The Nation Newspaper

Category: Small Business and Entreprenuership

  • Young innovator helping farmers with low-cost machines

    Young innovator helping farmers with low-cost machines

    How a curious inventor has employed his ingenuity to design low-cost agricultural equipment thus boosting food production and creating jobs and advancing agro businesses . DANIEL ESSIET reports.

    Emmanuel Ntiti is  a hero amongst farmers in Calabar, Cross River State with his low-cost machines. He works as a Senior Technical Instructor at Government Technical School, Calabar after his graduation.

    Looking for an avenue to utilise his skills of sheet metal product development engineering, he considered working on agriculture equipment to create positive change. He then spent years visiting and interacting with farmers.

    His agricultural background helped him to notice various problems which the farmers face at the grassroots, he then thought of ways of helping them through his innovations. Consequently, he developed a series of farm equipments targeted at small farm owner. These equipment were directly used on the farm.

    The equipment can replace farm activities,  which are heavily labour-dependent and contribute significantly to reduce total cost of crop production. He started with cassava and gari processing machines to help farmers reduce the  burden of production, which is labour intensive.

    He also progressed even further to develop  little machines and equipment to  assist  farmers  carry out   successful  post-harvest operations.  Rather than worry about the cost of running the farm, which has gone up, his approach has helped to find low cost solutions that help farmers overcome the challenges.

    Explaining why he developed  gari processing machine, Ntiti  said he felt sorry each time he sat near local women processing gari. The processing usually takes up to 11 hours, involves peeling, drying, washing, and grading and frying, and it is tedious and tiresome. This is because  70 per cent of  the work  requires   human  labour. The job involves a lot of hard work and injuries are common place. Health wise, it is also injurious to health as it  causes allergy to many.

    Ntiti was keen on finding an alternatives to this intensive process. Having understood the operational principle, he got to work to produce a gari processing machine  that would help  farmers  undertake normal processing in few hours. He first developed a fully functional prototype, which was demonstrated to farmers. The design is simple to operate. He  then invited fellow farmers to share his innovation. They all appreciated him and requested him to make the machine for them.

    He is an award winning machines fabricator, whose efforts have been recognised nationally. His innovation featured  during  the  science fair organised by the government.

    The government officials appreciated his innovation, and took all steps to popularise his invention- machine. The news slowly spread among the farming community. He also received an award from Cross River State government. This has resulted in enhanced popularity for him. He is working on commercial production of his machines. The highlight of the machine is its versatile processing platform for seamless processing of cassava and gari. The government has taken Ntiti’s innovation to various fora, showcasing him and his work.

    Since his innovation four years ago, he has not rested.  While he waits for his prototype to turn into an entire line of machines for sale, he spends his time working on new ideas. The confidence he has gained has encouraged him to develop more machines to help people at grassroots. His workshop is now a centre  for prototype development and it provides customisation for  various clients, professionals and companies. He has  increased small holder farmer’s access to technology, build the capacity of individual farmers, producers groups, and entrepreneurs in production.

  • ‘Waste collection can boost economic growth’

    A chieftain of Ogun State Chamber of Commerce, Industry, Mines and Agriculture (OGUNCCIMA), Mrs. Cynthnia Saka, has said there  were job  opportunities in recycling .

    She  said  waste collection business  can create new jobs, which according to her, include municipal collection, sorting, recycling, and secondary use of waste. To her, jobs linked to waste management are increasing  with  growing activities in collection and recycling.

    The current economic recovery plans, she  added, should  provide a short-term stimulus for creating jobs and boosting the economy. She called for implementation of strategies  and   long-term re-orientation of the economy to a model that promotes wealth generation.

    According to her, policies put in place by the  government  should seek  to support viable food production, with a particular focus on income support for farmers and  boost employment and growth and tackle poverty in rural areas.

    She said the infrastructure sector should receive greater attention as the government was keen on stepping up investment despite a challenging fiscal situation.

