The Nation Newspaper

Category: Small Business and Entreprenuership

  • From street trading to agriculture

    To overcome poverty, Ogbomoso-based entrepreneur, Debo Thomas, went from selling matches to building a successful cashew business. He is one of the young Nigerians who has found agribusiness lucrative, despite the many challenges of living in the rural area, DANIEL ESSIET, reports.

    Ogbomoso, Oyo State-based agro entrepreneur, Debo Thomas, can best be described as the flower that blooms in adversity. His is a quintessential rags-to-riches story, a compelling tale encapsulating struggle, hard work and undying optimism that led the man to where he is.

    His life is a tale of perseverance and survival. If you look at Thomas, you would find it hard to believe that, as a little boy, he sold matches in the market. This is a man whose picture at every point signifies heart-breaking struggles he went through. But he is thankful that they made him what he is. If that were the end of the story, it would be pretty depressing.

    Born to a financially-strapped family, his parents could only afford him a secondary education. The idea of doing business sparked only after he realised his parents did not have the funds to sponsor his education when he gained admission.

    He decided to fight his battle. With the N14,000 they gave him, which he realised would not pay for his first semester, Thomas decided he would put the money into multilevel marketing business.

    The multilevel business turned out a success. He made a lot of money; thereafter, he went into poultry business.  He started with 5,000 birds. As he had no prior experience, within days, all the birds were dead. He had to start from the scratch.  He learnt the way of dealing with life in a hard way. The hardship taught him the value of perseverance and made him think beyond the situation. He started selling used computers, travelling to Lagos to replenish his stock. His motivation: He saw a market need that wasn’t being filled.

    With nothing, he went into agri- land brokerage. He was selling acres/hectares of land.

    From the commission realised from sale of farm land, he started planting cashew on a few acres. He   proceeded into cashew-cassava cultivation, yam planting, cattle rearing, and then agro-advisory services. He had to learn everything from tilling the land to sowing the seeds.

    Wanting to waste no time in laying the foundation of his business, he bought more land over the next few years and hired labourers.  After five years, he has built a cashew farm enterprise on 500 acres, adding value while creating jobs and boosting the income of farmers and the community. The business has grown and become profitable. The business is known as Hastom Foods and Farms.

    To him, everything was a challenge. He had no clue about farming, but wanted to be in a position  to support Nigerians who are interested in absentee agro business. We are the pioneer of absentee farming in Nigeria, giving people the ability to invest in agriculture in the comfort of their homes while getting records of the progress of their properly-managed farms.“

    He believes the agric sector has a huge opportunity, and is about start-ups’preparedness to take risks.

    Thomas shares some characteristics with successful agro entrepreneurs: a passion for farming and an understanding that there is no substitute for hard work. He said: “I have learnt to identify opportunities and build on them.”

    For him, the future belongs to the rural areas. Harnessing this potential, according to him,  has become all the more urgent given that Nigeria still spends billions of naira on food imports.

    He is campaigning that agriculture and rural development become priority by transforming rural areas into economically-prosperous areas. He says the focus is agric entrepreneurship.

    His message to aspiring entrepreneurs, is: “Don’t stop dreaming big or taking risks.” He continues to see opportunities just about everywhere, and is bullish on the entrepreneurial climate in Nigeria. In what sectors does he see the greatest opportunity? He thinks cashew processing is a huge industry for entrepreneurs.

    He has an incredible vision for his business and hopes to grow his farm. For him, the journey to impact has just started and he encourages others who have chosen the path of entrepreneurship not give up. “No matter how long the road might seem, if you persevere, it will all work out,”he said.

    He believes that there is a reason behind the peaks and valleys in life.

    His belief in turning every situation into an opportunity has brought him to where he is.

  • Making fortune from forex

    Patrick Ogagbor is an ex- banker-turned fulltime foreign exchange (forex) trader. He also coaches aspiring forex traders.

    While working in the bank, Ogagbor looked into ways to make extra money.

    After many months of researching, he decided to take the leap of faith by focusing on forex.

