The Nation Newspaper

Category: Small Business and Entreprenuership

  • Making a living from mushrooms

    Making a living from mushrooms

    There is a growing demand  for mushroom, and this  has created  a vista of opportunities  for  those  looking  for  where to  invest, DANIEL ESSIET  writes.

    Mrs Mojirade Oluwadiya, a retired teacher is a successful mushroom farmer. But she didn’t start  as a mushroom farmer. She was a poultry farmer.

    After returning from Australia with her husband, she decided she was not going to teach again. She started growing mushroom as a hobby. Along  the line,  she  decided it would  be  worth the while  if she  visited   the United States and Israel to  study  how profitable mushroom  farming could be.

    To her surprise,   she  found  out  that  mushroom farming is  being done  technologically. Farmers  planted  mushroom  under  air-conditioned  environment. The infrastructure was there. The demand was  high. The mushrooms have an excellent shelf life and   required a month or more under refrigeration in paper bags, or cartons.

    While  it  was profitable  to  do  it  that  way using  expensive  technology, she  knew instantly that Nigerians would not be able to afford it. Her search shifted to a third world country where the business can be done cheaply with affordable technologies.

    Fortunately, she  was told  mushroom was a big  business  in Thailand, so she went  on  a fact finding  mission.

    There, she discovered that it was a simple business for small entrepreneurs to go into.

    The cultivation model was simple and easy for small scale entrepreneurs. She also found out that with N10,000,  one  could  start the business.

    It was an approach many Nigerians could adopt and afford. There she found people growing   mushroom using recycled materials and agric wastes. Satisfied with her discovery, she returned home and started using the Thai method, using agricultural waste and environmentally friendly recycled plastic bags for containers.

    Mrs Oluwadiya  learnt how  to    produce  mushroom  using drums, sprayer, tarpaulin, polythene sheets, polybags, and polypropylene bags, among  others. The results have been outstanding.

    Since then, she has been making huge profit by selling the products to leading supermarkets.  She has since become the proud owner of a big mushroom farm with eight workers.

    She is involved in the mushroom-cultivation business all year round and from the income, she is doing a lot of things. She is also starting other small businesses. She has motivated other farmers to start growing mushrooms.

    Her message is that between 10,000 to N50, 000 is required for aspiring investors  to  start  the business. Then it  takes   five weeks to harvest  and that the  farmer begins  to  make money.

    For her, Nigeria  is  a  good  place  for  mushroom  business  as  the  climate is perfect for its cultivation and it  can be grown all year round, creating employment, healthly livinig and wealth for the farmers.

    The challenge however is that  while it is   doing well in many parts of country, people are shying   away from the crop because they lack the materials and information they need.

    Therefore, she is ready  to offer Nigerians the best income-producing opportunity possible.

    To her advantage, she  has  equipment  to  teach  people.

    She has  been  able  to  acquire  the major  infrastructure, build  a lab and other  equipment that one  needs  to produce spores, inoculations and everything to do with mushroom production.

    Apart from this, she has   developed an integrated agricultural business with edible mushroom cultivation, deep processing, sale, demonstration and training.

    She sees  the  market expanding as  companies  can  use the mushrooms to make beverages, soya and powder. She  points to the value addition of diversifying by marketing mushrooms dried or pickled or as part of a food menu, especially for oyster mushrooms.

    For her, investors don’t   have to worry about the market for their produce, they just concentrate on production. There are distributors, who buy their mushrooms as wholesale and retail to individual consumers. For small scale farmers, she said the daily production from a 4×4 metre mushroom room can provide daily income for the five weeks  of its harvesting span.

    The secret to a better market for mushrooms lies in quality. The trick is in the product quality.

  • The rise of plantain chips business

    The rise of plantain chips business

    The transformation of plantain chips from a mere product into a money spinner, is  drawing  a lot of entrepreneurs. More Nigerians are showing interest. With income and consumption on the rise, plantain chips production is a perfect business option. DANIEL ESSIET reports.

    Plantain chips business is returning huge incomes as demand is  increasing .This  is because  the market  is  expanding  as   major highways have become top spots for the sale of plantain chips. Apart from sachet water, plantain chips occupy a special spot in the minds of the travelers in particular, and the general public.

