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  • Lagos commissioner hails NASSI for promoting entrepreneurship

    Lagos commissioner hails NASSI for promoting entrepreneurship

    Lagos State Commissioner for  Commerce, lndustry, Trade  Cooperatives, and lnvestments, Mrs Folashade Ambrose-Medebem, has commended the Nigerian Association of Small Scale Industrialists (NASSI), Lagos, for promoting entrepreneurship.

    She gave the commendation at the just-concluded trade fair organised by the association, in collaboration with the state government and Unique Horizon Tech and Edu Consult in Agege with  the theme, “Mindset shift: Re-imaging Nigeria’s potential”.

    The commissioner, who was represented by Victor Adepelunmi, praised the theme as timely and apt. She said though Nigeria is blessed with natural resources, harnessing them had been a major problem over the years, calling for a shift in mindsets of Nigerians.

    She said entrepreneurship is the way to go, the reason the ministry is supporting small scale enterprises (SMEs) through capacity building, among others.

    She pledged more assistance to them.

    However,  the government was urged to promote digital education and entrepreneurship for the youth.

    NASSI Lagos Chairman, Mrs Gertrude Akhimien, who made the call, said the re-imaging would require education, capital and new infrastructure to achieve prosperity. She noted the efforts of organisations such as Elumelu Foundation for assisting the youth to grow in entrepreneurship, adding that the government should assist too as there were still gaps in the sector.

    As partners in development, the NASSI chief added that the government should not neglect the youth.Two major areas, therefore, the government, according to her, should focus on are promoting digital education and entrepreneurship.

    She advised the youth to be ready to acquire new skills to be updated in the world of technology.

    NASSI Vice Chairman, Peter Popoola, said the objective of holding the fair was not to make profit but to showcase their products, adding that the products at the event were of global standard.

    Read Also: Nigeria finalises partnership with World’s largest solar panel production company

    Popoola, who is the Local Organising Committee (LOC) chairman of the fair, said the participation in fair was highly subsidised to enable produccers to attend.

    Beside, he pleaded with the Bank of Industry (BoI) to also give grants to members of the association.

    Earlier, David Ogun of BoI had urged NASSI members to avail themselves of the loans of the bank.

    He had added that there was a new facility for women and products aimed at enhancing women’s lives.

    The Director, Small and Medium Enterprises Development of Agency (SMEDAN), Lagos, Dr. Olubunmi Kola-Dawodu, reiterated that they no longer give loans but could assist them to get them. He advised the NASSI members to avail themselves of the agency’s   ongoing free registration of 250,000 businesses with the Corporate Affairs Commission (CAC). “Let’s not give up. Let’s change our mindset. Let’s collaborate with the government as the government cannot do it alone,” Kola-Dawodu added.

    At the three-day event were the representative of the king of Ogbaland, Chief Ismaila Osu and Olori omo llorin in Agege, Alhaji Adebayo Yusuf, as well as executives and members of NASSI, among others.

  • NASSI to CBN: release funds to SMEs

    The Nigerian Association of Small and Medium Enterprises has urged the Central Bank of Nigeria (CBN) to release funds to Small and Medium Enterprises (SMEs) to enable them overcome the harsh business environment in the country.

    Speaking with The Nation at the monthly programme of the Business Club Ikeja (BCI), Nigeria Association of Small and Medium Enterprises (NSAME) President,  Prince Degun Agboade, appealed to the CBN to release funds to small business owners that had been trained and interviewed by the apex bank.

    He added that this was necessary for the investors to inject funds into their businesses.

    He said if the funds were delayed before their eventual release to the beneficiaries, the aim of the exercise would be defeated.

    Read Also: Food import restriction has taken effect – CBN

    He said the Agricultural Small and Medium Enterprises Investment Scheme (AGSMEIS) was meant for  SMEs to access affordable funding as against going through money deposit banks because the conditions set by commercial banks were hard for small businesses to meet.

    He said the association has trained many entrepreneurs, adding that last December alone, about 120 of them attended an interview at the CBN.

    He lamented that up till now, the money was yet to be released to the supposed beneficiaries.

    He applauded the decision of the Federal Government to place food on the CBN’s foreign exchange exclusion list. He said the move was favourable to the small businesses, noting that the policy statement would help in strengthening the country’s currency, conserve foreign earnings and enhance the already weakened naira.

    Commending the government for the bold step, he said this was the only way Micro Small and Medium Enterprises (MSMEs) could grow, adding that more jobs would be created if the policy was well implemented.

    He said the government’s pronouncement was an opportunity for the members of the association and other manufacturers to explore the African Continental Free Trade Area (AfCFTA) agreement, saying the round table was apt.

