Category: Small Business and Entreprenuership

  • 234Finance bridges skills gap with mentors match-up programme

    In a bid to check unemployment in Nigeria and facilitate skills among the youth, 234Finance has introduced a fresh perspective on entrepreneurship with the  of Mentor Matchup Challenge 2.0.

    234Finance.com, an online platform which promotes African entrepreneurship,  said the aim is to bridge the gap between investors and early startups in Africa’s emerging market.

    At an event in Lagos, the firm  gathered established and emerging entrepreneurs or representatives of startups.

    Speaking at the programme, its Managing Partner, Ezinne Nwazulu said the Mentor Matchup Challenge 2.0 was put together because of the huge knowledge gap between millennials and previous generation.

    She said there was an urgent need to fix this knowledge gap for young Africans as well as provide them access to leverage practical solutions in running businesses.

    Nwazulu  said: “There is an urgent need for the two groups to interact, engage and learn from each other. Knowledge they say is power. The Mentor Matchup Challenge 2.0 bridges the knowledge-gap young Africans lack access to, for practical solutions to the challenges they face in running businesses.”

    She said the Mentor-Matchup Challenge 2.0, was apt as business owners are engaged in preparation and goal setting for the new year. The event was also spaced into interactive sessions, which proved to be both informative and foster practical learning.

    The event started out with ‘Growing a Global Brand in Africa’s Emerging Market’, a panel discussion   moderated by communication guru Yasmin Ocansey. It provided her a window to demonstrate her expertise, which cut across communications spectrum, including broadcast journalism in both radio and television.

    The panel featured JoyceeAwosika, Chief Executive Officer of Orìkí, a global agri-beauty brand; Ejike Ugwu, Financier and Head of Moneda; Bunmi George, Fitness Professional and Founder of Shredder Gang; and Buffy Okeke-Ojiudu, a Nigerian Businessman and Chief Executive Officer of the Zebra Group.

    The discussion examined the role of an entrepreneur in shaping the outcomes of their startup or brand’s future and its importance of exploring emerging trends in the global economic landscape, while being equipped with the right team to build a sustainable venture.

    The second session was the Mentor-Matchup Challenge. Attendees were distributed according to the following sectors: Media and Entertainment, Financial Services/Fintech, Agribusiness, E-Commerce and Energy. They were seated in the round with an assigned mentor sharing tips and responding to niggling business challenges.

    A mentee was nominated from each sector to summarise learnings from the mini-sessions. The icing on the cake was having investors sit in for these sessions and share unfiltered knowledge based on their practical experiences.

    Among the investors present were Ngozi Ekeoma, Managing Director/Chief Executive Officer,  Nepal Oil & Gas Services; Olu Oyinsan, Managing Partner, OUI Capital; Prince Okonkwo, Chairman Tetrazzini Foods Limited, and  Kayode Fadahunsi, Chief Executive Officer, Properis Holdings.

    The funding expert, Ifedayo, Durosinmi–Etti, facilitated an inspiring talks on: “Accessing Grants For African Startup”, which happened to be the title of her book. An attendee was lucky to win it by answering a riddle session.

     

     

     

     

    The judges included Joshua Okorie- Chief Executive Officer, Abile Advisory; Senami Johnson, Head, Meristem Capital; Deji Agboage- Chief Executive Officer,  BPI  Advisory and Alessia Balducci, General Manager, Seedspace.

    The pitch event brought out the competitiveness in the attendees as some  were announced as the top six.

    Alessia Balducci and Alex Ekeoma, Director of Geo Travel and Tours also announced the top two attendees.

    Startups Ekete and NicNax, won $2,500 each equity-free grants, courtesy of Geo Travel and Tours and Nepal Oil & Gas Services Ltd.

     

     

    The riddle sessions also produced two multiple winners  from the  two spa sessions from Orìkí Group and a brand new laptop from Abrott Technologies.

    The Mentor-Matchup Challenge 2.0 sired from 234Finance’s mandate to promote African entrepreneurship, which was evident in the calibre of guests that participated.

    The event provided a rare and valuable opportunity for budding entrepreneurs to build relationships with business people at the top of their game free of charge.

     

  • Trends that will dominate SMEs’ sector

    This year is certainly going to be eventful for small businesses and tech entrepreneurs, with the ever-changing political landscape introducing a host of new challenges and opportunities, DANIELESSIET reports.

    By last December,  the startups and Tech entrepreneurship  sector was expected to have surpassed N50 billion in value, going by increasing funding  from donors, venture capitalists and other investors.

    Also, technologies for prediction, and other flourishing technologies were introduced into the nation’s  business landscape from agriculture to healthcare and commerce.

    According to analysts, young business leaders and visionaries this year, are  going to usher in innovative  technology firms that  will transform industries and make life better for Nigerians. One of those who see the industry exploding is Founder of Tech Circle, Oo Nwoye, who sees innovative startups providing solutions in fintech, digital health, blockchain, logistics and other tech-related sectors.

    Specifically, Lagos, the nation’s startup capital, Nwoye noted, is vibrant, and will make an ideal city for new businesses.  In addition, the thriving tech scene, according to Nwoye, has a great pool of talented persons, diversity of experts and connections that make the city a good base for growth internationally.

