Category: Small Business

To make the state a hub, the Akwa Ibom State Association of Nigeria (USA), Inc. (AKISAN USA) is training 16 youths in Information Technology (IT).

The training is in keeping with the promise of the association, led by its President, Mr. Itoro Akpan-Iquot, to seek new areas of investment in its people.

He noted that AKISAN in the past offered medical assistance and scholarships to students, but that its inability to hold its convention as a result of the pandemic forced it to embark on the training.

Under the arrangement, Start Innovation Hub, Uyo would train the participants for six months and go for another six-month apprenticeship.

The training cuts across the following areas: Android development, web development, graphics design or digital marketing.

Unlike previous undertakings by AKISAN, which had been devoid of any  monitoring, a web portal is being set up to enable the sponsors monitor the progress of the beneficiaries, AKISAN President, Mr. Akpan-Iquot said.

During the initial training, the President said, the trainees’ viability for the programme would be tested, adding it would be expanded to accommodate 50 trainees.

Akpan-Iquot said the association planned to incorporate vocational training in fashion design, culinary Arts and soap/detergent-making.

He sees in the pandemic a great opportunity to think of innovative ways of moving AKISAN beyond its traditional ways of doing things, a key area which he campaigned on during his run for the office.

“We should never let a serious crisis go to waste,” he said, adding: “We should use the period of the pandemic to come up with innovative ways of raising funds for the association.”

The president said it was time for Akwa Ibom to invest in technology just like India and China did many years ago, and thanked the sponsors for their good deeds while urging the beneficiaries to take advantage of the training to position themselves and the state for growth.

The Senior Special Assistant to the governor on Marketing and Brand Management, Mr. Imeh Uwah and other entrepreneurs enlightened participants on the importance of IT and how it can be leveraged to reduce the high unemployment rate of the state. Start Innovation Hub CEO, Mr. Hanson Johnson said its programme has a 60 percent success rate, a factor that made AKISAN choose the company as its official trainer.

The capacity of startups and small and medium-sized enterprises (SMEs) to support growth and job creation continues to fall given the reluctance of lenders and investors to provide them funds. At the yearly conference by Enterprise Ecosystem Support, a Lagos-based empowerment organisation, experts proffer solutions to the problem, DANIEL ESSIET reports.

 

Micro, small and medium enterprises (MSMEs), which make up about 90 per cent of registered firms in Nigeria, need capital to grow and survive.

It was against this background that a Lagos-based empowerment organisation, Enterprise Ecosystem Support, held its yearly SMEs conference in Lagos and online on how SMEs could survive post-COVID-19.

With The Africa we want; the role of SMES in creating a more sustainable economy as theme, the event had some of the following as panelists: the Chief Executive/founder, Naijaloaded, Azeez Makinde; Executive Director, Finance and Strategy, Credit Direct Limited, Chukwuma Nwanze; Head, Key Account Management, Jumia Nigeria, Kolawole Osinowo; co-founder, Plus Innovation Hub, Edward Esene, founder/Chief Executive, DealRoom Nigeria, Mrs Comfort Aruosa Osemwegie and Managing Director, Alpha Mead Development Company Limited, Akindolire Oludamola.

The Executive Director, Enterprise Ecosystem Support, Olatayo Elegbede, said the impact of COVID-19 was felt in various parts of the country.

To help them recover, she said MSMEs needed support to develop. She said the organisation was committed to achieving a prosperous, inclusive, resilient, and sustainable Nigeria, working with startups and entrepreneurs.

Nwanze said a lot should be done to pave the way for SMEs to obtain much-needed funding to cope with the negative effects of COVID-19 and stem potential job losses. He said Credit Direct, a financial services company, is pioneering unsecured micro-lending. He said the firm partners employers to provide loans and investment products for their staff members.

