The Nation Newspaper

Category: Small Business and Entreprenuership

  • Micro credit: A glimmer of hope for SMEs

    Startups don’t always need the support of big banks to get their businesses off the ground, or to keep them afloat. The marketplace of microloans continues to grow with the Lagos State Employment Trust Fund and Ibile Micro Finance to boost small businesses. DANIEL ESSIET reports.

    LAST year, the Lagos State Employment Trust Fund (LSETF)  disbursed N4.1 billion loans to 4,762 applicants.

    A breakdown of the loans showed that N1.99 billion was approved for medium enterprises (ME), of which N61 million was disbursed to  applicants to start their businesses.

    Businesses in the Small and Medium Enterprises (SME) category got N2.91 billion, which created 3,180 jobs across various sectors during that period.

    Association of Micro Entrepreneurs of Nigeria (AMEN) President, Prince Saviour Iche, said LSETF and Ibile Micro Finance Bank’s micro loans have helped entrepreneurs   make important changes.

    He said the two organisations owned by the Lagos State government were helping entrepreneurs build small business. According to him, the micro loans have helped to  transform business for small business owners, adding that the cost of borrowing through normal commercial banks have increased over time.

    As part of Governor Akinwunmi Ambode’s strategy to support small businesses, his Economic Statement included a commitment to establish LSETF to address small-business financing challenges.

    According to him, members of his association have benefited from the fund.

    Canvassing support for the  governor’s re-election, Iche said he had recorded many success stories, adding that the  administration has done a lot to support the ambitions of small entrepreneurs in times of economic uncertainty and financial decline.  He pledged its support for   Ambode’s second term bid.

    According to Iche, what Ambode   has done in the last three years is phenomenal. He explained that the development work taking place in Lagos is having a huge impact on the economy.

    He explained that small businesses have made a very big investment in the economy, but there is a huge scope for expansion.

    His worry is that banks’  unwillingness to lend to small businesses was being hidden behind high approvals for a select few. The danger, he explained, was in reduced growth and investment in productivity in a key segment since small businesses account for one in three private sector jobs.

    There is no doubt, he  observed,  that low investment, particularly in enterprise, is a cause of the nation’s economic woes and a significant part of that problem is the failure of the banks to lend to SMEs, which make up 70 per  cent of businesses in Nigeria.

    He noted that   if the financial system cannot make funding available for small business owners to grow their companies, then there is systemic failure.

    Specifically, he expressed concern on the Bank of Industry’s (BoI’s) attitude towards small businesses. “Our members find it increasing hard for no good reason to assess BoI loans. Even when the requirements are provided, loan applications completed and finalised. BoI still manages to cause setback for businesses through its insensitive policies and lazy bureaucracy that eat up in waiting in between the finalisation of loan applications and release of funds. Most times, when the funds are finally released, the purposes of the funds can hardly be achieved because of the seemingly months of avoidable delay.”

    He continued:“Delay in processing loan applications and releasing funds is one of the things BoI has to find a way to eliminate. At present, our experience with BoI is that it takes about six months or more in some cases between submitting applications for loan and release of funds. BoI requires a borrower to make a cash deposit of 10 per cent of funds being borrowed to a designated commercial bank. Suppose an entrepreneur needs a loan of N10 million from BoI, what it means is that the entrepreneur must make a down payment of 10 per cent of the loan being borrowed to a commercial bank approved by BoI.’’

    At the monent, the highest interest rate on savings with commercial banks is 4.5 per cent, meaning that 4.5 per cent of N1 million is N45,000 paid as interest for a year by the commercial bank holding the N1 million for BoI. Regrettably, if you walk into any of the commercial banks and request for a loan of N1 million for one year, the lowest interest rate you would have to pay is 20 per cent. At the end of the period, you would end up paying N1.2 million to the same commercial bank.”

    He said small business were responsible for the majority of job growth in the economy, but that their owners had a very difficult time accessing capital at reasonable rates from risk-averse lenders.

