The Nation Newspaper

Category: Small Business and Entreprenuership

  • CBN, Citibank, GBF reward outstanding entrepreneurs

    CBN, Citibank, GBF reward outstanding entrepreneurs

    Citibank in collaboration with Growing Businesses Foundation (GBF) and the Central Bank of Nigeria (CBN) on last week recognised excellence by Nigerian micro-entrepreneurs at the CBN Annual MSME Conference and Awards held in Abuja.

    At the awards, hosted by the CBN Governor, Mr. Godwin Emefiele, President Goodluck Ebele Jonathan also launched the N220 billion MSME Fund.

    The managing of the funds is expected to be in collaboration with the public sector, the civil society and private sector as part of achieving inclusive finance.

    The awards to deserving winners were presented by the CBN Governor in the company of Citibank Managing Director, Mr. Omar Hafeez and Dr. Ndidi Nnoli-Edozien, founder GBF.

    The awards categories include the Best Micro Business Model, Most Marketed Product, Most Innovative Product, Employment Generation, Micro entrepreneur of the year award, Best Woman Entrepreneur and Most Innovative Microfinance Institution.

    Some of the dignitaries at the 2014 Micro-Entrepreneurship Award include Governors Idris Wada of Kogi State, Willie Obiano, Anambra State Governor, Ibrahim Dankwambo, Gombe State, Godwill Akpabio, Michael Wong, Country Director World Bank, Sylvanus Ikhide, Head of Department University of Stellenbosch South Africa, Godwin Emefiele, CBN Governor, Kingsley Moghalu Deputy Governor CBN, Nicholas Okoye, Empower Nigeria, Anabel Group Inc, Omar Hafeez, Managing Director of Citibank,  among other

    The GBF has so far provided capacity building and technical assistance services to over 200,000 micro-entrepreneurs at the bottom of the pyramid (BoP) since its establishment in 1999.

     

  • Firm launches online shopping service

    Nigerian consumer internet company, Iconway, has launched a new product called PricePadi.com, a new online shopping service that allows customers to discover products available from different sources in Nigeria along with their current prices.

    PricePadi.com which features over 10,000 product items under mobiles devices, electronics, computers and appliances from hundreds of leading brands would be officially launched in Lagos on September 1.

    Its wide selection of products can easily be navigated using search and recommendation technology, making it easy for customers to find what they need faster and view the available product offers online.

    Speaking on the product, Iconway Founder, Oduntan Odubanjo, said, “We have built a solution which though far from perfect provides a great user experience for Nigerian shoppers to research items before purchasing. Our goal is to allow Nigerians make informed purchasing choices and we will be investing over the next couple of years to take this to the next level.”

    He highlighted the recent growth of e-commerce in Nigeria, saying this growth created the need for consumers to have access to the kind of information to make it easier for them to not only make informed decisions about related goods and services, but also discover where to get them online.

    “The online shopping services comes at a time when Nigerians appear to be embracing the culture of  buying products online, especially with the advent of various online stores selling goods online as well as the federal government’s push for a cashless society. These economic factors combine to make PricePadi.com a veritable tool for internet savvy consumers,” Odubanjo added.

  • Seniors’ boom creates opportunity for specialised service businesses

    Seniors’ boom creates opportunity for specialised service businesses

    Senior homecare businesses are going to be one of the hottest markets. This is because people are getting old. As people age, they often need help with everyday chores. That’s where a new business opportunity comes in. DANIEL ESSIET reports.

    Okon Bassey’s (Not real name) mother was diagnosed with diabetes. The diagnosis changed her life. From then on, Bassey had to be shuttling between the city and the village to spend time taking care of her. Though he is in a well-paid job, it was taking a toll on him. He realised how much of his life and time he was committing to the exercise.

    He wished he had young ones at home to look after her, but his sisters are all married. It soon donned  on him how tasking the  job of caring  for the elderly mother was  and wished there was a formal arrangement to take care of the mum.

    For people like Bassey, caring for ageing parents can be rewarding if he could find an alternative means of doing it, but frustrating and exhausting if he has to be continuously and personally responsible for it.

    It also can be expensive in more ways than one, as some adult children may have come to realise. The expenditure include out of pocket expenses, travel costs and purchasing needed household items. In addition, physical and emotional health can take a beating. Increasing numbers of adult children are finding it difficult to provide care for ageing parents. Not only does it take a significant toll on their finances, as is expected, but more importantly, it affects their time. This has created a business opportunity for private homecare providers.

