Only 30 per cent of family businesses survive beyond their first generation, the Dean of the Lagos Business School, Professor Chris Ogbechie, has disclosed.

Ogbechie stated this in his welcome address at the Lagos Business School Family Business Conference that was held in Lagos.

This is even as it was observed that 24 million family businesses in Nigeria contribute up to $200bn to the national economy.

The LBS has come up with the initiative to address the existential challenges facing family businesses all over the world with a view to addressing them.

He said, "Despite their contributions, statistics show that only about 30 per cent of Nigerian family businesses survive past the first generation [research by the Nigerian Stock Exchange on family businesses]. This highlights the critical need for tailored support to ensure their longevity and continued success.

"These statistics underscore the resilience and enduring legacy of family businesses in our society. However, they also highlight the need for continuous learning and adaptation to ensure sustained success in an ever-changing business landscape."

The Director of Family Business Initiative, Dr Okey Nwuke, said many family businesses have become extinct over issues relating to management.

According to him, about 24 million family businesses in Nigeria contribute up to $200bn to the national economy.

The founder of the Chair Centre Group, Ibukun Awosika, said family businesses must have a clearly defined vision, adding that the survival of family businesses across generations primarily depends on structures built to enable the business to outlive the founding fathers.

He stated that for family businesses to survive, they must embrace the right values.

She advised family business founders to allow successors to run with their ideas without necessarily being bugged down by pre-existing templates.