    Many members, he added, have sought loans from banks to get their businesses off the ground, but their got no takers.

    He called for a special bank with the passion to boost the economic emancipation of the nation by offering services to small businesses.

    He said SMEs, like in India, needs a special ministry and bank to provide several loans for SMEs.

    Besides financing equipment, he said such a bank will provide loan for entrepreneurs to manage cash flow, hire new workers, run new marketing or advertising campaigns, invest in new technology, and more.

    He pointed out the fact that the government is giving out funds but people are not accessing it.

    He said: ”The problem can be solved when the government puts the right people at the realms of affair, like I advocated the ministry of small businesses. We have only ministry of trade and investment which deals with both big and small industries and, to them, everybody is in the same level. That is why if you are sourcing for loan, they will ask you to take the same protocol as a multinational, asking you to go and bring a land when you are living in one room.

    ‘’Even with this small money, we are managing, we still have to pay  multiple taxations, which is why a lot of local manufacturers are relocating to neighbouring countries.”

    In a forum with AMEN members, the state Coordinator, Itesiwaju Ipinle Eko Vanguard, Seyi Bamigbade also urged the entrepreneurs to support  Ambode’s reelection to enable him continue the several initiatives he has put in place to address small business operational and financial challenges.

    According to him, the governor is working to improve access road and ensure ease of doing business for small business owners.

  • Tackling auto artisans shortage in Lagos

    The auto industry has seen major changes in designs and special features. Maintaining cars requires highly-skilled technicians, who are not so many. To address the shortage of technicians, the Lagos State Ministry of Wealth Creation and Employment is partnering Automedics to raise graduate technicians to meet the challenges of modern car repairs. DANIEL ESSIET reports.

    Many global automotive companies are choosing Nigeria as a launch market for their cars. They include Hyundai, Toyota, KIA, BMW and Mercedes Benz. Most of these products are designed at the parent companies’ headquarters. The cars are fitted with modern navigational equipment and voice activation, among others, which have led to increase in repair challenges.

    To the government, the automotive services sector has been identified as one of the high-growth sectors because it is projected to create a substantial number of new jobs for the economy. In addition, it has transformed repair works as innovation and new skills are now required.

    To the Commissioner for Wealth Creation and Employment, Mrs. Uzamat Akinbile-Yussuf, automotive service technicians and mechanics’ work have evolved from mechanical repair to high-tech jobs with integrated electronic systems and complex computers running vehicles, measuring performance on the road.

    She said this requires that technicians increase broad-based knowledge on how complex components work can be handled, as well as the ability to work with electronic diagnostic equipment.

    She added :”I want to believe we are all aware of the Bus Reform Initiative of this administration, which is to provide 5000 fully air-conditioned  vehicles on Lagos rotes to ease transportation and also improve the aesthetic of the city,the state has taken delivery of some,parked at the newly commissioned Ikeja Bus Terminus. The buses would be maintained by technical partners,and would also need local competent technicians to work with tem;this is an employment opportunity outlet for you after graduation.”

    She said: “The winning  proposal is  to provide young  graduates with transferable high-tech skills that would enable them to repair world class cars as well  as make them  very attractive for high-tech, high-value-added firms, looking for Nigerians to employ. To this end, the Ministry of Wealth Creation and Employment is partnering Automedics auto services limited under its Graduate Internship Programme (GIP) to greatly raise the skill level of the technicians match the needs of the auto economy based on high technology, requiring world-class skills”.

    She  explained that GIP, is one of the several initiatives developed by the Ministry to achieve its mandate of reducing unemployment in the state.

    She  expressed the hope that the unflinching support, which the Ministry had enjoyed from its numerous partners, who served as off-takers, would continue and attract new off-takers to come on board, such that unemployment issue would become a thing of the past in the state.