    Mrs Saka urged the government to deliver greater policy support for the  waste and recycling sector,  featuring stronger tax incentives to encourage the use of recycled materials, greater harmonisation of collection systems, and more ambitious green procurement rules.

    According to her, the waste management sector has a lot to offer the economy, but more government support, according to her, was needed in the face of depressed commodity markets.

  • Solving family business succession problem

    Lack of a succession plan is a principal cause of the high failure rate among first and second generation family businesses. Engineering a successful transition was the focus of the first annual forum on family business in Nigeria, organised by Rome Business School and the Centre for Value in Leadership (CVL) in Lagos. DANIEL ESSIET reports.

    What can family businesses do to evolve leaders, who can manage the challenges of leading a multi-generational family-owned enterprise? This is a critical issue,  following increasing squabbles among siblings over  the management of family businesses.  The other issue is that some of family business owners usually do not have succession plan and a large number do not believe that their businesses may survive till the next generation.

    Business experts and small business owners met to discuss these issues.  The meeting was the first annual forum on family business in Nigeria. It was   organised by Rome Business School and the Centre for Value in Leadership (CVL) held in Lagos. It saw business  owners and managers discuss topics in family business, which  included business investment, skills and the future regulatory framework.

    Founder, CVL, Prof Pat Utomi, spoke about the importance of family businesses , which he said, represent majority of all businesses. They also employ about half of the nation’s workforce, and contribute a substantial amount to the nation’s gross domestic product.  However, many of these businesses still struggle to survive the generation after their owners.

    Utomi noted that the success and sustainability of family business are crucial to the nation’s economy.

    A key challenge facing family businesses, he observed, was ensuring a successful transition from one generation to the other as many enterprises have ceased to exist and a large number of them failed to transit.

    According to him, successful business transition from one generation to another was  critical to the long-term success of the business.

    He noted, however, that succession disputes thatb trail those businesses can be devastating for those involved.  To him, it was a critical subject for entrepreneurship studies.  He said as more family businesses emerged,  there was need  to protect the existing base of family businesses, and education, skills and lifelong learning should be used to sustain the effort.

    Utomi stressed the need for organisations to   provide the knowledge, skills and support needed by their businesses to build and protect their legacy for future generations.

    The partnership between CVL and Rome Business School, according to him, was intended to address  issues relating to ineffective management of business succession, provide  support for business succession plan and business transfer, including the different options for business transfer, so that they can learn about the common issues that arise in family businesses, and how to resolve them through planning, mediation and knowing where to seek help.

    Utomi  stressed the need to continue to engage business owners  and practitioners to highlight and discuss the reasons why succession planning and exit strategies are so important to long term success.

    Director, First Bank Sustainability Centre, Lagos Business School and Chairman, Board of Directors, Diamond Bank Plc, Dr Chris Ogbechie, said the  impact of successful family business transfers can be significant.

    Ogbechie,who spoke through Dr  Franklin   Ngwu, a Senior Lecturer in Strategy, Finance and Risk Management, Lagos Business School, praised  the organisers for holding the forum to  address the challenges involved in business succession and transfer, and  urged them to bring forward recommendations for practical interventions.

    An entrepreneurship consultant, Mr Aluko Oluwole,  said succession is becoming a pressing issue because evidence suggested that succession has not been going so well.

    He said the success and long-term sustainability of family owned businesses are crucial  to the  economy, providing local employment  and  creating  local supply chains.

    According to him, family businesses are the bedrock of the economy and their failure must be avoided at all costs.

    He counseled that  in situations  where children do not  join the family business, or turn out not to have inherited the entrepreneurial genes of the founder, it would be  in the best interests of the firm to hire a professional to run it while the  family retains some control.

    As reluctant as many families may be to tackle the issue,  Oluwole added  that the health and longevity of a family business depend on careful transition plan—and on communicating the results of that plan to the co-owners  at the right time. Doing so, he maintained, would help the  business  survive  and  deliver lasting value to the family.

