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Tag: opportunities

  • ‘Youths, women need opportunities to grow’

    ‘Youths, women need opportunities to grow’

    Executive Director of Sujimoto Group, real estate company, in Abuja, Hafsat Yusuf, has said governments and private sectorshould invest in youths and women to aid productivity and global competitiveness.

    Addressing challenges of by women in the workplace, she stressed importance of integrity, resilience, and passion for excellence.

    Reflecting on the future of real estate in Nigeria and Africa, Yusuf envisions progress and development, particularly in addressing housing deficits and facilitating access to homeownership through innovative credit and mortgage schemes.

    She stands as a testament to resilience and excellence in the face of adversity. In a region where women struggle to attain leadership, she excels in the male-dominated realm of real estate.

    With expertise spanning business development, sales, marketing, and strategic planning, she has carved a niche for herself as a result-driven professional.

    Yusuf has made impact in business development, revenue growth, and high-net-worth client management. Her Bachelor of Law and pending Masters in Business Administration complement her practical expertise.

    Addressing the challenges encountered by women in the workplace, she emphasised the importance of integrity, resilience, and passion for excellence.

    Thus, her leadership position at Sujimoto underscores her commitment to driving revenue growth and fostering profitable client relationships.

    Reflecting on the future of real estate in Nigeria and Africa, Yusuf envisions progress and development, particularly in addressing housing deficits and facilitating access to homeownership opportunities through innovative credit and mortgage schemes.

    She stands as a testament to resilience and excellence in the face of adversity. In a region where women often struggle to attain leadership positions, she is a guiding light, excelling in the male-dominated realm of real estate. With expertise spanning business development, sales, marketing, and strategic planning, she has carved a niche for herself as a results-driven professional.

    Despite the odds, Yusuf has achieved significant milestones in business development, revenue growth, and high-net-worth client management. Her academic achievements, including a Bachelor of Law degree and ongoing pursuit of a Master’s in Business Administration, complement her practical expertise in the field.

    While her professional achievements speak volumes,she  remains deeply invested in societal progress, advocating for youth empowerment, particularly for young women. Recognising the pivotal role of private sector entities in driving change, she is at the forefront of  the implementation of policies that promote skill development and economic inclusion for Nigeria’s burgeoning youth population.

    On her  passion for people and the community, she said:“I find joy in supporting young people and helping communities in ways that I can best assist them in solving critical issues. I am particularly eager to see more girl children get quality education and for them to grow up excelling in any chosen career. I am eager to see transformation and to see people become well-cared-for, and society becoming more responsive to the needs of citizens.”

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    In the narrative of women’s empowerment and societal progress,  Yusuf’s story serves as a testament to the transformative power of resilience, determination, and unwavering advocacy for gender equality. As she continues to break barriers and inspire generations, her journey exemplifies the limitless potential of women to drive collective growth and accelerate progress toward a more equitable and sustainable future.

     Organizations and well meaning Nigerians to make donations towards alleviating the financial burdens

    of people with kidney challenges.

    He also called on the Government to introduce laws that will enable people donate kidneys and other

    organs of dead relatives to save lives. The theme of the lecture is Kidney health for all: challenges to its

    actualization in Nigeria.

    While her professional achievements speak volumes,she  remains deeply invested in societal progress, advocating for youth empowerment, particularly for young women. Recognising the pivotal role of private sector entities in driving change, she is at the forefront of  the implementation of policies that promote skill development and economic inclusion for Nigeria’s burgeoning youth population.

    On her  passion for people and the community, she said:“I find joy in supporting young people and helping communities in ways that I can best assist them in solving critical issues. I am particularly eager to see more girl children get quality education and for them to grow up excelling in any chosen career. I am eager to see transformation and to see people become well-cared-for, and society becoming more responsive to the needs of citizens.”

    In the narrative of women’s empowerment and societal progress,  Yusuf’s story serves as a testament to the transformative power of resilience, determination, and unwavering advocacy for gender equality. As she continues to break barriers and inspire generations, her journey exemplifies the limitless potential of women to drive collective growth and accelerate progress toward a more equitable and sustainable future.

  • Bridging housing deficit, unemployment with local opportunities

    Bridging housing deficit, unemployment with local opportunities

    Housing stakeholders in the Southeast geopolitical zone converged in Enugu explore local opportunities in resolution of a major national challenge. With the launch of Igwebuike, stakeholders seek to unlock massive economic opportunities for using the real estate sector, as an avenue for employment generation, multiplier effect in the local economy and overall socio-economic development of the region. DAMIAN DURUIHEOMA reports

    Worried by the increasing unemployment, housing shortage and affordability crisis without corresponding actions to match the demand, stakeholders in the Southeast have called for urgent collaboration among themselves with workable strategies to directly address the housing and employment needs of the people.

    Nigeria’s housing deficit, according to statistics is 28 million, but experts say it is likely the gap may have widened.

    For them, to bridge the gap, the real estate sector would need an investment of over N21 trillion to build houses to catch up with growth rate of the population, which has been growing by 3.2 per cent yearly.