    The  Chief Operating Officer, Automedics Limited, Kunle Shonaike  said the company continues to be competitive and updated with the latest technology to provide students with the latest model vehicles to train on.The goal of the training centre, according to him, is to graduate very competent technicians/mechanics, with a strong background of fundamentals.

    He said vehicle technicians/mechanics are in high demand, more so than ever before.

    The training academy, according to him, is focused on meeting the country’s need for technical skills in the passenger and commercial vehicle, auto electrical and auto-tronics industries.

    The  Chairman,House Committee on Wealth Creation, Lagos State House of Assembly , Hon Shola Giwa said the government  is working to ensure that Lagos residents  attain a decent standard of living through the elimination of poverty and its reduction, and that there is plan to meet its skilled labour demands.

     

  • Building business hubs’ capacities to give entrepreneurs head start

    The Network of Incubators and Innovators in Nigeria is building business hubs’ capacities to explore opportunities and create new entrepreneurs. It is holding a capacity building training for aspiring and existing hub managers to spot and manage ideas from young entrepreneurs determined to transform the economy. DANIEL ESSIET writes.

    Business hubs have mushroomed in the past five years partly because of governments’ measures to support small enterprises. They provide office space and facilities at a low rent, combined with networking opportunities and advice to new ventures through the tricky early stages. Some are privately run for a profit, some are managed by universities and others are run by local authorities, or charities.

    Founder NINe, Bankole Oloruntoba, said there are opportunities for business hubs with unemployed youths looking for avenues to polish their entrepreneurial skills, or learn more about marketing or business models.

    Oloruntoba is brimming with confidence having seen the organisation’s entrepreneurship programme aimed at creating new businesses yielding results.

    The organisation has completed an intensive entrepreneurship and business training course in Abuja to accelerate the development of a hub management system that will help create new young entrepreneurs and increase the number of profitable enterprises. As he reflects on the training programme, he is happy NINe is building entrepreneurial capacities women and men and providing them with basic entrepreneurship skills management.

    For him, Nigeria is on the cusp of a major development transformation. Micro and small businesses are expected to play a strong role in its transformation and become a spring board for developing a vibrant private sector. To this end, hub managers need to be empowered through skills training to offer business advisory services.

    To ensure the full implementation and sustainability of the programme, they needed to be e trained as trainers and business advisors.

    Oloruntoba said hubs should offer a valuable mix of low-cost office space, networking opportunities and business advice to support startups.

    According to him, technology business, entrepreneurship, and startups have another great year ahead.

    He  explained  that  business hubs should be well  organised  to enable   developers, designers, marketers, and startup enthusiasts come together to share ideas, form teams, build products, and launch startups

    According to him, Nigeria is now home to one of the fastest growing tech industries and a burgeoning startup scene.

    He added that diversity and inclusiveness have emerged as important priorities over the last few years for organisations across the startup community.

    Oloruntoba, also, a Hub Incubator Manager, Enspire Incubator, noted that the Abuja Tech Ecosystem has created structured community entrepreneurs to get the much needed support.

    Nearly all organisations, he explained, have made conscious adjustments to ensure their groups and events are as open and accessible as possible, with a focus on continuing to improve this. This mindfulness by event organisers, he continued, has begun to alter the startup community into one that is becoming noticeably more diverse and inclusive.

    Oloruntoba stressed the need for the government to examine the policies that limit the growth of entrepreneurial small companies, as well as those that could spur it.

    According to him, the economy needs innovation leaders, who can think more broadly and creatively about supporting and mentoring entrepreneurs, and providing creative financing to beneficial growth opportunities.

    The mission of the network, he explained, is to encourage and support young entrepreneurship and venture-led development.

    International Development Consultant, Amsterdam Area, Netherlands, Rizwaan Khambata noted that there are hubs for entrepreneurship around the world, adding that countries  are using  hubs  to harness the momentum in the social innovation sector and developing an ecosystem that is supporting entrepreneurs with incubators, mentoring, and financing.