    A professor of Corporate Governance, Lagos Business School, Fabian Ajogwu (SAN), explained that family businesses present distinctive challenges because they combine the values and expectations of the workplace with more intimate family bonds. Ajogwu observed that   while business values and family values overlap in a family business, role separation sometimes become more difficult.

    He added that most family businesses fail because of the expectations that  the owners  put the family’s interests first, which may  conflict with the goal of maximising economic return in a business.  He said succession often poses a serious challenge to family businesses.  According to him, many family businesses fail to plan for succession, dealing with the issue only after the death or incapacitation of a controlling family member.

    He stressed that founders must provide clear instructions on the succession and assets sharing in forms of Wills to safeguard the family and the business.  If a family business is to survive, he advised, the business owners must prepare legally to smoothly cede control to their children.

    He advised that business founders should establish a trust to hold company stock for the benefit of family members, the applicable governance and fiduciary rules are thereafter a matter of trust law as well as business law.

    As part of succession plan, he said, a more capable child or an outside manager could be selected to manage the business, while the remaining off springs receives some measure of economic compensation through their beneficial trust interest.

  • Success story of a food entrepreneur

    Success story of a food entrepreneur

    Nigeria has moved up the rank in entrepreneurship, thanks to entrepreneurs such as Mezuo Nwuneli, who believes it is time home-grown successful entrepreneurs began to invest their knowledge, expertise and experience in helping young businesses. DANIEL ESSIET reports.

    Harvard graduate Mezuo Nwuneli has two goals – to encourage more Nigerians to take up entrepreneurship and to serve the economy with good food.

    Nwuneli is co-founder of AACE Foods, an indigenous agro-processing company, and a director of Sahel Capital Partners, an advisory firm focused on the agribusiness and manufacturing sectors. He set  up AACE Foods as a social enterprise in 2009 with his wife, Ndidi Nwuneli.

    As an entrepreneur, Mezuo Nwuneli ‘s products have significantly impacted thousands of food businesses across Nigeria and beyond.

    His enterprise aimed to reduce Nigeria’s immense dependence on food imports. The company sources fruits, vegetables and spices from local farmers, processes them and sells locally. The company offers spices, sauces and complementary food for commercial and institutional buyers, including food processors, caterers, restaurants, hotels, wholesalers and retailers.

    It also sources herbs, grains and cereals from farmers across the country and processes them into spices and flours. Its product line consists of nine spices and seasonings, which are sold in retail outlets such as Shoprite, GAME and Park ‘n Shop.

    The company also produces Soya maize fortified with vitamins and minerals, which is a complete meal that fights malnutrition, moringa and bulk commodities such as bean flour, chili, ginger and soya which are used by noodle, pastry and biscuit manufacturers.

    Nwuneli said AACE Foods has partnered key international development agencies to develop a local supply chain. To date, the company works with over 800 farmers and intends to extend this partnership to 5,000 farmers by 2018.

    AACE trains and provides farm clusters with storage technology. This direct relationship has enabled the company to build reliable sources of raw materials and improve the lives of small holder farmers.

    Nigerians believe the country needs angel investors, entrepreneurs and successful business leaders, who have deep knowledge and extensive experience in a particular industry. Nwuneli is one of the emerging  fund managers, who has been  entrusted by Sahel Capital with the creation of clusters of companies in the agric sector.

    He is a  visioner, who uses this domain knowledge and networks of contacts to support and guide entrepreneurs, creating significant value for the business.

    He co-founded Sahel Capital in 2010 to focus on private equity investments, consulting projects and advisory transactions, primarily in the agribusiness and consumer goods sectors. In 2013, Sahel Capital was selected as fund manager for the Fund for Agricultural Finance in Nigeria (FAFIN) by the fund sponsors, which at that time included the Federal Ministry of Agriculture and Rural Development ( FMARD ) and the German Development Bank – KfW. Soon after, the Nigeria Sovereign Investment Authority also joined as the fund’s third sponsor. Their investment firm is transforming the landscape by supporting small and medium-sized agricultural enterprises.

    He said the fund provides primarily, equity and quasi-equity capital to small and medium-sized enterprises (SMEs).