    His attraction is the $5.1 billion-a-day global foreign exchange market.

    The primary reason is that he gets to choose the time and place he wants to trade. Since he started, he only needed few minutes to look for setups and enter a trade. All he needs is an internet connection and a laptop.

    After making a success, Ogagbor now equips people with trading and investment strategies that help them navigate the complex financial markets. He has trained many Nigerians who get at least 20 per cent return of their investment in six months. Others gain 10 per cent of their capital monthly.

    His goal is to train traders to make profits relatively quickly by using their skills to take advantage of the price volatility in financial instruments that they buy and sell. He wants to see Nigerians trading forex, leveraging their trading positions to increase their exposure, and hence potential returns.

    Because trading is considered riskier, Ogagbor said the market requires skills and that there are good returns for successful traders.

    He explained that being a successful trader is not easy and that a person needs to be knowledgeable in the instrument(s) that they are trading, and to be familiar with the markets they are in. They also need to have the right attitude towards trading.

    To become a profitable trader, he said one must master a strategy, the psychology and the risk factor. In addition, he said a trader must put in the time and effort to gain the experience and knowledge in a strategy.

    According to him, new traders are lured by the success stories they hear in the marketplace. He noted that for every success story, there are dozens of heartbreak stories they do not hear. He added that some traders think they can be profitable by just watching a few videos online or reading some books. He said forex trading is a professional endeavour. To succeed, he said starters should get a good mentor and hav a good trading system.

    Instead of focusing on making money, Ogagbor advised traders to focus on the process and routine, and then refine their strategy along the way according to their personality.

    He added that a common mistake is hopping from one trading strategy to the next after a few losing trades. The cycle, according to him, keeps one in an endless race to find a perfect system, which doesn’t exist. Instead, he advised   new traders to find an approach that suits their personality and their goals.

    What are the services he provides? “We run signals service, copy trade, fund management and online courses. Signals service is subscribed for on monthly bases, with entry point, stop loss and take profit target.

    Many are on this service at the moment. Copy trade is a remote trading technology, that allow us to take trade via this technology on a master trading account and it will copy automatically on your computer or laptop without you lifting a figure. It does not matter if your computer is on or off. Trades will be running while you’re sleeping. We do all the trades while you bank the profit.  No profit-sharing formula here. All you need to do is subscribe. “Fund Management service is also subscribed to, here there is profit sharing and risk on trade and account must be agreed upon and an MOU signed with term and condition applied. You will need the power of attorney, before we can start trading on your account. This is for very busy executives, informed investor etc.

  • Business conference for China

    Abusiness matching investment conference and exhibition aimed at boosting trade relations between Nigeria and Asia  will hold in Beijing, China from  October 12 in China.

    The five-day conference and exhibition is organised being organised by Asian–African Chambers of Commerce and Industry (ACCI).

    About 50 small medium enterprises (SMEs) from Nigeria will meet their counterparts across Asian continent.

    A member of the board of ACCI Nigerian chapter, Mr Arinle Adekunle Ahmed, said the SMEs, which are members of ACCI in Nigeria, will engage with the China Association of Small and Medium Enterprises (CASME).

    Arinle said: “It’s a conference where we will be bringing people across different sectors-textile, engineering, farm produce, construction, and fashion,  among others, in both Nigerian and China, match them together to look at each country’s comparative advantage.’’

    Through that, we hope to generate an agreement whereby those in Asia will also come down to Nigeria where the two parties can now engage in joint business,” said Arinle who is also the Chief Executive, Rinllandded Nigerian Limited.

    “What we hope to achieve through that is to boost foreign reserves in Nigeria. Usually, what we have is investors coming to set up business in Nigeria, make profit, but plough it back to their countries of origin. However, through this matchmaking, everything remains in Nigeria. We are starting with 50 SMEs this year, we hope we can double that figure next year and make more progress in subsequent years,” Arinle added.

    According to him, one of the major problems affecting the survival of SMEs is poor power supply. To this end, Arinle said ACCI is currently in talks with some of its partners to set up  incubator zones across the nation’s six geo-political zones.