    Through hubs, he added that entrepreneurs have long been able to tap into a range of grants and related programmes to help with early development activities.

    Despite its challenges, he noted that Nigeria is a burgeoning space for social enterprises and the country has been so successful in cultivating entrepreneurship.

    For Nigerian entrepreneurs seeking new opportunities, Khambata was of the opinion that the country is full of markets with great promise. Yet the complexities of economic infrastructure, politics, and trade logistics can be overwhelming.

    According to him, the economy is in need of social entrepreneurs to create ventures that can become social innovation hubs.

    Through NINe, he expressed readiness to work with Nigerians to build social entrepreneurship skills, implement and test plans and innovations, design monitoring and evaluation schemes and provide mentorship.

    Co-Founder, Ledoradoo, Valentin Ribeiro emphasised the importance of fostering entrepreneurship, moving beyond policies to create ecosystems for entrepreneurs to succeed.

    He observed that   entrepreneurs can be empowered to become effective drivers of economic growth and create lots of wealth and lots of jobs.

    He went on to identify entrepreneurs as tenacious, passionate risk-takers, who were at the same time risk-minimisers with obsessive attention to detail, irrational optimism and the ability to improvise.

    As startups, he said they face many challenges including access to finance and hiring adequate staff, but one of the biggest is convincing customers to pay more for quality products.

    According to him, lack of a well-developed ecosystem, including mentoring, risk culture, human resources and burden on the entrepreneur in the developing world.

    He stressed the need to focus on boosting  entrepreneurial growth; expanding access to markets; providing better access to finance; improving human capacity; building support networks and  creating an entrepreneurial culture.

    Although there are still many barriers for small companies, he observed that there is much optimism that the sector will flourish.

    Many potential investors, according to him, are looking closely at entrepreneurs, but are not yet ready to commit themselves because of the perception that there are not enough investment-ready companies.

     

  • Publisher wins African entrepreneurship award

    Chidi Nwaogu, a young Entrepreneur and owner of “Publiseer”, a Publishing start-up company wins the  ‘Most Needed Company in Africa’ award at the  2018 African Entrepreneurship Award organised by BMCE Bank of Africa.

    The exercise which took place between the months of March and May saw Publiseer emerging the winner of the said category.

    The prestigious award offers $1 million to all eligible African entrepreneurs with extraordinary businesses or idea.

    Out of the over 4,900 companies in all regions of Africa reviewed by a team of 400 mentors, Nwaogu got the award.

    The award whose goal is to close the huge gap in start-up funding, rewards new technologies, new business models as well as new attempts aimed at solving existing problem needing attention in African region.

    Thousands of entrepreneurs from all the fifty four African countries who put in for the award were made to go through questions and answer sessions about their idea, market, scalability and sustainability, receiving free mentoring and individual scores.

    Nwaogu who is a finalist for a full scholarship at MEST Africa’s graduate-level entrepreneurship program, has embarked on various giant strides this year, including emerging as a finalist at the Harvard Business School 2018 New Venture Competition.

    According to Chidi, “Publiseer is a digital publisher focused on meeting the growing needs of independent African writers and musicians from low-income communities. We won’t relent in our resolve to continue in breaking new grounds”.

     

     

     

  • MULTICHOICE TO TRAIN 20 FILMMAKERS @ TALENT FACTORY ACADEMY

    Multichoice has announced a fully-funded 12-month training programme for African filmmakers through the Multichoice Talent Factory Academy.

    The fully-funded educational programme aimed at furnishing African filmmakers with the skills to work and innovate in film and television production will be admitting 20 deserving, young, talented people who will be trained for a 12-month period.

    The programme will take place at the West African regional MTF Academy based in Lagos, Nigeria and will be overseen by acclaimed local film & TV industry experts.

