Dr. Morenike Molehin, CEO of Oak & Teak Interiors, navigates the complex landscape of Nigeria’s interior design industry, addressing challenges ranging from gender bias and economic instability to supply chain disruptions and the need for local industry growth. As a female entrepreneur, she has overcome obstacles such as gender bias in a male-dominated field, difficulty accessing funding, and the constant juggling act of balancing business with family responsibilities. Her advice to aspiring female business leaders emphasizes owning their space, relentlessly pursuing their vision, and leading with excellence. She stresses the importance of continuous learning and building a robust support system to navigate the unique challenges women face in the business world.
The Nigerian economy significantly impacts the interior design industry, with inflation, currency depreciation, and fluctuating exchange rates affecting both material costs and client budgets. Dr. Molehin highlights the rising costs of imported and local materials, necessitating frequent price adjustments for businesses. Oak & Teak Interiors has implemented strategies like bulk purchasing, sourcing local materials, and offering flexible payment plans to mitigate these economic pressures. Despite the challenging economic climate, Nigerians still value interior design, but their priorities have shifted towards functionality, longevity, and cost-effective solutions. Designers who can cater to these evolving needs, offering practical and budget-friendly options, are poised to remain successful.
Coping with fluctuating material prices requires proactive measures, such as strategic procurement, building strong supplier relationships, and exploring local alternatives. While Nigeria has made progress in local production, the industry remains reliant on imports, particularly for high-end materials. Dr. Molehin acknowledges the quality of some local alternatives but emphasizes the need for improved consistency, finishing, and scalability in local manufacturing. Government policies regarding import duties, trade restrictions, and foreign exchange further complicate access to quality materials. She suggests that reducing import duties on essential materials, incentivizing local production, and improving forex access could bolster the industry.
Operational challenges, particularly unreliable power supply, pose a significant burden. The high cost of running generators necessitates alternative energy solutions, such as solar power and inverters, despite the high initial investment. Efficient cost management strategies, including energy-efficient lighting and outsourcing, are employed to mitigate these expenses. However, government intervention in power generation and distribution remains crucial for the industry to truly thrive. Supply chain disruptions and high logistics costs are further compounded by Nigeria’s poor road network and port clearance delays. Building strong partnerships with reliable logistics providers and strategically stockpiling essential materials have become essential survival strategies.
To boost local production, Dr. Molehin advocates for government support through funding incentives, tax breaks for companies sourcing locally, and skill development programs for artisans. The private sector can contribute by collaborating with local manufacturers, prioritizing quality control, and investing in innovation and sustainability. While Nigerian manufacturers have made strides in producing high-quality furniture and decor, there remains a gap in specialized, high-end materials and access to advanced manufacturing technology. Continuous innovation in design aesthetics is crucial for local manufacturers to compete globally.
Adapting to Nigeria’s shrinking middle class and declining disposable income requires offering budget-friendly design packages, flexible payment plans, and modular design solutions. Dr. Molehin emphasizes that good design should be accessible to all income levels. Innovative financing models, such as installment-based payments, can further enhance accessibility, although they require careful financial management. The potential for financial institutions to offer tailored interior design financing options is also highlighted. The industry faces challenges such as rising material costs, import dependency, lack of formal regulation, and access to skilled labor. Addressing these requires strengthening local production, implementing professional certification standards, investing in training programs, and adapting to economic downturns.
Oak & Teak Interiors, driven by a passion for transforming spaces, envisions becoming the leading interior design firm in Africa. Their focus is on creating world-class, timeless designs that blend aesthetics with functionality. Future plans include expanding into other African markets, establishing a furniture production brand to reduce import reliance, and fostering design education through mentorship and training. Balancing professional and family responsibilities requires structure, intentionality, and delegation. Dr. Molehin emphasizes the importance of setting clear boundaries, building a strong support system, prioritizing self-care, and being fully present in both work and family life.
