The Nation Newspaper

Category: Small Business and Entreprenuership

  • Rotary lifts woman with micro loans

    THE Rotary Club of Gbagada South, has empowered some women traders in Ifako-Gbagada, with soft loans ranging from N25,000 to N50,000.

    Rotary International District 2110 Governor Pat Ikheloa presented the loans to the women. He was assisted by the club’s President Babatunde Jeje and the Baba-Oloja General of Akerele-Diya Night Market, Most Rev Matthew Akerele.

    Jeje said in all, the loans were worth N600,000. He said the club started the scheme with N150,000 and grew it over the years to N1million, with N600,000 given to Lagos residents and the balance offered to Ososa community traders in Ogun State. The money is disbursed to the traders through the cooperative societies, Jeje said, praising the traders for being truthful to the repayment terms, which he described as excellent.

    Ikheloa said Rotary is known for giving, sharing and assisting people, including traders. While commending the club for ‘’the wonderful project’’, he said: ‘’I hope that you will continue with it’’. He urged the traders to use the loans judiciously to enable them repay.

    Rev Akerele said he was overwhelmed by Rotary’s gesture, noting that the loans scheme started 12 years ago. ‘’Rotary Club of Gbagada South has been good to our market’s association. For over 12 years, you have been helping us,’’ he said. He promised to ginger the recipients to pay back the loans.

    The beneficiaries include Mrs Maria Messioye Arike, Mrs Adenike Oke, Mrs Deborah Fatimah Ajani and Mrs Adunni Badejo.

  • Stanford Seed alumni partner for growth

    West African delegates to the Global Entrepreneurship Summit have held an investors and delegates breakfast meeting at the Stanford University, United States.

    It had as theme ‘Partnering for growth in the West African sub-region’.

    According to the conveners, the Managing Director/Chief Executive of Stanford Seed, Afolabi Abiodun  and the Managing Director /CEO of Health Forever Product Nigeria, Abimbola Okubena both alumni of Stanford Seed West Africa, the purpose was to emphasise the significance of collaboration as the first stage of business growth in the sub-region.

    The speakers, including Xavier Helgesen, Femi Oye and Ehizogie Binitie, who are beneficiaries of venture capital, advised participants that to attract funds for the expansion of their operations, they must have a clear definition of what they are seeking money for, and the financing profile must be broken down into tranches with clear-cut milestones.

    They maintained that of importance is the long-term relevance of their product or service offering. In other words, investors need assurances that the offering has strong potential to sell well into the future. This is essential because investors who are attracted to high returns want to have clarity about the big picture with regard to their investment, against the backdrop of the entrepreneur’s protection strategy to ward off competition.

    The facilitators said the investment-seeking entrepreneur must  understand the technicalities of fundraising and make diligent use of timesheets and be abreast with the unit economics of their offerings as regards the return on investment.

    American-born Xavier Helgesen, a serial social entrepreneur is the Co-founder and CEO of Off-Grid Electric based in San Francisco and Tanzania. Femi Oye is the Co-founder and CEO of SMEFUNDS and recipient of the World Youth Leader’s Award, while EhizogieBinitie is the Co-founder and CTO of Rancard Solutions.

    The meeting was coordinated by Ms Karen of Stanford SEED and Ms. Tijen Aybar of the US State department, organisers of the Global Entrepreneurs Summit and co-host Afolabi Abiodun, an award-winning entrepreneur and CEO/ chief ideas evangelist, SB Telecoms Limited based in Lagos.

  • Rise of an interior design entrepreneur

    Rise of an interior design entrepreneur

    Innovation is critical to the success of interior design business. The Chief Executive, Blue Mahogany, an interior design outfit, Omon Anenih-Mordi, is aware of this. The entrepreneur is, therefore, riding the crest of innovative ideas and skills to delight her customers and change the face of interior design business. DANIEL ESSIET reports.

    She has become a household name in the interior design business. Among the rich and famous, the Chief Executive of Blue Mahogany, an upscale interior design outfit, Omon Anenih-Mordi (a.k.a OaM),  has carved a niche for herself in  the interior design business.