    “The Multichoice Talent Factory academy is the most exciting intervention in the African creative industries to date. There have been trainings on the structure business, distribution and other areas, however this academy offers…” said Ace filmmaker and Director, MultiChoice Academy in Nigeria, Femi odugbemi.

    “I urge all current and aspiring filmmakers to take advantage of this huge opportunity provided by Multichoice and apply for the program. It is indeed a huge opportunity to ignite Africa’s Film & Television industry and you don’t want to miss out on this.” He added.

    Following the adjudication process, 20 post-school MTF students will be selected to hone their television and film production skills in company of industry experts during the year-long programme that will begin on 01 October 2018.

    Entries for the Multichoice Academy close 6pm on 5 July 2018. All aspiring young film & TV creatives can submit their entries on www.multichoicetalentfactory. com before the deadline on Thursday, 05 July 2018.

  • MTN Nigeria supports 2100 tech start-ups for stardom

    MTN Foundation, has supported over 2100 tech startups from undergraduate students of accredited Nigerian universities and polytechnics in their quest to proffer solutions in various sub sectors and industries in the nation’s  economy ranging from agriculture, power to waste management.

    This was evident at Student Innovation Challenge boot camp in Lagos which exposed about 40 students to mentorship and series of assessment classes to help them start and grow their enterprise successfully.

    On the demo day of the week long boot camp the 40 students were shortlisted to pitched their ideas to various panel of judges’ present. The 40 candidates were further shortlisted to six candidates, who were selected through a ballot system.

    The six candidates then pitched their ideas to the Vice President, Professor Yemi Osinbajo, who was present at the occasion.

    The Vice President, Professor Yemi Osinbajo, lauded the various ideas that the students presented during the programme, he also commissioned the groundbreaking of the Civic Innovation lab which is situated at the Creative arts faculty of Unilag.

    Speaking at the Lagos regional, the Executive secretary of the MTN foundation, Ms. Nonny Ugboma congratulated the winner of the Student Innovation Challenge, David Oluwatobiloba Adeyemi whose eco-E product, made from the special recycling of fruits and Kitchen wastes, was selected as the overall best by the panel of judges.

    She said, “The Student Innovation Challenge – which has brought us here today – is not just a fantastic initiative, but is a timely reminder to us all that challenges are ours to own, understand and sort out. That our people are ours to care for, nurture and empower. That our future is ours to take, mould and rebirth!”

    The Student Innovation Challenge platform which is about collaboration, innovation and creativity amongst Students from across Universities and Polytechnics in Nigeria, is just one of the many ways the MTN Foundation is supporting Nigerian Youth.

    MTN Foundation’s educational initiatives have seen it provide digital libraries and ICT laboratories to universities and secondary schools, across the country while empowering others with scholarships in music, science and technology.

    The MTN Foundation healthcare portfolio, has provided mammography and dialysis machines to public hospitals across the country as well as its trailblazing eyesight restoration intervention where a lot of persons have benefited from free surgeries, and treatments.

    Under its economic empowerment portfolio, MTN Foundation has carried out and supported a wide range of activities designed to enable job provision, skills acquisition among other various stakeholder groups such as the disabled, widows and visually impaired students.

    In recognition of its positive contributions, MTN Foundation has received numerous awards, including the CSR Nigeria Industry Award: Innovative Partnership Award for Outstanding Work in Corporate Social Responsibility and Creating “Shared Value”; Advertising Association of Nigeria (ADVAN) Awards: Best Corporate Social Responsibility Company and Sickle Cell Foundation of Nigeria: Special Appreciation Award in recognition of MTNF work and Support for Sickle Cell Foundation of Nigeria among many others.

  • VC urges engineers on entrepreneurial mindset

    University of Ilorin Vice Chancellor Prof. Sulyman Abdulkareem has advised engineers to always approach their projects with an entrepreneurial mindset.

    Abdulkareem gave the advice in his welcome address at the fourth edition of the National Engineering Project Exhibition (EPEX), which held at the university.