    According to him, the time has come for home-grown successful entrepreneurs  to invest their knowledge, expertise and experience in helping young businesses. So far, the fund   has demonstrated that viable commercial investments can be made within the agricultural sector.

    According to him, the  fund  invests  only in  companies with a track record of strong performance, significant growth potential, competent and strong management team, and strong governance and ethical business practices.

    He explained, however, that the fund was focused on providing growth and expansion capital to existing SMEs and not start-up companies or greenfields.

  • Online furniture market place

    Online furniture market place

    Online furniture retailer Ndianabasi Udonkang shares tips for success. DANIEL ESSIET reports.

    Chief Executive, Furnish.NG, Ndianabasi Udonkang,  has taken the industry by storm with an online furniture marketplace. Furnish.NG, a start-up focused on the provision of quality, affordable and wide range of furniture, home wares and interior décor items, was launched last April.

    It uses modern technology for design and manufacturing of furniture and providing customers easy access to its extensive online catalogue,

    Udonkang has seen online marketplaces explode in the last three years, helping fledgling start-ups become successful businesses.

    Udonkang , who started the business with his savings of about N500,000, is proud of where the company is today. He is happy that though he has not hit the million dollar mark in turnover, he has created a strong business with a great earning power. “I am proud of the strides Furnish.NG has accomplished in just eight months of existence. With our dedicated staff, we’ve grown to become the largest online marketplace for furniture items and we are working by adding homeware and interior décor items soon. We see the race as a marathon not a sprint,“ he said.

    When asked how the idea about the business come about? He  explained: “I worked as a structural design engineer with Global Oceon Engineers Ltd between 2013 and 2014. I resigned from the company to launch Donkan Designs Technologies, an Architectural, Engineering, and Construction Design Company.  My extensive skills in architectural designs came to bear as I was engaged by a particular company based in Ikoyi, Lagos, who regularly outsourced their interior architectural design jobs to my company.  My experiences on various interior design projects for numerous clients led me to discovering the need for an easily accessible catalogue of affordable Furniture, homeware and Interior Décor items.

    “This was because most of our clients preferred to have an online catalogue which they can easily have access to on the go and choose their choice of home accents, furniture, and other homeware items for their interior décor projects. So, I nurtured the idea for a while, before beginning to execute the idea which became Furnish.NG.

    “I also launched Furnish.NG as a result of several bad experiences with local carpenters who were contracted to make some furniture items for my home. They did not stick to the quality of materials agreed upon, quality of finishing was poor, and they couldn’t keep to the time of delivery. My neighbour also had similar experiences. So, Furnish.NG was established to provide customers with peace of mind by guaranteeing customers with wide range of designs, quality of material and finishing, and timely delivery.

    “Thirdly, quality furniture at showrooms are ridiculously expensive and out of reach of the average work-class Nigerian. Furnish.NG was established to provide affordable quality furniture and homeware items to Nigerians. By focusing on low margins on our items at larger turnovers, we believe we can break the myth that quality furniture must necessary be expensive,” he said.

    Through his experience of building a startup, he has learnt many lessons. These include perseverance, innovation, being open to new ideas, hiring the right people and managing them right and being honest through the brand message.

    He said: ”During the early days of the company, we had some issues with the quality of work outputted by and the timeliness of some carpenters and upholsters we engaged to produce our items. Now, we work with excellent and experienced craftsmen with the right expertise and work ethics. We have learnt never to compromise on quality no matter how minute the issue might be. As long as any issue has been discovered, it has to be fixed before delivery.”

    Advising young entrepreneurs, he said: “One advice to young entrepreneurs is that they should be knowledge lovers and addicts for self-improvement and skill acquisition. With sufficient knowledge and skills, an entrepreneur can weather any storm through creative ways such as lean-startup methodology. A quick example of myself will give more insight.

    “Before and after launching Furnish.NG, I have not paid any consultant to create or maintain any of our digital assets. Due to limited funding, I personally designed the current logo, setup the dedicated Amazon EC2 server, which Furnish.NG runs on, designed the e-commerce site, created all graphics materials needed before and after launch, which included PR materials, etc.