    A lot  of  Nigerians  are  asking  for private  operators to come on board  and set up  elderly care homes. Globally, it  is being described  as  one of the hottest business opportunities  of the 21st century.

    One of  those calling for  investors is Prof. Tola Atinmo, a Consultant Nutritionist at the University of Ibadan. He has seen the industry thriving abroad and many entrepreneurs making big money, big time.

    Speaking on the issue, Atinmo said that managing the  age will be one of the major social and business issues, stating that Nigeria has to prepare for it.

    With the growing population of elderly, he said it has  become very critical  for Nigerians to begin  to  invest in elderly services businesses.

    The opportunities, he noted, are growing for private players that offer in-home supportive care and assistance services for the elderly.

    He explained that some senior citizens are homebound because of health issues, or temporarily, while recovering from surgery or a fall, saying they need help with their errands.

    For him, a  medical day-care facility that can provide a level of care and has a registered nurse, or staff who can perform tube feedings, administer medications and oxygen, and provide other related care, will ever be required for this category of people.

    While new entrants require business experience to successfully operate in the elderly home health care field, those with a healthcare background, are even more suited for the business.

    Notwithstanding, he said the universities are ever ready to train entrepreneurs who want to go into elder home care related businesses.

    By most accounts, he said careers in the field of ageing are going to be among the next big things in the workplace. A key factor in the expected business and job growth in the field of aging, besides the obvious demographic bulge, is the shift away from viewing employment solely from the illness, disease and research model. This is due in large part to a redefinition of gerontology itself.

    Until lately, options for working with older adults were concentrated mostly in  the health care services continuum. While demand will remain high in these areas, the good news is that there exists almost a limitless opportunity for the development and delivery of new products and services to our burgeoning ageing population.

    For Executive Director, Dave Omokaro Foundation, Dr. Emem Omokaro, the need for senior care services and products (medical and nonmedical) will become even more pressing in years to come.

    In addition to healthcare, she  said general growth will be robust and  business  opportunities for working with older adults will flourish in  industries related to business and financial services, fitness and wellness, consumer products, housing and transportation and hospitality.

    She said seniors need reliable, comfortable transportation with sensitive, responsible drivers who will wait for them at the doctor’s office, accompany them when shopping and running errands. These services, she explained, can be developed to provide employment for the large youth population. She said investors can provide services designed to help young adults pick up a loved one from their home, check them in, assisting them with luggage, logistics, security issues and ground transportation.

    For  her, the  senior  peopmarket is booming, and opportunities are plentiful, saying it is good  to get a better understanding on how businesses can successfully market to seniors. She listed initial investment required to operate a home to include a decent accommodation.

    Business owners in senior care, generally work more hours, including more nights and weekends. The home health business is extremely people-dependent. Caregiver issues, service emergencies, and client deaths can be frequent occurrences. While running a senior care business requires empathy and people management skills, it does not necessarily require healthcare experience. Staff remains one of the biggest costs.

    According  to experts,  the   rules of starting any business still apply to serving the senior market.

    The advice for new entrants, is that when targeting older persons, it’s especially important to consider the functionality and safety of the product and how well that matches up with their needs. It will also   be helpful for one  to do a little networking with  local ageing network or people one  suspects are working with, or on behalf of the older adults in a community.

    Successful business models may include operations that can provide community-based, or home-based services, including healthcare, meals, personnel care or can assist  home-based businesses in areas such as technology support.

  • Behind every great entrepreneur lies a great comeback story

    Behind every great entrepreneur lies a great comeback story

    The most successful people have had some of the greatest failures-and then, bounced back. Olaniyi Oluwole Michael, a Lagos- based entrepreneur is one of them. Daniel Essiet reports.

    Olaniyi Oluwole Michael looks every inch the fly-guy at his micro fashion company in Mushin, Lagos. He didn’t  start  as  a fashion  designer. He started as an optical dispenser after training in a private hospital, way back  in 1990.

    In 1996, with determination, he was able to raise N3000 which he used to acquire his first show glass to display his frames. It was initially a success. The business expanded as he   sold glasses, lens, and sunglasses.

    He had introduced the idea of offering lens at the end of routine eye examinations. As a result, patients that never realised they were suitable for lenses, were very happy to have a curative option.

