The Nation Newspaper

Category: Small Business and Entreprenuership

  • Online tool to help small businesses launched

    Online tool to help small businesses launched

    By Daniel Essiet

    International Trade Centre (ITC) and the Amsterdam University of Applied Sciences have launched the first free online tool to provide analyses of more than 630 of Africa’s business-to-consumer marketplaces.

    The Africa Marketplace Explorer addresses the lack of comprehensive information about marketplaces in more than 50 countries in Africa.

    ‘’This comprehensive set of data provides an important contribution for understanding how the development of e-commerce can be supported in Africa,’’ ITC’s Acting Executive Director Dorothy Tembo said during the launch of the tool at the United Nations Conference for Trade and Development’s eWeek.

    ‘’Data and analysis on local marketplaces is hard to come by or highly incomplete,’’ Ms. Tembo said. ‘’For entrepreneurs in Africa it is not obvious how to find information on how to sell goods online in a regional or neighbouring country, which marketplaces exist, whether they allow foreign firms and what the access requirements are,’’ she added.

    Digital opportunities

    The world’s biggest marketplaces do not have a strong presence in Africa, which means there is more opportunity for local marketplaces. ITC wanted to take advantage of this and find ways in which online marketplaces could support African businesses.

    Online marketplaces play a substantial role in including small and medium-sized enterprises in trade because they aggregate demand, provide safe payment solutions and facilitate logistics services. They also offer routes to market for women business owners and young entrepreneurs in Africa.

    For instance, Samia Ben Abdallah has been running AwA, a growing handicrafts’ business in Tunisia for two years. With the COVID-19 crisis, demand has fallen. But Samia has spotted the chance to go digital.

    To Samia’s surprise, she found a growing demand for handicraft gifts as the pandemic has hit. She has been using social media to test the potential of e-commerce and using cash-on-delivery as a payment method.

    Like Samia, small business may find that going digital is key to surviving – or at least weathering the pandemic “and reaching new markets.

    But many businesses have struggled to succeed with this due to a lack of training, finance, tools and infrastructure. Marketplaces can offer a relatively risk-free way for small businesses to test e-commerce and expand internationally.

    The Africa Marketplace Explorer “provides data to the research community and substance to policy debates on e-commerce’’ both at the World Trade Organisation and at the level of the African Continental Free Trade Area – as well as to entrepreneurs,” Ms. Tembo said.

  • Building skills for jobs, entrepreneurship

    Building skills for jobs, entrepreneurship

    From social entrepreneurship to working for one of the world’s biggest accountancy firms, there are opportunities for graduates to explore. Organisations are supporting capacity building programmes to raise youths to take international jobs and sustain growth, DANIEL ESSIET.

     

    Investing in top class management education and the right skills is critical to a nation’s growth, development and competitiveness in a global setting. For many organisations, also skilled manpower beget employment and prosperity.

    Experts believe for Nigeria to increase its status a major economic hub in  Sub-Saharan Africa, efforts must be channelled towards developing home-grown business leaders able to access global markets and drive growth in a sustainable and inclusive manner.

    One of them is the Chairman, 7-up Bottling Co Plc, Faysal El-Khalil. He believes turning the youth bulge into opportunities should be the focus of public and private organisations in their approach to boosting job creation, entrepreneurship, and capacity development.

    El-Khalil said there was the need to support youths to attend business school that will contribute to their career success.

    While job applicants with MBAs on their resumes stand out to employers, he noted that the degree serves as a gateway to business leadership positions.

    To contribute to Nigeria’s growth, El-Khalil said Lebanese Nigeria Initiative (LNI), a non-governmental organisation, launched a yearly “Master of Business Administration (MBA) scholarship programme,” for Nigerians to study at the American University of Beirut (AUB) in Lebanon.

    He said: “One of the things that we have recently done is that we have launched an endowment with the American University of Beirut, which is one of the best universities in the Middle East and one of the outstanding in the world, whereby every year a Nigerian will be selected to go and do a MBA Programme at the American University of Beirut, all expenses paid: tuition, boarding, lodgement, food and travel.