    However, there is still room for improvement in the access to capital and funding options available for startups.

    In line with the wider aspirations of the Federal Government to promote economic growth and prosperity across Nigeria, Nwoye noted that the tech sector will realise its huge potential.

    He said the impact of tech startups is being felt across the country as they have  created employment and generated new opportunities for investors.

    According to him, the government and the private sector are working to create tech hubs and business incubation centres and connect the most ambitious tech entrepreneurs across the  country.

    While Lagos’tech sector success is enjoying international recognition,  Nwoye said other states tech ecosystems have a vital role to play in driving the country’s international connections and ensuring that Nigeria  cements its position as a business destination in Africa.

    His organisation is bringing businesses together, catalysing a national network of ambitious entrepreneurs, and helping the nation’s tech economy to thrive.

    With the tech entrepreneurship sector growing, Nwoye maintained that it was clear that technology is a critical component of the nation’s growth, both now and for the future.

    Partner, Ventures Platform, Kola Aina noted that the  success story of local tech ecosystems across Nigeria   provided a positive narrative last year.

    According to him, the economy has generated millions of dollars’ worth of deals, reflecting innovation partnerships for the benefit of tech startups and international funders.

    He said this has transformed the perception of Nigeria as a globally attractive place for business, investment, tech and innovation.

    According to him, what makes the sector unique is its driving spirit of collaboration.

    This year, Aina envisaged a huge impact of digital disruption across all industries, seeing technology become an enabling force in sectors such as health, agriculture and finance.

    According to him, there is a growing government and private sector efforts  to help fill the huge funding gaps, and make more people believe in their dreams and launch their ventures, run and grow them on a global scale.

     

    Lagos Smart City Project

    If Lagos State can sustain its smart city projects, stakeholders expect it to rub-off on the economy.

    According to the state, the purpose of a smart city is to provide core infrastructure and give a decent quality life to its citizens.

    Core infrastructure is expected to include adequate water, uninterrupted electricity, efficient mobility, good governance, health and education.

    The   flagship initiative of Governor Akinwumi Ambode, Nwoye said, is transforming the state into a digitally empowered society and knowledge economy.

    Lagos State entrepreneurship programme is backed by Lagos State Employment Trust Fund (LSETF), Googleand Microsoft.

    Promising tech ecosystem

    Nigeria is home to no less than 24 incubators, co-working spaces or other types of tech hubs with more than half located in Lagos alone.

    Alongside tech hubs and investors, tech giants and banks  are also playing an increasing role in growing the nation’s tech entrepreneurship ecosystem.

    Big plans are in the offing for the incubation arena in Lagos and other states of the country.  New facilities are geared to provide start-ups and small and medium-sized businesses with appropriate infrastructure and services. Organisations such as Fate Foundation incubator is definitely a positive step forward in the nation’s incubation movement.

     

    Effective entrepreneurship support from universities

    Covenant University is Nigeria’s foremost startup university. Its Centre for Entrepreneurial Developmental Studies is dedicated to driving the culture of entrepreneurship and innovation by equipping individuals and organisations through relevant and strategic training, research and startup incubation and development. The university delivers efficient support for startups with its Entrepreneurship Center.

    Other universities arrange regular competitions, networking events, workshops and coaching sessions.

     

    ECOWAS business

    incubator centres

    for women entrepreneurs

    The Economic Community of West African States (ECOWAS), in collaboration with the New Partnership for Africa’s Development (NEPAD) and the Spanish Fund, kicked off the first phase of its business incubator programme to support women in rural communities in the West Africa.The project seeks to address some of the major challenges faced by women involved in small and medium-scaled enterprises in agriculture sectors by providing business support services, developing women’s entrepreneurial skills, access to market and finance as well as awareness of women empowerment and gender equality. Last year, a  pilot business incubator center for agricultural entrepreneurship opened in Tenkodogo, Burkina Faso. Stakeholders expect the regional body  to replicate in other countries in West Africa and in other Regional Economic Communities (RECs) in Africa this year.

     

    Challenges

    The sector is going to enjoy a healthy influx of new startups. One of the greatest obstacles facing the sector is sourcing the right talent. Stakeholders said there is a shortage of skilled workers  and  it is difficult to lure talent away from larger companies. Small business owners will face challenges of low income and high overheads. There are plenty of headwinds in the coming months. Uncertainty is already causing businesses to delay investment, hiring decisions and product launches.

    Association of Micro Entrepreneurs of Nigeria (AMEN) President, Prince Saviour Iche said small businesses and startups are having a hard time getting funding despite reported efforts to promote entrepreneurship.

    According to him, innovative  small  scale  producers  have limited access to financial means to materialise their ideas. Iche urged the banks to ease the funding process for startups.

     

     

    For most startups, bureaucratic bottle-necks, lack of access to capital as well as high and multiple taxes pose serious challenges.  Nigerian an startups have faced legal, administrative, and investment challenges, which hindered them from achieving full growth. .Startups are not permitted to raise money through crowdfunding, where they solicit for fund, particularly online.

     

     

     

  • $750b lost to hearing impediment annually, says report

    Unaddressed hearing loss poses an annual global cost of $750 billion, Kemi Remi-Dairo has said.