    With an increasing clientele,  sustained over the years with innovation and quality service delivery, Anenih-Mordi has become an entrepreneurial sensation, and she  appears determined to remain in the driving seat of interior design business in the country.

    Her customers are mostly celebrities who engage her services to transform their homes. They are drawn mostly by her exquisite, eye-popping designs and professional advice.

    But Anenih-Mordi’s rise to fame and fortune in the interior decor busniess was not instant; she had always loved the business right  from her young age. This was why after her degree, she decided to home her skills by enrolling for a design training in the United Kingdom (UK).

    Since the completion of the training, she has never looked back. The innovation and skills she acquired from the training, which she has brought to bear on the business, has made her one of the most sought after in the crowded market for interior designers.

    With a rare combination of beauty, brain and brawn, Anenih-Mordi has since incorporated Blue Mahogany Ltd. That was in 2006. She has been dedicated to the team ever since. Her international training and experience as well as her local knowledge has made her an invaluable asset to numerous project teams and a sought after expert in design, lifestyle and luxury.

    Interestingly, the budding entrepreneur wanted to be a lawyer. Hear her: “Everyone told me I would be great at it (Law) and in theory, I was. I remember being in the university and negotiating an agreement with my landlady that involved a small discount if she would let me wallpaper my bedroom myself. Up until my mid-20s I still didn’t consider the possibility of design as a career. It wasn’t an option on my radar. For years I spent my days watching grand designs, and various home make-over shows. At some point, I read a book that planted a question in my head, one that I was never able to shake off. If I could do anything, what would I do? I knew then I wouldn’t be a lawyer.”

    She said although, in her vision of herself as a petroleum lawyer, she was successful, but not fulfilled. “So I took some time to explore my passions, hobbies, and consider the things I would do for a living. Eventually the penny dropped and the rest is history, “ she said.

    She had her challenges though. Like other start-ups, Anenih-Mordi said she started the business with nothing. Hear her: “I started with little to nothing really. Just as much as it took to register with Corporate Affairs Commission (CAC).  Eventually I had to sell my car to pay rent, but that is a whole other story.”

    Despite the initial challenges, her rare ambition to succeed paid off.  With 16  full time staff, a team of free lancers and other consultants and professionals who  collaborate with her from time to time, Anenih-Mordi has hit it big.

    Today, she is in the position to mentor and counsel young entrepreneurs. Her advice to aspiring entrepreneurs: “Keep on learning. To be a game-changer you need to read, explore, experience, inquire, ask questions, experiment. Go through magazines, journals, books, blogs, exhibitions, everyday situations… anywhere you can learn, be inspired, challenged or given a question to ponder or a problem to solve.”

    She also advised them not to be  passive observers, but solution providers.  She said she had made  sacrifices to become a successful entrepreneur. “There are many choices I have made and continue to make. Nights I had to work late or mornings I had set out extra early. Holidays I haven’t gone on,“ she said.

    She however, said despite all these, each day still brings a new satisfaction. “Sometimes it is just enough that I have gotten through the day and crossed a few things off my ‘to do’ list. Other times it is getting an email from an aspiring designer or hopeful entrepreneur who wants to know how I did it and then I think to myself, I did it,” she stated.

    She also said in her rise to fame and fortune, one of the biggest things she detested was mediocrity.  “To be successful you have to give up ‘ok’ in exchange for ‘excellent’ or at the very least, ‘better’,” she said.

  • NGO takes women empowerment centre stage

    NGO takes women empowerment centre stage

    A non-governmental organisation (NGO)), CHAMP Xceptional Women Network, a platform commited to women empowerment, has stepped up efforts at training women on how to start their businesses and market their products. Daniel Essiet reports.

    THE Founder of CHAMP Xceptional Women Network, the platform committed to women empowerment, Mr. Abiola Salami, believes that entrepreneurs are the backbone of the economy and that they can  influence economic change within their  areas  and communities.

    He has, therefore, been leading empowerment programmes  for  entrepreneurs especially women eager for tips on how to start and market their products or business.