    “About seven years ago, we also launched a similar scholarship programme in the best business school that is well known in the world, the Harvard Business School, where every year, a Nigerian goes to the HBS and does his two-year MBA Programme.

    “In fact, as we speak, there are at least seven Nigerians who have done their MBA and have returned to Nigeria.”

    LNI established a $1.5million scholarship for Nigerian MBA candidates to study at AUB.

    The Consul-General of Lebanon in Nigeria, Mr Elias Nicolas, said the scholarship will boost the quality of knowledge in Nigeria and drive development initiatives at all levels in the society.

    He said: “The AUB is a globally recognised institution of learning and I am confident that the beneficiaries of this scholarship will be equipped with knowledge and skills that would help them contribute meaningfully to the development of Nigeria upon their return back home.

    ”The scheme is aimed at further strengthening the existing friendly relations between the two countries.

    “The Lebanese community has always seen itself as part of the social fabric of Nigeria, the scholarship is a sign of its commitment towards the educational upliftment of young Nigerians.”

    Last year, United States Washington DC-based Nexford University announced two collaborations with IBM and Sterling Bank, one of Nigeria’s leading commercial banks. The university said the partnerships with IBM and Sterling Bank is aimed at preparing African youths on the skills needed for today’s workforce.

    Nexford University will leverage its graduate and undergraduate degrees along with the IBM Digital – Nation Africa programme – to up-skill students, including Sterling Bank employees.

    IBM’s flagship skills development programme aims to accelerate Africa’s digital literacy and empower youths in the continent by developing their technology and innovation skills and addressing three major gaps: skills, innovation and jobs.

    ”At IBM, being a trusted company means going beyond the technology we offer. We work with key institutions, such as Nexford, to address the societal impact of digital technology; leveraging our investment education with platforms such as IBM Digital – Nation Africa,” said IBM Country General Manager, West Africa Dipo Faulkner.

    He added: “Our commitment – and our entire industry’s obligation – is to build a workforce that is ‘tomorrow ready.’”

    According to the World Bank, in Sub-Saharan Africa alone, the digital revolution can increase growth by nearly two percentage points per year. When paired with stronger investments in human capital, impact across Africa could more than double, the bank reports.

    Nexford has also joined forces with Sterling Bank, one of Africa’s most agile companies, to help empower bank employees to succeed in jobs of the future and master in-demand skills. Sterling will sponsor 200 of its employees on Nexford’s online MBA degree.

    “At Sterling, experiential learning is critical to enabling our most prized resource – our employees! We always look for innovative ways to support them to be the best versions of themselves,” said Sterling Bank’s Chief Human Resources Officer, Temi Dalley. Sterling Bank Employee Scholarship recipients will learn the skills to help them advance in life, such as innovation, and global business management.

    In addition to practising core business skills, learners can choose from elective courses or specialise in hot topic areas, including Sustainability, Managing Hyperconnectivity and Doing Business Across the World.

    “Sterling Bank is one of our biggest employee scholarships in West Africa,” noted Olamidun Majekodunmi, Nexford’s Nigeria Country Manager, adding: “It further emphasises our value proposition to employers as well as our credibility in delivering workplace skills.”

    Nexford has also partnered  world-leading organisations, such as Microsoft, and has built partnerships all over the world, including in Nigeria, Egypt and the Philippines. Partnering world-leading organisations aligns with Nexford’s business model.

  • Success in hat making, make-up business

    Success in hat making, make-up business

    After fruitlessly searching for a job, Sociology graduate Amobi Chidinma Obianuju has found success in hat making, DANIEL ESSIET reports.

     

    Many youths were born with high levels of creativity and dexterity, and therein lay their entrepreneurial potential. A Sociology graduate, Amobi Chidinma Obianuju, is one of them.

    A multi-talented entrepreneur, she is a make-up artist and fashion designer. She has been designing hats for over eight years. Shortly after graduating and not finding a job, Amobi took to millinery where she discovered her true passion.  She came from an entrepreneurial background.

    Her mother is into fashion design.

    She started small. Since she graduated from Enugu State University (ESUT) in 2012, she has continued to make a statement with her works. Initially it was difficult for her when she started out. It was a roller coaster when she started millinery.

