The Principle of a Problem as an Opportunity

There are countless problems in Nigeria—and worldwide—and many people today are frustrated, complaining about issues ranging from high living costs to poor infrastructure and governance. While it is true that numerous aspects of our country need improvement and that our leaders have significant work to do, having the right perspective is crucial.

Many see problems as obstacles hindering their progress, leading to frustration and endless complaints about the government and society. However, a more productive approach is to view problems as opportunities for growth and wealth creation. Those who solve problems, drive positive change, and act as catalysts for transformation often benefit financially and socially.

For instance, when analogue phones were limited by their lack of mobility, some saw this as an opportunity rather than a drawback. The creation of the mobile phone revolutionized communication, and today, companies like Apple are valued at over three trillion dollars. Similarly, while some people lament the rising cost of eggs, others see an opportunity to invest in or establish poultry farms, turning the challenge into a profitable venture. Some entrepreneurs would even consider developing alternative products to eggs, innovating in response to the problem.

Likewise, as fuel and transportation costs rise, some individuals pool resources to buy vehicles and operate taxi services, generating income instead of merely complaining. Many people also own idle assets yet continue to complain about financial struggles. For example, car owners who lament high fuel costs often leave their vehicles unused for over 90% of the time. A practical solution could be hiring a driver to operate the car as an Uber or taxi service. This way, the vehicle generates income while still serving its owner’s needs, potentially funding the purchase of another car within a year or two.

The same principle applies to real estate. Many people have extra rooms in their homes that could be listed on Airbnb, especially during peak seasons like December, when short-term rentals are in high demand. Some might even take the opportunity to travel while renting out their apartments in major cities, maximizing their assets instead of letting them sit idle.

Moreover, some people lament that the past was better than the present. This perspective is often skewed. While the cost of living may have been lower in the past, the opportunities available today—thanks to digital advancements and globalization—are significantly greater. Individuals can now trade in cryptocurrency, engage in e-commerce, or create social media content and earn millions through followership and sponsorships, opportunities that were unimaginable in previous generations. Entrepreneurs can now export locally made goods, including foodstuffs, to Europe and the USA, earning thousands of dollars. People can also live in villages in Nigeria, work remotely for global companies, and earn dollars.

In the past, musicians struggled with piracy and had to sell physical cassettes and discs, making little profit. Today, artists can release music on digital platforms like Spotify, gaining millions of streams and earning substantial revenue from a global audience. Also, in the past, actors could only reach a limited number of people on TV. But today, with films being placed on Netflix and YouTube, Nigerian films and actors are now being watched all over the world, earning much more income. Our musicians and actors now have opportunities to become global icons and celebrities.

Life is all about perspective. Instead of dwelling on complaints, take action. Every problem presents an opportunity for wealth creation—if you can think critically and act decisively.

At the Nigeria University of Technology and Management, we instill this key principle in all our students: the importance of identifying and solving real-world problems. We guide them to pinpoint pressing societal issues, work with them to clearly define these challenges, develop technology-driven solutions, and equip them with the skills to raise funds and build sustainable ventures.

One notable example is a group of our students who responded to the problem of currency depreciation in Nigeria. With the Naira losing value and many Nigerians worried about their savings’ real value, the students developed an innovative solution. Their idea allowed individuals to automatically convert a portion of their salary into U.S. dollars through a strategic partnership with a U.S. financial institution. This ensured that customers could preserve the value of their savings, receiving their savings in dollar equivalents regardless of fluctuations in the exchange rate.

In just two years, their startup has generated over N15 billion in revenue, while many others have continued to lament the currency crisis without taking any action or seeing the opportunity. This success story is a testament to the power of the principle of seeing a problem as an opportunity, and it is one that many more Nigerians need to adopt.

Attitude is Altitude.