Nigeria needs initiatives that will enhance entrepreneurship and innovation. There are efforts to address the financing gap hindering enterprise creation and strengthening skills of young entrepreneurs, DANIEL ESSIET reports.

Nigeria offers opportunities for entrepreneurs looking for new markets and long-term investments with favourable returns. It has a large market and its economy is the largest on the continent.

Kay Obi, an investor and advisor in the digital technology space, is on a mission to share his knowledge of investment strategies, expertise and create opportunities for innovative-ups in need of early-stage finance in Nigeria’s and other economies.

Obi, a United Kingdom-born Nigerian, has over the last two decades, invested in the tech sector across Africa and the UK and United States (U.S).

He has extensive networks in the international finance world and knows how to leverage them for the greater economic good.

Obi, a Fellow of the Association of Chartered Certified Accountants (ACCA), agree that Nigeria has made significant progress over the past two decades and the results can be seen in the array of emerging technology companies with good growth prospects. However, businesses face challenges in accessing growth capital and appropriate commercialisation expertise.

Looking at the countries where small businesses have succeeded, investors’ support has been behind the private-sector endeavour. Obi is determined to help build a striving investor culture.

His words: “I started investing 15 years ago in various asset classes from stocks and shares to real estate.The early years were a learning curve as I researched the potential return on investments. I’m delighted as over the years it has led me to have solid real estate portfolio across various continents, have a deeper understanding of the various industry sectors and the fundamental metrics that drive their growth and in turn increasing my recurring income and profit levels.’’

Obi has experience in finance as he has worked for various FTSE100 companies leading the finance function.

At 29, he was appointed as the Chief Financial Officer (CFO) for Match.com. But he later set up his firm, which specialises in consultancy, recruitment and publishing.

His passion is in educating people about investments and giving them opportunities to make themselves and their families better. An investor, he is an advocate of the fintech industry in Africa, especially in Nigeria, Ghana, Uganda and Kenya.

Assessing the Nigerian investment terrain, he said: “These are really intriguing times for Nigeria from an investment perspective as there are various sectors, which are emerging and set to thrive tremendously in the next three to five years. The technology sector with a special focus on Fintech and Edtech are areas set to experience further growth. Real estate and the agricultural sectors are also a great mid-to-long-term strategy too, and with Nigeria tipped by global analysts as potentially one of top 20 counties  which will experience exponential financial growth, the country with its young and entrepreneurial population is a great hedge for investors looking for favourable returns.’’

He has a unique approach to investing, combining the best of angel investing and venture capital.

For him, there are business opportunities with the highest potential returns on private investment. He has helped unearth some opportunities that have produced remarkable success stories and returns. He wants to spread the word among small and big investors.

His goal is to build a community of investors. While the recent surge in COVID-19 cases is challenging Nigeria and the rest of the world to battle the world’s worst coronavirus crisis, Obi is convinced that there are investment opportunities where the potential for profit is great and is encouraging investors to create a substantial well-diversified portfolio. He has been working with experts who have a deep understanding of the market to invest in as well as investors that have recorded good returns. He has seen the emergence of new opportunities with companies developing technological solutions.

Obi’s investment targets include industrial production, food security and side products.

He is working with local and diaspora-based Nigerians to invest in high-potential businesses.

One thing that cannot be taken away from Obi is his passion for the sector. As an entrepreneur, educator and investor, he has been a champion of the idea that the world needs more entrepreneurs. He also aims to identify entrepreneurs with great ideas that need mentorship to succeed.

“I have always believed that it’s a terrible risk to stay on one source of income. So, I would always advise that you pick up investment as an alternative source of income if you are wise,” he noted.

Obi, who is the author of “Mind Your Business: 10 investments that will make you richer,” has shared his thoughts on the inspiration that birthed the book.

“A father of three daughters, I was initially enthused about teaching them practical investments that would transform their lives. However, this desire led to giving investment talks across the UK on various platforms from schools to major companies, among others.

“I was fairly surprised how little information about an investment that most people were privy to, hence, I decided to embark on the project of writing this book.

“This narrative investment book will teach you, among other things, how to identify the traits that wealthy people possess, the class of investments to focus on, and the actions to take to forge great financial returns. Mind your business: 10 investments that will make you richer”, is a UK bestselling book and is available on Amazon. This is a must-read book for anyone keen to transform their lives financially and dreams of financial freedom.’’

A virtual deal summit organised by Lagos-based Impact Investors Foundation (IIF) brought together investors and startups to showcase solutions that generate social and economic benefits. DANIEL ESSIET reports.