    She combined fashion design with millinery and building up her wig making skills. Today, the business is putting food on the table for her. She specialises in hand-made hats.

    She tries to blend ideas to designs. All that contribute to making her hats, wigs and make-up have a massive impact. She has also learned to adapt, take on board other people’s ideas while also producing a best product for her clients.

    Having carved a career in the hat-making industry since, she’s never looked back. With the little achievements under her belt, Amobi is hoping to continue designing and making in the future.

    To a well-crafted, beautiful, hand-made hat bestow on a woman glamour and class.

    What makes her a true gem in the industry are her down-to-earth personality and her love for mentoring.  She added make up business.

    For her, a woman’s hair style, skin care and makeup are as important as her choice of clothes.

    Facing increasing competition, she has been forced to think globally in order to cater to a cross section of exposed clients whom she now serves.

    Thanks to the Internet, she is exposed to trends, celebrity role models, and popular music simultaneously.

    One secret she learnt is that one must learn the craft, every day, practice, practice, practice.

    For youths thinking entrepreneurship, she believes growing faster will depend on taking advice from other entrepreneurs who have already walked that path.

  • UK group partners Nigeria on innovation

    UK group partners Nigeria on innovation

    Our Reporter

     

    UNITED Kingdom (UK)-Nigeria Tech Hub is ready to help startups grow and boost technology innovation across the country.

    Its Country Director, Honey Ogundeyi,  stated this in Lagos during a meeting  with TechCircle to discuss emerging developments in the industry.

    He said the tech sector has huge potential and is generating a significant part of the nation’s economic output.

    He said: “We are excited with the success of the Lagos Tech Meetup, supporting entrepreneurial activity and strengthening the Nigerian technology ecosystem is a core focus of the UK-Nigeria Tech Hub.

    “As Nigeria’s tech sector continues to thrive, generating more than 10 percent  of the country’s economic output – the UK-Nigeria Tech Hub is committed to providing the UK’s significant expertise in ecosystem building, start-up investment and digital skills to Nigeria’s burgeoning tech sector.”

    The Executive Director, TechCircle, Oo Nwoye,  expressed satisfaction with the attendance of 40 key decision-makers in the Nigerian tech industry at the meet-up. He noted that relationships are key components for the tech community to thrive. “Thankfully, the UK-Nigeria Tech Hub agrees with this and has worked with TechCircle to put this first edition together of the Tech Meetup,” Nwoye said.

  • Firm launches incubation project

    Firm launches incubation project

    Our Reporter

     

    CONNECT Lab, an innovation lab focused on developing the next generation of youth-led ventures and impact-driven social enterprise in Africa, has launched an incubation programme for early-stage start-up founders in Abuja.

    Known as Start-up Sandbox project, the Programme Manager, Connect Lab, Mercy Olorunfemi, said  it  is a three-month incubation programme   for early-stage start-ups to build, validate and develop their businesses into profitable and sustainable enterprises.

    She said Start-up Sandbox project is designed to build 30 youth-led businesses with minimum viable products from market entry to investment-ready start-ups.

    “We are supporting start-ups in diverse sectors including but not limited to agriculture, agri-tech, education, IOT, fintech, green energy,”he said.

    She said the project is aimed at the enterprise development of youth-led businesses using experiential learning with design thinking tools to validate and scale impactful start-ups in Sub-Saharan Africa.

    She said the project will feature weekly working sessions facilitated by seasoned experts. Also, participants will be supported with office accommodation, and  access to top mentors in the African entrepreneurship ecosystem.

    The project will culminate in demo day, where select start-ups will pitch to top African investors and potentially secure seed funds from Connect Lab.

  • ‘How business angels can help entrepreneurs’

    ‘How business angels can help entrepreneurs’

    Our Reporter

     

    TO survive the challenges of the market place, the President of African Business Angel Network, Harry  Davies, has said startups need business angels to provide cash and mentorship.

    Business angel (BA) investors are high networth individuals who provide capital to entrepreneurs and play a major role in the economy. In many countries, they constitute the largest source of external funding, after family and friends, in newly established ventures.