    At the same time, he was also keeping an eye on how to expand the market. Over the years, his confidence grew in the business. He became   more comfortable with problems. His enthusiasm for success grew. The result was a very busy appointment book and a strong following of patients and referrals, who regularly continued to refer customers to him. Notwithstanding, he kept trying and keeping up with everything that’s new-technology, techniques and products and offers that appeal  to his  consumers.

    With more  efforts, the  business was growing in leaps and bounds.

    From the money he made, Michael was able to see himself through the university and bagged a degree in International Relations.

    Like dispensing drugs, eye-care products have stringent controls and failure to follow the guidelines can be very costly, a challenge that was just lurking at the corner for Michael.

    Some of the greatest challenges that he faced at inception of the  business were economic. He started it with very small capital . He was ignorant of  how he could  build a successful business, but he was  determined to do it. He remained confident that  the business would flourish, moreso  as he gave his all- talent, energy, money and time. Over the next few years, he had to  wade through very difficult and painful  time which nearly   wrecked him financially.

    It happened around 2005. This followed the government and the Non-Governmental Organisations’ (NGOs) campaign of free eye examination and lens to adults. Though the measure made it possible for many Nigerians to acquire glasses, it nearly led to the collapse of optical dispensing businesses. Businesses lost customers and the   impact was devastating financially. It   was the biggest challenge for him as an entrepreneur. Nevertheless, he didn’t allow the situation to wear him down. He started thinking about his next steps. At some point, the idea of industrial cloth production came to him.

    Immediately, he enrolled himself for training and later brought a few machines. Straight away, he started producing  shirts, polos, bags and other items.

    Today, he smiles, glances back towards his ready-to-show collection.

    Although the business is still small, he has been able to provide jobs for eight people. Michael told The Nation, he could employ more people and reduce unemployment rate  if the government supports him to acquire machines to provide the finishes found on ready-made dresses. He has big plans ahead for his fashion business. He wants to design unique products, things that are unexpected.

  • ‘Cashless Nigeria will aid business’

    ‘Cashless Nigeria will aid business’

    Mr. Babatunde Macaulay is Head of Transactional Products & Services at Stanbic IBTC Bank Plc and Stanbic IBTC Holdings PLC respectively. Macaulay who holds a Bachelors Degree in Industrial Chemistry and an MSc in International Human Resource Management from Cranfield University, UK, has over 15 years experience in the banking and manufacturing sectors. In this interview with Ibrahim Apekhade Yusuf, he speaks on trade and investment opportunities being facilitated by his bank, among other related issues. Excerpts:

    Stanbic IBTC Bank has just organised a trade and finance forum for stakeholders. What do you intend to achieve through this initiative? Will it be an annual event?

    Definitely, the event will be an annual one and will take on topical and relevant issues as it relates to trade finance in Nigeria. I must, however, quickly point out that this client series will not be limited to trade but will cut across our three transactional products area namely, trade finance, cash management and investor services.

    What then do we intend to achieve through this initiative? SIBTC typically organises thought leadership forums not just to build the brand and showcase our capabilities but also to have periodic engagements with our key clients and industry players. So, the trade conference was one of such annual events.

    You are at the head of the Transactional Products and Services team of Stanbic IBTC Bank. What do you actually do in that unit and how critical is it to Stanbic IBTC Bank?

    TPS is a key strategic business unit within the bank. We are responsible for providing solutions and product offerings around investors’ services, cash management and trade finance. We provide working capital solutions to target clients comprising multinationals, local corporate, financial institutions and public sector groups using technology as an enabler. As head of TPS, I provide strategic direction and supervise the teams responsible for sales, product management and channels. We ensure that we deliver the right solutions to our esteemed clients in the different sectors and segments in the economy.

    Expectedly, Stanbic IBTC Bank’s expansion programme has come with the introduction of a wide array of specialised products and services targeted at various segments of the market. Is the market ripe for many of these products when most bank customers simply want a safe place to keep their money?

    Beyond recent innovative banking products and services, customers have become even more sophisticated in their demand for specialised solutions. We are all witnesses to the growth of mobile telephone, the adoption of card solutions, and the drive towards financial inclusion and a cashless society which provide insights into how aware and savvy the banking public has become. Stanbic IBTC as a leading international bank focuses on developing customised products and solutions for different segment of our markets.