    “I also actively maintain all these digital assets for the company. If I had relied on third-party professionals or consultants, I might not have launched the company because I would not have been able to afford the bills of consultants. So basically, by being multi-talented in web development, graphics designs, and Linux Server administration, I was able to save the company tremendous start-up cost. A startup founder, who lacks some basic skills and wholly relies on third-party professionals might not go far unless he has tremendous backup funds.”

  • Growing an entrepreneurial culture in agri-tech

    Growing an entrepreneurial culture in agri-tech

    Entrepreneurs with scientific or technological ideas that could enhance agricultural productivity are being challenged to boost food production. It was the message at the just-concluded Africa Technology Summit in Lagos.

    The emerging agritech sector in Nigeria is attracting attention from venture capitalists and tech-focused start-up companies.

    There are concerted efforts to make Lagos a hub of agritech innovation and entrepreneurship.

    One of the international organisations involved is Meltwater Entrepreneurial School of Technology (MEST), which is providing training, investment and mentoring for aspiring entrepreneurs with the goal of creating successful companies that will create wealth and jobs locally.

    The firm held Africa Technology Summit in Lagos, with the goal of attracting entrepreneurs and establishing successful and investable agricultural sector companies.

    The programme also sought to identify early stage agri-technologies and companies and assist them in building investable, high-growth enterprises through mentorship and programming.

    Speaking at the event, Chief Executive Officer (CEO) of Verdant Agric, Nasir Yammama,  said agricultural  innovation and business creation have the potential to transform the  economy.

    Yammama supported the campaign to identify and support locally-grown ideas from  farmers and  entrepreneurs.

    He said: “From an agricultural production company, we have become an agriculture technological company with the motto: We grow.”

    CEO, Fresh Direct, Angel Adelaja  observed that the huge challenge was to get both investors and entrepreneurs  in the tech space to invest in the idea of mechanical equipment. Another challenge, she added, was  access to  finance .

    Since  the sector requires  new technologies, tools and approaches to improve efficiency and diversify product offerings, Adelaja called for funding to enable entrepreneurs create solutions with  enormous potential for economic growth.

    This, according to her, would enable innovators to grow their businesses, by applying technology to agriculture.

    She explained that Nigeria has a sustainable competitive advantage in agriculture, but that operators are facing increasing costs challenges”. “The biggest thing for us is reducing the cost and making sure we give the customers exactly what they need. It’s about thinking about the box and giving the customer what they can use and help them be more productive.    With how we reduce wastage, we only grow for customers and we grow just what they need. With the use of apps, we can connect with our market. Also if farmers insured their produce, wastage will be managed well,” she added.

    Chief Executive & Founder, Agrivi, Matija Zulj, said there were big and small farmers. “The big farmers are more into technology while the small farmers are more into knowledge. If we pay close attention to both farmers, we will see that technology actually wins because technology will get the job done and help to know when to plant, manage or harvest,” he said.

     

  • Stitching up to success

    Stitching up to success

    She knew that the only way to fill the void in her spirit was to give her dream of being an interior designer a shot. Today, the Oyo State-based entrepreneur, Mrs Ngozi Maureen Ojiego, has designed her way to success. DANIEL ESSIET reports.

    OYO State-based woman entrepreneur, Mrs Ngozi Maureen Ojiego  has stitched   her way to success through a leap into interior decorations.

    A graduate of Linguistics from the University of Calabar, Mrs  Ojiego knew that the only way to fill the void in her spirit was to give her dream of being an interior designer a shot.  She has a huge passion for interiors.

    Her words: “I have always had the flair for colours, spatial arrangements, decorating spaces, and my strong belief that we could have functional and beautiful spaces without breaking the bank.”

    She registered  Timorin Concepts Limited in 2011 and its opened doors for business in October of the same year.