    Addressing participants at the just-concluded Social Media Week (SMWLagos) in Lagos, Davies, who is  the co-founder of the Lagos Angel Network, said startups need guidance, not just money.

    He said angel investors are important because they are seasoned entrepreneurs and professionals.

    He said BAs provide finance and managerial experience, ingredients  that start-ups need to survive.

    To start and sustain a successful technology business, Davies said an entrepreneur needs  a compelling vision to drive  all the activities required to build up a successful startup venture.

    His words: “The life of that venture is measured by progress towards the realisation of that vision. It is that journey to the successful delivery of the vision by the entrepreneur that innovation hubs and early stage investors such as business angels seek to contribute and help along the way in anticipation of a reward from the expected outcomes.”

    He said angel investors, innovation hubs and the entrepreneur are primarily interested in the commercial success of the venture; as such the focus is on how the product/service solves a problem or meets a need.

    According to him, every entrepreneur must adopt Proposition, Organisation, Economics and Milestones (POEM) framework to drive a venture  towards commercial success.

     

  • Scaling up access to finance for start-ups, SMEs

    Scaling up access to finance for start-ups, SMEs

    Our Reporter

     

    GLOBALLY, about half of employment is created and sustained by the Small and Medium Scale enterprises (SMEs) sector, according to the International Monetary Fund(IMF). This makes the sub-sector the backbone of most economies.

    With millions of young people projected to join the workforce by 2025, analysts insist that the need to deepen SMEs’ financial inclusion has never been greater.

    According to them, providing the opportunity for SMEs and tech startups to hire more youths will bring a transformative growth dividend across the country. This was the focus of a Skill Base forum, a platform to guide on How to Set Up & Grow a Business, organised by PiggyVest, an online saving platform.

    A Partner, Microtraction, an angel investing firm,  Dayo Koleowo, said investors are interested in startups with ideas that can solve  problems.

    He noted that beyond having a minimum viable product, investors pay critical attention to the people behind the product. Part of the evaluation criteria of employed funders, according to him, is that startups under consideration have a founding team.

    For tech start-ups trying to secure funding, he said  investors want them to show how  they’re going to make money.

    According to him, investors believe a viable business model has always been key to securing funding.

    He said the business plan must show details for achieving  future growth and profitability down the road.

    He said Microtraction has invested in 14 companies.

    Speaking with The Nation, Co-Founder/Chief Operating Officer, Piggytech Global Limited, Odunayo Eweniyi, said the event was organised  to expose startups to preparation methods to accessing funding.

    She said each edition features experienced entrepreneurs and experts  who share their practical and actionable knowledge and insight, to inspire, educate and motivate startup founders.

    The event also features a Pitchfest, where  the winner–startup went home with N500, 000 funding for their business. The session was moderated by Co-Founder,Partnerships, PiggyVest, Terry Kanu.

     

  • Building capacities of tradesmen, artisans

    Building capacities of tradesmen, artisans

     The Lagos State Government has set a target of creating jobs and reducing poverty through investment in skills development. Artisans and tradesmen are being retrained in various skills and competency under the capacity building initiative of the Lagos State Tradesmen and Artisans Empowerment Programme (LASTAEP), DANIEL ESSIET reports.

     

    NIGERIA is well known for industries that contribute to a large portion of its economic growth.

    The industries, including construction, automobile, fashion, food, steel, agriculture among others, involve manufacturing, repair and maintenance.

    However, there is a dearth of many artisanal skills required within the industries.

    To fill the skills gap, industries turn to feeder neighbouring countries to source such skills. This negatively impacts on the nation’s Gross Domestic Product (GDP) figures.

    To reverse this, Lagos State Government is strengthening its development blueprint anchored on investment in skills development  to create jobs and reducing poverty. The aim is to build the capacities of artisans and tradesmen through incubation and training.

    Speaking during the kick off of a new batch of trainees under the Lagos State Tradesmen and Artisans Empowerment Programme (LASTAEP), the Commissioner for Wealth Creation and Employment, Mrs. Yetunde Arobieke said there was the need to upgrade the skills and competencies of artisans and craftsmen, to enable them to meet the aspiration of the economy.