Osemwegie, a business incubation strategist, said was the firm established to help businesses become investment ready. According to her, DealRoom is a deal pre-screening and showcasing platform to ease the challenge of finding creditable investable deals within Nigeria, thereby guaranteeing a steady stream of deals across the country.

Mrs Osemwegie, a mentor with the Tony Elumelu Entrepreneurs Foundation (TEEP) and the Lagos State Employment Trust Fund (LSETF), noted that getting finance had been a challenge for small businesses.

According to her, many business owners and startups appear keen to attracting external investments, but have no cash flow records on ground that funders will usually look at.

She counselled that it was essential they got back to basics to make their presentations attractive to funders.

Esene said capacity of startups and SMEs to support  growth and job creation continues to lag given the hesitance of many lenders and investors to provide them funding due to risk assessment difficulties and the absence of a robust venture capital market in the region.

He said access to capital by SMEs was more challenging by the risk-averse environment. Esene said learning and support needs of entrepreneurs change as their business develops. According to him, the diversity of entrepreneurs and their changing needs on the entrepreneurial journey means that there also has to be a diversity of support available for these ecosystems to be effective.

Akindolire said the support for entrepreneurs would help more people to start their businesses and help create more job opportunities and contribute to their growth.

The Chief Operating Officer (COO), Enterprise Ecosystem Support, Clement David  said the startup provides information, advice, networking, training, and mentoring that was essential for entrepreneurship.

Every year, he said the organisation runs a programme to support start-up teams.

Supporting the development of entrepreneurial ecosystems, Osinowo noted, must be a prime focus of economic development policy.

 

There are efforts to groom innovative entrepreneurs to start new businesses and make them flourish. Innovation Support Network (ISN Hubs), a not-for-profit organisation,  has held its virtual gathering to fine-tune its strategies, DANIEL ESSIET reports.

 

When the African Development Bank (AfDB) President, Akinwumi Adesina, said 6,500 new tech start-ups have been established on the continent with $2.27 billion investments, compared to 2015, which had 3,500 tech-related ventures and $1 billion in venture capital, it was an exciting news.

Adesina said start-ups were emerging in Africa, urging universities to deepen their entrepreneurship programmes, develop structured institutional arrangements for supporting innovations to expand the growth of start-ups, enable graduates become entrepreneurs, create businesses, and become job creators rather than job hunters.

At a meeting of stakeholders of the Africa50 infrastructure fund in Kigali, Adesina and otherrs warned that if African countries continued at their rate of industrialisation, and fail to invest in their knowledge economies, they would have 100 million jobless citizens across the region by 2050 to contend with.

An organisation pushing for the empowerment of startups and entrepreneurs is Innovation Support Network (ISN Hubs), a not-for-profit organisation made up of over 100 entrepreneurs.

ISN is capitalising on the opportunities of a global digital economy poised to rake in over $60 trillion by 2025, nurture talents and develop hubs.

It has provided a forum for hubs and centres across the country to access technology, industrial expertise needed to develop and scale up their businesses.The organisation held a virtual convention of hub founders, aimed at driving collaborations for the growth of entrepreneurship.

The theme was: “Stronger together – developing frameworks for collaboration.”

In addition, the event featured a Demo Day, where startups, pitched.

ISN Hubs Chairman, Tomi Davies, expressed satisfaction with what the network has achieved in driving startups’ innovation growth.

He said members of the network were offering numerous opportunities and support mechanisms for local start-ups to push the entrepreneurial ecosystem forward.

He said the network is always looking at ways to support entrepreneurship and innovation at all times.

Despite a challenging startup environment, Davies observed that startup founders and innovation ecosystem actors have played a crucial role in the business landscape.

He added that the hub has provided a platform to build cooperation and trust among players in the innovation ecosystem.

The National Coordinator, Office for ICT Innovation and Entrepreneurshp (OIIE), Dr Amina Sambo-Magaji, said the office serves as a facilitator in the tech innovation and entrepreneurship ecosystem.