    Citing a report on the severity of hearing impairment, Kemi Remi-Dairo, who is the founder and promoter of the Kemi Remi-Dairo Hearing Foundation, a non-profit organisation which provides medical treatment platform, access to financial/technical support and education on hearing loss, said the group is working with a special team that consists of otology surgeons, audiologists, a speech-language pathologist, an educational consultant, international bodies and psychologists to tackle the problems of hearing loss in the country.

  • Gifted Hands

    All we ever need to survive in this world is just one good head and two hands. It is all we can ever need to succeed and break new grounds.

    It is God’s gift to man. People on the other hand, never get tired of requiring services; hence the need to possess relevant skills that will warrant one’s ability to survive in current day Nigeria where accumulation of degrees are never enough to guarantee a bright future.

    In reality, true entrepreneurship is not inert; it is learnt and acquired overtime. This is the singular reason why everyone is not made for white collar jobs alone.

    Some people have determined in their hearts never to work for anyone, rather, they resort to crafting a means of livelihood by the work of their hands.

    Life took a new turn April this year when Ibukunoluwa Lana, Success Enyubala and Akunna Nwuke were posted to Plateau State in a dramatic new turn. Dogged, persistent, bold and fierce regardless, the trio accepted to journey down to the state. Their mission which has now translated into a future they chose is the clarion call they accepted in good faith. One that included a mix-match of three ladies from different ethnic groups, backgrounds and cultures coming together for a long period of 12 months.

    Eight months down the line of their service year, their stories have indeed changed. So much that they have forged a community of empowered women with the view of taking up the world with not just a certificate, but a business skill that is adjudged lucrative. Service year is not over yet, but by the time it comes to an end, they will be going back with a skill that will feed them for life, whether they choose to hunt for jobs or not.

    The Nation Newspaper caught up with them, and delved into the genesis of this glorious history. One that has driven young and passionate Nigerians into new worlds of Business, Small and Medium Scale Entrepreneurship as they arm themselves with tools that will be useful for the future to come. Joseph Olaoluwa writes

    Getting Nwuke Akunna to sit still is a herculean task. She is the eccentric hardworking type, busy closing deals with someone who is willing to sell her materials to make more bags, rugs and interior decorative materials or she is subtly plying her trade to an admirer of her works to make more deals. As a professional, her work reel speaks for itself, so she is very quick to point out some of her works being used by members of the RCCG Royal Priesthood Assembly Parish. This hot sunny afternoon, she just settled to speak with our correspondent after settling her new found fashion designer. She is looking forward to the dress and is willing to patronize her new found business woman. She is seated now and wiling to converse with me. I motion to her to come with me to one of the numerous boulevards that litter Crest Hotel, Jos South, Plateau State. We choose a shade which is a combination of well-arranged rocks and a tree shading us from the scorching sun. Success Enyubala is seated beside her, but my pestering is too much, so they both oblige me as her fashion designer watches us from a distance, eager to close the deal. Immediately, I started throwing questions. I start with the introductions, choosing to deal with Success first.

    Success Enyubala says she is into interior decoration, making emphasis on household materials. Akunna Nwuke proudly interjects: “I am into interior decoration, hair fascinator and knitting.” Very assertive with what she does, Akunna says that she believes she could be a master of everything time will avail her to learn.

    For the trio, the mastery of bag making, interior décor, and shoe covering was an opportunity that presented itself which they took without hesitation, having being introduced to the business beforehand at a certain time of their lives. So, when Akunna picked up interest, the goldmine the opportunity presented was too juicy to neither discard nor ignore.

    For Akunna, the whole thing began eight months ago at the Mangu Orientation Camp, Plateau State during the Skills Acquisition and Entrepreneurship Development (SAED) programme. Corps members are usually advised to take a pick from the wide range of skills offered during their 21 days in camp and are mentored appropriately on the mastery of these skills all year long.

    “It all began at Mangu Camp when I attended one of the SAED classes, the interior design and decoration class. I saw the throw pillows that there being made in the camp and I picked interest in it. I told myself I was going to pursue it.”

    For Enyubala, it was more of fascination for the things her friends could do. Hence the motivation for her to try it out and convince herself that there is immense joy in creating things with one’s bare hands.

    “Actually I was just fascinated by what I saw my friends doing. I thought about it, asides from the idea of getting to know, meet new people and know new places. I should gain new knowledge asides from the things I have always known before coming down to this state. I thought that since I have seen those things they are doing with their hands and it is not something that has started where I came from, maybe I could gain a skill in it and go onto develop it.

    “My friends introduced it to me- Akunna. We were staying at the same lodge and every time she came home, she came with something new. Sometimes, it could be a new bag and all of that and some other girl, Cynthia joined her and came home with her own things. I thought to myself, this is really awesome. If they could do that thing they were doing, I could do it also.” With the level of comfort and gesticulation oozing from Success, one could tell she was proud of her work, so when she was asked why she decided to keep her degree aside and face a business in the world of bags, and fanciful carpets, Success laid a bold claim.

    “I think this is a plus actually. It is going to give me something more prestigious asides the whole certificate thing.”

