needs, let alone start a business. It is hard enough to navigate these obstacles without a system that demands so much. In my opinion, the Nigerian banking system should provide more accessible startup loans or support for entrepreneurs, provided their ideas are viable and well thought-out. It is not just about providing capital, but also about nurturing innovative ideas and giving entrepreneurs a chance to thrive in what is already a very challenging environment.
4. How competitive are African fashion brands globally?
African fashion brands, especially Nigerian ones, have become extremely competitive on the global stage. Many of us have international clients who regularly shop online. I can speak from personal experience—I have had customers from places like Cameroon, Geneva, the UK, and the US. And I am not alone. There are other fashion houses whose reach extends far beyond Nigeria.
Nigerian fashion, in particular, has transcended its local roots. You now see Nigerian designers being worn on major platforms like red carpets at international film festivals in the South of France. This shows that the industry is gaining the recognition it deserves on a global level. Nigerian fashion is no longer just for Nigerians; it has truly gone global. We are being seen, and more importantly, appreciated, on the world stage.
5. What makes your fashion brand the most preferable?
What sets my fashion brand apart is the timelessness of my pieces. When you purchase an Anne Jacobs dress, it is something that you can wear for years and it will never feel outdated. I have clients who still wear outfits from eight or nine years ago, and they still look as stylish as the day they were made. I believe this is what makes my brand stand out—my designs are simple, chic, and elegant.
Even with my bespoke pieces, the same principle applies. I have had clients return after several years, sometimes after life changes like having children, asking if we can alter or refresh their couture outfits. We might add embellishments or make adjustments to fit their new bodies, and those outfits remain relevant and beautiful. My brand is not about following fast trends; it’s about creating lasting elegance that feels just as special years down the line as it did the first time you wore it.
6. You have built a sort of conglomerate with businesses across fashion, retail and real estate, what do you intend to do going forward?
Looking ahead, my focus is shifting toward expanding beyond Nigeria. We have a café set to launch by the end of the year, which I am excited about, but after that, my sights are set internationally. I feel like I have accomplished a lot within the Nigerian space. Abuja and Lagos are the key cities I intended to set up businesses in, as I do not see the need to keep expanding across all thirty-six states. It is more about taking what I have built and growing it in new environments, exploring different markets.
The idea is to branch out in ways that push me beyond the familiar. As much as I love what I have done here, I feel ready for new challenges and opportunities outside Nigeria. I feel that the foundation I have laid in Nigeria has prepared me to compete and succeed on a larger scale.
7. Talking about your many businesses, tell us what makes each an opportunity.
For me, each of these businesses represents a unique opportunity. With Anne Jacobs, I wanted to create a fashion brand that offered timeless, chic designs. I recognised that people desire quality and longevity in their wardrobes, and I felt a calling to provide that. Each piece is crafted with intention, allowing my customers to invest in garments they can cherish for years.
The restaurant business has always been a passion project for me. Beyond that passion, I saw a chance to bring something distinctive to the market—especially in terms of quality and consistency. My experience with TAJ Bistro opened my eyes to the supply chain challenges that
plague the industry. This insight was the catalyst for launching TAJ Metro Mart. The idea was simple: why not create a business that addresses these supply issues, not just for myself but for others navigating the same challenges? By ensuring a consistent supply of quality ingredients, I aim to elevate the dining experience for everyone.
I also view these businesses as significant opportunities for others, particularly the many graduates who work with me. Many have come through the NYSC (National Youth Service Corps) programme, and they actively seek to be retained because they recognise the value of being part of the TAJ family. We pay more than the minimum wage in Nigeria, which is crucial given the current economic realities.
This financial difference has attracted a diverse pool of talent, including those from the corporate sector who have previously worked in banks or other industries. It’s not just about the pay; it’s reflective of a broader shift in mindset. In the past, if you mentioned working in a restaurant, it might have been met with scepticism. But now, people often aspire to managerial roles in restaurants over entry-level positions in banks.
I believe that each of these ventures, if managed thoughtfully, can be highly profitable. There are countless individuals with remarkable ideas and vision, yet they might feel constrained by fear or financial limitations. By sharing my journey, I hope to inspire them to recognise the opportunities that exist and encourage them to take that leap. It is not always easy, but the rewards are undeniably worth it.
8. What are the challenges facing start-ups, and what can be done to address these?
Starting a business comes with its unique challenges, particularly in our current landscape. One significant issue is the perception and treatment of entrepreneurs by regulatory bodies. Often, it feels as if these entities are more focused on collecting their share of profits rather than providing the necessary support to foster growth. For instance, when a project requires substantial investment, the government should offer assistance during the start-up phase, rather than merely stepping in to collect taxes once the business is operational.
Beyond regulatory hurdles, there are ongoing operational challenges that can feel overwhelming. Access to consistent electricity remains a critical issue. The reliance on diesel for generators has significantly increased costs, and rising tariffs have compounded this problem. What once was a manageable expense has escalated into a substantial financial burden for many entrepreneurs.
While it is easy to focus on these challenges, it is crucial to discuss potential solutions. For example, strengthening the banking system to provide tailored financial support for start-ups could make a significant difference. A more sustainable approach could involve offering soft landing programs or financial backing for businesses that have demonstrated consistent profitability over a few years. This could provide aspiring entrepreneurs with the resources they need to launch their ideas and create job opportunities.
Moreover, government intervention is essential. A symbiotic relationship is needed, where the government supports those who generate tax revenue, fostering an environment where businesses can thrive.
Ultimately, addressing these challenges requires a collaborative effort between entrepreneurs and government bodies. By investing in and nurturing start-ups, we not only support individual dreams but also strengthen our economy as a whole. I believe that it should be about creating a more sustainable future for all stakeholders involved.
9. Growing up, how has your background impacted your businesses?
My family’s unwavering support has been a cornerstone of my entrepreneurial journey. During the initial years, their belief in me acted as a safety net, allowing me to take risks and explore opportunities that I might have otherwise shied away from.
Growing up as the eldest daughter in a family of seven, I inherently embraced the role of a role model for my younger siblings. This position came with a unique sense of responsibility; I understood that my actions would shape their perceptions of what was possible. The knowledge that my younger siblings looked up to me fueled my determination to persevere through adversity, knowing that my journey could inspire them to chase their own dreams.
Additionally, being part of a large family taught me the importance of collaboration and teamwork. I often draw on those lessons in my businesses, fostering a sense of community and support among my team members. I want to create a workplace culture where everyone feels valued and motivated to contribute their best.
This nurturing environment instilled in me a strong work ethic and a belief in the value of resilience. I learned early on that setbacks are not failures but stepping stones towards growth. This mindset has guided my decision-making in business, reminding me to view challenges as opportunities for learning and development.
10. Talking about govt support, what are those incentives that you think are necessary for the growth of micro, small and medium enterprises?
When it comes to government support for the growth of micro, small, and medium enterprises (MSMEs), the most critical incentive is financial support. Many aspiring entrepreneurs have dreams and innovative ideas, but the lack of accessible funding often stifles their potential.
Unfortunately, the reality is that when someone is starting out, being offered a loan with a thirty per cent interest rate can be daunting. The cost of running a business in this country is already substantial, and adding high interest rates only compounds the challenges. It raises the
question: if the financial burden is so high, what are entrepreneurs left with at the end of the day? The Government could consider offering grants or low-interest loans specifically designed for startups, which would alleviate some of the financial pressure and allow entrepreneurs to focus on building and scaling their businesses.