    Mindful of the the challenges in the sector, the stakeholders converged on Enugu at the maiden Southeast real estate stakeholders forum tagged Igwebuike (‘Strength in collaboration’), organised by COPEN Group.

    They were in search of solutions to challenges confronting affordable housing and rising unemployment among the youth.

    The stakeholders included government representatives, traditional rulers and communities who own the land, investors, developers as well as suppliers of building materials and properties’ buyers.

    They are focusing on a new approach: using collaborations to unlock the huge potential.

    To them, the housing deficit and the diagonal impact it would bring shows that the situation is an opportunity, and not a problem.

    It is for this purpose that the COPEN Group, a real estate and allied firm, initiated the  forum as a veritable alliance to take the advantage of the problem to address the housing and employment needs of the people.

    Speaking at the event with the theme “Unveiling the real estate potential”, the Group Managing Director of COPEN Group, Rev. Ugochukwu Chime, explained that adopting a new strategy would not only help reduce the huge housing deficit, but also create employment.

    According to Chime, Nigeria, with its massive housing deficit of over 28 million, possesses the potential to transform its economy, create wealth, and generate employment.

    Despite the huge sum in the region of N21 trillion needed to address the deficit, Chime believes the Retirement Savings Account (RSA), which has over N4 trillion for investment in the sector, presents a significant avenue for stakeholders to leverage.

    Chime said: “In our attempt to interrogate the issues and challenges involved in the real estate sector, we realised that there had not been the needed mental review and paradigm shift that is needed to address the sector’s challenges, and turn obstacles to stepping stones for higher mutual benefit for all.

    “Stakeholders have not come to understand that their activities, action and inactions are capable of affecting the overall outcome for everyone, and thus an urgent need for realignment, refocusing and harmony.

    “Both the private and public sectors are facing difficulties of unimaginable times.

    “The government revenue is affected by the number of houses that are built; house rent has gone very high because it is affected by the number of available houses because of the principle of demand and supply.

    “The communities want the value of their land to increase, developers want affordable land to develop, etc.

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    “Our interrogation of the reason for some of the challenges of stakeholders, reveals that working in silo(ikeotunye) is a critical part of the problem. Thus an urgent need for collaboration(Igwebuike) and harmonious alignment of stakeholders’ efforts, towards a mutually beneficial outcome for all.

    “This cannot take place without our sitting down as we have designed to do, to harmonise, interrogate, dimension and create innovative approaches, policies and decisions that will guide our real estate activities in the Southeast.

    “And the end result is that together, everyone achieves more, and we actualise the biblical postulation that one of us shall chase their 1,000, and two of us our 10,000.

    “Thus the concept of Igwebuike is, therefore, a fallout of this appraisal and is seen as the beginning of providing solutions which will involve all of us, as stakeholders.

    “We need to equip ourselves with the right knowledge of what needs to be done, how it should be done, who has to do it and the reward mechanism attached thereto. At the end, it will lead to a joyful outcome for all.

    “We have taken steps to bring together the government, traditional rulers and communities who own the land, investors, the developers as well as those who supply building materials and those who buy the properties, as well as those who need real estate and those who market it.

    “The aim is to commence the series of engagements in discussion, knowledge sharing and perspective enhancement – leading to reduced transaction time and transaction costs, arising from alignment of possibilities towards shared benefits.”

    This collaborative model, he stated, ensures that those who might be handicapped financially but have land could meet those who have finance but lack land, as well as consultants, could come together to mutually benefit each other.

    The COPEN Group boss said his firm had used the similar win-win, collaborative approach to enhance its operations.

    “We used it in 2010, when we built a house that served as the computer room for the Ministry of Lands, and furnished it to enable the ministry enhance their documentation and computerisation. We did this free in collaboration with the Ministry,” he said.

    He expressed optimism that Igwebuike would lead to greater coordination, cooperation and harmonious working relationship among the stakeholders in the Southeast so that “we can understand the various activity centres for the stakeholders, and how to proactively engage in ways that are required for each to function productively, profitably, successfully etc”.

    In his goodwill message, the Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Hamman Madu, hailed the initiative by COPEN Group as an invaluable contribution to the development of the housing/real estate sector.

    Madu expressed happiness that new strategies were being deployed by experts to bridge the housing gap, saying the problem of housing would call for new approaches to make this important item affordable.

    He noted that the theme of the event encapsulated the challenges of the sector and how to reap substantial rewards, while contributing to the growth and development of the economy.

    According to him, the sector is a significant contributor to growth; and has multiplier effects on the economy.

    “Instructively, housing goes beyond shelter provision. It is a veritable tool for employment generation and inclusive economic growth.

    “In Nigeria, one of the experiments aimed at collaborating with the citizenry to provide decent housing at cheap and affordable rate is the National Housing Fund Scheme established in 1992.

    “The scheme comprises contributions of 2.5 per cent of the monthly income of workers, whether public, private sector or self- employed individuals, to create a pool of long-term funds from which contributors access mortgage and other housing finance loans from FMBN.