    He explained that having an entrepreneurial mindset would help in solving the problems facing the nation and provide jobs for a large number of jobless and frustrated youth.

    “The VC pointed out that Nigeria and other countries are looking for solutions to their peculiar challenges and engineering projects are key ingredients of those solutions.’’

    According to him, the exhibition is a platform to showcase and demonstrate the best of various innovative engineering projects undertaken by undergraduates in Nigeria.

    He said the programme was expected to stimulate the innovative and technical skills of students and to motivate them.

    “EPEX offers engineering students opportunities to develop independent critical thinking skills, collaborative working skills, oral and written communication and presentation skills as well as marketing skills, thereby building their confidence.

    “The programme is expected to reward the engineering students, and assure them that the society still values excellence,” he said.

    According to the VC, the undergraduate project is considered to be an important part of the engineering education process and one of the major processes of independent research that a student will undertake.

    “The engineering projects improve innovative spirit, make transformation of theory to applications possible, enrich  knowledge on renewing technologies, prepare you for career path, remind you of your responsibilities to your society, boost curiosities and love for studies and improve team building and problem-solving skills and many more,” he said.

     

     

     

     

     

  • Helping entrepreneurs to expand their businesses

    Nigeria’s ecosystem offers-plenty of opportunities for young start-ups to flourish. However, many die because they cannot raise funds. To help startups, Rising Tide Africa, an empowerment outfit, organised a deal-making session to guide startups on the right way to attract investors. DANIEL ESSIET reports.

    The Lagos entrepreneurial ecosystem ranks as number one in the country. This is because it has the largest concentration of the richest Venture Capitalists (VCs), angel investors and angel groups. Also, there are many start-up accelerators and incubators in niche markets – FinTech, HealthTech and  AgTech.    Many startups in the state have become successful. The last thing to worry about when starting a tech business is the availability of investment sources.

    Despite this, many start-ups cannot make persuasive pitches to attract investors. This has given business empowerment groups concern.

    One group that has risen to the task of preparing start-ups to pitch  for funds is Rising Tide Africa (RTA). The  group, which largely comprises women business angels, held a deal-making session in Lagos for start-ups seeking funding.  However, only a fraction of companies that applied for the event after screening got selected.

    The event opened with a keynote address by co-founder, Dr Ndidi Nnoli-Edozien, who said RTA believes it will bring about positive change by investing in exciting start-ups. She  added that the group promotes sustainable economic development.

    Co founder Yemi Keri said RTA Nigeria chapter exists in the deal-making landscape for start-ups to connect with the right investors. According to her, the forum is organised with the goal of creating new ways for start-ups, scale-ups and high-growth businesses to access finance.

    RTA Nigeria Secretary-General Ms. Ivana Osagie said the group seeks investment opportunities that have the potential to yield strong financial returns and significant social impact.

    Osagie, who is also Notore Seeds Chief Executive Officer, noted that the group has a number of investors to raise the quality of investor-startup interaction.

    She said six startups and scale-ups were selected to make presentations during the event. They included Fibre.ng, KleosAfrica, WhyBlueSky, DokiLink, Smoodypod Group International Corporation and Beyond Credit.

    The forum offered an excellent opportunity for networking with high net worth individuals, co-investment fund managers, bank executives, stock exchange executives and VCs.

    An ex-Morgan Stanley investment bank analyst and entrepreneur, Obinna Okwodu, launched Fibre.ng.  a real estate booking start-up in Lagos, which gives tenants the option to pay monthly.

    Fibre.ng, opens renting in Lagos up to many, who until now, have not  been able to place 24 months’ rent on the table.

    Speaking about fibre.ng, Fibre Lifestyle Technologies Limited, Chief Executive, said the   real estate booking platform ameliorate the hassle and challenges faced when renting apartments in Lagos.

    However, in exchange for the convenience, tenants have to pay an amount on top of the monthly rent, which pushes their monthly rental expenses slightly over the market-related rental for properties. This convenience fee goes to Fibre.ng for its service.