  • NASSI seeks review of MSME’s funding mechanism

    The Nigerian Association of Small Scale Industrialists (NASSI) has called for a review of the funding mechanism for Micro, Small and Medium Enterprises (MSMEs) to facilitate access to loans.

    Its newly elected National President, Mr Solomon Vougfa, said the funds made available by the Federal Government currently to the sector has a lot of bottlenecks that made it difficult for members to access loans.

    He said: “Improving the financing options for MSME is a political imperative for the government considering their roles in job creation, especially in manufacturing and in rural development.”

    According to Vougfa , the steady development of any growing economy was dependent on the ability of small scale industrialists to be more innovative.

    He described MSMEs as the engine of economic development, calling on government to provide new measures for its improved funding.

    He said with no fewer than 100,000 committed members across the country, the group is poised for massive job creation, with proper government assistance.

    He also identified inability to acquire modern equipment to meet up with global standard of production as another challenge facing the sector.

    He urged government to assist them in purchasing modern equipment as many of them could not afford them due to high cost.

    Vougfa  said NASSI would continue to organise workshops, conferences and provide advisory services to members, while also providing information on sources of raw materials, market situations and the required manufacturing standard.

  • OPS decries effects of bad Apapa roads on businesses

    OPS decries effects of bad Apapa roads on businesses

    The Organised Private Sector ( OPS )  has urged the Federal Government to find a lasting solution to the problem of bad access roads to Apapa ports in Lagos which is affecting the cost of businesses.

    The OPS spoke on Wednesday at a conference in Lagos on the Petroleum Industry Bill and the impact of bad roads in Apapa on businesses.

    The OPS comprises Nigeria Employers’ Consultative Association ( NECA ), Manufacturers Association of Nigeria ( MAN ) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture ( NACCIMA ).

    The others are the National Association of Small and Medium Scale Enterprises ( NASME ) and the National Association of Small Scale Industries ( NASSI ).

    Mr Segun Oshinowo, Director-General of NECA, said many companies would close shop if Apapa roads remained bad.

    “The OPS is concerned about access roads to the Apapa ports. It is affecting overhead costs of businesses of  our members.

    “Preventable accidents as a result of the bad roads lead to huge loss of revenues; loss of jobs and closure of businesses. This will further worsen trade facilitation,’’ Oshinowo said.

    He advised the government to create alternative roads, put measures in place to free traffic and proffer lasting solutions to gridlocks in Apapa.

    On the Petroleum Industry Bill, Mr Segun Ajayi-Kadiri, Director-General of MAN, advocated creation of two regulatory bodies for the petroleum industry as against one body recommended in the Petroleum Industry Governance Bill ( PIGB ) before the National Assembly.

    Ajayi-Kadiri said that there was the need to avoid “costly mistakes’’ that could work against reforming the sector.

    Read also: Fed Govt to shut depots over Apapa gridlock

    According to him, one of such mistakes is a provision in the PIGB for a single regulator for the industry.

    He said that two regulatory bodies – one for the upstream and another for the downstream – would serve the sector better.

    “A cursory look at some of the provisions of the PIGB revealed the likely emergence of the Petroleum Regulatory Commission (PRC) – an omnibus commission that will be empowered to regulate the entire petroleum sector.

    “We do not share the view of the Assembly on creation of a regulator for a sector that is not homogenous in its activities and deliverables.

    “The idea of a single regulator for the whole sector runs contrary to industry standards which by default already provides for an upstream and downstream regulator, ‘’ Ajayi-Kadiri said.

    The director-general of MAN said that the responsibilities of the proposed commission was too wide as it cut across various value chains in a key sector of the economy.

    He commended the National Assembly for taking steps to reform the petroleum industry through the PIGB, and called for accelerated actions.

    NAN

  • NASSI committed to SMEs’

    NASSI committed to SMEs’