    She added that the shortage of artisans in the country is an obstacle to growth and that  a capability building programme for  artisans and tradesmen would create jobs and spur growth.

    To this end, efforts are being directed at improving  the training and certification of artisans and craftsmen.  Five hundred artisans and tradesmen are being retrained in various skills and competency under LASTAEP.  She said the artisans and tradesmen would undergo an eight-week intensive training to upgrade their skills at three technical colleges in Ikotun, Agidingbi and Ikorodu.

    The training, according to her, was organised by the Ministry of Wealth Creation and Employment and the Lagos State Technical and Vocational Education Board (LASTVEB) to improve the competencies of artisans and tradesmen in the state who would be certified by LASTVEB.

    She said the programme is supported by the Lagos State Employment Trust Fund (ETF).

    Noting that the state government places broad-based economic empowerment in a growth and employment framework, she said that focusing on  skills could boost inclusive and sustainable industrial development across the state.

    She reiterated the need to focus more on training of artisans as catalyst for growing the nation’s GDP.

    She said boosting the capacity of artisans would help achieve the target.

    The ministry’s Permanent Secretary, Mrs. Boladele Dapo-Thomas, stressed that it  was vital that artisans equipped themselves with the skills needed in the marketplace so they could take advantage of opportunities that would help reduce poverty and spur  growth.

    According to her, re-training to meet new opportunities is critical considering the fact that shortage of skilled artisans.

    The PS, however, pointed out that technical and vocational education and training is an area where the government and the private sector should invest since it has impact on incomes and growth.

    She expressed optimism that after completing the programme, beneficiaries would acquire capacities to provide services.

    So far, Lagos State Government has trained over 1,500 tradesmen and artisans in 23 trades and vocations.

  • Graduates of Samzuga Empowerment Academy receive Business Grant

    Graduates of Samzuga Empowerment Academy receive Business Grant

    No fewer than 200 graduates of Samzuga Empowerment Academy received business grants ranging from 100,000 to 1,000,000 in Yola, Adamawa State on Tuesday March 10.

    This is in accordance with Bishop’s vision 0202-2020, to raise 100 Nigerian Millionaires before end of 2020.

    Bishop Sam Zuga of House of Joy ministry, also known as Jehovah Field Marshall, had last week, established the empowerment Academy to further educate and train beneficiaries of his soft loan on how to invest wisely on any kind of business.

    The school was established to basically teach people on financial intelligence and not to fail in any kind of business they will be getting into. All the trainings which covered a wide range of skills acquisitions in various areas were free of charge.

    Business experts were present to train and properly guide the students through.
    This is arguably the first of its kind in Africa, if not in the world.

    During the presentation, the philanthropic cleric stated that the money was given to them, according to what they applied for and how effective they can be to turn around.

    Samzuga Empowerment Academy

    Expressing his fulfillment, lifting youths out of poverty and making Nigeria a better nation, Bishop Samzuga voiced his advice to all the students that got the grant, he said: “I feel so much joy looking at you all this afternoon and seeing a better and brighter future for Nigeria and Africa”, he noted.

    “Prepare your minds for a better tomorrow. What we are starting here today would become a pattern and formula for the transformation of the nation. We have Christians and Muslims here because we don’t discriminate. What we are doing is to give the youths a focus. Once you start your respective businesses, you must avoid violence. You can’t have development where there’s no peace. This is very important, so you can be doing your businesses in a conducive environment. 95% of the crisis across the globe are religious based.

    READ ALSO: Sam Zuga empowerment Academy launched in Yola

    “Aside the finance, here we are also training you on how to be am important person to the society and your religion. I am here to solve a problem and the best way to solve a problem is to identity it first. The problem of man is inside man. Only man can solve the problems of man. I should be that man that would solve the problems of man. You’re created to solve the existing problem of man and not the other way round.

    “You have been trained. You know what to do. You understand financial intelligence, how to set your priority right. Then you also have mentors attached to you. All of you must become millionaires in a short time.”

    Bishop Sam Zuga has successfully established several companies and organizations which are home and abroad set to address the issue of unemployment.