    The transformation of plantain chips  from a humble product  into      a money spinner,  is  drawing  a lot  of  entrepreneurs. More Nigerians  are  showing  interest. Investors say the plantain chip business is one investment that is profit oriented.

    The Chief Executive, Farm Biz Set, Opeyemi Lawson, a plantain  farmer,   said  with  less than N20,000, one can start the business. This for one, starting small.

    The Managing Director, Spectra Foods, Chief Duro Kuteyi, fame is  traced to plantain chips packaging.

    Kuteyi, who is Vice President, National Association of Small and Medium Scale Industrialists, resigned from the Federal Ministry of Health in the ‘80s to establish a plantain chips manufacturing factory. His success  is traced to a plantain chips factory he established years back in 1982. He started the industry with N1,500.

    “His father in-law offered him a room from where he started the business. Kuteyi’’s plaintain chips industry grew and gave rise to Spectra Foods. Today, Spectra  has become a multi-product company , suco cocoa drink,cocoa beverage, frute pineapple juice,frute pineapple/ginger juice,soya instant drink,soya bakes and sesame oil

    But the secrets of investing in plantain chips have not changed significantly.“The equipment is  the same except that the costs have risen significantly.“For  a big  start  up ,according  to him,   one  requires a fryer, which costs between N100, 000 and N300, 000; sealing machine that costs between N500, 000 and N2m and a vehicle for distribution of the products, “Returns are in the region of N5m annually.

    For  those who  cant  afford this ,they  can  start  by  selling  packaged plantain chips.

    As   passionate  as  he is about  the business that   has  given  several youths employment, he  stated that processing of plantain chips is not devoid of challenges.“Sourcing for raw materials is a major challenge,” the quality of raw plantain affects the final product,the packaging and source of energy are very critical,then   the epileptic power supply and rising cost of gas are major factors that affect the cost of production. Apart from epileptic power supply, he  said the perishable nature of plantain requires that care be taken during post harvest processing.

    Howver, the  opportunities  are   limitless and, with right resources and management, it is not tough to attain success.

    To  bring  more Nigerians into the business, Kuteyi  said  his   organisation, Spectra Industries Limited Lagos is  hosting  a cluster  for   plantain chips production with an installed capacity of five tonnes per month. He explained that the cluster will  help farmers  benefit  from collective marketing and high quality machines to process chips.

    Under the scheme, his  organisation  will  help  Nigerians  establish  micro plantain chips  business   industries. They  can  rent the machines  if they  have money  to  buy the raw materials.

    Kuteyi, said  entrepreneurs will be enabled to have production facilities for less than five per cent of actual cost, while equity investors will be entitled to profit/dividend sharing.

    According to Kuteyi, “It is just a matter of providing industrial facility access, one of the benefits of this arrangement is that for someone who wants to set up a plantain chips plant instead of looking for about N10million to set up, all you need is a minimum of N100, 000 and you become a part owner of an already established plantain chips plant.” He explained that the plantain chips which comes in a unique variant to what is common in the market, can be consumed in novel ways never before heard of like the use of ketchup and peanuts.

    “It is a far upgrade from what plantain chips are generally known to be in the country. The chips are also of exportable quality in terms of packaging and standards with a shelve life of 12 months, the product is packed in 380gm containers and 70gm sachets,” he explained.

    He expounded that while Spectra has provided the equipment and factory space, financial contributions from cluster members will be used as working capital to sustain the expanded scope of production and cater for more employees that will be recruited.

  • Nigerian is Entrepreneurship Ambassador

    THE Managing Director, Montgomery West Africa and Founder of  WOWe (Women of West Africa Entrepreneurship Conference) Tori Abiola, has been appointed as the Nigerian Ambassador for United Nations-United States-based Women’s Entrepreneurship Day, expected to be the largest gathering and recognition of women entrepreneurs globally.

    The Global Ambassador Initiative and Miss Abiola, will work with top colleges and universities, including Stanford, Duke, University of Pennsylvania, Harvard, Babson and Oxford, to engage and enrich local communities with the WED movement.