A virtual deal summit has been held by Lagos–based Impact Investors Foundation (IIF). It brought together investors and startups which showcased solutions that can generate social and economic benefits.

Participants were privy to the solutions developed by the startups’ founders to address social problems.

The event featured speakers such as the Executive Director, Inclusive Business Action Network, Dr. Christian Jahn, and the Chairman, Impact Investors Foundation (IIF), Afolabi Oladele.

Oladele said the foundation was in support of startups that promote their innovations and consequently impactful at a societal and economic level.

He said the forum was designed to enable interaction between investors and founders with an opportunity to take their businesses to the next level.

The Executive Director, Inclusive Business Action Network, Dr Christian Jahn said his organisation supports startups and believes in businesses with innovations to maximise impact.

Projects Lead, IIF, Etemore Glover, said the objectives of the initiative was  to expose participants to impact investors and match them during the deal summit.

She explained that IIF in collaboration with Impact Amplifier, held the Deal Summit to show case investment-ready enterprises.

She said startups involved were committed to achieving social good as well as business success.

The startups which pitched for investors included Ashdam Solar Company Limited, JAM, Detail Africa (Group), Mavis Computel, SkillNG, Primed ehealth, Smiley’z Mobile, Kitchen Limited and Boxes and Baskets.

Others were Global Resource Limited, Kernelic Resources Limited, So Fresh Neighbourhood Market Limited,   USAIFA International Limited and Galaxy Integrated Aqua Poultry Republic

The Chief Executive, Galaxy Integrated Aqua-Poultry Republic, Efe Anthony Omudu, said the startup was looking for investors to expand its pig farm, procure equipment for the smooth operation of the pork processing plant, employ more staff and empower over 150 rural cassava farmers who supply them cassava peels.

The Chief Executive, Boxes and Baskets, Sheffy Kolade, said the startups was seeking investments to build astandard manufacturing facility to expand local production capacity.

He said the company desired to hire more talented artisans and train them to enhance quality control and innovation.

The Chief Executive, USAIFA International Limited, Usman Ali Lawan, said the company was a sustainable farming venture that practised and promoted zero waste agriculture.

To date, he said the company had sold 32,000 birds and fish and provided training, input credit and market links to 7,200 smallholder farmers across four states in the North.

He said the company was seeking investment to expand its market access in Northern Nigeria, increase production to 38,000 birds, 100,000 fish and 250,000 fingerlings per month. The company intends to increase its network of smallholder farmers to 20,000 by 2023.

The Chief Executive, So Fresh Neighbourhood Market, Olagoke Balogun said the company promotes a healthy lifestyle in the fast-growing urban market by providing clean, safe and healthy food choices.

He said the company was seeking investment to drive its expansion across the country from 15 outlets in Lagos and Abuja to 30 outlets and establish new locations in Rivers, Oyo and Ogun states.

The Chief Executive, JAM, Ebun Feludu said the company produces and distributes a wide range of premium, edible and topical coconut products. She said the company was seeking investments to purchase equipment to increase its production capacity, increase sales force by investing in acquiring highly skilled employees and Artificial Intelligence (AI) to help locate its customers.

The company is investing in backward integration and training women smallholder coconut farmers.

The Chief Executive, Primed eHealth, Dr Are Abdulhafiz said the startup was a platform that promotes improved access to healthcare. According to him, the company has a patient based mobile health companion which allows ordering of ambulances during emergencies, online and hospital based payments, tele-eHealth, and hospital results notifications, among others.

He continued that the company was seeking investments to scale its support staff, marketing and onboarding team to target 40 new hospitals directly by the end of next year.

NO fewer than 31 members of the Onigbongbo community in Lagos State have benefited from the N1.5million grant offered by the Rotary Club of Onigbongbo under of its Micro Credit Scheme.

The club’s President, Adetunji Adebusuyi, said this during a visit to the monarch of Onigbongbo, Oba Oluwasegun Adeyemi Ajasa. He said the cash was meant for the small scale business men and women to grow their businesses. He added that the scheme was ongoing and would be rolled over. “We plan to increase it from N1million to N1.5million to accommodate more people,” he said.

He described the repayment as “fantastic” and that the rate of default was very low. “It’s not that they didn’t pay. There was a delay in repayment,” he said. He further said the club was sourcing funds to enable more people gain from the scheme.

Oba Ajasa thanked the club for the gesture and its continued assistance to the community in other areas in the past 30 years.

Lagos Government is driving a new scheme on entrepreneurship and skill training for disabled persons. It plans to expose their talents and provide a market for their products. Daniel Essiet examines the implications for welfare.