    The organizations include; Samzuga Empowerment Academy, Samzuga international football Academy, Samzuga international family, Samzuga business Empire, Samzuga foundation, Samzuga University of Technology, Samzuga Agro and global resources, Samzuga Gospel Dancers and Entertainment Industry, Samzuga Garments, Beauty and Fashion Industry and Samzuga Gold Trading LLC.

  • How tech generation is changing economy

    Young entrepreneurs are bringing life-improving innovations to the small and medium scale entreprises (SMEs) subsector, DANIEL ESSIET reports.

     

    The  small and medium enterprise (SMEs) sector has been growing. There  have been activities on all its fronts, including the startups. Entrepreneurial success stories abound.

    The Chief Executive, SmartTeller, Ogunwande Oluwole, is one of the young entrepreneurs in the subsector.

    He saw a gap in credit giving to SMEs in the rural areas.

    Taking advantage of this, he established a digital platform to connect cooperatives to serve the segment. Today, he has reached a milestone of one million users of his cooperative banking solution.

    He spoke during the first anniversary of Hub One tech space by First City Monument Bank (FCMB) in Lagos.

    A startup founder incubated at the  tech space, he etablished his company during his internship as an undergraduate of the Federal University of Agriculture, Abeokuta, Ogun State.

    He said the  firm provides cooperatives, company groups, employees, individuals, associations, and financial development institutions with solutions to manage their financial activities.

    But the story of the co-founder CTO, ScholarX Maxwell Ogunfuyi, is diffrent. He said  the startup helps students to have access to scholarships.

    By providing students with information for finding and securing the scholarship, the founders believe they are giving students value.

    So far, adoption of the ScholarX platform has been slower than expected. This is despite its low yearly subscription fee. The founders attributes the problem to the technology gap.

    However, ScholarX has applied for this year’s Startup School by Y Combinator and got accepted. That is a validation that they are on the right path.

    President/CEO, SUBA Capital, Silas Ozoya, a fitech microfinance institution that helps individuals and small business owners raise capital with ease. SUBA Capital, according to him, offers microfinance (thrift savings and micro lending) and strategy consultancy services for small businesses.

    He is among the startup founders incubated at Hub One tech space provided by FCMB.

    Addressing the forum, Ozoya said SUBA Capital started with micofinance services with six contributors in 2017. It has grown to almost 200. The  first capital payout in 2018 was just N180,000.

    His words: “As at this January 2020, we have paid out over N5million to our contributors who contributed in the 2019 financial year to cater for personal and business capital demanding needs and the testimonials have been unending.”

    He  said SUBA Capital pivoted into agriculture and then fast-moving consumer goods (FMCG) in 2019.

    “So far, they have created at least 150 jobs directly and indirectly through their agricultural farm project – Farm Better with SUBA Capital; our fast-moving consumer goods (FMCG) vending programme – SUBA Store, our investment programme, and recently our agent banking network – SUBA agent Network. With these we are contributing our little quota to reducing unemployment, foster growth, reduce hunger and alleviate poverty. We are extending this programme to food vendors and student entrepreneurs.”

    The startup  has expanded to three major cities – Lagos, Benin City and Port Harcourt.

    He said his vision is to create opportunities for Nigerians  to grow their income through farming and thrift.

    FCMB’s Executive Director, Business Development, Mr. Olu Akanmu  said harnessing information communication technology innovations to tackle social challenges is vital to solving youth unemployment.

    He said the bank recognises and believes in the power of technology and youth-driven enterprises. He assured the public that FCMB will continue to invest in initiatives that support and develop tech start-ups in Nigeria.

    He noted that societal problems creates opportunities for  youths and entrepreneurs  to provide solutions.

    He  said the bank believes in strengthening livelihoods and bringing youths into the supply chain.

    Akanno  said the bank will support  more entrepreneurs to have access to markets.

    FCMB’s Divisional Head Transaction Banking, Rolayo Akhigbe, explained that  the hub  was about using technology to solve security and social problems in the economic nerve centre.

    She said the  innovation hub is dedicated to developing a competitive start-up ecosystem.

    She  said the hub is designed to provide learning experience for entrepreneurs to strengthen their  skill sets.