She said OIIE has fostered the ignition of tech ecosystems of the six geo-political zones, increased youth interest in entrepreneurship, created a vision for digital entrepreneurship.

She added that the agency believes that hubs and entrepreneurs are well-placed to fill the gaps between the government and the markets to promote a more sustainable and inclusive economy.

The Executive Director, AfriLabs, Anna Ekeledo, said the organisation has developed programmes, built partnerships and worked with innovation hubs and other stakeholders to raise entrepreneurs that will stimulate growth and social development in Africa.

She said the organisation has worked with universities, through meet-ups, to support the rise of innovation hubs and expansion of skills.

Programmes organised by the organisation, she noted, focused on practical innovation activities through innovation grants and business acceleration.

So far, she continued, AfriLabs has promoted activities to understand the innovation gaps in Africa and collaboration among hubs.

The Special Assistant to the Regional Director, Ford Foundation, Innocent Chukwuma Adesuwa  Ighile, said the group is promoting investment by supporting efforts on socially responsible investments, and encouraging investors to put money in a high-quality credit.

The Senior Innovation & Human Capital expert African Development Bank Group, Uyoyo Zino Edosio, called on hubs and entrepreneurs to explore banks’ programmes, and harness such opportunities to ramp up their competitiveness.

She said the organisation was leading a continent-wide high-impact entrepreneurship movement to drive long-term economic growth and look to build strong entrepreneurship ecosystems across Africa. She added that the organisation was offering support for start-ups to enable strengthen their chances to thrive.

 

For instance, the bank established its Youth Entrepreneurship and InnovationMulti-donor Trust Fund (YEI Trust Fund). It is an over $4 million fund with support from the governments of Denmark and Norway.  The special fund supports youth enterprise and tech development on the African continent.

Launched in November 2017 as part of the bank’s Jobs for Youth in Africa initiative, it aimed to create 25 million jobs and equip 50 million young Africans of working age with the skills they need to help them join the formal sector by 2025.

The Fund’s goal is to strengthen the employment and entrepreneurship ecosystem for young Africans. To do this, YEI Trust Fund looks to fund tech hubs and incubator programmes, provide access to finance, study and reform programmes that fosters the development of innovative start-ups created and led by young African men and women.

She said AfDB is determined to promote an ecosystem based on knowledge creation, innovation and entrepreneurship and driven by a competitive private sector.

The ISN’s Partnership Director, Fayo Williams, stated that the online event has created an opportunity for the network to reach a larger audience – not just across Nigeria, but indeed, across the world.

By Danniel Essiet

 

The founder CEO Tribe, Samson Olatunde, has set an ambitious agenda to empower one million Africans.

Speaking on its ‘2023 Agenda to empower one million Africans’, Olatunde said  the new initiative  is aimed at catalysing the creation and growth of digital, innovative startups and small and medium sized businesses (SMEs).

According to him, it was part of efforts to help empower businesses in Sub-Saharan African countries to leverage 21st Century’s digital tools.

He stressed that the agenda to equip Africans digitally is premised on the need to leverage the pandemic to reposition the continent’s teeming innovators in line with Frontiers Emerging Markets (FEM) across sectors.

“It is aimed at entrepreneurs, CEOs, SMEs, startups, and marketing professionals who want to develop their digital skills. Professionals who want to develop and enhance their businesses and services using digital tools.

“The goal to empower young people is fair and sustainable in the future. Digital CEO Tribe is the brilliant initiative of founders and our team. It is Africa’s largest community of digitally savvy professionals. Despite the slow digital revolution in the country, the team is relentless in its quest.

Read Also: Katsina hails Dangote’s empowerment

 

“Digital CEO Tribe has various initiatives, one of  which is Digital CEO Africa Summit. It is helping individuals and organisations in Africa to be relevant. In the last five years, the summit is touring Africa countries and exposing youths to a world of opportunities using digital tools,” he said.