    “We are talking with some of the state governments to set up industrial incubator zones,” Arinle said.

    He continued: “The idea is that when government provides land, we shop for investors that will provide solar or hydro power energy at the various incubator zones. Once we have that, we encourage SMEs to move to those zones since they will enjoy consistence power supply.  Overall, this will generate more jobs, increase production capacity, while the process of goods produced at such zones will be relatively lower .”

  • Making a living from skincare

    The challenges of many women is how to manage their skin. Debbie Ibiyemi, a Computer Scientist, has set up a skincare firm to attend to their needs, DANIEL ESSIET reports

    Debbie Ibiyemi is the founder of a skincare start-up. A graduate of Computer Science, she is not a stranger to the business. She joined the industry as a make-up artist.

    She had seen many Nigerians struggling with their skin. She researched various ingredients and tried many brands; eventually, she found solution to their problems.

    This was what inspired her to launch her business with the objective of educating people about skincare products.

    She said: “I studied Computer Science in the university, though I didn’t practise for long. Then, I  became a make-up artist for about six months before launching my skincare business.

    “My major challenge was lack of skincare education. I am a career-driven woman and I hated the fact that people saw skincare as a roadside business for women who are not that serious in life. I wanted to make a difference and the only way to do so is to study the skin. At that time, standard skincare training was scarce in Nigeria. It is still scarce but a bit better than before.”

    Her company started modestly, selling products from her home. She learnt the nuts and bolts of setting up a skincare business. Months later, she had formulated a range of products for sale.

    Her words: “In 2011, I started the business alone. I was only making natural products and selling. I did this for a year and then employed someone to dispatch my goods to several parts of the country. After I became an esthetician and specialised as a skin consultant, I decided to start teaching people safe and effective methods to take care of their skin and this birthed the skin business boot camp, a Facebook community of almost 11,000 members.

    “I went on to create online master classes on various aspects of skincare and the classes have graduated about 4,000 people in 14 months. The people have gone ahead to start their skincare businesses. Some who had businesses have also, via the training, improved on their products and services.”

    On the state of the business, she said: “It is no longer just me. We have virtual assistants who help with content, brand and media strategists; and very recently we launched a special marketing squad to render services to our online community members who have started their businesses, or are about to.”

    The beauty entrepreneur said one reason she has been successful was because of her commitment to her work. She believes it takes a certain mindset to succeed. “If you accept the word ‘fail’, you stop trying. If you never accept the word ‘fail’, you never stop trying; so you go on until you achieve success.”

    A vital part of the mentality is the refusal to see problems as setbacks.

    On her success factors, she said: “One of the things that have helped me achieved success in this business as I said is access to proper skincare education. Skincare is beyond learning a few recipes. It is a full system that you need to learn its language, understand it and communicate to each skin you meet appropriately and this is what I have dedicated myself to give to everyone that comes in contact with me.”

    In the nearest future, she sees a Nigeria where everyone is aware of their skin needs and ready to apply safe skincare practices.

  • 4500 for Medic West Africa exhibition

    THE Eighth Medic West Africa Conference and Exhibition will hold at the Eko Hotel and Suites Convention Centre in Victoria, Lagos, from October 9 to 11.

    Expected at the event, the organisers Informa Markets said, are over 45000 participants and 280 exhibitors from 25 countries.

    Medic West Africa’s Exhibition Director, Ryan Sanderson, said: “Informa Markets is thrilled to usher in this year’s conference and exhibition in our host city, Lagos. As a leader in Africa’s healthcare sector, we are charged with the responsibility of discovering promising innovations and solutions that cater to the many facets of the healthcare value chain in Nigeria and beyond.

    ‘’All our exhibitors and guest speakers are passionately committed to the future of healthcare and registered attendees will hear from key thought-leaders from across the region on how to continuously drive quality healthcare services, not only in Nigeria but across the West African region.”

    He said state-of-the-art imaging equipment, from disposables to those in surgery would be on display..