    On the appointment, she said: “ For the past two years, the WOWe conference has been working to raise the profile of women entrepreneurs in the region, by focusing on increasing entrepreneurship capacity and networks for women, providing access to finance and empowering women as the economic drivers of their communities and greater societies

    “My role as an Ambassador for WED Global Initiative for Nigeria, will create an international platform and access for over 30,000 women and men who follow WOWe activities online/via social media, and for our annual event participants and partners, as well as thousands of other men and women who are committed and interested in driving entrepreneurship skills and capacity for women in Nigeria.

    ‘’We are confident that working with WED Global initiative will equip us with the opportunity to garner more support and resources for Women Entrepreneurs in Nigeria in terms of delivering them with the necessary tools required to realise their entrepreneurship ambition.

    ‘’Our focus will be to create viable market places and networks for women entrepreneurs to thrive, as WOWe launches its own online membership community in 2015, it is only right that we form part of this global initiative to empower women.”

     

  • IFAD boss, others speak on agric investments in Ebola-affected countries

    IFAD boss, others speak on agric investments in Ebola-affected countries

    Ebola ravaged countries are not only contending with the debilitating ailment but also at a brink of a food crisis.

    Appalled by this development, Dr Kanayo F. Nwanze, President of the International Fund for Agricultural Development (IFAD), along with Florence Chenoweth, Minister of Agriculture, Liberia and Joseph Sam Sesay, ?Minister of Agriculture, Forestry and Food Security, Sierra Leone addressed a press conference on the concerns.

    IFAD is an international financial institution and a specialised United Nations agency based in Rome – the UN’s food and agriculture hub.

    Nwanze in his keynote address at the World Food Prize international symposium stressed the importance of investing in rural agriculture around the world, especially in the face of issues such as the current Ebola crisis, climate change, and other challenges.

    Worried that the food crisis could assume an epic proportion, the IFAD boss impressed on the governments at all levels to close ranks in order to stem the tide of food crisis and forestall other dire consequences.

    IFAD invests in rural people, empowering them to reduce poverty, increase food security, improve nutrition and strengthen resilience. Since 1978, IFAD has provided over US$16 billion in grants and low-interest loans to projects that have reached more than 430 million people.

     

  • ‘How entrepreneurs can grow their businesses’

    ‘How entrepreneurs can grow their businesses’

    All an entrepreneur requires to make a success of his business is the hunger for success. As simple as this statement sounds, the irony, however, is that not many people who venture into startups are motivated enough to make a success out of their business.

    This is the major challenge for many startups in sub-Sahara Africa. But in the view of Vusi Thembekwayo, a South African entrepreneur and business speaker, a lot of businesses can record success stories once they are able to apply themselves well.

    Thembekwayo popularly referred to as Vusi was in Nigeria recently as the lead resource person at the maiden edition of the annual Stanbic IBTC Business Leadership series. Judging by his antecedent, the packed audience looked forward to Vusi to provide insight and learning at the Stanbic IBTC Business Leadership Series.

    Apparently no stranger to such gatherings and certainly not to Stanbic IBTC, his proficiency, oratory, and delivery style, laced with humour kept the audience captive.

    Speaking at the Stanbic IBTC Business Leadership series, conceived to provide new and fresh insights, challenge the norm, and help build deeper connections among businesses and business leaders, Vusi shared useful suggestions among entrepreneurs interested in taking their businesses to the next level.

    Few weeks ago, on his Instagram page, Vusi posted a signpost with the inscription: “If you’re the smartest person in the room, then you are in the wrong room.”

    The wisecrack aptly embodies Vusi and speaks to his thirst for excellence, pursuit of knowledge, and constant self-improvement.

    Little wonder at 17, he was considered Africa’s best motivational speaker when he won the Audience Favourite Speaker Prize at the Public Speaking World Championship organised by English Speaking Union.  He speaks to over 250,000 people yearly in more than 13 countries.

    Vusi who is few years shy away from 30, is rated “one of the best motivational and keynote speakers alive today” by the Who’s Who in Southern Africa, a website dedicated to the leading lights in that region of Africa.