    “Over the years, the scheme has proven to be a veritable source for housing finance in Nigeria, financing mortgage acquisition, construction loans to real estate developers and more recently, directly to individuals for self construction, housing micro-loans and a Rent-to-Own window,” he said.

    Afia TV CEO, Emeka Mba, noted the importance of real estate in the development  of any region and called on communication experts to frame their narrative to suit the trend.

    Chairman, Real Estate Developers Association of Nigeria (REDAN), Southeast, Makuo Chidiebere, expressed happiness that the knowledge gained from the roundtable would provide a leeway for players to take the advantage of the challenge to solve  problems, particularly unemployment.

  • Estate surveyors urged on opportunities in land

    Estate surveyors have been urged to explore the  Geographic Information System (GIS) in land administration as it provides great business oportunities and strategies for  practitioners and the government.

    The Deputy Director Estate, Lagos State Ministry of Housing, Mrs. Olayinka Patunola-Ajayi, gave the advice at a Stakeholders’ meeting of the Faculty of Land Administration and Geographic Information System (GIS) of the Nigeria Institute of Estate Surveyors and Valuers (NIESV).

    According to her, GIS involves centralising land and information about its ownership under one authority which regulates the structure and patterns of ownership, land use, and access of the public to land resources in a sustainable manner from environmental and economic perspectives. A good land administration system, she maintained, aims at equitable distribution of wealth to encourage  growth and development.

    She described the GIS as a powerful tool in the management and analysis of the large amount of basic data and information – statistical, spatial and temporal – to generate information in the form of maps, tabular and textual reports or land use decisions. It also provides the tool for modernising and improving the management system, efficiently, functionally and flexiby, which make it the most adopted system of land administration across the world.

    “The GIS involves two fields -mechanical/statistical and geographical representation of land and the various reasons for the adoption of the GIS are increased in the amount of land documentation growth, global challenges technology development, improved data quality among others.

    Urging real estate professionals to be determined to create wealth from land for the benefit of the citizenry, she noted that the GIS provides opportunities for stakeholders to increase their data and service provision within their traditional domain.

    Patunola-Ajayi said to take advantage of the opportunities, practitioners must take the bull by the horn and call for a synergy with the government and private entities to ensure that the benefits of GIS were reaped.

    She, however, noted that GIS has the potential to support society’s evolving humankind and land relationship by providing information to make favourable decisions for sustainable development in land management.

    Land, as a basic economic resource, she further explained, is incontrovertible. This is because apart from being a fundamental base for all economic activities and also a source of food and sustenance, land offers the greatest support for an efficient market economy, particularly because of its ability to be used as collateral for loans to other productive activities, among others.

    Another surveyor, Mr. Akinade Tijani, sees land as an asset which includes anything on the ground, such as building, crops, fences, trees, water above the ground and under the ground. Therefore, he argued, land administration is a process whereby land and the information about it is effectively managed.

    However, Tijani explained that as population increases and resources became scarce, the competition for land become more intense and man began to realise that he could get more from less if he applied his intellect. This would not have been possible, if he did not have control over the asset, thereby leading to the evolution of land administration.

    Other reasons for land administration, according to Tijani, include to provide and guarantee stability in the way land is accessed; to implement land-related laws and policies, to ensure economic development, to ensure security of tenure and to ensure stability and certainty in the land market, and to raise revenue.

    Tijani explained the GIS as a computer-based system for the handling of geographically referenced information. He described it as a system designed to capture, store, manipulate, analyse, manage and present spatial or geographic data. The system also has the capability to link attribute or relational data to spatial data.

    “GIS is conceived manly as set tools to assist in many human activities that can be geo-referenced. The application of GIS to land administration was pioneered in the Scandinavian region of Europe and they preferred the term land information system which means a geographic information system for cadastral and land use mapping, typically consisting of an accurate, current and reliable land record, cadasters and associated attributes,” he explained.

    Tijani also spoke about the components of land administration, corresponding agencies, organisations and bodies for administering the identified processes in Lagos State which are; Land Use and Allocation Office, Lagos State Lands Registry, Lagos state valuation office etc., including noting the requirement for participation in the process of Land administration and the opportunities available to practitioners.

    On the presentation, the Faculty of Land Administration and GIS of NIESV Chairman, Mr. Dapo Ogunlewe, said they were eye- opening for its members and had further enhanced their knowledge about opportunities of the GIS.

    “The papers were really eye- opening.They made us to see so many opportunities that exist businesswise in the area of land administration, the way and manner our members can benefit financially and do better things with it,” Ogunlewe added.

     

  • ‘I beg God to give me bigger opportunities to serve my country’

    Elder Aramide Noibi, the Founder and Chairman of Aramyde Communications, has said he is begging God to give him bigger opportunities to serve Nigeria better than before.

    Noibi said this at Arch Bishop Shoremekun Memorial Hall on Lagos Island, where the reception for his 70th birthday party held after a thanksgiving service at Methodist Church of Nigeria Diocese of Lagos at Westley Cathedral in Olowogbowo on Lagos Island.