    Most people are often sceptical about accessing financing from banks because of the hidden charges that trail some of these transactions. How has Stanbic IBTC Bank been able to tackle this challenge?

    One of our core values is “upholding the highest levels of integrity.” As such, we are transparent in dealing with our customers and their transactions. We follow the CBN guide to banker’s tariff and all modifications are discussed internally and communicated to client prior to implementation. In addition, we aim to offer competitive pricing and have an approved pricing framework within the bank. Specifically on financing, we have a proven track record of funding various initiatives and projects in different key sectors of the economy such as power, manufacturing and agriculture etc.

    What are Stanbic IBTC Bank’s priorities regarding its technological infrastructure towards making its products and services more accessible to its customers? Is there a future for branch banking given the literacy rate of the general population?

    Stanbic IBTC is currently investing in a multi-million dollar IT infrastructure that will improve and deliver better efficiency in transaction initiation and execution within the bank and to our clients. This is coming on the back of our recent core-banking implementation in 2011 and subsequent upgrades. We are committed to providing “branchless” transactional banking for our clients via integrated automated systems with robust channel capabilities to aid convenience, reduce cost, improve overall service experience.

    With every new day comes more innovation in product and service delivery from the banks in the country. What measures have Stanbic IBTC Bank taken to ensure that it is not left behind in the innovation race? Are there lessons you are drawing from Standard Bank’s operations in other markets?

    As a member of the largest African banking group i.e. Standard Bank Group, Stanbic IBTC has a unique advantage of leveraging the experience and expertise of its businesses in the various geographies. “Being Proactive” is one of our core values as a bank. Hence, we pride ourselves in creating innovative products and solutions by continuously engaging our markets and clients to understand market trends and customer needs. This has earned us several accolades, including best sub-custodian bank, best bank for cash management overall in Africa, best bank in payments and collection, amongst others

    How are you able to design products and services that are targeted at different countries and markets given that the Standard Bank Group, to which Stanbic IBTC belongs, operates in about 20 countries within Africa and also have a strong global footprint?

    At Stanbic IBTC, we have a dedicated and experienced product management team that focuses on product development and commercialisation, amongst other things. We also have a robust governance and new products framework that ensure our products/services are fit for purpose, satisfy various risk benchmarks and ultimately meet our customer’s needs. We consistently engage and work with top companies in the key sectors of the economy with a keen focus on oil & gas, power & infrastructure, telecoms, fast moving consumer goods and conglomerates and diversified industries to understand the “voice of the customer” and roll-out tailor-made solutions in our various markets.

    Banking is always evolving, and it is more so in Nigeria that is increasingly adopting technology solutions to deliver services across different segments of the economy. Where do you see banking in Nigeria in the next five years in terms of service delivery?

    We are all witnesses to the significant transformation experienced in the Nigerian banking sector over the last decade. We believe the next five years will continue along that path. Nigerian banks will continue to explore alternative banking platforms leveraging technology to promote wider inclusion of the unbanked and delivery of products/services to the banking public. We see a completely cashless Nigeria with fewer brick and mortar branches and increase in alternate channel adoption across all the sectors and segments of the Nigerian economy. We see a drive for a West African regional trade and payments ecosystem driven by cards and account-based transactions. We see a more sophisticated banking public driven by convenience, security, and system availability, among others.

  • Foundation empowers teens with ICT skills

    Foundation empowers teens with ICT skills

    In its quest to build the skills set of teenagers in the area of information and communication technology, Working to Advance Science and Technology Education for African Woman (WAAW), a nonprofit, nongovernmental organisation, organised a capacity building workshop for public and private secondary school girls.

    Justifying the need for the workshop, its Founder and Chief Executive Officer, Dr. Mrs. Unoma Okoroafor, said the foundation is committed to ensuring that every young girl is adequately empowered through the Science, Technology, Engineering and Mathematics (STEM) programme, a one-week long camp meeting aimed at training, mentoring and inspiring secondary school girls to explore science-related careers.

    Besides, Dr. Unoma noted that the camp objective is to ensure that girls think of science and technology as a tool to innovate and enable real problem-solving in their respective communities.

    She further said that the foundation provides scholarships to girls in African schools who demonstrate verifiable financial need and maintain excellent academic records, so that when they become WAAW fellows, they would in turn give back to their respective communities either by launching a STEM outreach cell or organising outreach initiatives geared at mentoring younger girls.