    He said: “Our primary targets are women between 18 and 40  who seek to live, learn and lead everyday like champions.We have received amazing testimonials from women above 40, who have received value from our programmes and products over the years.”

    Salami said, for instance, that a testimony from a well-educated woman in her 70s, who attended one of the organisation’s programmes was encouraging. “I rediscover myself and renew my confidence anytime I attend your programmes,” he quoted the woman as saying.

    Salami explained that the goal of the Non-governmental Organisation (NGO) was to be a hub for learning about entrepreneurship. He said the NGO was  partnering with government officials, community leaders and organisations on strategies that support entrepreneurship.

    His organisation offers trainings and connects people who successfully support entrepreneurs.And as rural entrepreneurship continues to be a focus for the government, Salami believes  that the country  needs programmes  that support ,grow and  meet the needs of  start-ups and   entrepreneurs.

    He  said he wants Nigerians to begin to see that there are  opportunities for people who want to start growing their businesses and  entrepreneurs to know they are not alone. He noted that the number of new businesses set up have increased  significantly.

    Salami also noted that the  existing talents across the  sectors are potential pool that can be tapped into for innovative ideas. He said relevant government agencies need to consider programmes to develop, such talents with the necessary training and schemes to encourage innovation and entrepreneurship.

    He said in 2013, his organisation  established the Women Making A Difference Awards, which is a yearly recognition and appreciation award for young and top women who have made sterling contributions to their families, industries and communities.

    “We reward excellence, consistency, uniqueness, competence and exceptional acts that can serve as inspiration to other young and top women. Some of the top women who we have recognised over the past three years include Hon. Abike Dabiri-Erewa, Dr.Mo Abudu, Mrs Uchenna Erobu, Mrs Amina Oyagbola, Prof. Remi Sonaya, Mrs. Grace Titi Laoye-Tomori and Senator Oluremi Tinubu,” Salami said.

    Some of the young women the organisation has recognised include Maureen Iyasele, Adebola Deji-Kurunmi, Rita Ezenwa-Okoro, Kemi Ajumobi, Adesewa Josh and Tolulope Otunoluwa.

    Salami said he is determined to  provide women  with information on income opportunities  to improve their standard of living; finding markets for their produce and to help them  in developing their skills in value-added production, business management and marketing through training.

    He is also keen to attract more  younger women to serve as examples to other women of what can be achieved with limited capital resources, but strong determination and hard work.

    To improve information sharing and promote networking, his organisation holds sessions to discuss the key challenges and new opportunities to enhance women’s led businesses.

  • Here comes Daomi, the young innovator

    Here comes Daomi, the young innovator

    Fifteen-year-old master Babaimilehin Daomi is putting Lagos State in the limelight with innovations that have won him an award in Abuja. Daniel Essiet writes.

    While most teenagers spend their free time playing video games, Master  Babaimilehin Daomi, a pupil of Dobar College in Ikorodu Local Government Area, Lagos State, has been working on creating self-powered appliances. His impressive works have already  earned him an award of ‘Outstanding Innovation in Technology’. The award  was presented by Kids & Teens with Outstanding Leadership Abilities (KOLA) Initiative in Abuja.

    The 15-year-old captured everyone’s attention with the creation of a device that could charge cellphones in just minutes and do away with the smartphone battery-related anxiety once and for all. He has also got the attention of the state government.

    Babaimilehin is gaining national recognition with little technology projects that separates inventors from ordinary people.  His remarkable success has made him one of the most famous young inventors in the country, a hero to hundreds of young inventors with great innovative stories  to tell.  The teenager rose to prominence after showing off a prototype version of portable charger and fan that he made.

    The capabilities of Babamilehin enabled him to do a lot of  fabrications and prototypes.

    While he is one of the youngest techies to find success, he is not dedicating his life now to making money but to improve on his products so they can make good business sense for large tech firms.

  • ‘Growing ginger is hard work but very profitable’

    ‘Growing ginger is hard work but very profitable’

    Agro entrepreneurs are exploring little grown crops with big returns. The strategy is to make money within a short period and attract young people and more Nigerians to business opportunities in the agro industry. DANIELESSIET reports.