    He turned 77 on February 11.

    Noibi said he felt natural at 70, adding that God had empowered him to have sound health and a retentive memory.

    He said: “My expectation is to do more for my society because I believe Nigeria is the best place to be. God is gracious to us in this country and He has never left us alone.

    “Our leaders must have the fear of God and take care of the masses. They should let people see the leadership qualities in them and they should be a stepping stone for others to go up. Our leaders should be careful; they should stop being greedy, selfish and self-cantered.

    “Being in government requires a lot of contributions and sacrifices. They should use their political positions to be honest, straightforward, as well as serve the Lord and humanity.”

    The celebrator urged Nigerian youths to be the good leaders of tomorrow – from today.

    He said: “Youths have been endowed by God with all the qualities to be leaders; it is their responsibility to know how to use these qualities aright. Youths should do everything to be good leaders and role models to others.

    “They should put God first in all they do and take to His instructions.

    “At 70, life has taught me to be dedicated and serve God more. This is why I am begging God to give me a bigger opportunity to serve my country better than before. I have gone through pain, the thick and thin of life. But I have to thank God that I am alive with my family in good health.”

    The Asiwaju Agbofinro of Oke Ona Egba and Otunba Ifatunwase of Ijebu-Ife, Justice Oluseun Shogbola, described the celebrator as a great man: courageous, hardworking, religious, strong and worth celebrating.

    She said: “I pray God to grant him good health to spend his remaining years on earth. We are from the same village, and I have known him for over 50 years. I urge him to mellow down now that he is 70 years.  God has given him good children; he should not stress himself. He should take it easy and now enjoy himself because life is short.”

    Very Rev David Oyebode, of the Westley Cathedral in Olowogbowo on Lagos Island, thanked God for keeping the celebrator well.

    Oyebode said: “He has been so resourceful to the church and the community. He always does his best and plays his role efficiently wherever he is placed in the church. He is hardworking, dear to the church, disciplined, honest and dedicated.”

    He urged him never to forget his maker, continue to serve God and mankind.

    Rev Timothy Oladapo, of the United Africa Methodist Evangelical Church, said Noibi is an honest, selfless, truthful and tireless man.

    Elder Ayo Oni, of the Methodist Church of Nigeria, urged him to keep working for God.

    Oni added: “He has laboured well for his family, the church and the body of Christ. He is known for publicising Christ. I wish him well and pray God will continually bless him to do more for humanity. I wish him more grace and he should continue his good works.”

    A son of the celebrator’s friend, Matthew Sanusi, described him as a good man who is always ready to help others.

    “At 70, I thank God for his life. He should take it easy and keep on the good work,” Sanusi said.

  • Nigeria’s start-up system: Challenges, opportunities

    Nigeria’s start-up system: Challenges, opportunities

    The Nigerian start-up ecosystem has seen tremendous growth with the emergence of business incubators and technology hubs. DANIEL ESSIET looks at its “achievements and challenges.

    Technically-grounded entrepreneurs are transforming lives. Whether in the fields of e-commerce, virtual reality, or fintech, tech-entrepreneurs have disrupted the way Nigerians communicate, make purchases, order food and commute. Most of these changes are for the better.

    When award-winning social entrepreneurs,  Seun Onigbinde and Joseph Agunbiade,  birthed  BudgIT, a civic  organisation  in  2011, they disrupted the way Nigerians  communicated with the nation’s budget. As  tech entrepreneurs they knew how to harness technology to solve societal problems.

    BudgIT employed a wide range of technology-based tools to simplify the  budget and public expenditure for citizens, consequently raising standards of transparency and accountability in  government.

    Nigerians were enlightened on their rights to access and understand public budgets and demand that budgets be efficiently implemented for the good of the people.

    To support this, they developed Tracka, a  project-tracking tool that allows citizens monitor developmental projects in their communities. Since BudgIT online platform came into existence, the change has been for the better.

    But the exciting journey started in Yaba, Lagos State, at Co-creation Hub (CcHUB) Nigeria’s  first Tech-In Governance competition, when  an open call was made for Nigerians to submit creative ideas that had potential to transform citizen participation in governance.

    At the time, co-founder of BudgIT, Onigbinde, worked as a strategy analyst at First Bank Nigeria. He made a last minute decision to enter the competition with an idea to transform public sector data, especially the budget, to a more engaging format.

    Onigbinde met and was paired with his co-founder, Joseph Agunbiade, at the competition. After a brief pause following the Tech-in Governance competition, Onigbinde and Agunbiade set to work on the first iteration of the platform to showcase at CcHUB’s launch in September 2011.

    Onigbinde recalled that “it was a funny black website with just three circles and a bit shameful, but they were encouraged by the CcHUB team that it was good enough to start”.

    BudgIT joined CcHUB’s pre-incubation programme and officially launched in September 2011, with a press launch set up for them by CcHUB.

    BudgIT’s growth skyrocketed during the Occupy Nigeria movement in January 2012. It was a time that saw Nigerians interested in government spending. It was a key opportunity that BudgIT seized by creating the “Budget cut” application.