    He added that three-day event aims to keep participants engaged by displaying the latest innovations that will drive positive transformation in the region’s healthcare sector. Education and knowledge-sharing are some of the core principles of Medic West Africa, he added.

    Participants would benefit from its masterclasses and leadership, business and educational conferences. They would get an opportunity to network, discuss and deliberate with leaders from West African ministries, authorities, healthcare providers, distributors and solution providers.

     

     

  • Grooming start-ups for Africa

    A non-profit organisation, Mass Challenge, and University Mohammed VI Polytechnique (UM6P) in Ben Guerir, Morocco, have launched the Impulse Accelerator Programme to support start-ups in Nigeria. It held a road show in Lagos to identify start-ups with solutions for problems across Africa. DANIEL ESSIET writes

    FarmCrowdy, ThriveAgric, and Verdant AgriTech are some of the startups using digital agriculture to empower farmers.

    But they are yet to reach many small-scale farmers because they are limited to their communities of operation.

    Despite this problem, digital solutions are being deployed in solving decade-long problems and making agriculture exciting for youths who are being lured by the use of mobile apps and other technologies.

    While several agrifood startups are being established, experts say there is a need to see more functional digital and bio-farmtechs feature on the list of agri-food startups.

    To tackle this problem, a firm Impulse, has held its Accelerator Programme in Lagos to hone the skills of agritech start-ups owners.

    Its Director Adnane Alaoui Soulimani said Impulse was developed by Mohammed VI Polytechnic University (UM6P) in partnership with MassChallenge, and OCP Group and its subsidiary, OCP Africa  to support the selected startups and to help them forge lasting partnerships.

    He said the 12-week programme targets startups in agritech, biotech, mining technologies and materials science and nanotechnology.

    Soulimani, who urged start-ups to register for the programme, said it  would end in October.

    Read Also: Keystone Bank empowers youths, business start-ups

    He said the list of finalists would be announced in November, while the accelerator programme would start on January 15, 2020.

    He said the 10 startups that would be selected to participate in an intensive 12-week acceleration programme in Morocco would receive mentoring and coaching by OCP experts, UM6P professors and doctoral students, mentors of the MassChallenge network and the entrepreneurial ecosystem.

    He said the winners would be taught good agribusiness strategies.

    A prize of $250,000 is  to be shared among the winners. Winners will receive the opportunity to pitch and network with executives. They will also receive valuable business consultation services, including go-to-market advice.

    Soulimani said the team would  embark on a road show in Cote d’Ivoire and Ethiopia to showcase the programme to start-ups and entrepreneurs in those countries.

    The accelerator is hunting for firms with impact focus. Its mandate is broad, sector-wise. Geographically, however, the firm is committed to African startups.  Agri-food tech is not Impulse’s only focus, but it is also key, because Soulimani is committed to it.

    He desires to see startups who could come up with good business models, a developed minimum viable product (MVP), targeted customers, and prepared to get funding for the next stage of their development.

    To this end, the accelerator will offer a more tailored programme  to later stage firms to help them grow and to gain access to new markets, new customers and new investors.

    It aims to have in its platform  agritech startup solutions with an eye for rolling out across the African continent.

    Soulimani explained that Impulse was the first step toward the creation of a bigger sector-agnostic accelerator called “MassChallenge Africa”, that would accelerate yearly between 50 and 100 start-ups working on African challenges.

    “Start-ups that will be selected for our programme will benefit from the mentorship of senior managers and business experts from OCP Group, one of the world’s leaders in the fields of phosphate and phosphate-based fertiliser.

    “Start-ups will also have access to potential business opportunities through OCP Group, UM6P and their ecosystems,” Soulimani added.

    A speaker, Ayodele Balogun, noted that until recently, much attention had not been paid to sustainable agriculture in the country.

    “Effectively, we lose foreign exchange (forex) because we are not able to produce enough and process enough to satisfy ourselves,” he said.

    The OCP Country Manager, Caleb Usoh highlighted the efforts of the Federal Government to harness the potential of the sector and to address the trade deficit that existed in the country.

    Usoh said: “OCP Africa is committed to supporting the Nigerian government’s effort towards the development of the agriculture sector.