    Farming is fascinating but requires hard work to make your millions, Sotonye Anga, Coordinator, Agribusiness & Youth Empowerment, Community of Agricultural Stakeholders of Nigeria has said. He is one of those who made their millions from ginger business.

    He  is an agribusiness strategist with experience spanning 20 years in plantation development, value addition to crops and export of agricultural commodities.

    His love for ginger is evident by the ease with which he talks about the opportunities the plant provides for those who do the farming and those prepared to export it at the end. He exports his ginger  to customers in the United States, Asia and Europe .

    At the local market, households go for ginger because of its health benefits.  It is used for the preparation of herbal medicines and as spices for food. Because of this, the business is attracting a lot of farmers in the north as demand for the produce grows across the country.

    With an investment of N300, 000 in ginger farming, he said one can make about 20 per cent profit. One can start on two to four acres.  The price is however determined by the prevailing demand and the season.

    With proceeds from ginger and crops, Anga has been able to send his children to school, and invested in agro commodities business that enables him to fly on airplanes to his farm location like an average bank executive.

    Those who want to export, he explained, would need about N3 million for one container but the return is between 20 to 25 per cent.

    Anga said the demand for ginger across the globe is too huge to be met at the current production capacity and, as such, the industry needs new entrants, especially to meet export demand where the price is determined in dollars. He believes   ginger cultivation can help individuals lift themselves and their families out of poverty.

    Apart from export, he said farmers can make enough money from  proceeds to help them set up their own small businesses.

    Ginger and other crops  produced in the country feed an enourmous internal and external market. Soaring prices for commodities, he believes, would help lift the nation’s Gross Domestic Product (GDP).

    Strong crop yields, higher productivity, according to him,  would help  Nigeria  earn more  foreign exchange  with increasing  global demand .

    Working with  Colossus Academy ,Anga  said  this is an opportunity for Nigerians who want to farm and export ginger  and they are prepared to help  those who are starting ginger farming.  His advice for new farmers is to get into crops that give millions within four years. These include cashew, ginger and sesame seeds.

    He explained that there are opportunities for Nigerians to process ginger and commodities.

    He said CollosusAcademy is ready to work with producers and exporters on adding value by expanding activities to provide services such as collection and transport and improving the product.

    According to him, improving packaging, quality standards and supply chain logistics are key elements in adding value and improving returns to farmers and exporters.

    He added that technical assistance is also provided to producers on certification.

    Part of efforts  of Colossus Academy is to promote the expansion of farming and commodity businesses that help   to improve the standard of living of the Nigerians, including entrepreneurial youths.

    Colossus Academy President, Mr TolaFaseru indicated that the academy is determined to improve the value and marketing of the nation’s key commodities.

    A successful cashew and cocoa entrepreneur, Faseru, stressed that the overall economic growth depends on performance in agriculture.

    He highlighted that his academy is determined to help farmers and exporters of commodities to develop sustainable businesses in global value chains is an expertise of academy.

    He reiterated that the academy is ready to assist farmers in adding value to their products.

    To be competitive in today’s global marketplace, he believes Nigerian farmers need to be integrated into the full chain of production, from farm to fork.

    His academy is facilitating this integration, enabling producers to better connect with agricultural trade and market opportunities.

    Through the programme, he wants to train Nigerians on business strategies to meet the global food security and exports challenge.

     

  • Building social entrepreneurs

    Building social entrepreneurs

    The nation’s social challenges are getting too big for governments and nonprofits to cope. This necessitates the need for social change entrepreneus. But there are challenges, according to a national social change summit that ended in Lagos, DANIEL ESSIET reports.

    As Nigeria races to build out strategies for fostering local innovation and technology, there is a tremendous opportunity for forward-thinking social entrepreneurs. Rarely has the need for new ways of thinking been more glaring. From the sluggish economic growth and financial instability, hunger, poverty, and disease, people have come to realise that the old ways of doing things no longer work. One of those who share this thought is the  Chairman, First Bank Group, Mrs Ibukun Awosika.

    Mrs Awosika said the economy is  looking for  innovators to increase opportunities and improve people’s quality of life.