    According to Onigbinde, the CcHUB community played a big role in the app’s creation. “We leveraged the CcHub community because we did not have a tech team to build the app,” said Onigbinde. The application attracted 4,000 users in 60hours and BudgIT’s followership grew in large numbers within a short time. They became the fact checker of Nigeria’s budget on social media and the success of the app remains one of BudgIT’s key achievements.

    In the course of its three years of operation,     the BudgIT website recorded one million hits with over 250,000 unique visitors in 2014.     More than 4,000 data requests from online visitors were processed in 2014.    BudgIT has gone on to raise over $500,000 from various foundations/organisations such as Indigo Trust, OSIWA, MacArthur Foundation, United States Department, amongst others. It recently received a $400,000 investment from Omidyar Network.

    Staff numbers increased from the original two co-founders to 14 as at December 2014. In addition, an Advisory board has been set up consisting of six members, including co-founder, CcHUB, Bosun Tijani. BudgIT is now independently located on the 3rd Floor, 13 Hughes Street, Alagomeji Junction, Yaba, Lagos.

    They have graduated from CC hub’s incubation programme. It is one of the numerous success stories of business incubation movement. Onigbinde is one of hundreds of tech entrepreneurs getting a boost to change the social scene  with entrepreneurial support.

    In five years, more than 10 business incubators have emerged all over the country to help entrepreneurs develop entrepreneurial skills and provide tailored support for early-stage, high-growth businesses and ideas.  These include  Fate Foundation incubator, Enspire Hub,  Blue Hub,  StoneBricks Hub, CoLab, nHub, Ventures Platform, Civic Innovation Lab, BD Hub, Tangent Eco-Innovation Hub, Founders Hub,  Start Innovation Hub, Roothub, OlotuSquare, Delta State Innovation Hub, Focus Hub, Strategic Hub, ROAR Nigeria Hub, Wennovation Hub, iDEA Hub, ,Leadpath, Passion incubator, Impact Hub Lagos, Hebron Startup Labs and Project Enable Africa Hub.

    As a result of their activities, Nigeria is among the top five startup communities in Africa.  The number of startups they are nurturing is increasing year on year.

    From mobile applications to e-commerce platforms, tech entrepreneurs are looking to digitise traditional business operations. These success stories were  not possible without two important skill sets — entrepreneurial business acumen and technical expertise. These are what business incubators provide incubates.

    CC hub is among incubators and technology hubs creating a healthy startup ecosystem. It is Nigeria’s first open living lab and pre-incubation space designed to be a multi-functional, multi-purpose space where work to catalyse creative social tech ventures take place.

    Co-founder and Chief Executive of Co-Creation Hub Nigeria (CcHUB), ‘Bosun Tijani, said the hub is a place for technologists, social entrepreneurs, government, tech companies, impact investors and hackers in and around Lagos to co-create new solutions to the many social problems.

    Incubates at CC HUB and other business incubators across the country bring in plenty of raw business ideas. While in the incubators, they are accorded opportunities to share their plans and gain insight on how those ideas can be turned into commercial ventures.

    There, they are connected with business people, where they are guided in the stages of starting a real business, as opposed to learning about it from a textbook.

    In the course, incubates identify problems and explore solutions in relation to business. Most of the incubators provide acceleration, incubation, mentoring, meet up, entrepreneur cafés, pitch contests and demo day.

    One incubator making waves is Start Innovation Hub based in Uyo, Akwa Ibom State capital. Its Founder/CEO, Hanson Johnson, said business incubation centres provide environment where startups are nurtured, ideas are developed and helped to get to market faster.

    His words: “They provide a real sense of community, allowing companies in the same or relevant fields to cluster, network and even collaborate. Incubators provide access to mentorship, funds, education and training resources in various technology and business field of interest.

    “A successful entrepreneur never stops learning and an incubation centre offers access to learning opportunities through workshops, bootcamps, hackathons and conferences. You also have access to a network of industry leaders and business experts that you may not have access to as a startup founder working alone. These industry leaders may offer one-on-one coaching and mentorship that can prove invaluable to brand new startup founders dealing with the rigours of business startup and ownership for the first time.

    “Joining an incubation centre gives you an opportunity to meet other entrepreneurs, share ideas and collaborate on similar projects. It also provides a platform to learn from each other’s mistakes and achievements for a better future.”

    He said through the incubator, aspiring entrepreneurs and tech startups are given an opportunity to present their business ideas or solutions to the management, which can help them to pilot their solutions and ready them for market commercialisation.

    Niger State Industrial Parks Development Agency Director-General, Dr. Abdulmalik Ndagi, whose agency is solely responsible for the development of industrial park and industrial clusters in the state, said clustering entrepreneurs  within an incubator creates an entrepreneurial ecosystem of networks and ready pool of technically-grounded talents.

    An expert on business incubation, Ndagi, said   full-service incubators provide their clients flexible space and affordable rents, shared business services, business development training and coaching, financial assistance, and the opportunity to network with peers.