    As Chief Executive of TMC Interiors and the Managing Director Drapes & Stitches and Bubu & Zara’s Kid’s Salo, she started with  about  N3million, which she spent on rents, renovation, stocks, and stationery, among others.

    Though she started out slow, she stuck in long enough to break through and now she owns a thriving interior design company. She believes she creates beauty with her fabric, prints and designs. The good quality of her products delivered on time at an affordable price, are the reasons for her soaring leap.

    She said: ‘’To the glory of God, we have moved from a staff strength of six  to 11, and we have invested proceeds from the same business into two other new subsidiaries: TMC retail outlet and Bubu and Zara’s Kids Salon. So, I would say that we are taking baby steps and are moving.”

    Today, she is garnering attention not just to her company, but also to her self. As an entrepreneur, she is amazing.

    Mrs Ojiego ensures that every garment is a beautiful work of art. Her background has always been creative. She covered all areas of interior designs. Through learning, she has branched out into so many areas she wasn’t even considering when she started. She has been involved in window treatments, curtains, blinds, art and bedroom designs. Sourcing fabric is a fun, though sometimes time-consuming, aspect of her work. She looks for fabrics that will hold up to regular use, and which design sets them apart.  She’s looking forward to expanding her skills and services, but she’s had some challenges.

    “We had a production line that tied down huge capitals, which overtime depleted in terms of shelf life.

    ‘’I learnt to do away with the lines that were not working, diversify into other interior-related lines and produced upon request.”

    On  sacrifices to be a successful entrepreneur, she recalled: “ I have had to deny myself a lot of luxury and vacations, just to stay afloat and pay salaries. I had to sacrifice a well paying job to follow my dreams, balancing between personal life and work, as I occasionally have to attend to projects outside my primary location, but at the end of it all, it’s been worth it.”

    Her advice for young entrepreneurs. “I would advise the young entrepreneurs to believe in themselves, take the risk, and take action. No one ever gets anything by doing nothing. They also would need to define their market, spend wisely, join groups and get mentors.

    Where do she see herself and business in 10 and 20 years from now? I have got very tall dreams; all things being equal 10- 20 years from now, I hope to have grown my sales by over a 1000 per cent, Turnover  in billions (beaming with smiles)staff  strength of  20 to 30, hopefully capturing 70 per cent  of the southwest market and also exporting my services and probably, be the best interior journalist  and designer Nigeria ever produced.”

    SMrs Ojiego is happy with what she has accomplished so far.“I am humbled by the trust people have reposed on me. I give God the glory. I thank my family for believing  in me and supporting me and my  team for believing in my vision and not giving up on me. I also do know that there are a lot of grounds, yet to be conquered,” she added.

  • Addressing the artisanship gap

    Addressing the artisanship gap

    Aware that an economy needs skilled men and women and that the lack of artisans can scuttle any government economic plan, the Lagos State government has held its seventh Tradesmen and Artisans’ Week & Graduation for some re-trained artisans and tradesmen, Daniel Essiet reports.

    The big infrastructural work  and the expanding business districts across Lagos State demands critical skills, such as fitters, turners, welders, boilermakers, sheet metal and tool and dye makers.

    Lack of artisans  could scuttle any government plan targeted economic growth. The shortage also leaves  experts  concerned about the short, medium – and long-term capacities of the country – to deal with poverty and unemployment.

    To reverse this, the Lagos Government is strengthening it vocational training scheme to make it more  functional.  The government wants to see an apprentice system, where  trainees would qualify through a mixture of practice and theory.

    The Commissioner, Ministry of Wealth Creation and Employment, Babatunde Durosimi-Etti expressed the desire to put in place in Lagos,  a system where vocational institutions and schools would contribute to the training of artisans as well as a class of workers with lower levels of qualification.

    Besides, the training would promoting a business culture for tradesmen and artisans.Thus to achieve his, the commissioner is partnering with the biggest trainers of artisans and tradesmen to join hand with the government to train and teach large numbers of candidate artisans.