    She spoke during the social change summit organised by  Co-Creation Hub (CcHub) and Omidyar Network in Lagos.

    Mrs Awosika  said the economy  needs creative and innovative solutions for fostering sustainable growth, securing jobs, and increasing competitive abilities.

    Challenging youths, she maintained that the economy  has opened  opportunities that can  provide job opportunities for unemployed youth.

    Around the country, she noted that the challenge of unemployment is growing by the year.

    She  urged youths to explore new types of work, offering new opportunities to  improve the social and economic well-being of entire families, communities and nations.

    Chief  Executive, Co-creation Hub Nigeria (CcHUB ), Bosun Tijani  urged Nigerians and  organisations  to transform  into active investors backing social  businesses   that  boost  startup ecosystem and  the economy.

    He maintained that CCHub   has established itself as  a  centre for social innovation and entrepreneurship by supporting the development of applications to address  challenges  that require innovative ways of applying new technology along with grassroots-based solutions.

    Tijani said the centre is ready to support young innovators, as their presence was going to provide the impetus for economic growth and social change.

    He said CC hub has turned  its attention to technology  projects that produce things people can use —  like apps designed to help produce a functional blood supply  system.

    These initiatives, according to him, have helped solidify Nigeria’s place on the global stage of technological innovation. They also help raise money.

    The hub’s work so far has been a hit with tech savvy, artistic and young residents of Lagos and turned Yaba into the nation’s Silicon Valley.

    Tijani said his organisation is working with international partners to help support the country’s startup and innovation sectors in developing new technologies for use around the world.

    He reiterated that CC hub is scaling expertise and a platform to generate strong commercial returns for social investors.

    So far, Tijani said the centre  has provided incubation space for  60   technology companies and  helped develop more entrepreneurs, companies and jobs.

    Principal  Boston Consulting Group (BCG) Wiebe Boer said negative  reporting about Nigeria is not helping to attract foreign investment into the country.

    He said Nigeria needs to improve the enabling environment for businesses to attract FDI.  According to him, the nation’s poor infrastructure is one of the country’s greatest challenges when it comes to attracting capital as it makes Nigeria uncompetitive in almost all sectors.

    Director of Investments, Omidyar Network   Mrs. Ory Okolloh said her organisation is funding journalism-related projects.

    She  observed  that  the number of funded journalism projects has seen an ongoing increase over time and includes a growing number of proposals from established media organisations. Such support, she added, have helped  innovative journalists overcome logistical obstacles, censorship, and other impediments to reporting the news. This kind of support, she explained,  ensures independent and investigative reporting .

    As the general public, entrepreneurs, regulators, small businesses, educators, students and industry groups become more aware of crowd funding and the impact on small business funding, a groundswell of interest has emerged sparking dialogue and events bringing crowd funding education, awareness and issues into the spotlight. Managing Partner, Co-creation Hub, Tunji Elesho is one of them.

    He observed that the crowd funding industry is exploding with entrepreneurs, investors, portal operators, wondering why Nigerians are not taking advantage of a promising and new fundraising channel for social projects.

    Country Manager, International Finance Corporation Nigeria Eme Essien Lore said online  fund raising  platforms need to be regulated  and a set of due diligence  performed before allowing investors and issuers on their platform.

    Mrs Essien Lore said  the broader financial system is much deeper and richer for entrepreneurs  with high growth potential to explore  to  translate their   ideas beyond the scope of crowdfunding markets.Mrs Essien Lore said  the economy is suffering because  businesses  have not experienced  the benefits  of   technological infrastructure that  could enable the nation  to develop more quickly  as other  industrialised countries  in Africa.

    According to her, having good connectivity is a good way of encouraging business  growth, adding that compared to  countries such as Kenya and Ghana, Nigeria has not  made  massive economic leap  because of the state of infrastructure projects.

    She  described  Nigeria  as  a global treasure trove of natural resources, but  businesses  see  the decrepit infrastructure as  a barrier to growth. She stressed  the need  for social investment finance to generate social and financial returns,adding that  it will  help social enterprises to fund innovation and grow, and provide investors another way of supporting social change while getting a return on their money.