    How it all began

    Continuing her story, Akunna met her SAED trainer the very first day the course was introduced.

    “I met her during one of the SAED classes, the very first day the class was introduced to us. When they were calling classes to attend, I heard interior design and decoration and I picked interest in it. So, I walked up to her stand.” One thing that stood out in Akunna’s first meeting with her SAED trainer was the arm of friendship initially offered to a newcomer.

    “She was really friendly. I saw the throw pillows that were made in camp. The aprons were also made in camp. I told her I wanted to continue with the post camp training and she said it wasn’t a bad idea.”

    Ibukunoluwa story isn’t any different. Her journey into the business began way back in her undergraduate days in Ladoke Akintola University of Technology (LAUTECH), Ogbomosho. IBK, as she is fondly called admitted that it would have been an opportunity that would have wasted away as she was in the same hostel with a lady who used to make bags as well. She only realised how lucky she was when a friend outside of her hostel became an apprentice to the lady that made bags in her own hostel. That was the turning point for her.

    IBK who exclaimed loudly while talking to The Nation said: “It was like I was taking an opportunity for granted. How can someone I don’t know from another hostel take interest in a business opportunity that was transacted in my own home?” Ibukun made a promise to join the training herewith and before her undergraduate days were over, she had picked a few techniques. Between then and now, those techniques have obviously improved.

    On arriving Jos, Ibukunoluwa had completely put the business of bag making and shoe making behind her. That episode was closed and suspended until the day of the great reckoning, 4th August 2018. The date was so significant that it wouldn’t skip her memory. As an occupant of the Redeemed Family House situated in Abattoir, Plateau State, buying ingredients in the Abattoir market was a given. Unbeknownst to her, she had passed by her bag trainer severally before she realised that the skill she once gained was being lost daily to other worries and struggles.

    “It was on the 4th of August 2018 I began my training. I usually passed by her shop without noticing the work she was into. I agreed to start working with her that day and took on a three month intensive training that gulped #30,000.”

    Since the money wasn’t available to just give out like that, she chose to pay in instalments by remitting a sum of #10,000 every month.

    According to Akunna, the training is throughout service year and it will expire March 2019 at the cost of N30,000.

    Professionals or not?

    Akunna is of the school of thought that perfection is a moving target. Despite introducing Success to the business and picking up interest right from camp, plus the dexterity she has used in gathering customers and delivering outstanding jobs, she refused to accept that she had become a Pro in the business. She also went further to describe her foray into the business as a training period, not another apprenticeship episode.

    “It is a training period; there is no housemanship or apprenticeship. We are still undergoing training. Every day we have new things to do that are in the course outline. I won’t say I am a professional now because I am still undergoing classes with her (referring to her SAED trainer).” For Akunna, achievement of professional status is at the end of service year in March 2019. This fact she continually stressed modestly.

    Success called herself a professional in the stages she has passed. “Professionalism has to do with certification. Since I haven’t gotten certification which will come at the end of the training and training is at the end of service year, then you can be taken as a professional in the aspects passed. We have course outlines, so at a particular period of time, we have tasks in the course outlines to carry out. For each one you have successfully done, you are regarded as a professional in those aspects. For those ones I passed, I consider myself a professional because if someone tells me to do it just now or much later, I can make it.”

    “I love doing things with my hands”

    Going to school to bag a degree and learning a trade right after is sometime frowned on in Nigeria where a white collar job is usually fancied by friends and family, due to unemployment currently on the rise. Akunna, Success and IBK have refused to see things that way as they are truly proud of how the SAED program of the NYSC has truly liberated them.

    Even with her Mass Communication degree and wealth of experience in journalism, Akunna seems to have her path already laid for her beyond the system.

    Read More: Victims of double sim registration

    “It depends on individual perspective,” Akunna stated. “For me, I have always been an entrepreneur because I love doing things with my hands. Back then in school, I would bake and sell to my course mates on their birthdays. I have always been an entrepreneur. I have always had interest in it with or without a Bsc or a Master’s degree. I have always had interest in doing something with my hands and impacting the knowledge to people.”

    Hence, learning the trade for Akunna has been truly impactful. “It has been really rewarding. Along the line here in Plateau state, I have met a few people who have asked me to do one or two things with this my skill and I have been able to execute it without difficulty. It has been really rewarding. You know, we don’t depend on the N19,800 alone,” Akunna gesticulated, shrugging her arms. “

    With this skill, when you show someone a sample of the thing you made, the person will be like: Okay, can you make something like this for me and how much will it cost you

    “And that is an added advantage to you and your pocket,” Akunna proudly stated.

    Seeds for the future​

    Success feels it was beyond the now. “Yes it has been rewarding. At least for the time being. But I feel it is not really about now. It holds more meaning after now which is going to resonate in the future.”

    Success said the business doesn’t just stop at giving the service to people that demand it but what it truly involves is empowering others and passing the knowledge.

    “Nigeria is a country now that in order for you to strive to actually become something as a youth; you don’t have to rely on your degree alone because a lot of people have degrees. So what exactly do you want to use to stand out aside from those many degrees that exist in the country?” She asked.