The summit, which has held in 15 universities in Nigeria and two in Africa; Ghana, and Burkina Faso, has empowered over 200,000 youths since inception.

Since its start, the Digital Conversation has hosted key industry leaders and successful entrepreneurs. The event promotes promising entrepreneurs and showcases their achievements.

It has provided over 3000 participants the opportunity to be creative and have a strong network of young entrepreneurs to share ideas and opportunities.

 

Aware of the vital role artisans play in nation building, the Lagos State government is empowering more artisans to acquire sought-after skills in fields such as carpentry, plumbing, and electricity, DANIEL ESSIET reports.

 

Concerned by their role in infrastructural development and bridge the gap, the Lagos Government has boosted the skills of artisans.

The Commissioner, Wealth Creation and Employment, Mrs Yetunde Arobieke, said the government has created an environment to attract business owners, and entrepreneurs.

Addressing the 10th Tradesmen & Artisans Day and Graduation for Upskilled Artisans, themed: Building a vibrant informal sector for sustainable economic growth, the commissioner  said artisans were important to securing a strong and prosperous future for the  nation and that training was central to  economic growth, business productivity and creation of more jobs.

She advised artisans to take advantage of loans provided by the state Employment Trust Fund (LSETF)to boost their businesses, adding that following their training, they  were qualified to access it to help push the much-needed economy diversification.

She maintained that LSETF has opened a great opportunity for Lagosians to access loan for business start-ups and business expansion as well.

She said the government’s goal was to improve the skills of artisans, enhance access to finance and foster entrepreneurship across the state.

On the ceremony, he observed that the graduation of 500 skilled artisans was a demonstration of the state’s commitment to improve the quality of artisans for global competitiveness.

She said: “This re-skilling programme was to equip you towards becoming the 21st century artisans in line the present administration’s THEMES agenda.”

She added that approval had been granted for more 2000 artisans to be trained and that providing skilled artisans sector could boost business productivity and competitiveness, which has a positive effect on economic growth and job creation.

Lagos, she said, is advancing new schemes to provide youths with the skills they need, beyond literacy and traditional academic training considered integral to developing 21st century skills.

Over the past years, she said the ministry and its partners built the skills of youths and artisans.

Read Also: Group trains youths on vocational skills in Ikorodu

 

The Chairman House Committee on Wealth Creation and Employment, Hon. Jude Idimogu, said there was the need to train artisans and provide them opportunities that could unlock their economic potential.

He continued that investing in economic empowerment and skills development is one of the most urgent and effective means to drive progress on poverty eradication, and inclusive economic growth.

He reiterated that artisans are essential to future growth and job creation. According to him, training and creating entrepreneurship opportunities make the artisans job creators’ rather than job seekers’, which is the best way to enhance livelihood of the people.

He said the government is creating an enabling environment towards building a competitive economy driven by artisans and innovative people.

He said the government would ensure that trained young could contribute to productivity growth.

The Executive Secretary, LSETF, Mrs Teju Abisoye, who was represented by the Head, Micro Enterprise, Mr. Adewunmi Oni, said the aim of funds is provide artisans with finance to explore sustainable and viable opportunities.

She emphasised that quality vocational skills development enables trainees to gain a foothold in the labour market.

The Executive Secretary, Lagos State Technical and Vocational Education Board (LASTVEB), Ronke Azeez, said vocational training is a vital, especially for youths to become self-reliant.

She said LASTVEB is working with the Ministry of Wealth Creation and Employment and other government‘s agencies to improve technical and vocational education.

The three outstanding graduating artisans were Mrs Josephine Anosike (Catering and Decoration), Seyi Ogunrinde (shoemaking/footwear) and Ibiwoye Ademola David (Winding& Electrical Installation).

Mrs Anosike said she would use the opportunity given to her to acquire skills and become self-employed. She commended the state government for establishing the programme and called on youths to seize it to become self-reliant. She urged the government to ensure a policy framework that elevates artisanal skills production.