  • Grooming tomorrow’s entrepreneurs

    Grooming tomorrow’s entrepreneurs

    Entrepreneurship is the latest buzzword across campuses and business segments as thousands of young Nigerians opt to be job-creators rather than job-seekers. U.S. based entrepreneur, Mary Olushoga, has established a platform to promote and mentor startups, DANIEL ESSIET reports.

    When the Chief Executive, African Women Power (AWP) Network, Mary Olushoga, was doing her postgraduate studies in the United States (U.S.), she was inspired by  powerful testimonials from  entrepreneurs across the world, who  overcame the barriers that often prevent women  and men from succeeding in business.

    After her studies in New York, she sensed the opportunities ahead of her and realised that being an entrepreneur was a worthy path to pursue. After graduation, she established African Women Power (AWP) Network in 2012.

    Since then, she has never looked back and she is today in-charge of an empowerment network, reaching out to young and would-be entrepreneurs across sectors including finance, logistics, and healthcare.

    She said: “After graduation, my foray into entrepreneurship and the business development space began at the New York City Department of Small Business Services, where I helped businesses start, grow and expand. From there I served as a Public Policy Fellow at the New York State Department of Transportation, followed by working as Programme and Project Manager at Count Me in for Women’s Economic Independence, where I directed the initiative supporting female business owners (nationwide) funded by American Express.

    “My interest in small business continued as I moved to NY City’s Business Solutions Center before giving entrepreneurship a try, and launching my own business – the African Women Power (AWP) Network.”

    “This idea came to me after a number of years working in the economic development space. I saw first hand, how the resources provided helped entrepreneurs become more successful in their endeavours. I saw how better access to business resources, education, and financing helped to transform the lives of entrepreneurs.

    “After years of working in the small business development space, I decided the time was right.”

    She  then launched the AWP Network as a solution to the unemployment issue facing Africa, particularly Nigeria, as the most populous country on the continent.

    “The idea is that if we provide a supportive community to African entrepreneurs to grow their businesses, they will be sustainable and in turn create jobs and hire, thereby reducing unemployment. It is not an easy mission, but it is possible. At the AWP Network, we see entrepreneurship as a solution,”she said.

    A mix between public relations  consultancy and small business development service, Olushoga’s platform shares startup stories of  entrepreneurs, organises events, webinars and clinics, and creates opportunities to connect with business experts in marketing, technology and human resources fields, for example. She mentors and  inspires  youths  to maximise their potential. The AWP Network is an internationally recognised award-winning storytelling and training platform.

    She  said: “We interview African entrepreneurs and provide them with a platform to get their stories out to the media. One of such entrepreneurs is Bukola Dawodu. I first met Bukola when AWP launched its photo contest in 2013. Today, Bukola has featured on CNN Africa, NTA, and other media platforms. So, yes! We have a few success stories.”

    The AWP Network also offers various training programmes. The first, is AWP Network Agribusiness Training for Women, this allows them  to work with women farmers in Northern Nigeria helping them to improve farming techniques, practices, as well as increase yield and production at reduced cost. This training is fully funded and supported by the Planet Earth Institute.

    The other is the Dream project, which was initially launched with the HOPE Foundation at Covenant University, where they  train secondary school students and help them to write their business plans as well as provide monetary support for their business ideas.

    Currently ongoing is the AWP Network Photo Contest, that allows them through the art of photography see how young people under 30 view entrepreneurship.

    In addition, the Network has held social media trainings and leadership workshops. Also in the works is to launch the AWP Network Coding Academy for Girls, a programme to teach girls how to code in Calabar.

    Olushoga is a vital voices global leadership fellow, a Planet Earth Institute, Africa Data challenge winner, an indiafrica young visionary fellow, a women4africa international media woman of the year award winner, a Crans Montana ‘new leader among others.

    The AWP Network is proudly recognised as one of the leading organisations supporting African Women in Technology.

    Internationally, she works with influential networks of entrepreneurs, corporate leaders, investors and advisors, as well as potential partners, strategic alliances, customers and suppliers, who can help the entrepreneurs think bigger, scale their companies and become market leaders.