    “Everyone is clamouring for people to start becoming employers of labour not people that seek to be employed as labour. So, with that idea at hand and with this knowledge I am gaining, I believe I can be that employer of knowledge and the same people who I am going to impact the knowledge to, will become employers of knowledge. So the country will not just stop at birthing thousands of graduates that don’t have anything to show for being graduates or literates. It goes a long way to creating employment and putting money in my pocket.”

    Ibukunoluwa’s motivation for learning was in line with Success’s idea, only that Ibukun reiterated the fact that she would love to learn for recreational purposes alone.

    She set to learn the job to be able to help out in the home. “Like just design some bags for the kids, run some contracts for weddings and support the family on a small scale. Most of the bag packs being made are majorly try outs for recreational purposes.” When asked why she didn’t look forward to scaling it in full entrepreneurial mood, she replied modestly that she needed to do something about actively learning the handiwork as well as preparing for life after service.

    Non- profit disclosure

    One thing the ladies declined to speak on was how much they have made in the business so far. Even the business-like Akunna chose to laugh it off, Success and IBK chose not even to banter much on the aspect.

    “How much have I made from this business?” Success exclaimed. “I can’t tell you that,” she maintained. “I don’t really know.” Even though The Nation suggested a million naira worth of jobs and contracts. Success replied hilariously: “by the grace of God. “Yes, by faith.”

    Akunna was a solid rock all through. She didn’t even say word, maybe some few words would have betrayed the girls code. IBK herself would not say.

    When asked about her challenges, Ibukunoluwa said she had never met any brick wall all through her three months of training in the business. She had never been owed nor run into any financial or personal altercations. Conflict in business is a common experience, but IBK seems to be enjoying it all.

    SAED, NYSC is not a waste of time

    As her final words, Akunna reiterated Success’s point. “This country does not need those who have certificates alone; it needs people who can create jobs for people. My final word for fellow corpers like me is don’t sit idly waiting for the next manna to come but to make good use of this opportunity.”

    She continued: “When I first started, I told myself that this SAED skill is grab your copy now! And I really grabbed my copy. To all corpers out there who think SAED and NYSC is just a waste of time; truly SAED or NYSC is not a waste of time. There are things out there NYSC is really doing for us. Avail yourself of these opportunities.” Akunna also believed she would never work for anyone.

    For Success, the world has become a global village. “People have so much fallen into the insight that asides your degree, or certification that indicates you went to school, you need to have something on the job. It doesn’t have to be in your current field of study, or thing of interest. You need to have something extra to back you up.”

    “If that job you are looking at is taken away from you, what becomes of you? Nothing. What if you don’t even get the job? What are you going to be holding onto? Nothing. “

    It goes a long way for youths, especially youths to get something doing with their hands,” Success said “People can never ever get tired of requiring services. Needs arise every single day. As long as human beings live and you have something to offer in the place of a service. There must be a need that arises for them to give that service. Having that in mind, youths should identify themselves with one particular skill to keep them going,” Success concluded.

    Ibukunoluwa Lana, Success Enyubala and Akunna Nwuke have succeeded in doing one vital thing for themselves. They have succeeded in empowering themselves and everyone around them. They have ensured a better future for themselves whether they get that dream job or not. This future, championed by young and vibrant women reiterates that fact that all you need to survive in this word is one good head and two gifted hands.

  • Why tech startups are growing in Nigeria

    Nigeria is witnessing an explosion of tech startups. Stakeholders say the startup culture and support network is helping many youths to establish businesses that will further boost the growing economy. They spoke during a hangout for techpreneurs in Lagos, DANIEL ESSIET reports.

    What is happening in Nigeria, according to Founder, Tech Circle, Oo Nwoye, is an explosion of startups. He said it is time to let the world know there’s something happening in the country.

    Nwoye convened a hangout for techpreneurs in Lagos to celebrate the achievements of the nation’s entrepreneurship ecosystem.The event brought together organisations and individuals that support entrepreneurship and small businesses.

    Speaking about the progress of the  entrepreneurial ecosystem in the country, Nwoye said the year has been quite phenomenal and supportive for techentrepreneurs.

    He noted that the Nigerian entrepreneurial universe has massive potential,  and  startups are  recording  successes.

    According to him, so much money came in this year for  young tech companies,  as valuations skyrocketed for some startups. He also said this year, young startups have attracted outside talent and investors. He said great entrepreneurs were about  to  raise more than $300,000 this year from foreign investors. According to him, Paystack is a great example of the success story.

    He told The Nation that Nigeria’s technology entrepreneurs are striving to  turn fresh ideas into commercially-viable businesses. While many start-ups still target consumers or businesses, others are working at the frontier between the private and public sectors, often seeking to “do well by doing good”.

    He said there have been efforts to help promising companies with the attention and financial backing they sorely need.

    On Lagos, which he see as the business capital of Nigeria

    ., home to the fastest growing tech cluster, Nwoye said the state has created an investor-friendly ecosystem which makes the gateway to global success. He said Lagos has witnessed the birth of new software startups and structures now housing co-working spaces and incubators.

    With government backing tech expertise and strong business networks, he said  tech collaborations are happening everywhere.

    According to him, Lagos gets the edge when business bases are chosen, in particular due to its good quality of life and the business opportunities that it offers.