In the last five years, there has been an international campaign dedicated to promoting entrepreneurship among disabled persons and taking them off the streets.

The campaign has led to a series of training on entrepreneurial skills and  national legislations.

In Lagos, people with disabilities that have started their own businesses.

Speaking at the graduation of 1000 people living with disability trained in entrepreneurship, the Lagos Commissioner for Wealth Creation and Employment, Mrs. Yetunde Arobieke, said  the  government  established the   special entrepreneurial and skill development scheme to provide opportunities for them to pursue viable vocations.

Represented by the Permanent Secretary, Mr. Olujimi Ige, the commissioner said the  government was  working with the Lagos State Employment Trust Fund to get disabled entrepreneurs business loans.

Her words: “In further demonstration of our noble intent, Lagos State  Government established and provided funding for the Employment Trust Fund with the cardinal mandate to support the goals of small businesses and to create job opportunities. These included but not limited to providing loans to genuine and credible  people with disabilities.”

She noted that it was difficult for persons with disabilities to become self employed or take up entrepreneurship for survival, without any adequate skills, knowledge and financial inclusion.

Mrs. Arobieke said  the government was ready to address lack of financial inclusion, support and acknowledgment from the entrepreneurial ecosystem  which have been major challenges for the disabled.

She said the government had provided startup tool kits for the disabled entrepreneurs through the ministry. According to her the intention of the ministry  to give persons with disabilities more respect through tools that give them better lives.

She reiterated that the government was  creating a state where entrepreneurship is accessible for everyone.

She noted that the government wants to change the narrative where people with  special needs were portrayed as good for street begging, helpless or unresourceful.

She congratulated the graduands for the successful completion of the four- week intensive training programme.

According to her, the training which covered trades such as hair dressing, graphics, barbing among others take place in Alimosho, Ikorodu and Amuwo Odofin.

She said 1000 people were trained and the number was likely to increase and the training centres expanded.

The Director, Entrepreneurship, Mrs. Taiwo Abiose, pointed out that disability could no longer be a barrier for people to be a part of the entrepreneurial ecosystem and to do business.

She  emphasised that the government was determined to  create jobs for people with disabilities, and to provide requisite working conditions.

This, according to her, was to  ensure  fair job opportunities to the disabled community.

Through the ministry, she said the government was determined to  expand the  participation of people with disabilities in the economy.

The graduands were given allowances during the training.

Mrs. Abiose reaffirmed the government’s commitment to supporting people living with disabilities.

She said the government was passionate about the well being of the disabled which led to programmes  for their inclusion in the economy.

Urging them to leverage training opportunities that abound in the ministry, she said the government did not want to see them beg on the streets.

The General Manager, Lagos State Office for Disability Affairs (LASODA), Mr. Oluwadamilare Jamiu Ogundairo, praised the Governor, Babajide Sanwo-Olu for supporting the programme.

Ogundairo, who spoke through the Director of Monitoring, Evaluation and Orientation, Mr. Akintunde Oguntoye, said the  Ministry of Wealth Creation and Employment provided the Entrepreneurship Development Training (EDP) for persons with disabilities in collaboration with the agency.

He noted that the agency was determined to undertake initiatives to empower  and to  promote the welfare of differently-abled people.

On behalf of the graduands, Mrs. Temitope Poopola thanked the government for the opportunity to participate in the training which would create new means of livelihood for them.

To advance their economic security, she urged the government to level the playing ground for the disabled  while also guaranteeing support for those who unable to work.

The event  featured the presentation of startup kits, certificates and financial assistance to the graduands.

Work-life balance has been an issue among artisans and tradesmen.There are campaigns in Lagos State to achieve sound mental health and experience satisfaction in and outside business and working hours, DANIEL ESSIET reports.

THE Lagos State government is concerned with the welfare of not only citizens but also all residents.

Specifically, it is committed to the protection of artisans and tradesmen against sickness, disease and injury.

This is the reason  it has mounted campaigns for workplace health promotion (HP), the Commissioner for Wealth Creation and Employment, Mrs Yetunde Arobieke has said.

She said improving the well-being of artisans, tradesmen and their families, increasing productivity and performance was necessary.

Speaking during a mental wellness programme for tradesmen in Lagos, the commissioner said the consequences of mental imbalance could be a problem in the business place.

With a satisfactory mental health balance, she noted that productivity is higher now that the government is addressing key challenges that artisans face as well as structural barriers to growth.

According to her, the programme empowers tradesmen to open up and find the support they need as a pathway to healing and hope.