    The Nigerian Association of Small Scale Industrialists (NASSI) has restated its commitment to the growth and development of small and medium scale enterprises.
    Giving this charge at the weekend was Mr. Segun Kuti-George, Chairman of NASSI, Lagos Chapter.
    He spoke at the official launch of the Lagos Island chapter of NASSI in Lagos.
    Justifying the need for the new chapter, Kuti-George said: “This is something that we have been dreaming about for a long time. That is having chapters of NASSI all over Lagos state. Lagos is the commercial nerve center of the country with over 22 million people. About forty per cent of businesses in Nigeria are in Lagos. We have a big role to play here but all past efforts have not been yielding results.”
    The NASSI boss while paying glowing tribute the team led by Ms Kemi Ilori, who according to him, finally made the launch possible. “They have put in their personal and corporate resources to ensure that we are able to do this today. The purpose is to be able to spread the tentacles of the association that represents the interest of kitchen micro and small and medium enterprises in Lagos state. The state has a minimum of 49 local government and LCDAs and it would not be too much for us if we have 49 chapters. However, I would say that it is always good to dream big but start small.”
    The event, which had the Lagos State Commissioner for Wealth Creation and Employment, Babatunde Durosimi Etti who chaired the occasion said: “We are looking at the different levels of the economy and looking at the importance of artisanship. Just before coming here, I had two programs today, one for a group of youths. For them, we are trying to put up employability skill. The second was to go and see what a small group was doing along the Lekki-axis , trying to get less privileged students and see how we could build their capacity  and harness the opportunity that abound in their employability skills. For me, it is quite important because they own tomorrow. They also fit into the small business because a lot of the youths would be employed into small businesses.”

  • ‘NASSI committed to SMEs’

    The Nigerian Association of Small Scale Industrialists (NASSI) has restated its commitment to the growth and development of small and medium scale enterprises.

    Giving this charge at the weekend was Mr. Segun Kuti-George, Chairman of NASSI, Lagos Chapter.

    He spoke at the official launch of the Lagos Island chapter of NASSI in Lagos.

    Justifying the need for the new chapter, Kuti-George said: “This is something that we have been dreaming about for a long time. That is having chapters of NASSI all over Lagos state. Lagos is the commercial nerve center of the country with over 22 million people. About forty per cent of businesses in Nigeria are in Lagos. We have a big role to play here but all past efforts have not been yielding results.”

    The NASSI boss while paying glowing tribute the team led by Ms Kemi Ilori, who according to him, finally made the launch possible. “They have put in their personal and corporate resources to ensure that we are able to do this today. The purpose is to be able to spread the tentacles of the association that represents the interest of kitchen micro and small and medium enterprises in Lagos state. The state has a minimum of 49 local government and LCDAs and it would not be too much for us if we have 49 chapters. However, I would say that it is always good to dream big but start small.”

    While reiterating the agency’s commitment to small businesses, he said: “It is a regrettable that we are living in poverty in spite of the enormous resources available. I always tell people that Nigeria has no business with poverty.”

  • NASSI develops five-year strategic plan for MSMEs

    The National Association of Small Scales Industry (NASSI) has set up a five-year strategic plan from 2015 to 2020 which has been strictly pursued.

    Its President, Ezekiel Essien who spoke during M icro Small and Medium Enterprises (MSMEs) stakeholders investment forum with German investment group-N- cube commodities in Abuja, stated that NASSI has successfully put in place adequate management.

    He said: “On assumption of office in January 2015, we put up a NASSI strategic plan for 2015-2010; we have successfully put in place adequate management, our data base formulation is of modern technology and the process of identification of our members is ongoing.

    “In further execution of our strategic plan , our council has approved the establishment industrial parks in six geo-political zones of the federation including Abuja to further enhance the development of MSMEs.

    “Our proposal to acquire sites for industrial parks have already been made to the relevant authorities; this will enable us establish a strategic relationship with various state government, Federal Ministry of Industry, Trade and Investment, Bank of Agriculture (BoA) Central Bank of Nigeria (CBN), Federal Ministry of Finance, in addition to other intervention agencies.”

    Essien assured that adequate arrangements had been made for the establishment of micro finance bank which will start operation by the first quarter of this year.

  • NASSI mulls micro-finance bank

    NASSI mulls micro-finance bank

    Operators of small scale enterprises and industries in Nigeria, acting under the aegis of Nigerian Association of Small Scale Industrialists (NASSI), are considering setting up their own Micro-Finance Bank (MFB) to get round their challenge of lack of access to finance, The Nation has learnt.

    The Association’s National President, Chief Chuku Nwachuku, said in the next couple of weeks, NASSI would be asking for investors so that it can have its own micro-finance bank in every local government area of the country.

    He said the MFB would grant loans to NASSI members at a friendly interest rate instead of the prevailing rate of between 25 and 30 per cent interest rate. “How do you expect a deposit money bank with shareholders funds to give you interest of nine per cent, for instance, instead of their prevailing interest rate of 25 to 30 per cent?” he asked.

    While describing the N220 billion Micro, Small and Medium Enterprises (MSMEs) fund put in place by the Federal Government through the Central Bank of Nigeria (CBN’s) as a serious and commendable intervention, he expressed regrets that the problem with the fund, like similar funds in the past targeted at the sub-sector, is difficulty in accessing them.