    According to him, incubators are responsible for providing support across a startup’s life cycle, while accelerators are focused more on growth and acceleration of the startup.

    Particularly, for those entrepreneurs staying within government technology incubators, Ndagi said incubates benefit from governmental support for innovation.

    According to Ndagi, the value of local entrepreneurs and young start-ups is also well-recognised by enterprises. That is why a lot of big corporates  are setting up funds to nurture entrepreneurs.

    West African startup specialist, Rich Tanksley, said business incubation centres are having impact on the digital innovation and entrepreneurship ecosystem in Nigeria. He said: “They are helping to build an ecosystem and enabling environment, but it’s up to the individual entrepreneurs still to grow their businesses.”

    For Co-ordinator, Business and Alumni Support Services, Fate Foundation, Fatai Olayemi, the logic behind incubators is to help inexperienced entrepreneurs by providing mentoring, business advice, networking opportunities, facilities and funding they need to get their businesses off the ground.

    According to him, most incubators use funding as a success metric, which is a somewhat flawed criterion.  He explained that the challenge of most startups is not funding, but management skills, adding that the goal of incubation should be   to build organically grown and self-sustaining businesses without so much emphasis on financing.

     

    Services of business incubators and technology  hubs

    In Nigeria, business incubators and  technology hubs  take a variety of forms and provide different types and levels of support.

    On the whole, they can be great places to help an entrepreneur establish and grow an emerging business. While majority of them are basically incubators providing support resources and services to businesses just getting off the ground including coaching, shared services and facilities, free or subsidised space and networking opportunities, there is a new group known as  accelerators,  which  focus on supporting the rapid growth of early-stage businesses through capital, coaching, networking and other support.

     

    Shared business services

    According to experts, what a full-service incubator offers is a collection of shared business services, which represents the kind of resource pooling that makes incubators a unique and effective business creation tool. They generally include reception and telephone answering; access to a copy machine, facilities for conferences and meetings; security.

     

    Business development assistance

    All the functioning incubators offer seminars and workshops at little or no cost that include training in skills or core competencies necessary for successful entrepreneurship: bookkeeping, marketing, strategy, computer information systems, legal considerations, and human resources management.   Business development assistance is also provided via mentoring and coaching.

    CC hub supports incubate entrepreneurs with top-quality programmes based on evidence-based entrepreneurship. Their programmes are designed to help entrepreneurs develop a scalable business model and accelerate growth in the marketplace.

     

    Financial assistance

    Most of the incubators help new businesses develop a business plan attractive to traditional lenders and coach them on how to present it. Beyond this, they promote privately managed funds focused on providing emerging companies the capital, mentoring and connections to help them grow.

     

    Networking

    Perhaps the simplest and most beneficial form of networking is the exchange of neighbourly advice and the sharing of information and knowledge among incubator tenants.

     

    Mentoring

    Most people, who run incubators have never started or run a business, so having a mentor is very important in creating perspective, inspiration and raw guidance. Incubators nurture aspiring entrepreneurs and start-up businesses by providing collaborative advisory, mentoring and technical assistance.

     

    Skills Development

    The mission of business incubators is to inspire entrepreneurs and help them turn their big ideas into innovative businesses. Inside such  facilities are  collaborative workspace for knowledge-sharing, and learning. The majority of incubators have a speaker series to support this. While there are skills development events, incubates learn new skills naturally.

     

    World Bank

    The World infoDev helps innovative ventures and facilitates a global network of business innovation centres that assist early-stage entrepreneurs—offering mentoring, facilities, and seed funding in the mobile innovation, climate technology and agribusiness sectors.

    The Acting  Head of Department, Business Administration, Faculty of Management and Social Sciences, Ibrahim Badamasi Babangida University, Lapai, Dr.  Abdulwaheed Salihu, said World Bank InfoDev  training for would-be incubation managers, which  held in Minna, Niger State,  will  enhance the skills of business incubation practitioners.

     

    Challenges

    Most business incubators face a number of challenges. Although tasked with developing small and medium-sized enterprises (SMEs), business incubators often lack the necessary skills to contribute fully to the development of SMEs.

    Given that most of the management staff in business incubators may not come from an entrepreneurial background, they seldom possess the ability to meet the skills requirement of their clients.

    According to Ndagi, an  international certified  trainer in business incubation, there was  need for specialised incubator management training to expose new entrants to best practices in incubation management.

    According to him, the training will enhance managers’ understanding of business incubator models, how to finance an incubator, monitoring and evaluation of startups, mentoring programmes and more.

    According to Johnson, the major challenges are power and internet. In Nigeria, he noted that  cost of doing business is higher because of lack of basic infrastructure such as  power, good roads and the internet. “This is where business incubation centres are filling the gap by providing a collaboration platform for entrepreneurs to share resources,”he added.

    He explained that talent is scarce. “For me, the best way to solve a problem is to face it. We need to keep on training and employing the right skill sets. Entrepreneurs alone will not be able to address the lack of right skill sets to manage business incubation centres. Government should update their curriculum to reflect what is needed in the field as at today and also support the activities of business incubation centres,”he said.