    He said there are a lot of programmes that focus on translating innovations in technology into market-based entrepreneurial opportunities.

    According to him,Lagoss high concentration of tech startups and talent has helped it to remain Nigeria’s number one destination city for Venture Captail  funding.

    Global tech investors,he explained  are drawn to Lagos  for its strengths in developing the latest cutting-edge technologies, with funding going  into fast growing sectors such as agric tech and Fintech.

    He said Nigerian payment startups, based  in lagos are facilitating online transactions in key African economies and getting validation with global payment giants.

    He said other states have taken a broader focus on developing the entire entrepreneurship ecosystem, which consists of a wide variety of stakeholders, activities and organisations that support the creation and growth of small business.

    A member of the Presidential Technology and Creativity Advisory Council, Mr Kola Aina said Nigeria is gradually becoming   a major tech hub in terms of start-ups generation and entrepreneurs’ preferred location for launching new projects.

    Aina has lead investment in about 28 companies including payments company, Paystack; connectivity company, Tizeti; healthcare company; MDaaS and agric-tech company, Thrive Agric.

    According to him, entrepreneurial venture creation is an extremely powerful economic development engine.

    He said promoting technology based entrepreneurship holds potential, and needs to be encouraged to ensure that Nigeria remains at the forefront of global tech-business leadership.

    The Program Manager, Developer Ecosystem, Google, Aniedi Udo-Obong said investments in Nigerian companies have grown steadily over the past one  year, pointing to a relative improvement of the investment ecosystem and a huge amount of money available to invest in startups.

    He said Nigerian start-ups are not only well received in their respective states but also abroad is shown by the international funds that are investing in Nigerian startups.

    He said the Nigerian tech industry has already established a foothold in the world of e-commerce, for example, with the successes recorded in fintech.

    He said a lot of young Nigerians are joining global and local companies, starting their own ventures, building the next generation of tech leaders.

    To provide a steady flow of fresh talent, he said there are a number of coding boot camps dotting the country.  He said Google now is promoting events to bring local developers together to solve real social problems

    Udo-Obong said Uyo,the capital  of Akwa Ibom State is pushing the envelope in becoming one of the strongest entrepreneurial city through a renewed spirit of collaboration, community and leadership.

    The Convener, Startup South, Uche Aniche, said this year, has broughtup hundreds of entrepreneurs, leaders and visionaries. The result, according to him, has been new ideas, digital connectivity, tech advancements and innovative entrepreneurs.

    He said Startup South started in 2015 as an annual startup conference for startup founders, investors and the general public in the south-south and south-east of Nigeria. He said over 5000 participants have been reached and engaged since inception.

    According to him, high-tech talent is a key driver of the wealth and competitiveness.  He   was happy  that a lot of startups founders are emerging from places  outside Lagos.

    He said  a number of the world’s leading technology companies have demonstrated their long term commitment to investing in Nigeria .With unbeatable blend of talent, creativity and access to finance, he said the nation’s eco system will continue to go from strength to strength  and to generate jobs, investment and world-leading technology for  years to come.

  • Building capacities for solar entrepreneurship

    Solar energy is being deployed on a massive scale by brands and best-managed firms to help lower operating costs and increase profits. Afterschool Centre for Career Development, a non-governmental capacity development organisation committed to inspiring and engaging young people, based in Cross River State, is building the capacities of young people to explore business opportunities across the sector and make a living, DANIEL ESSIET writes.

    Energy in Nigeria today makes up a significant portion of a business’s operating costs. In some areas, especially off grid areas, it is more cost-­ effective to deploy solar than buy electricity from the public utility company. The average cost of solar energy has made solar an increasingly appealing investment for Nigerian businesses.

    Consequently, homes and organisations are installing solar at record rates because it reduces operational expenses, improves their bottom line, and allows them to focus resources on their core business strategies.

    After school Centre for Career Development, a non-government organisation based in Cross River State is promoting the campaign to see  more   rooftop installations and  flood of solar farms to boost the nation’s  solar power capacity.

    Combined with innovative financing options that further reduce upfront costs, solar has a new value proposition that makes business sense for major companies nationwide.

    Faculty Lead, EstherEshiet wants to see rooftop installations booming to turbo-boost the solar numbers overall.Though the solar industry is fairly small, she believes there area lot of jobsprospect.

    Consequently, the organisation held a training to expose young people to opportunities in the industry. The Solar Engineering Training is a part of its Green Jobs Initiative. Held in partnership with the A Steven Group and Clean Technology Hub, the programme aimed at training unemployed young people to become solar engineers and entrepreneurs.

    The programme curriculum included: the global energy crisis, Nigeria’s energy industry, introduction to renewable and non-renewable energy, solar energy components, battery, inverter & charge controllers, assembling & dissembling of solar home kits as well as optical led tester machine demonstration. The curriculum also covered energy saving technology and appliances, solar homeand thermal system installation, maintenance & troubleshooting. She said the training provided participants with the knowledge and skills needed to pursue a career in the renewable energy sector enabling attendees find their foot in the solar energy industry value chain for self and corporate employment.

    Special Guest of Honour, Barrister Eyo Ekpo, charged participants to leverage the skills provided through the Solar Jobs project to explore opportunitiesin the Green and Renewable Energy (GRE) sector.