    She is determined to help Nigeria create jobs, support the economy to thrive and provide really important employment safeguards. She is determined to campaign for entrepreneurs and women’s economic empowerment.

  • Group launches waste training courses to ease unemployment

    Group launches waste training courses to ease unemployment

    With a rapidly expanding population, Nigeria is facing severe environmental problems. The Redeemed Christian Church, Province 49, Igando, and Owoeye Foundation held a business emRecycle workshop/empowerment programme to expose members to opportunities through turning waste into wealth, DANIEL ESSIET reports.

    From businesses that produce containers out of recycled plastic waste materials, to those  producing  bags, totes, and wallets from leftover, excess or obsolete airbags, many  companies are finding  new uses for recycled waste materials.

    With intensive recycling taking place, the huge swell of waste materials are now available to manufacturers of corrugated cardboard, newsprint, and toilet tissue allowing them to play one material off another.

    The result is an increasing number of green entrepreneurs making money from waste and emerging businesses   contributing  significantly towards building livelihoods  and  a world of flourishing communities in which eco-entrepreneurship drives sustainable development.

    There are now entrepreneurs and firms involved in the purchasing, processing and brokering of scrap materials including ferrous and nonferrous metals, paper, electronics, rubber, plastics, glass and textiles.  One of those in the business is Chief Executive Officer, T. Cynthia Nigeria Limited Mrs Cynthia Saka.

    Speaking at a forum organised by the Redeemed Christian Church, Province 49, Igando, Lagos State  and Owoleye Foundation , Mrs  Saka   said  competition for recovered material is also intense In the marketplace.

    She explained that   a pile of garbage now represented a means of livelihood, and not something from which to turn away in disgust.

    Mrs  Saka noted that there are opportunities for people to make money by collecting recyclables.

    She said, whether it’s salvage or recycling, there is a host of business opportunities that not only offer good career paths, they are rewarding too.

    According to her, waste recycling is an industry dedicated to transforming end-of-life products and industrial scrap into new commodity grade materials and driving economies by making the old, new again.

    The recycling industry, she added, is not only a thriving economic engine, but also a pivotal player in environmental protection, resource conservation and sustainability.

    With the talk about more green jobs, she said the recycling industry has capacity to create environmentally friendly jobs and other opportunities.

    According to her, there are business opportunities throughout the value chain, not only for entrepreneurs interested in processing scrap materials into new, usable commodity inputs, but for those who want to supply the industry with recycled materials.

    With new markets, she said the nation’s recycled materials producers create demand for materials that might otherwise end up in landfills.

    According to her, new entrants can start from collecting used metals, plastics, reusable bottles, worn out shoes and clothes from households. The collected materials, she said can be sold to intermediate buyers.

    The fact that there are many scavengers on dump sites today, she noted, demonstrated that value is found in trash. The most valuable finds are copper, aluminum, hard plastic containers and cardboard.  Because of these the scavengers, consisting men, women, elderly people and children competed for the best finds through the trash, in the rain and blinding sunshine, day and night.

    According to her, many Nigerians work in a diverse range of solid waste based businesses – recycling and up-cycling plastics, organics, papers, fabrics and metals and make huge amount of money .

    She said the industry does the nation a great service by reducing various types of pollution and taking away the things that would normally clutter up landfills.

    President, United Recyclers Association, Afolabi Saheed, said there are opportunities for more Nigerians to explore opportunities provided through piles of unwanted goods such as glass, metal and plastic, which are then sold to scrap dealers, who then process the waste and sell it on either to be recycled or to be used directly by the industry.

    According to him, a lot of industries that can’t survive without the heavy input of recycled material.

    He highlighted the many positive economic contributions of the recycling industry to the nation’s manufacturing landscape.

    The  President, the Men Fellowship, Mr Okey Eboh  said the group organised  the forum to create more  income earning opportunities for members.

    He urged members to take advantage of the opportunities the forum offered.

    He called on participants to seek knowledge that would make them economically self-reliant.