    Addressing a forum in Lagos, Co-founder of Lagos-based startup incubator/accelerator, Passion Incubator, Olufunbi Falayi, observed that the model most incubators operate on is fundamentally flawed. He explained that incubators fail to do the up-front diligence in assessing the market potential of ideas that entrepreneurs bring to them, meaning the vast majority of companies that enter incubators are doomed to failure and won’t make it through the “valley of death”.

    He explained that his incubator is taking a much different approach to admitting startups. According to him, the model is to find an idea, assess it, build it quickly and see it through the pre-incubation process.

    On the issue of the right skills set to manage emerging business incubation centres and technology hubs, Tanksley counseled that “existing centres should focus on training other centres instead of just training entrepreneurs. “A deep understanding of the journey of a product from concept to sales and the challenges each entrepreneur faces on the way. Each entrepreneur has a different challenge and brings a different skill set to the table. The incubator manager should be able to help them fill in the gaps,”he said.

    Tanksley stressed the need for new business incubation managers to join AfriLabs, the  largest network of over 50 technology and innovation hubs across Africa.

    According to Dr Salihu, Nigeria  is a good example of a dynamic economic ecosystem, which presently needs to organise and interconnect all innovation stakeholders.  This is to enable them to more proficiently face all the challenges and opportunities that may arise in the future.

    Without doubt, he said, human resources represent an essential component of an innovation ecosystem and a clear driving factor for entrepreneurship and economic growth.

    According to him, Nigeria enjoys a majority of young, dynamic potential entrepreneurs with no fear of falling and, on the contrary, ready and prepared to stand up again.

     

    Real estate entities just offering

    executive suite

    Sadly, some firms have decided to become incubators. Many incubators assume that cheap real estate, co-working spaces, used furniture, plus a phone and Internet connection equate business incubation. To experts, many of these incubators are not more than a real estate entities offering executive suite services.

    To watchers, effective incubators should provide funding, business counseling and management assistance to incubates. These business services, according to them, differentiate functional incubators  from real estate services.

     

    Prospect

    Over the last five years, there have been many advances in terms of entrepreneurship and innovation, mainly because of the strong institutional commitment and the collaborative actions among the private sector, academia and the government, all of which have combined to make Nigeria a successful entrepreneurship example.

    Recent years have seen the rise of special incubators designed to support the development of micro industries. They bring together companies that are in the same business, but are not necessarily competitors.

    Salihu said the growth of business incubators is going to enhance the potential of the innovation ecosystem with stimulating ideas and a strong innovative mindset.

    According to him, the government, as well as private sector needs to support local entrepreneurs to play an essential role in this evolution to make Nigeria ready for future economic challenges.

     

    Govt’s Technology

     Incubation Centres

    There are 27 Federal Government-owned  incubation centres in the country. At the government’s technology incubation centres,  new businesses are given free accommodation  for three years.

    During this period, the businesses are exempted from taxation. At the centre, equipped with fabrication and testing facilities, young tech entrepreneurs can be mentored.

    For instance, at the Lagos Centre in Agege,  many young Nigerians have benefited from the centre, graduating in beads production, anti-bacterial hand wash, starch, multipurpose liquid soap, leather shoes, air fresheners, herbal bathing soap and body cream making, among others. They are also ex-participants, who are involved in the production of unripe plantain flour, bean flour, soya flour, spices, packaged pure honey and fruit juice production.

    At the centres, access to experts across all engineering and management disciplines  is easy. Businesses in the incubator fall within some stages – conception, where a first-cut assessment of the strategic environment is made, to development, where feasibility and go-to-market strategies are explored and ultimately commercialised, where profitable market opportunities are exploited and the focus is on growing the venture.

     

  • ‘Africa’s investment opportunities untapped’

    ‘Africa’s investment opportunities untapped’

    Africa still has great business and investment opportunities that are largely untapped, Goldmine Global Services, a Nigerian firm which facilitates inter-nations trade fairs,  has said.

    The company said the trade volume between Indonesia and Africa as at 2016 was $7.6 billion, of which trade with Nigeria stood at $2.5 billion.

    Its Chief Executive Officer, Mr. Ismael Balogun, who spoke with reporters during the briefing on the inaugural edition of the Indonesia-African Forum tagged “Sustainable trade and investment cooperation”,  said Africa was a potential market for Indonesian consumer goods, such as garments, technical cooperation, motorised vehicles, among several products that could be in demand in African.

    He said: “Similarly, Africa is swarming with raw materials Indonesia may need for its manufacturing industries. More than 20 Indonesian companies, including textile producer Indorama, Orange Drugs, Kalbe Farma and Tolaram Group, have partnered Nigerian firms and have invested in Africa. There is a N5 billion modular refinery in Akwa Ibom State, N6 billion investment between Tolaram Group and Kelloggs, Indomie instant noodles and the manufacturer, Indofood Sukses Makmur, has six plants in Africa with the biggest one in Nigeria.”