    He also admonished participants to also develop ideas to solve the challenges in the country. So far, 60solar energy engineers and entrepreneurs participated in the training. One of the beneficiaries, Jacqueline Akadang saidthe solar engineering training was an eye opener. Her words: “it made me realised that I can become a Solar Entrepreneur, I no longer depending on conventional energy, I have ditched my generating set and now I have 24 hours electricity.”

  • ‘Functional system’ll empower small businesses’

    A financial expert, Otunba Kunle Ogundipe, has said a functional system will strengthen the economy and empower small-business sector.

    Ogundipe, who was the chairman at the launch of Taxpal, a tax consultancy in Lagos, said an adequate and functional infrastructure will have a multiplier effect on the growth of the economy. This, according to him, would help towards the diversification of the revenue base of the Nigerian economy.

    He said taxation provided a critical source of finance to governments for the provision of public services that would be vital for sustainable development.

    Ogundipe said he was fascinated with the benefits in the solution that Taxpal was providing Nigerians.

    The Chief Operating Officer, Taxpal Nigeria, Jide Banjo, said the company is introducing a solution to make it easier for tax payers to pay their taxes and improve tax compliance in the country.

    Banjo stated. “At Taxpal, we have come up with a solution to simplify the tax system so that individuals, small businesses and other organisations will be able to easily meet their tax obligations.”

    He noted that taxpayers were faced with myriads of challenges such as double taxation by different government agencies, and the inability to understand how much they should pay.

    According to him, the firm’s solutions will help to address the challenges, which will help taxpayers to be compliant and be able to freely do business with the government.

    Banjo noted that in many countries with less population than Nigeria, tax revenue accounted for a significant part of their total revenues.

    The Director, Lagos Inland Revenue Service, Shade Coker said an effective and service-oriented tax administration is essential to ensuring a healthy business environment and promoting economic growth. As such, the Federal Government made tax reform a major priority for the country as it seeks to achieve its development goals and reduce poverty.

    Revenue collection in the country, according toher remains challenging, however. This is due to several factors, including low tax payers enlightenment.

    She noted that closing the tax gap and collecting revenue effectively will help thegovernment provide the fiscal space needed for investment in high quality public services to citizens and in infrastructure that will spur economic growth.

    To support the government’s efforts to build a more efficient, transparent and service-oriented tax system, she saidboth Federal and the Lagos State Internal Revenue Service (LIRS) have modernised the IT infrastructure and are working on   a unified tax management system. This mean increased efficiency, with reduced physical interaction between tax officials and taxpayers.

    The new system enables the tax administration to generate the data necessary for its analytical work, and to improve reporting and tax assessments.

  • Four firms for African trade fair in Egypt

    Four small and medium enterprises (SMEs) sare showcasing their products at the ongoing Intra-African Trade Fair holding in Cairo, Egypt.

    The fair, which started yesterday, will end next Monday.

    The firms are Clothing Africana, Proach Shoes, Shoeplanet Multi Concepts Limited and Renyam Nigeria Company.

    The products are clothing designs, footwear and agricultural products.

    The participation of the firms was facilitated by an Egypt-based Nigerian group, the Association of Professional Nigerians (APNEG.

    In a statement, the group’s President, Obi Emekekwue, said Clothing Africana is a Lagos-based fashion outfit. Proach Shoes manufactures high-quality shoes.

    Shoe Planet Multi Concepts Limited, he said, is a designer, producer and marketer of high quality bags, shoes and other fashion-related products.

    Renyam Nigeria Company specialises in agricultural products, including acha (hungry rice), honey, livestock, beans, maize, millet and vegetables.

    The APNEG chief said the sponsorship covered the fare and accommodation of representatives of the companies as well as their exhibition booths.

    The fair, being organised by the African Export-ImportBank (AFREXIMBANK), in collaboration with the African Union Commission, is hosted by the Egyptian government.

    Organisers said over 1,000 registered exhibitors and 70,000 visitors from 41 countries were being expected at the fair.

    Emekekwue said the association selected the firms after a competitive process that involved the reviews of their profiles and products.

    He said the decision to sponsor the businesses was part of APNEG’s commitment to foster improved economic ties between Nigeria and Egypt.

    Besides, he said the participation of the firms would expose Nigerian products to the Egyptian market and enable the small businesses make useful contacts to grow their businesses.

    APNEG, which is open to Nigerian professionals resident in Egypt, was established to work for the advancement of Nigeria and project  its image.

    The group  promotes mutual understanding among its members and serves as a channel of communication with the government and Nigerians.

     

     

     

     

     

  • Building digital skills for future

    As work is changing, so are the skills required to do them. But some Nigerians and organisations are honing the skills of youths for the jobs of the future, writes DANIEL ESSIET.

    Nigeria’s position as a continental financial services powerhouse seems to be  moving up.

    Analysts say the finance and services sectors will make more wealth, if given the right assistance.This is because states, such as Lagos, have good foundations for a thriving financial technology (RinTech) cluster and an opportunity to benefit from a technological revolution that plays to its strengths, both as a financial and an Information Communication Technology (ICT) centre.