    “That (N220b MSMEs fund) is a serious intervention. But the problem with funds like that, and over the years we have had so many funds like that in place, is that you cannot access them. So they remain a mirage. And this N220 billion has continued to be a mirage. That means you can’t touch it,” he said.

    He said a memo that came up at the first meeting of the National Council on Micro, Small and Medium Enterprises chaired by Vice President Namadi Sambo was access to finance, and that the Vice President realised there and then that a big chunk of the problem small scale industrialists are having is how to access finance.

    “The CBN guideline as published makes it impossible for anybody to access that fund. That is what happened to all kinds of funds that is domiciled with the CBN and other government agencies. Nobody can access them,” he lamented.

    Nwachuku, a  former Director-General of National Directorate of Employment (NDE) however, said the VP in his right thinking set up a sub-committee with NASSI as a member, and together with Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), CBN, Bank of Industry (BoI), and Bank of Agriculture (BoA), NASSI is trying to find a practical approach on how entrepreneurs can really access the fund.

    The NASSI boss however, argued that rather than put such intervention funds in the hands of government agencies, the best thing is to get the funds directly into the businesses to create employment.

  • ‘Govt, banks pay lip service to SMEs’

    National President, Nigerian Association of Small Scale Industrialists (NASSI), Chuku Wachuku, has accused the Federal  Government and banks of paying lip service to Small amd Medium Enterprises (SMEs,) which according to him, contribute 95 per cent to the country’s Gross Domestic Product (GDP).

    Wachuku lamented the dangers the development portends for the nation.

    He told The Nation that the Nigerian government and banks pay lip service to SMEs. We talk about SMEs contributing 95 per cent to GDP, what are we doing about it? he queried.

    “We just talk about it but do nothing in return. Bank of Industry talks about meeting quality standards to access their loans, but the officials are not quite explicite on how to achieve that, he said.

    “You just sit down and expect organisations to meet your standards, it does not work that way. You have to encourage these manufacturers to meet your standards for them to have  access to finance.

    “Access to finance is something I would like to talk about, because when you go to banks, they give you conditions. How do you manufacture without capital? When you approach a bank for capital, they tell you that you do not have collateral, if you give them collateral, they say it is not acceptable. So how do we solve this problem? he asked, saying that  is why at the national conference, “I  will move a motion that there should be a fund set aside to be able to collateralise loans that SMEs require.”

    He said the policy statement issue is just lip service, adding that the country has not got down to the fundamentals.

    He said: “And the fundamentals are the standardisations we need to stimulate growth and if you want to stimulate growth, you must stimulate export and domestic production.

    “In fact, Nigeria has enough  market to consume whatever we produce. We have a market of over 300 million people across the West African Sub-region.

    “We have institutions that are just talking but they are not doing anything. If they are doing it, I will not be complaining. We have financial institutions that cater for 25 per cent of the institution that generates 95 per cent of GDP and you are neglecting the 95 per cent, that is Small and Medium Enterprises Development.

    “And until there is a good policy to address these issues, we are not going to get it right. That is why I will be proposing a motion that a particular fund be set aside under whatever, at the national conference,’’ he said.

  • NASSI tasks entrepreneurs on skills

    NASSI tasks entrepreneurs on skills

    Small scale entrepreneurs need more skills to become globally competitive, Chairman, Lagos Zone of Nigerian Association of Small Scale Industrialists (NASSI), Mr Segun Kuti-George, has said.

    He spoke at a workshop organised for members of the association on Writing a bankable business plan.

    He said healthy competition was important for businesses to grow as no small business intended to remain small forever.

    “Many other people are doing the same business with you; so, what one needs to have an edge over others is to cultivate some skills that will be peculiar to you and your business.

    “Excellent communication and customer service skills, self discipline, time and people management skills and skills in packaging of business plans are essential now for business growth.

    “While competition is one of the challenges that business owners complain about, whereas they don’t know that it is healthy for them,” Kuti-George said.

    He also advised small business owners to imbibe some of the business qualities of renowned businessmen and women.

    A speaker at the workshop, Dr Olatunji Dawodu, said it was not good to rush into a business without passion for the venture.

    He said making necessary findings about a business and understanding how established businessmen survived in such a business were necessary for survival of such ventures.

    “It is not everyone who cannot get a job that is capable of doing business. Without adequate preparation, businesses failed,” he said.

    He urged banks to produce templates of business plans to assist small business entrepreneurs to get loans from them.

    Dawodu lauded women for their efforts in harnessing their business potential to assist their husbands to sustain their homes.

    “I urge our government at all levels to invest more to support the Nigerian woman,“ he said.