She reiterated that the training would give them the skills and support they need to make mental wellness a priority.

She said the ministry has been facilitating beneficial programmes from the state government and at federal level for the benefit of Lagos State Council of Tradesmen and Artisans (LASCOTA) as well as provided relevant information and opportunities towards enhancing their various trades.

She restated that the retraining of 2000 artisans and tradesmen, drawn from LASCOTA, was a demonstration of the government’s commitment to enhance the competence and quality of artisans and traders in the state for global competitiveness.

According to her, the government is determined to work towards building an-inclusive economy that empowers artisans and invests in young talent.

The Permanent Secretary, Ministry of Wealth Creation and Employment Mrs. Kafayat Adetokunbo Ajenifuja, said a successful enterprise is based on healthy artisans working in a safe and supportive environment.

She said the government is encouraging artisans to adopt technologies to enhance productivity, adding that  wellness habits boost productive, enabling enterprises to  realise better profitability, efficiency, safety, and environmental friendliness.

The Head of Entrepreneurship Department, Ministry of Wealth Creation and Employment, Mrs. Taiwo Abiose, said the wellness programmes would change expectations of the workplace.

President, Lagos State Council of Tradesmen & Artisans, Alhaji Nurudeen Buhari, praised the state government for attending to their welfare.

He said the Lagos government had been supporting the retraining of artisans and tradesmen, as part of efforts to restore public confidence in the sector’s competence.

 

Chief Executive, De-Paul Poultry and Extension Farming, Owunna Chimaobi Paulinus, is a young agro entrepreneur whose life has been impacted through chicken rearing, DANIEL ESSIET reports.

THE Central Bank of Nigeria (CBN)’s Accelerated Agriculture Development Scheme (ADDS), aimed at engaging 370,000 in agricultural production, has turned around  the life of  an Abia State unemployed youth, Owunna Chimaobi Paulinus for good.

Paulinus is not only gainfully employed, but also grooming new poultry millionaires in the Southsouth.  The objective of AADS is to facilitate increased private sector agricultural production of staple foods and industrial raw materials, as well as support food security, job creation, and economic diversification.

After struggling for a long time to get a job, he found the way to get rid of unemployment.

Paulinus  was among the first set of youths trained under the AADS of the  Abia State Government and CBN to explore opportunities in the poultry sector. He enrolled for the scheme in November 2019 and operates from Abia Poultry Cluster in Umuosu Umunna, Nsulu, Isiala Ngwa North Local Government Area (LGA).

The state Governor Okezie Ikpeazu, in the implementation of the ‘Poultry Chain’, an Accelerated Agricultural Development Scheme (AADS), established the state clusters of Poultry at Umuosu, Umunna Nsulu in Isiala Ngwa North LGA.

After two years of managing poultry projects and helping people to set up, Paulinus has reasons to smile. Besides his flouring poultry business, he runs a consultancy.

He not only provides the farmers with feeds, chicks, and support in growing the chicken, but also trains them in good farming practices.

Encouraged by the impact he has created, other youths have started rearing backyard poultry. He is grateful to Ikpeazu for partnering the CBN to create jobs for youths.

According to him, with better training, poultry business is lucrative.

One area of the business that has given him success is broiler poultry farming. He learnt the secret of making huge profit from it as a trainee under AADS. With a startup investment of N800, 000, involving 500 birds, he explained, one could make N1.2 million yearly.

He has been approached by clients in Anambra, and Lagos states to assist them in rearing chickens.

With a long-term vision and hard work, he is set for a mega success of the sector.

He is motivating youths to take up poultry.

Start-up owners have  been advised to innovate their products and services to survive the slippery business terrain.

AIICO Insurance Plc Managing Director/Chief Executive Officer, Tunde Fajemirokun, gave the advice during the CrossPoint Innovate Pitch and Grant conference in Lekki, Lagos.

Fajemirokun, who gave the keynote address, said young entrepreneurs, should also have a good team, and risk management structure.

CrossPoint Innovate Team Lead, Ladi Soyombo, also the Lead Pastor, CrossPoint Church, out of which the initiative was birthed, said the  grant arose out of his concern for youths and entrepreneurs who are struggling through the pandemic and looking for opportunities to thrive.

He said: “Since the COVID-19 pandemic and the social unrest that came in the aftermath of the #EndSARS protests, we saw that millions of our young people are eager to express themselves and be productive members of society, but the opportunities in Nigeria are few. This is the first step we are taking to address this need.”

He urged other churches to follow the footsteps of CrossPoint Church.