    Echoing similar sentiments, Ms. Frances Sloun, the Operations Director from St. Thomas University Minnesota, said the STEM camp is specifically for girls for the advancement of science and technology in Africa, adding that the girls have been able to explore computer programmes on many different platforms like renewable energy and how it works, climate change and other science-related topics.

    Sloun also said Africa does not need to import to do technology because everything is right here for them to use, citing the story of a young Malawian boy, who through scraps and metals was able to build a wind turbine for his community without even attending school. She further urged the girls to share with others what they have learnt from the STEM camp.

  • Nurturing youth entrepreneurs

    Nurturing youth entrepreneurs

    Encouraging  entrepreneurship is important in the bid  to address alarming high youth employment rates. One of those championing is Linda Iheme, Chief Executive Officer, International Initiative for Youths Inspiration, Growth and Development.

    When unemployment figures are  published it reveals that youth unemployment remains stubbornly high.  The  harsh economic  conditions have pushed many young people into the unemployment  market.

    The only  alternative  to unemployment is for the youths to start their own businesses.

    One organisation that seeks to help young people start a business is International Initiative for Youths Inspiration, Growth and Development.

    Since starting in 2011, the organisation has been promoting  entrepreneurship among  campus  students.

    For  Linda  Iheme, 24  years old, Chief Executive Officer, International Initiative for Youths Inspiration, Growth and Development ,evidence suggests that there are high levels of potential entrepreneurship amongst young people. These high levels of entrepreneurship latent, however, are not being translated into similar number of young people setting up and running their own business.

    Her    concern   also is  that the  optimism of young people with the desire to setup a new business is not reflected in the numbers who actually go on and do so. Indeed, many who start abandon. After participating in The Study of United States Institute For Student Leaders, a programme  where she  was trained on Social Entrepreneurship by Ashoka company at University of Connecticut, she returned to Nigeria with the vision of spreading the idea of social entrepreneurship among  Nigerian Youths through motivational speeches, seminars  and coaching for those with start-ups.

    For  this reason, she  established   a non-governmental organization (NGO) dedicated to empowering, engaging, and training youth in social entrepreneurship, social media, and career development and soft skills.

    The organisation assist would- be –entrepreneurs to explore  business opportunities and  start  up something  while in  the  university.

    Currently funded by Ashoka’s Youth Venture, the  organisation  run enterprise  and employability programmes. Since launching it  in 2011,she  has  worked  with  so many   young people. For her, one of the   challenges are   young people not believing in their ideas.

    For  her, entrepreneurship is not only a form of employment but also a mindset, enabling young people to use their skills, gain autonomy and contribute to their own development or that of the community.

    Initially, it was tough. But her passion helped her   to carry on.

    With numerous events taking place,her organisation is  stirring plenty of entrepreneurial spirit.

    A new breed of entrepreneurs is emerging with a passion.

    But she  has had  a  transforming  learning experience from her  training  and interactions and want to bring more of that  mindset to young Nigerians.

    To her credit,  budding new social businesses have  come on the stage, some of whom have very big plans indeed.

    Nonetheless, there are challenges, namely the need to attract funding.

    Along the line , however,she  has  gained a lot of confidence in public speaking, managing people and finance management skills.

    She  wants  more role models and successful business leaders sharing  their stories. More grant funding for young people to go and launch business and social action projects.

    She   said there  was   a need for enterprise awareness campaigns and entrepreneurship education and training really make a difference.

    She  said her  organisation  is  doing  a lot  to  promote   job  creation   activities outside of the classroom that support the entrepreneurial experience.

    There   is a partnership between her organisation and others   that   aims to foster a culture of entrepreneurship among young people and to support them through business skills training.

    She   is  currently  a youth advocate.  Her  role  involve consulting young people, meeting with decision makers, campaigning and representing young people at local, national and international forums.

    She is a current student of dentistry, University of Benin and  was  named Opportunity Desk  young person of the month of July 2014

  • Profitable pig business

    Profitable pig business

    Pig farming business has gained momentum in many parts of the country. Consequently, middle and large-scale farmers, unemployed graduates and other entrepreneurs are venturing   into commercial pig farming and pork production. This is because they see it as  a  money spinning venture. DANIEL ESSIET reports.