    He said: “We work with landlords to make it possible for professionals in Lagos to live in the city and pay monthly, as opposed to having to pay two years rent upfront plus service charge, agency fees, legal fees, caution deposit, among others, just to find a place to live.”

    Currently, the platform only covers premium residential areas of Lagos, but Okwodu plans to expand to the rest of the state. He said the homes are sourced according to demand. After users make requests on the website, Fibre goes looking for apartments that best match their given criteria. Tenants then get locked into one-year contract and they have to pay 25per cent  of the annual fee upfront – that’s basically three month’s rent – to get the keys; they then spread what’s left of the rent over the next 11 months.

    KleosAfrica Lead Consultant, Glory Enyinnaya, stated that it is an online platform that connects business owners in need of strategic consulting, financial modeling and managerial accounting expertise with business school students and freelance consultants with cogent consulting experience.

    According to her, KleosAfrica allows MBA students and graduates worldwide to take on side projects that help businesses. While they will be paid for their services, the major value for them is the opportunity to contribute to the development of the African continent.

    Founder WhyBlueSky, Agata Wilam said her organisation built the platform with curiosity-kindling lessons, which boost students’ motivation to learn. Her words: “We help teachers without expert knowledge to deliver lessons on science, health, entrepreneurship or art. Lessons are designed with academics and researchers,  experts and entrepreneurs, using tailor-made experiments, role-playing games and others.”

    According to her, the platform engages more than 7000 teachers and has reached more than 70.000 kids.

    Wilam has worked with children and education her entire life and she is passionate to be part of the future of education.

    Co-founder and CEO, Beyond Credit, Jude Njugo said the social enterprise is a technology driven financial services company that provides insurance backed loans, business support and savings services to low scale businesses.

    He said their approach include supporting entrepreneurs with financial education training, Insurance backed loans, apart from providing a platform for savings and support groups.

    Chief Executive, DokiLink, Niyi Osamiluyi said the online professional network of doctor was created in a bid to reduce medical Tourism by connecting with professional doctors to patients.

    Osamiluyi, a medical doctor, said the electronic platform already has more than 11,000 verified Nigerian doctors, who have been sharing medical cases, getting second opinions from colleagues and accessing medical news and information. This leads to a greater awareness among doctors of the treatment options available locally.

    Chief Executive, Smoodypod Group International Corporation and British-trained architect and industrialist, Prince Tricare, said the organisation needs funding to tackle food waste. He introduced Smoody fruit juice into Nigerian market.

    At his factory tucked in a rather quiet street in Opebi, Ikeja, Lagos, Tricare has since been rolling out premium Smoody drinks made from a blend of mango, banana, orange and ginger, which he initially sold in bottles at equally premium price to high-end hotels and restaurants. He revealed that the product was well received, with the market assured. But his business sense dictated to him that it should be made available for mass consumption to be enjoyed by all.

    He pointed out that another major opportunity exists with local manufacturing. “The cost of fruit is really cheap here, however, we need close to three tons of fruits for a week’s production for now,” he said. The attendees pitched investors in a short fast pitch session in the hope of finding investment capital. The business angels’ offered fresh ideas, real-world strategies, and practical hands on tools for start-ups to launch new ideas and grow existing ventures to the next level.

    Aside presentations by start-ups, the event offered important insights into the start-up ecosystem. The programme was learning space for entrepreneurs to increase their understanding of the investment strategies of angel investors, due-diligence check-lists of investors, and ways to access co-investment funds.

  • Improving export competitiveness key to economic success

    As the government positions the economy to drive global growth, Federation of Agricultural Commodities of Nigeria (FACAN) National President Dr Victor Iyana has said its success will be powered by enhancing export competitiveness of young entrepreneurs.

    Iyana stressed the need to help producers become make more profit by growing and selling ginger, cocoa, pepper and other export crops.