Highlight of the event was the pitch for the grant.The following emerged the winners:  Emergency Station by Elcutiee (first winner), represented by Joyce Lewis, its Head of Operations, who got N2million; Maximus Recycling Solutions (second winner) represented by Johnson Obute, who received, N1.5million and Keramel Naturals, represented by Chiamaka Ijeoma, who collected N1 million.

The seven runners up received N500,000 grants each. They are Diya Collections, MyStash Technologies, Caregivers Nigeria, Afrilearn, Become Tech, Farmsquare Agricultural Company Limited and ToiBox.

The organisers said initially 1000 candidates applied and that this number was screened to 10, of which the best came.

Judges at the pitch were Fajemirokun; co-founder, Bluechip Technologies, Olumide Soyombo; Founder, AGS Tribe, Ife Durosinmi-Etti, Principal, Boston Consulting Group, Olayinka Majekodunmi and founder, Shomya Cosmetics, Elaine Shobanjo.

The judges praised the winners for giving a good account of themselves, noting that, among others, sustainability, good presentation and innovation of their products gave them the edge over others.

In a testimony, a co-founder of PiggyVest, Josh Chibueze, recalled the humble beginnings of their organisation.

The Food and Agriculture Organisation (FAO) and other organisations have been recognising individuals and institutions with innovations that impact farming and empower youths in agriculture and food systems, DANIEL ESSIET reports.

Since 2018, the Food and Agriculture Organisation (FAO) has encouraged innovation by recognising best practices through the International Innovation Award for Sustainable Food and Agriculture.

FAO said farmers depend on innovation to feed the future, adding that it is the central driving force, which will transform food systems, lift family farmers out of poverty and help the world to achieve food security, sustainable agriculture and the Sustainable Development Goals (SDGs).

The award does not only acknowledge digital innovation, but also products or practices that increase effectiveness, competitiveness and resilience.

Some organisations have been recognised for helping to build a sustainable food industry. Many of them have introduced a raft of initiatives to reduce its environmental impacts, and integrated biodiversity into agri-food supply chains.

FAO honoured CocoaLink Smart App that targets young farmers in Ghana (18-35) and stimulated youths’ interest in agriculture by providing sound information on effective climate-smart agriculture and social practices, as well as capacity building, to increase cocoa productivity.

The award aligns with the objectives of the United Nations’ Decade of Family Farming and goals of the 2030 Agenda for Sustainable Development. In Nigeria, the West Africa Innovation Awards has honoured British American Tobacco Nigeria Foundation (BATNF) for sustainability in agriculture and youth and economic development.

BATNF has been partnering state governments to boost agriculture production and food security.

This collaboration is expected to enhance the productivity, profitability and climate change resilience of estimated 10,000 youth farmers and their farmer-based organisations. It launched a N700 million plan to tackle youth unemployment through agriculture.

A Technical Committee member, BATNF, Mr Fatai Afolabi, said the foundation has used agriculture to create job, socio-economic benefits and make Nigeria food secure.

Afolabi, also Managing Consultant/Chief Executive, Foremost Development Services, said in line with realities, the organisation is exposing youths to climate-smart agriculture.

According to him, the foundation is investing in youths, empowering them to reduce poverty, increase food security, improve nutrition and strengthen resilience.

During  the unveiling of  BATNF’s Wealth is Here campaign, which will last till next year, the Foundation’s Executive Director, Abimbola Okoya said the programme would involve providing youths with guidance and training in value-adding and food processing practices in agriculture.

The strategy that would be employed by BATNF, according to Okoya, would guarantee food security and inclusive growth by involving more women and youths and promoting improved resilience to climate variability and shocks.

BATNF has started the second season of its Farmers for the Future (F4F) project, aimed at empowering young agric entrepreneurs.

The company said the scheme provides a great opportunity for young and enthusiastic farmers with viable agri-business models that are in need of equity-free capital to access grants for their enterprises.

It added that the F4F Grant 2021 is targeted at serving National Youth Service Corps (NYSC) members, aged 18 and above, “and is part of BATNF’s drive to encourage and support young Nigerians in sustainable agriculture”.

BATNF is making a financial commitment of N16 million in cash and business support for the grants. This includes the award of N3 million as first cash prize; N2 million as second cash prize, and N1 million as third prize,” the statement explained. Other benefits that will accrue to the winners include technical support to establish their agribusiness; participation in an intensive, “Think-through-your-business” boot camp; mentorship under seasoned entrepreneurs and agriculture experts; and opportunities for follow-on financing/or credit facilities from financial institutions and investors,” it stated.