    In the last two years, convergence of digital and financial sector strengths and growing global recognition of Nigeria’s role as a key financial hub for West Africa is fuelling its fast emergence as one of the world’s most exciting financial centres. The buzz around fintech has gained attention from traditional financial institutions, start-ups, venture capitalists and regulators.

    Banks are revisiting their models to prepare for fintech.

    But as fintech organisations are emerging, they are facing challenges of attracting and retaining the talents for their growth and development.

    Founder/Chief Executive Officer (CEO), Start Innovation Hub, Uyo, the Akwa Ibom State capital, Mr. Hanson Johnson, urge youths to acquire skills for the jobs of the future.

    In a period of rapid technology, Johnson said the environment for innovation shoulds be attractive and supportive and that the skills needed for this are available.

    He sees states, such as Lagos, Rivers, and Akwa Ibom, leveraging the benefits of financial services and ICT,  ensuring that innovation is tailored to financial services and their customers.

    Johnson said technology skills are among the highly-sought-after by organisations. The shortage of key technology skills will impact not just traditional banking and financial services organisations, but also the rapidly-burgeoning array of fintech-specific organisations, he added.

    For this, Johnson believes youths would need IT proficiency to stand any chance of landing a new job across the economy. Coding, he added, is becoming a highly desirable and sought-after practical skill by employers. This follows a rise in roles, such as app and web developers and data analysts. He has seen technologies such artificial intelligence and cloud computing drive change.

    As a result, he said a new approach to skills and training is required. This is, particularly, true for the large segment of financial sector providing services, which may be automated or augmented by artificial intelligence in the future.

    According to him, it will take a collective effort to ensure that no Nigerian get left behind as the government strives to transform the economy for the digital age.

    His start innovation hub is training developers that can be hired out to such tech  firms.

    He said the skills provided to developers would make to pursue self-employment or pick up jobs.

    In Akure, the Ondo State capital, Curators University, an empowerment organisation, is plugging the skills gap in new technologies, using youths in new areas, such as block chain,Virtual Reality (VR) and Augmented Reality (AR), Data Science, Robotics and Artificial Intelligence (AI).

    Curators University is a non-degree-awarding technology firm offering cutting-edge technology and entrepreneurship education suited for the 21st century.

    The university, which took off last January, has provided a hub for youths searching for jobs in emerging technology areas. No fewer than 1000 youths may have been trained on data science at its Coven hub.

    Youths become data scientists after graduating from the Coven Labs, Curators University of Data Science and AI Boot camps. Its boot camp, which held in Akure, attracted participants from Oyo, Osun, Ekiti states, and the Federal Capital Territory (FCT).

  • 92 start-ups raise $118.5m in nine months, says report

    Ninety-TWO start-ups have raised $118.5 million, according to the Nigerian Startup Funding Report.

    The report, which covers the last three quarters of the year, was done by Techpoint.africa, a media platform for startups, entrepreneurship, innovation, and technology in Africa.

    According to the report, in the first quarter,14 startups, which are mostly foreign investors, raised $9,241,196.

    During the period under review, equity investment stood at $5million; $3.5million from bridge funding; $491,196 came from grants; $250,000 from seed funding, and $491,196 from grants.

    In the second quarter, the report said $73,685,003 was raised by 41 startups, which are mostly foreign investors. Their grants made up about 13.9 per cent of the amount raised.

    During the third quarter, the report said $35,552,585 was raised by 37 startups, which are mainly foreign investors.

    Prominent deals in the quarter, according to the report, included Series A funding for Mines, Paystack and Tizeti, which got $13 million, $8 million and $3million. Paga got Series B2 funding worth $10 million.

    The financial sector got the leading share of 87.8 per cent of the total funding of the quarter.

    The sector got $31, 199, 638; others received $4,337,948.

    With 14 out of 36 deals, grants had the highest deals for the quarter under review. Other deals were in the crowdfunding and equity investment segment.

    The report observed that though more local investors participated in funding during the quarter, foreign fund providers make up 97.7 per cent.

    Local funders provided $243, 003, foreign funders invested $34,710,975 and $583,608 came from crowdfunding.

    Although grants accounted for the highest number of deals, a single deal of series C funding accounted for 64 per cent of the total funding and 98 per cent in value. Funding provided by international funders accounted for two thirds of the total funds for the quarter.

    According to the report, grants remained the main source of funding for startups. Fifty-five percent of the grants came from startup competitions.

    The report observed that the drive to promote financial inclusion is taking shape.

    According to the report, startups in the financial services sector had the highest number of deals, accounting for 75 per cent of the total funding.

    Other sectors included media, which had two deals and ecommerce one.

    Major funders included Techpoint.ng, EchoVC, Fola Laoye, Amaya Capital Partners, Omidyar Network.

    CRE Venture Capital, GSMA Ecosystem Accelerator Innovation Fund, Merck Accelerator, Yomi Martins, Ford Foundation, CcHUB Growth Capital and TLcom Capital.

    Start ups, which benefited during the period included Life Bank, Rensource, FarmCrowdy, MyPadi, Budgetier, Unicorn.ng, Touchable Pictures, the Footwear Academy, Clintonel Technologies, Ogwugo, LifeBan, Handyman and Terragon Group.