    Durosimi-Etti believes this might help turn the tide in terms of skills’ shortages. Many of the efforts are being  put in place to  increase monitoring of  the performance of accredited artisan trade test centres; developing, maintaining and apply a  data base for assessing and moderating artisan trade tests; developing  and maintaining  a national data base of registered artisan trade assessors and moderators.

    Speaking at the seventh Tradesmen and Artisans’Week & Graduation in Lagos, the commissioner maintained that the government was  working  towards an artisan development system that ensures only well-trained and certified tradesmen and women would practise.

    Entrepreneurship Development in the Ministry of Wealth Creation and Employment Director, Mrs. Taiwo Abiose, said the long-term intention of the government was to make it compulsory for all artisans to be registered with the ministry for easy coordination of their activities.

    She reiterated the determination of the ministry to  elevate the potential of the artisan sector to create jobs. The efforts of the ministry are being given a boost by Governor Akinwunmi Ambode who promised to reverse the trend of patronages of foreign artisans above their local counterparts.

    He granted approval for the training of 1,500.

    Ambode said his administration recognises the contributions of the informal sector as the vehicle of growth and economic development.

    The governor expressed the hope that with the vigorous trainings which the graduands had been exposed to coupled with the approved training for a new sets of artisans designed to sharpen the entrepreneurial skills of the artisans and as well as broaden their horizon for a competitive edge, the desire for foreign artisans as a result of their expertise would be reduced to the barest minimum.

    The governor said: ‘’Our administration recognises artisans as major players and the conveyor belt for industrial enterprise in the country. We shall work assiduously to design and develop programmes aimed at upscaling artisans’ skills and capacities.

    ‘’Premised on this, Lagos State government is particularly passionate about this sector which is demonstrated by the various programmes anchored by the Ministry of Wealth Creation and Employment in with other agencies.’’

    Ambode maintained that except  efforts were made to shift focus to equipping and rebuilding the informal sector, artisans cannot be vibrant enough for the prevailing realities.

    He said that credible members of Lagos State Council of Tradesmen and Artisans (LASCOTA) would access soft loans from the already inaugurated N25 billion Empowerment Trust Fund (ETF),  stressing: “This government would not sit and wait for oil prices to rebound in the international market before arriving at a solution to our challenges.’’

  • Agritech entrepreneurs for summit today

    Africa Technology Summit’s Agritech Panel will hold in Intercontinental Hotel, Lagos today.

    Organised by  Meltwater Entrepreneurial School of Technology (MEST), it will train, mentor and invest in world-class tech entrepreneurs and African startups from Ghana and  Nigeria.

    Expected as special guest is  Minister of Agriculture and Rural Development, Chief Audu Ogbeh.

    In a statement, MEST ‘s Communications and Recruitment Manager, KelechiUdoagwu said one of the panelits is the Founder/CEO, Fresh Direct Produce, Angel Adelaja, who is the winner of this year’s Chivas’The Venture.

    Others include: Founder/CEO, Verdant Agritech Limited, Nasir Yammama, a creative technologist; Head of Investment and Business Development (Africa)  Bill & Melinda Gates Foundation’s CAVA Project, Imoudu Alexander Osikhena and Chief Executive/Cofounder Farmline Alloysius Attah, a platform focused on smallholder farmers which uses technology to link farmers to markets, finance, input and equipment services.

    During the two-day summit, there will be a demo day where MEST’s top portfolio companies will pitch in front of a range of investors, celebrating the truest peak of innovation that comes from Africa.

  • Group holds forum Dec. 17

    A gROUP, Startup Grind, will hold its end-of-the-year party on December 17 at Soul Lounge, The Palms Shopping Centre, Lekki, Lagos.

    Its Lagos Chapter Director, Uwem Uwemakpan, said the event would give Lagos entrepreneurs time to bond, network and share creative solutions to challenges businesses face.

    The main aim is to create a support system to aid growth of businesses.

    Powered by Google for Entrepreneurs,  such  events are hosted in 200 cities and 85 countries, featuring successful local founders, innovators, educators and investors who share personal stories and lessons learned on the road to building great companies.