    Babasola  Oyeleye, Chief  Executive, Latosa Farms, Asiwaju Oke-Aro piggery farm settlement,Giwa/Oke-Aro,Agbado, Lagos, was  not  ready to work  for anybody after  his  graduation  from the  university. This drove him into commercial farming. He first started poultry farming. Although he faced a lot of challenges, he grew the stock up before turning to piggery. Today, he is practicing piggery farming, a venture that has turned him into a millionaire.

    His biggest dream was in poultry, but he later found out that piggery was more lucrative.  He is happy that he could find a sustainable job for livelihood.

    Oyeleye started piggery with local breeds but then he   acquired exotic breeds. He  didn’t  say  how  much  he  used  to start  the  business. However, he is proud of his achievements despite challenges.  He has over 150 pigs. Oyeleye has been able to use the proceeds from the venture to sustain himself.

    He   rears  local and exotic pigs and sells piglets to other farmers all year round.

    One challenge  for him and other  farmers  is  that  the exotic pigs consume about 20 percent more food than local breeds, the heaviest can weigh up to 300kg compared to 100kg, the maximum weight for local breeds.

    Also , looking after exotic breeds is more labour intensive and needs a lot of attention in terms of feeding and medical care, but  the challenges are offset by the huge financial benefits. A pig can produce 24 to 30 piglets every year.

    The other issue is finding quality feed for them. Oyeleye feeds the pigs mainly with brewery waste.

    He  finds it  difficult to get  this waste  because  the breweries are not  doing much  business to produce  waste for  them.

    Besides this, Farm business consultant, Mr. Opeyemi Lawson said pig rearing and breeding has immense potential as pork now forms a part of the diet of the Nigerians. Gone are the days, where pigs were reared under extensive system of management by scavenging under unhygienic conditions created aversion on pigs which led to some taboos and sentiments in the minds of the people.

    Even, the traditional pig keepers have   switched over to the modern-day breeds of pigs and hygienic husbandry practices to promote consumption of pork.

    He  said swine husbandry has gained momentum, due to changing preference of consumers, gradual reduction of sentiments and taboos in the minds of people on pork, raising unemployment, development of marketing skills among entrepreneurs, concept of value addition.

    Lawson, owner of  farmbizsetup.com said the profitability of pig farming within a shorter period of time and the biological advantages of pigs over other livestock species are well documented with success stories.

    Pig business,according  to him, is more economical and feasible than any other kind of livestock. The returns are considerably good and quick.The basic need for rearing healthy pigs, he  stressed,  lies is a spacious and properly ventilated pen.

    The site of should be flat and free from mud and stagnant water that can attract insects. Insects bite piglets resulting in poor health which affects the quality of pork when they are slaughtered.The pen must be spacious enough to allow the pigs’ free movement,while fencing and concrete slabs are recommended to make the pig pen comfortable.

    He suggests a good accommodation where the pigs can play, feed, relieve themselves and sleep in.

    He stressed that hygiene is vital and proper cleaning of the pens to keep the pigs healthy is essential for success.

    Not every bag of pig feed is the right one for the pig and so beginners need training   on how to feed piglets with recommended feed suitable for their age. At this stage the feed should be rich with amino acid, which is necessary for growth of the pig.

    According to him, well reared and happy pigs produce high numbers of healthy piglets. To achieve this, the  farm must  be  able  to  give the animals clean water, a well-balanced diet and adequate ventilation.

    Lawson said it is better to locate the farms from  people  and  transportation of the pigs must be kept to a minimum in order to maximise their farming profits.

    According to him, there is a lucrative market for pig products locally. The price of a pig, however, is determined by its weight and health. Whichever way he  said  pig farming remains one of the most lucrative forms of farming ,but  it is  better  to start  with 15 pigs if  one  wants  to make profit.  15 females (sow) ,he  can  produce 200 piglets  within a year.

    He noted, however that pig farming is not for lazy people but people should take it as a business.

    While  Lawson stressed the need for new  entrants  to  seek  mentors  who  are  already  established ,he  urged  prospective  investors  to  participate in training in pig management systems.  Participation in such   training has built his confidence in managing improved pigs for breeding and motivated him to invest more time and energy in managing his pigs.  He   has no problems selling his piglets. Many of the farmers book the piglets in advance. Other pig farmers are now rearing pigs for breeding.

    In an expanded commercial unit, he  said  there will be exponential increase in the rate of returns by sale of pork, value-added pork products, manure and sale of breeding animals.