    “In 2016, OCP Africa entered into a partnership with the Fertiliser Producers and Suppliers Association of Nigeria (FESPAN) under the `Presidential Fertiliser Initiative’, with the support of Nigeria Investment Sovereign Authority (NSIA).

    “The partnership encompasses the entire agricultural chain: creating fertiliser solutions, making fertiliser available on the local market at competitive prices, and fostering mentorship for farmers.

    “Thanks to the partnership with FESPAN, local investments in new fertiliser blending plants have grown from nine facories in 2016 to 25 within a span of three years creating a number of direct and indirect employment opportunities for Nigeria’s youths and reducing the prices of fertilisers for farmers.”

    According to him, OCP plays an important role in feeding a growing global population, by providing essential elements for soil fertility and plants growth.

    He said OCP provides a wide- range of well adapted fertiliser products to enhance soil, increase agricultural yields, and help feeding the planet in a sustainable and affordable way.

    A start-up specialist, Mr. Dennis Goji, advised start-ups to familiarise themselves with government socio-economic policies to be firmly grounded in their chosen trade.

    Goje said the consistency of government policies on agriculture since 2011 had made possible some of their success stories. Therefore, start-ups and commercial farmers could understand the direction of government.

    Contributing, Mr. Adunoye Olubiyi, an agronomist, acknowledged the impact of the agritech initiatives and advised farmers to be more deliberate in engaging the processes.

    “One of the things we have benefited from Hello Tractor is that we have been able to scale up production without having to worry about money to make things available.

    “Last year, we did some things in the range of 30 hectares in terms of production.

    “However, this year, we have been able to do about 120 hectares because of the support from Hello Tractor. For next year, we are projecting 200 hectares,” Olubiyi said.

  • Turning adversity into opportunity

    Refusing to let her physical disabilities hold her back, a physically-challenged entrepreneur, Miss Maria Gorrathy Iche, got involved in several activities before finding her calling in textiles. After studying Fine and Applied Arts at the Federal Polytechnic, Oko, Anambra State, the indigene of Imo State has opened her own textile designing business. She shared her experience with DANIEL ESSIET.

    Miss Maria Gorrathy Iche, a Fine and Applied Arts graduate of Federal Polytechnic, Oko, Anambra State, is an example of a lady who did not let her physical disability hinder the pursuit of her dreams. She had treatment for years, but she did not let her disability come in between her and his dreams.

    With her strong will power and dedication to succeed, she decided to study Fine and Applied Arts. Today, she is enjoying and making a living from it. She started her business with N20, 000 after her National Youth Service Corps (NYSC) in 2016. She has set an example for those who want to live their dreams.

    She has proved that disability could be turned into an opportunity. Her dedication has made her  a notable figure and a leading  textile designer within her local community in Imo State.

    Miss Iche has overcome all the odds to write her name in gold. She is making a living from textile designing. Her collection include handmade bags, assortment of dresses and beads.

    Speaking with The Nation, Miss Iche said she received help and support along the way.

    Read Also: A new opportunity

    For her: “There is something called opportunity. God sends it and you have to grab it. When opportunities fell in my lap, I grabbed them. It has made me who I am today.”

    After she enrolled for her Ordinary National Diploma (OND), she discovered her  interest  in fashion and passion for colours.

    Miss Iche said physically challenged entrepreneurs would continue to face challenges because the society had not shown them enough support. She faced rejection, but she soldiered on.

    She said it is her dream to see her craftsmanship celebrated on a national platform, saying this is what will bring her joy.

    She is determined to work with physically challenged artisans in villages across Imo State, if the government supports her.

    Her plan is to establish an organisation that provides scholarships to underprivileged students to pursue careers in textile design and bead making.

    Her goal is to provide longtime employment to local artisans who are contributing to collections that are relevant.

  • Turning adversity into opportunity

    Refusing to let her physical disabilities hold her back, a physically-challenged entrepreneur, Miss Maria Gorrathy Iche, got involved in several activities before finding her calling in textiles. After studying Fine and Applied Arts at the Federal Polytechnic, Oko, Anambra State, the indigene of Imo State has opened her own textile designing business. She shared her experience with DANIEL ESSIET.