    The bubbly fellow is not only a business speaker but also empowers his audience with new knowledge, research findings and tools that they can immediately apply in their businesses or careers to achieve “step-change” results.

    The choice of Vusi as a resource person for such a high calibre initiative by one of the respected financial institutions in the country is quite obvious, going by Vusi’s formidable credentials, which read like a page out of Lewis Carroll’s Alice in Wonderland.

    Of importance is the fact that Vusi shares some of Stanbic IBTC’s underlying business virtues such as professionalism, hard work, intelligence, integrity, leadership, and confidence. Shell South Africa described him as exhuming “intelligence, trustworthiness, humaneness, courage and sternness.” And “he understands sales, management and leadership,” declared MTN Business.

    Vusi studied at Witwatersrand University, South Africa, and has certifications from Wits Business School, where he graduated Cum Laude, Graduate Institute of Business Science (GIB), and INSEAD.

    He has worked as a salesperson and later as a business unit executive in some of the well-known organizations in South Africa. As Director of New Markets & Structured Income at Metcash between 2007 and 2010, aged 22, he led the growth of New Markets business from R16 million (about $1.4m) to R298 million (about $26.6m), built the Structured Income business unit from nothing to R187 million (about $16.7m) and achieved the highest EBITDA (earnings before interest, taxation, depreciation and amortization) within the group for two years.

    Before then, between 2004 and 2007, he co-founded Uciko Capital & Advisory Ltd where he co-managed the Advisory business unit. He developed a sales system that equipped the sales team with higher closure ratio skills and was able to deliver 82per cent growth in net operating profit less adjusted taxes in 18 months.

    He is currently the managing director of MOTIV8, a specialist consulting and services business he set up. Premium business magazine named Vusi “an entrepreneur extraordinaire.”

    Thembekwayo holds several board appointments and directorships and influences R4.32 billion (about $384.5m) through these appointments in deals. One of such appointments is as a director in a listed company on the Johannesburg Stock Exchange, the youngest such director in South Africa. He is a member of the National Speakers Association, New York.

    Visu says he is “an ordinary guy, with a simple background.” Simple background, yes, but he is certainly not an ordinary guy. There are not very many under-30s who have achieved so much professional success.

    He belongs to an exclusive class that boasts of Lucy Baldwin, the 29-year-old managing director of Goldman Sachs, Lucas Duplan, the 22-year-old founder of rave making Clinkle, a mobile payment start-up company, David Karp, 27-year-old founder of Tumblr, the microblogging platform and social networking website, and Uzoamaka Maduka (26) co-founder, The American Reader, a well received literary magazine.

    On what drives him, Visu says, “As young people, we need to move beyond being successful; we need to be significant.” Indeed, the very energetic Vusi is constantly in motion in search of the next challenge. This ties in nicely with Stanbic IBTC’s pay-off line ‘Moving Forward.’

    The financial institution, leveraging on the rich heritage of the Standard Bank Group, to which it belongs, is always willing to push the envelope in product and service innovation and delivery. CEO of Stanbic IBTC Holdings, Sola David-Borha, talks about an “unrelenting commitment to deliver innovative solutions and very credible performances across all business segments.”

    “His humour is the glue that binds some of his most diverse audiences in the world. His motivational speaking style is rich with jokes,” wrote a columnist about his deliveries. In 2013, Vusi delivered 209 presentations across four continents.

    Some of his clients include Standard Bank, World Bank, Shell, MTN, Ernst & Young, RBA Homes, Australian Houses of Parliament, British House of Commons, and many others.

    A former Australian Prime Minister, John Howard, was so impressed by Vusi’s presentation that he described him as the ‘Rock Star of Public Speaking’, in reference to the huge, almost godlike, devotion to and followership commanded by Rock ‘n Roll stars. And like a Rock star, the speaker from Madiba country leaves his audiences swooning and asking for more.

    Feedbacks from clients suggest Vusi is adroit at what he does, which is to motivate people to go beyond “success to significance”.