    Principal Partner, Olugbenga Ibrahim & Associates, Mr Olugbenga Ibrahim said the forum is critical and will expose members to opportunities in waste recycling and collection. He urged members to explore emerging business opportunities to boost their income streams.

    He acknowledged that the recycling industry has opened opportunities for   job creation.

    As manufacturing ramped up and became more complex in response to society’s expanding needs, scrap recycling took on even greater importance, adapting not only to market drivers, but also shifting national priorities.

  • How small businesses can survive tough economic times

    It is no news our economy is troubled. The removal of subsidy, the exchange rate, the price of tomatoes! It seems like the external pressures keep piling up and we are all forced to adjust to our new reality. And while the price of everything is on the increase, income remains stagnant while business revenues are declining.

    The economic crunch is undoubtedly here with us requiring survival strategies by all.

    The big companies seem to have advisers who teach them how to handle and survive in this economy, but what about small business owners? Here are suggestions for small business owners on how to cope with the economic situation in the country.

    MONITOR EXPENSES

    As a small business owner, you should make sure your business makes more income than expenditure . That is the essence of business.

    You should monitor your expenses to know exactly which aspect of the businesses more money is spent on. This can be done in various ways depending on the size of business and the accounts being monitored. Expenses can be monitored from the use of apps to trusted professionals.

    Since in a tough economy, everyone is looking to cut costs. It is possible that the service or goods you offer is being cut out of someone’s budget. Because of this, you have to ensure your company is only spending on necessary things.

    After monitoring expenses, ensure you save money by reducing all non-strategic costs such as office supplies, administrative fees and others. If you decide to keep production budgets low, ensure that you still deliver quality products and services so as to set competitive prices.

    WORK ON YOUR PRODUCT OR SERVICE

    Although some people may disagree, studies show that the best time to diversify or introduce new aspects of a business is during tough economic times. The beauty of your small business is that you can achieve this without the financial and marketing struggles big businesses have to deal with. Ensure that the parts of your business you are offering to clients are necessities, so that even when clients cut budgets, your product remains a part of the said budget since it is a necessity. Remember to offer clients value for their money and pay attention to critical components of your operations

    CUSTOMER SERVICE AND EMPLOYEE MANAGEMENT

    This is no time to lose your clients. A recession makes it difficult to gain new customers, so why lose the ones you have worked hard to acquire?  During times like this, customer service and employee engagement are often put on hold while there is major focus on financial cutbacks.

    While you concentrate on finances, ensure that your attention is also focused on employees. Feel free to ask for their inputs when creating strategies for your business’ survival. Make their care, happiness and support a priority. Happy employees will deliver top-notch services.

    You should also ensure customers feel appreciated. This can be done by using first names when rendering services, listening to complaints and ensuring those clients’ needs are met. You should remain accessible to clients via social media, phone, and emails and other channels.

    Ensure you are giving clients quality for money paid so as to keep them coming back. Make clients feel appreciated at all times. The highest levels of customer service given to customers will always reflect positively in sales

    POSITIVE LEADERSHIP

    Even after a recession, your leadership skills play an important role in the survival of your company. No matter how difficult things may be for your company currently, do not repeatedly tell employees that you are unable to pay salaries, or show reduced faith in the future of the business.

    This kind of behavior in a leader may create a lackadaisical attitude in employees and even theft as some may work with the “after all the management can’t pay us this month” mentality.

    This is also the worst time to leave employees to do the everyday running of your business. Whether you have clients or not, be present at your office. Work with the same passion when setting up the business. Lead with clarity and commitment. Set monthly goals and ensure that employees are motivated throughout the recession so your business does not suffer a reduction in productivity.

    Debbie Larry-Izamoje
    Debbie Larry-Izamoje

    Debbie Larry-Izamoje did her undergraduate in the University of Sheffield, United Kingdom and postgraduate in University College London (UCL). She has also secured certificates in user innovation from Massachusetts Institute of Technology (MIT) and Innovation and strategy from Harvard University.

    She is a communications and brand strategist and Founder of www.imageboosters.com.ng which ensures young entrepreneurs have all the knowledge needed to grow their business