    He  emphasized  the need  for  investors  to take  disease control seriously  to  prevent  pigs  dying.

    Even though, many disease conditions are affecting the pigs, prophylactic measures and  vaccinations against swine fever and foot and mouth diseases as well as deworming of pigs willmake this enterprise more profitable. Comparatively, the expenses towards health care is minimal or negligible in swine farming.

  • Honeywell boosts youths’ cooking skills

    Honeywell boosts youths’ cooking skills

    Honeywell Flour Mills Plc has reiterated its desire to make Nigerian youths rediscover themselves and be useful to the society through skills development. The company listed its regular Wheat meal cooking competition among youth corps members as one of the ways it is achieving this objective.

    Executive Director, Marketing, Honeywell Flour Mills Plc, Mr. Benson Evbuomwan, who stated this on Thursday at the Cooking Competition held at the National Youth Service Corps (NYSC) Lagos State camp, Iyana Ipaja said Honeywell will continue to promote cooking talents among the youths, as such will bring out their unique skills with a view to equipping them for future challenges. It will also endear them early enough to the company’s products by making them Honeywell Ambassadors.

    Explaining the rationale for the competition, Evbuomwan said the company, Nigeria’s premier producer of wheat based products, is utilizing the opportunity provided by the unique change point of the youth corps members who are basically future mothers and fathers by introducing to them the company’s products so as to appreciate them with a view to shaping their choice of food items in future.

    “We are looking beyond today. Our expectation is in the long run. These are prospective mothers and fathers who will be opinion molders in their respective families.  They will virtually be Honeywell Ambassadors as they have affinity with the products already. Besides, we are doing this to also lift the social activities in the camp so that the corpers’ stay will not remain boring”, he said.

    The company, which produces Superfine Flour, Whole Wheat Meal, Semolina, Brown Flour, Honeywell Noodles, Spaghetti and Macaroni, is currently at advanced stages in the development of a new Pasta plant and an Integrated Animal Feed Mill in Sagamu, Ogun State. Both projects, which are to be completed in year 2016, will create thousands of jobs and support several agriculture value chains in Nigeria, focusing on local raw material inputs.

    The competition, which was also graced by top notch of the Service including NYSC Lagos State Coordinator, Mrs. Adenike Adeyemi, also witnessed various talent shows where various gifts and consolation prizes were won.

  • Living on insecticides

    Living on insecticides

    The economy has remained attractive to some entrepreneurs. It is encouraging the growth of small businesses, which are  the drivers of the economy. Michael Oyiana, Chief Executive, Mkel and Company, is one of such entrepreneurs in the SMEs subsector. DANIEL ESSIET writes.

    Nigeria is a flourishing ground for enterprises. It has witnessed an unprecedented surge in the last few years. As a result, many entrepreneurs are  taking a shot at establising their ventures.

    Across the sectors, innovative ideas are vital to successful start-up stories. One area micro entrepreneurs are showing this is through the launching of new products.

    But the launch of a product is not for the faint-hearted. Creating the product and perfecting it to meet the needs of the market require proper planning and execution.

    It, therefore, remains worthy of commendation for upcoming entrepreneurs who brace the odds to start a business and nurture it to fruition.

    Michael Oyiana, Chief Executive, Mikel and Company, is one of such courageous entrepreneurs who took the bull by the horns and launched his insecticides products into the market.

    Oyiana started the business with N10,000, which he raised from his savings.  He bought chemicals and other materials he needed for his first production. Today, it is worth N200, 000.

    Beyond this, there are prospects for growth. Even though the business is small, Oyiana is glad that he is making progress. He is proud that his insecticides are helping in the fight against malaria and contributing to the national economic development.

    Yet, characteristic of any business, there have been some challenges. His initial problem was getting the right composition of the insecticides. He has also suffered from inadequate funding. Like other small-businesses, Oyiana has limited or no access to high quality and affordable business development services, technical services and management-support services.

    There are challenge of irregular power supply, competition from foreign firms and cheap imports in local markets. The high costs of formalisation of business, including regulatory requirements also pose an obstacle to his business.

    But he remains resolute to succeed, deploying such strategies as focusing on capturing the low income share of the market. To budding entrepreneurs like him, entrepreneurship is a long journey.

    Yet, Oyiana believes SMEs are invaluable to any economy, noting that they can help catalyse job creation, reduce poverty, provide basic goods and services, and generate the export and revenues that help countries develop.