  • Agricultural sector created 3m jobs in three years- minister

    Agricultural sector created 3m jobs in three years- minister

    The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, said the agricultural sector created three million jobs in the last three years.

    Adesina said the government was driving agriculture through the commodity and value chains approach to achieve results.

    He spoke at the 2014 World Food Day with the theme: “Family Farming: Feeding the World, Caring for the Earth.”

    The Minister, who was represented by the Director, Federal Department of Agriculture in the Ministry, Demola Emmanuel, said this year’s theme is aimed at heightening the role of family farming in achieving food security as well as signifying the contribution of small scale farmers.

    He said: “The agricultural sector over the last three years has created three million farm jobs thereby putting young people to work as the agricultural revolution deepened across rural areas and agricultural value chains, leading to reduction in rural urban migration.

    “The private sector participation in driving ATA shows that between 2011 and 2014, the sector attracted over $5.6 billion of private sector investments. Between 2012 and 2014, a total of 14 million farmers received their subsidised farm inputs using electronic voucher on their mobile phones to directly pay private sector input retailers.”

    According to the minister, the government has recorded 21 million metric tonnes of food from 2011 to 2014, surpassing the 20 million mt of food target set for 2015.

    “Between 2012 and 2014, six million rice farmers were reached with improved rice varieties through the e-wallet system. The total cumulated rice area rose by two million hectares, national paddy rice production rose by an additional seven million MT.

    “The rice policy has attracted $1.6 billion of private sector investment and it is expected that Nigeria will become a net exporter of rice like Thailand or India very soon.”

    Adesina added that investment by fertiliser companies expanded from 100 million in 2012 to $500 million by 2014.

    Earlier, the country Representative of the Food and Agricultural Organisation, Dr. Louise Setshwaelo, said a growing and increasingly urbanised world population was relying on food produced by a much smaller percentage of farmers.

    According to her, family farming and the support it receives need to adjust in ways that can respond to these changing conditions.

    Dr. Setshwaelo said: “Innovation is key to make this happen. Family farmers need to innovate, in the systems they use; governments need to innovate, in specific policies they implement to support family farming.

    “Clearly, family farmers need to produce enough food, not just for them but also for people in rural areas not involved in farming or city dwellers. They also generate income -money to buy inputs, such as seeds and fertilisers.”

  • How young enterpreneurs are moving up

    How young enterpreneurs are moving up

    Some of the biggest start-up success stories these days are those of young entrepreneurs. Daniel Essiet reports

    Samson Olatunde, Chief  Executive,  Business Impact Limited, was still an undergraduate when he started his business. His inspiration came from books he read on successful young entrepreneurs. During business studies at university,  he  had to read several case studies of companies, many of which had been started by young individuals. He thought, if they can do it, so can he! That started him on a journey where he   now runs his own company.

    Though young and  expected reliant  on his  parents, Olatunde decided  to  take the bull by the  horn.

    He wanted financial freedom and took radical  steps to bring the  dream to reality.

    As a matter  of fact, he was entitled to a monthly allowance  of  N4000 from  his  parents as an  undergraduate of  Olabisi Onabanjo University, Ago Iwoye.

    However, he saw much  more than the  monthly N4000. Having realised  his  passion and capacity to impart knowledge, Olatunde did not loaf. He  saw the need for  computer literacy around  the  university campus and ventured to  make the  most of  that  opportunity.

    He, therefore, organised computer training classes with his friend’s computer system and people  kept coming.

    That was the beginning of his  cruise into business. In his fourth year, Olatunde registered  his  company since he was already convinced that he would not need to pursue white  collar jobs after  graduation.

    The  height  of  his  business success on campus was his  adventure  into the sphere of information marketing.

    His  hunger  for genuine  internet business drove him to borrow some money from friends to attend a seminar  organised by  Dr  Sunny  Obazu  Ojeagbase, founder of  the  Success Attitude Development Centre (SADC) .

    At the seminar, information products were given to participants  to  sell and Olatunde swung  into action with  immediate  effect.

    He  packaged  the  products very well and  marketed them  with every  strategy he  could  deploy.

    The  end result was financial freedom for  the young undergraduate who hit his  first million at  the age  of 24.