    Miss Maria Gorrathy Iche, a Fine and Applied Arts graduate of Federal Polytechnic, Oko, Anambra State, is an example of a lady who did not let her physical disability hinder the pursuit of her dreams. She had treatment for years, but she did not let her disability come in between her and his dreams.

    With her strong will power and dedication to succeed, she decided to study Fine and Applied Arts. Today, she is enjoying and making a living from it. She started her business with N20, 000 after her National Youth Service Corps (NYSC) in 2016. She has set an example for those who want to live their dreams.

    She has proved that disability could be turned into an opportunity. Her dedication has made her  a notable figure and a leading  textile designer within her local community in Imo State.

    Miss Iche has overcome all the odds to write her name in gold. She is making a living from textile designing. Her collection include handmade bags, assortment of dresses and beads.

    Speaking with The Nation, Miss Iche said she received help and support along the way.

    For her: “There is something called opportunity. God sends it and you have to grab it. When opportunities fell in my lap, I grabbed them. It has made me who I am today.”

    After she enrolled for her Ordinary National Diploma (OND), she discovered her  interest  in fashion and passion for colours.

    Miss Iche said physically challenged entrepreneurs would continue to face challenges because the society had not shown them enough support. She faced rejection, but she soldiered on.

    She said it is her dream to see her craftsmanship celebrated on a national platform, saying this is what will bring her joy.

    She is determined to work with physically challenged artisans in villages across Imo State, if the government supports her.

    Her plan is to establish an organisation that provides scholarships to underprivileged students to pursue careers in textile design and bead making.

    Her goal is to provide longtime employment to local artisans who are contributing to collections that are relevant.

  • Grooming start-ups for Africa

    A non-profit organisation, Mass Challenge, and University Mohammed VI Polytechnique (UM6P) in Ben Guerir, Morocco, have launched the Impulse Accelerator Programme to support start-ups in Nigeria. It held a road show in Lagos to identify start-ups with solutions for problems across Africa. DANIEL ESSIET writes

    Farmcrowdy, ThriveAgric, and Verdant AgriTech are some of the startups using digital agriculture to empower farmers.

    But they are yet to reach many small-scale farmers because they are limited to their communities of operation.

    Despite this problem, digital solutions are being deployed in solving decade-long problems and making agriculture exciting for youths who are being lured by the use of mobile apps and other technologies.

    While several agrifood startups are being established, experts say there is a need to see more functional digital and bio-farmtechs feature on the list of agri-food startups.

    To tackle this problem, a firm Impulse, has held its Accelerator Programme in Lagos to hone the skills of agritech start-ups owners.

    Its Director Adnane Alaoui Soulimani said Impulse was developed by Mohammed VI Polytechnic University (UM6P) in partnership with MassChallenge, and OCP Group and its subsidiary, OCP Africa  to support the selected startups and to help them forge lasting partnerships.

    He said the 12-week programme targets startups in agritech, biotech, mining technologies and materials science and nanotechnology.

    Soulimani, who urged start-ups to register for the programme, said it  would end in October.

    He said the list of finalists would be announced in November, while the accelerator programme would start on January 15, 2020.

    He said the 10 startups that would be selected to participate in an intensive 12-week acceleration programme in Morocco would receive mentoring and coaching by OCP experts, UM6P professors and doctoral students, mentors of the MassChallenge network and the entrepreneurial ecosystem.

    He said the winners would be taught good agribusiness strategies.

    A prize of $250,000 is  to be shared among the winners. Winners will receive the opportunity to pitch and network with executives. They will also receive valuable business consultation services, including go-to-market advice.

    Soulimani said the team would  embark on a road show in Cote d’Ivoire and Ethiopia to showcase the programme to start-ups and entrepreneurs in those countries.