    According to him, crop specialists need to train producers in industry best practices.

    He called for policies and programmes that make targeting the development of exporters a priority.

    According to him, the government needs to offer tailor-made exporters development programmes.

    To him, the government should intensify efforts to assist entrepreneurs to ascertain if their business is export ready. This includes offering guidance on how to review business operating systems, processes and practices to determine if they are suited for cross-border commercial activities.

    He explained that agro producers   needed access to financial services, training and land titles to help them grow and create wealth for themselves as well as jobs for others.

    To raise food production, it was imperative to improve the business environment in rural areas while promoting entrepreneurship and creating jobs.

    He went on to emphasise that ensuring agricultural development by enhancing exports will boost productivity and reduce poverty.

    In order to increase food production, it was imperative to improve the business environment in rural areas while promoting entrepreneurship and creating jobs.

    The focus on small producers, he noted, was of key importance as it represented a value-chain approach.

    He said with 70 per cent of the  population’s dependent on agriculture for their livelihoods, and given its abundant water resources, temperate climate and untapped agricultural farmland, Nigeria should not be subjected to poverty and food insecurity.

    However, ensuring food security transcends the bounds of traditional practices, he said stressing the importance of innovative approaches, among them developing appropriate policies, mobilising local resources, sensitising communities, building strong partnerships and creating an enabling business environment for the private sector.

  • Changing lives

    Founder of Joan Agba Foundation, Mrs Joan Agba, is an accomplished social entrepreneur. Her pursuits have earned her accolades. Her work has created entrepreneurs out of women and youths. She shared her dream with DANIEL ESSIET.

    Joan Agba Foundation founder, Mrs Joan Agba, is a successful entrepreneur with a social conscience. She is a management consultant, who retired from Shell Petroleum and Development Company (SPDC) in 2011, and set up her consulting firm as a high end consultancy firm.

    A multi-tasker from her youth, she is a social entrepreneur, peace negotiator and businesswoman, who has been touching lives through her Foundation. The foundation awards scholarships to brilliant indigent students, gives interest-free loans to women and assists youths to secure start-up grants for small enterprises.

    According to her, Joan Agha Foundation (JAF) addresses the needs of indigent persons by providing scholarships, empowering women and youth through financial support and capacity building, giving medical aid, counseling, and advocacy.

    Mrs. Agha explained that the Foundation works with individuals, communities and corporate organisations to alleviate poverty among indigent people.

    She started at the grassroot level, building women capacities  in the rural Delta State.

    The Foundation has empowered more than 200 indigent persons in the community through vocational skill acquisition and seed fund to start small business.

    “Through the women empowerment scheme, we are empowering  indigent women with basic equipment, financial support and vocational skill acquisition.

    “In addition, the foundation provides enterprise management mentorship to women in business by holding an annual lecture,” she said.

    Exploring social entrepreneurship was her key ambition, hence she focused on social service sector and enrolled at Enterprise Development Centre, Lagos Business School to further enrich her knowledge.

    In 2014, the foundation began training youths in entrepreneurship. Consequent upon the success recorded, the foundation made it a yearly event.

    The foundation holds lecture aims at equipping youths, who seek careers in the corporate world. It also creates productive employment for potential entrepreneurs.  Participants have access to internship opportunities. Last year, 10 young entrepreneurs were empowered with N100,000 each to fund their businesses and enterprises, courtesy of the Joan Agha foundation.

    The presentation was held at the Oriental Hotel, Lekki, Lagos at the fourth annual lecture of the foundation. It brought together captains of industries.

    The Foundation has specially packaged welfare scheme for the elderly, disabled and socially disadvantaged persons. The scheme include visitation and supply of food, drugs and essential commodities to the elderly people’s homes, motherless babies’ homes, orphanages, prisons and children remand centres.

    Her dream is to establish a hub for innovation and technological development.

    She is determined to empower rural population to improve their productivity and real income.