    Since then, Olatunde has expanded his business  empire  which  he started with less than N10,000  to a group comprising Business Impact Media, Business Impact Estates, Business Impact Academy and  Business Impact Consultancy.

    His  sunny and humorous nature has allowed him to create a large network of business contacts in just a few years. They have helped him grew his business and opened up new avenues.

    The best thing about being an entrepreneur, according to him,  is feeling that one can put his talents and abilities to good use whilst pursuing projects and ideas close to his heart. He gets a lot of satisfaction knowing he is generating jobs for others and contributing to the economy. What has helped him most is the ability to convince people and the ability to form a professional team. He has  faith in everything he is doing.

    He has the state of mind that everything was ‘doomed to success’. That  pushes him forward and is helping  him to develop new ideas and a suitable environment for growing them.

    Olatunde is always strived to be number one. Always one step ahead of the competitors with information, ideas, opportunities and capabilities.

    His  biggest challenge so far is keeping a clear vision, steady course of action and a commitment to success, amongst the distraction of everyday duties, fierce competition and financial activities.

    But he has a lot of flair, energy and ambition, and also the desire to make something as good as possible. The other thing is having great people with beliefs and understanding in areas where he is weak. His advice for those considering starting a business is that they should not be afraid of starting out and they should following their gut instincts.

    However, they should do this only with a background of sound knowledge and excellent skills; otherwise they will just be naive. They should not give up at the first hurdle – challenges. For  him,  isn’t enough to simply want something; one has to be able to do it. This requires a lot of hard work, devotion, effort and involvement.

    Olatunde  believes  a young  entrepreneur  must   have a vision and objectives, together with positive thinking.”If they have an idea they should go for it.

    “But one must be really passionate about the plan and be prepared for tough days and challenging situations which may take one to limits”.

    For him, the entrepreneurship journey has much to teach.

    This demands one thinks  hard, weighs up the pros and cons, before taking  the plunge. So far  entrepreneurship has been a fantastic life experience for him bringing a great deal of satisfaction.

    Starting up a business was an inspiring, yet time-consuming challenge that drained him of the energy he needed to develop new ideas. Since then, he has learned to reserve more time for contemplation. These years have taught him that reflecting regularly on the company’s achievements and reserving enough time for rest have brought on the best ideas and contributed to the success.

  • FG to partner Anambra on agriculture

    FG to partner Anambra on agriculture

    The Federal Govern-ment has said it will partner with the Anambra state government in the areas of aqua-culture development and Mechanization in the state.

    The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina made this promise when he received the Anambra State Governor, Chief Willie Obiano and other officials of the state in his office.

    The Minister, in a statement from the ministry’s Director of Information and Protocol, Tony Ohaeri commended governor Obiano for revamping the Omo Rice Mill.

    He praised the commitment of the Governor and promised to fast-track the Omo Staple Crops Processing Zone.

    Dr. Adesina called for a high level meeting between the Ministry and Anambra State Government to work out the modalities for the expected partnership.

    Earlier in his remarks, the governor said the investment opportunities from rice, cassava, tomato processing, and other positive areas was capable of providing 100,000 jobs in the state.

    He said his government has secured land to begin dry season farming, adding that the state may produce 120,000 metric tons of rice annually.

    Obiano added that his government will that each local government areas in the state is self –sufficient in fish farming in less than one year.

    According to him, he has resolved to make Anambra the first agro-state in Nigeria.

  • Entrepreneur finds success in herbal products

    Entrepreneur finds success in herbal products

    Despite challenges faced by micro entrepreneurs, producers of herbal products are developing strong businesses that are benefitting the economy, Daniel Essiet reports.

     

    The herbal   industry  has  offered  a lot  of Nigerians   an opportunity to make their dreams come true.

    This  is  evidenced by the successes  recorded by many including Ayo Adekiyesi, Chief  Executive, Chavan Cosmetics Limited, a firm producing  herbal soap.

    When he started the business in 2006, he lacked the required  money for a big  business. He started  with  N2,500 after he left  his  job at  PZ  industries. However, he took it as a challenge and built the business solely on his marketing skills and hard work.