    The accelerator is hunting for firms with impact focus. Its mandate is broad, sector-wise. Geographically, however, the firm is committed to African startups.  Agri-food tech is not Impulse’s only focus, but it is also key, because Soulimani is committed to it.

    He desires to see startups who could come up with good business models, a developed minimum viable product (MVP), targeted customers, and prepared to get funding for the next stage of their development.

    To this end, the accelerator will offer a more tailored programme  to later stage firms to help them grow and to gain access to new markets, new customers and new investors.

    It aims to have in its platform  agritech startup solutions with an eye for rolling out across the African continent.

    Soulimani explained that Impulse was the first step toward the creation of a bigger sector-agnostic accelerator called “MassChallenge Africa”, that would accelerate yearly between 50 and 100 start-ups working on African challenges.

    “Start-ups that will be selected for our programme will benefit from the mentorship of senior managers and business experts from OCP Group, one of the world’s leaders in the fields of phosphate and phosphate-based fertiliser.

    “Start-ups will also have access to potential business opportunities through OCP Group, UM6P and their ecosystems,” Soulimani added.

    A speaker, Ayodele Balogun, noted that until recently, much attention had not been paid to sustainable agriculture in the country.

    “Effectively, we lose foreign exchange (forex) because we are not able to produce enough and process enough to satisfy ourselves,” he said.

    The OCP Country Manager, Caleb Usoh highlighted the efforts of the Federal Government to harness the potential of the sector and to address the trade deficit that existed in the country.

    Usoh said: “OCP Africa is committed to supporting the Nigerian government’s effort towards the development of the agriculture sector.

    “In 2016, OCP Africa entered into a partnership with the Fertiliser Producers and Suppliers Association of Nigeria (FESPAN) under the `Presidential Fertiliser Initiative’, with the support of Nigeria Investment Sovereign Authority (NSIA).

    “The partnership encompasses the entire agricultural chain: creating fertiliser solutions, making fertiliser available on the local market at competitive prices, and fostering mentorship for farmers.

    “Thanks to the partnership with FESPAN, local investments in new fertiliser blending plants have grown from nine facories in 2016 to 25 within a span of three years creating a number of direct and indirect employment opportunities for Nigeria’s youths and reducing the prices of fertilisers for farmers.”

    According to him, OCP plays an important role in feeding a growing global population, by providing essential elements for soil fertility and plants growth.

    He said OCP provides a wide- range of well adapted fertiliser products to enhance soil, increase agricultural yields, and help feeding the planet in a sustainable and affordable way.

    A start-up specialist, Mr. Dennis Goji, advised start-ups to familiarise themselves with government socio-economic policies to be firmly grounded in their chosen trade.

    Goje said the consistency of government policies on agriculture since 2011 had made possible some of their success stories. Therefore, start-ups and commercial farmers could understand the direction of government.

    Contributing, Mr. Adunoye Olubiyi, an agronomist, acknowledged the impact of the agritech initiatives and advised farmers to be more deliberate in engaging the processes.

    “One of the things we have benefited from Hello Tractor is that we have been able to scale up production without having to worry about money to make things available.

    “Last year, we did some things in the range of 30 hectares in terms of production.

    “However, this year, we have been able to do about 120 hectares because of the support from Hello Tractor. For next year, we are projecting 200 hectares,” Olubiyi said.

  • Benefits of blockchain technology

    Blockchain, described as online distributed ledger technology (DLT), is creating jobs and pushing up salaries as developers and other experts command premium pay for their services, DANIEL ESSIET reports

    There is high demand for jobs in blockchain technology, described as distributed ledger technology (DLT).

    According to an online resource, salaries for blockchain developers are up again.

    To international analysts, the global market for blockchain-related products and services are expected to hit $7.7 billion in 2022, boosting jobs in the sector.

    Addressing a forum in Lagos, Blockchain Nigeria User Group (BNUG) founder, Chimezie Chuta, said the deployment of the technology in securing business online was generating jobs.

    He said the blockchain technology allows the organisation of any chain of records or transactions, without intermediaries.

    For, instance an international report said international banks are using blockchain for domestic trade and remittances.