    Then,  he  was  living  in  a room with  his  wife. He used part of  it  for living  apartment and the  other   for  production. When his idea blossomed, he then moved  to a  self-contained room.

    Along the line, he took a loan of   N350,000 from a bank  on  yearly  interest rate of  six percent. After the milling production   machines began running, revenue began  to grow.  The  turnover   helped them move  out of poverty. The business   has grown from a home-based start up to a fully fledged factory endeavour.  The   goal, thereafter was  to market  the  products  to large traders – sending them   to the shelves of the large  stalls  and shops, responding to a growing demand among consumers.

    After  few  years  of   operation, Adekiyesi is recording  significant earnings annually.

    He  is  however  reinvesting the  earnings. They are creating more storage, buying  equipment  to  improve  the   quality of  the  products. The good news is that  he  is almost liquidating  the  loan he  took from  the bank. This is because his products are doing well in the market.

    While  his  customers  base  has  increased,  this  is  attributed  to  word of mouth publicity following personal use. His hard work has paid off and its successful presence is felt across  the  industry.

    Adekiyesi attributes his success to his wife who motivates him and is  involved and helpful in every aspect of the  business. No wonder, success comes easily to him.

    Today, he   has 14 employees and the business is worth N2million.  The company is thriving with  two  major  products. From the proceeds, he has been able to build his personal house. The business provides employment and is helping to stimulate the economy.

    He established  the company around the belief that regardless of background, there is a market for   a good product.

    He had an idea that with more personal attention and a customised approach, the statistics could be better.

    According to him, an entrepreneur must have a goal in mind. He believes in what he is  doing and follow  the goal with great determination. These qualities have  helped him to forge ahead and make a mark.

    His  success story is merely one example of how a worker with a dream of a better future and a willingness to improve his life, led him to   became a prosperous micro business-owner.

    He is a living testament to his   personal credo of maximising productivity and assuring “meaningful work, paid or unpaid, through the last breath.”

    He   wants to create something that instead of assuring jobs and stability would assure jobs and security for the low-income families.

    Adekiyesi  knows what it is  to fail and fail hard . He never allowed failure puncture his entrepreneurial ambition .

    To start from the bottom means to actually come from nothing.  He is forever grateful to his friends and family who supported him then and continue to do so now.

    So  far, he  has been  able  to  spread positive messages of self-esteem and hard work to encourage all people to perform  to their full potential.

    People like Adekiyesi are proof that despite many challenges the economy  is  facing , entrepreneurs can, and are, developing strong businesses that benefit people and the economy

  • Association praises BOI for SMEs access to fund

    Association praises BOI for SMEs access to fund

    The Association of Micro Entrepreneurs of Nigeria (AMEN), Secretary  General,  Mr Frederick Nwokeleme,  has  praised  the  Bank  of  Industry (BOI) for  rising to the challenge of supporting  small  and medium  enterprises (SMEs) to  grow their  businesses.

    Addressing  the  association’s  meeting in Lagos, Nwokeleme said  the  members  have  received  letters of  offer  from the bank  to take  advantage  of  a  loan facility. He explained that the loan was meant  for viable SMEs.

    The association, according to him,  was interested in long term capital and  sources of lending for small and mid-sized businesses.

    Nwokeleme urged members to take advantage of  the lending channel .

    To  protect  its integrity, the  Secretary-General said the  association  was determined  to provide  every  measures to ensure  the  affected  members  repaid  the loans.

    In another forum, the President, Prince Saviour Iche, called on the government to establish  a start-up loan programme to support young people start up their own business.

    The scheme, he explained, should provide loans and mentoring support to young graduates who would not normally be able to access traditional forms of finance for lack of track record or assets.

    According  to him,  AMEN is  ready  to guarantee such  youths, support them with viable business ideas and mentor them  to  succeed in their  endeavours.

    He urged the government  to address infrastructure constraints, promoting economic growth and the delivery of jobs.

    He underlined the capacity of national entrepreneurship programmes to provide incentives to encourage small entrepreneurs increase local technological innovations.