    Chuta explained that block chain technology offers the potential for pooling large volumes of data that can be anonymised and protected by the ledger’s encryption protocols.

    He said the deployment of block chain improves transparency in transactions between banks and efficiency of communication among their counterparts.

    He explained that blockchain aims to create seamless, digital customer experiences and expand financial opportunity across global markets.

    He explained that blockchain is helping financial and public service institutions too effectively to build infrastructure.

    Read Also: ‘Why we’re pushing for blockchain technology’

    To this end, he said there is demand for block chain developers. The non-availability of block chain tech talent, he stressed, is for real, calling on young Nigerians to take advantage of it.

    Chuta said blockchain is an emerging area in terms of practice and availability of skill and capability; as such there are few organisations offering training and global exposure in the space.

    He said with a limited talent pool, blockchain techies are in huge demand, primarily at banks, non-banking financial companies (NBFCs), global in-house centres and other public sector firms.

    According to him, some block chain experts earn as much as $5000  monthly and that a software engineer with experience in blockchain could earn more.

    He said there were instances software developers with blockchain experience earned more than a techie without blockchain expertise.

    Cofounder, VesselTrust, Charles Okaformbah, a blockchain solution architect, said blockchain developers command premium for their services as the distributed ledger technology has heated up in the IT marketplace.

    Perceived value and aggressive adoption in the emerging field, he added, combine to produce overwhelming demand for qualified talent.

    Okaformbah said blockchain developers and engineers are in very short supply, but this is even more acute and that’s why salaries are  higher.

    For Nigerians who want to earn huge salaries paid as Blockchain experts, Okaformbah said they need training in Java, JavaScript, C++, Go, Solidity and Python coding languages.

    Okaformbah said he had been a blockchain solutions architect for  some projects where he was  a bridge between business and technology. He  was  required  to  come up with proposals to deliver to the business with the technology available until they found a solution.

    For one to succeed as an architect, he said one must focus on being able to learn many subjects.

    Breaking down solutions into  patterns allows you to think quickly about the technology.

    Meanwhile, more than 40 central banks worldwide are experimenting with blockchain technology, says a new report by the World Economic Forum. The report analyses how various central banks are either examining what blockchain can be used for or are outright experimenting with central bank digital currencies (CBDCs).

    “It’s very much the case that several central banks are looking at this,” said Ashley Lannquist, a project lead in Blockchain and distributed ledger technology at the World Economic Forum and the primary author of the report.

    She listed 44 central banks that are exploring, researching or experimenting with blockchain technology, with an eye to issue a digital currency in the future.

    “Pilot and experimentation work thus far on this subject has yielded some mixed results, some optimistic results, and the summary of where we are right now is that central banks are proceeding with caution, yet highly involved in research,” Lannquist told CoinDesk.

    At present, these banks have to navigate some technical and policy issues, she said. On the technical side, the institutions need to ensure that their new systems work as intended and whether they are preserving data privacy accurately.

    Other questions pertain to the policy aspects, including a central bank’s monetary policy. These issues need to be studied to avoid any unintended consequences, he said.

    Those caveats aside, trends bode well for CBDCs, she said.

    She said: “I’d say in the next couple years, speculating towards the future and being a bit conservative, I would expect a couple central banks to issue a central bank digital currency and that’s because we know that at least a few are.”

    The National Bank of Cambodia, for example, plans to incorporate blockchain technology for its national payments system by the end of this year.

    As Lindquist’s report noted, the bank is looking to tackle two issues: many of the nation’s residents are underbanked or unbanked entirely, and the banking system itself is not very efficient.

    “They have a very fragmented domestic payment system and many (residents) are unbanked,” she said. “Instead of using the bank they use private payment apps that don’t even use the bank so they sometimes can’t pay each other.”

    The new blockchain-based payments system may serve to unite some of these disparate payment apps, providing more efficient payment and settlement services to Cambodia’s residents, Lannquist said.

    What’s perhaps is most surprising about Cambodia’s plans is that the bank is not going to start with a pilot programme, but rather a large-scale deployment with over 10 banks.