    According to him, the Indonesian-African Forum, slated to hold from April 7 to 14 in Indonesia, is geared towards exploring various economic opportunities to strengthen technical cooperation and enhance existing partnerships between both countries.

    “The forum intends to provide a unique opportunity for around 550 people from Indonesia business community, high level government officials and other stakeholders to gather, interact and explore ways to establish concrete economic cooperation and expand business networks.

    “We believe the Indonesian-African forum would provide a platform for Nigerian and other African businesses to showcase what they have to offer to the Indonesian business community thereby improving the probabilities of attracting inward cooperation and investments in terms of foreign direct investments from Indonesia” he said

    On Indonesian firms already operating in Nigeria, Balogun revealed  that the EXIM Bank of Indonesia had pledged to finance Indonesian businesses in Nigeria and encourage others with plans to invest.

    An Executive Director of the company, Mr. Michael Majekodunmi said the government of Indonesia was prepared to grant visa to genuine businessmen who wish to visit Indonesia and explore business opportunities.

    The firm’s ITPC Director, Bagus Wicaksena, noted that the trade volume represented the second largest the Indonesian government traded with the continent.

    The inaugural edition of the forum, he said, is an Indonesian government initiative aimed at promoting and strengthening trade and investment between Indonesia and Africa.

    “The forum will generate new ideas aimed at strengthening bilateral trade with Nigeria. We have experienced a promising trade relationship with Nigeria as it has grown by 10 per cent. West African countries are strategic partners in terms of trade and we want to forge stronger bilateral relationships with countries in the continent,” Wicaksena said.

  • Exploring employment and business opportunities in agric

    Agbelowo Cooperative Agricultural Multipurpose Society Limited (ACAMSL) has organised a business opportunities seminar in Ikeja, Lagos. The focus is to explore how Nigerians can secure their livelihoods through agricultural enterprises. DANIEL ESSIET reports.

    The global unemployment rate will increase to 5.8 percent representing 3.4 million people. The 3.4 million will bring the total global unemployment to 201.1 million people, according to the World Employment and Social Outlook-Trends 2017 report recently released by the International Labor Organization. This gloomy picture is attributed to the weak economic growth.

    However, expert believes the future is in Agriculture. For this reason, Agbelowo Cooperative Agricultural Multipurpose Society Limited (ACAMSL) held its seminar in Ikeja, Lagos to sensitise Nigerians on the challenges and the opportunities in the sector and had as its theme, ‘Understanding the Agricultural Value Chain.’

    President of ACAMSL, Mr Dele Owolowo said t agriculture is a key factor in making economic growth inclusive and in reducing poverty incidence in the country, stressing the need to pursue large-scale activities in the agribusiness sector . He said Nigeria despite dubbed as “the land of promise” and a“food basket has not maximized agricultural potential despite its rich biodiversity, conducive climate and fertile soil.

    According to him ,the projection for the agribusiness sector was positive in the long term given the country’s potential and the readiness of the private sector to invest in foo d production, although backyard farming and infrastructure problems continue to hamper growth of the sector which remains “uncompetitive.”

    He blamed the situation on lack of mechanised agriculture and poor funding of farmers by banks on the dearth of research, agric engineers and economists.

    He also lamented poor power supply as a factor that has killed agro-allied industries in the country as it has raised the cost of production.

    Owolowo said the ACAMSL was partnering with other cooperatives even though his organisation has preference for soybeans.

    In his keynote presentation, Mr Olubusola Falola of the Institute of Agricultural Research and Training, (IAR&T), Ibadan called for the re-establishment of marketing boards by the government to buy up excess produce from farmers, urging corporate bodies to step in where government fails.

    Mr Falola who educated the cooperative members on the production of soybeans stated that the IAR&T has a seeds store where farmers could access good and viable seeds for better productivity.

    In his presentation, Mr Chiaka Ikechukwu of LAPO Microfinance Bank revealed that the bank works with over 38,000 farmers across 32 states in the country.

    He stated that the bank offers farmers loans at a 5 per cent monthly reducing balance interest rate.

    Team Leader, Peters Poultry Town, Mr Yomi Omosanya revealed that his organisation, is a cashless community of farmers and operators in the agriculture value chain, adding that they have developed a Poultry Caring House, a poultry management software.

    He added that the organisation produces 25 million eggs per day, which represents 17.6 per cent of daily egg requirements for Nigeria’s South-West region.

    The President, Cornerstone Cooperative Society, Mr Kayode Adeyeye called for solutions to problems with land ownership and rentage such as land grabbers.

    He advised farmers to study the type of loans and banks they need before applying for such loans.

    In his presentation, Mr Chiaka Ikechukwu of LAPO Microfinance Bank revealed that the bank works with over 38,000 farmers across 32 states in the country.

    He stated that the bank offers farmers loans at a 5 per cent monthly reducing balance interest rate.

    Team Leader, Peters Poultry Town, Mr Yomi Omosanya revealed that his organisation, is a cashless community of farmers and operators in the agriculture value chain, adding that they have developed a Poultry Caring House, a poultry management software.

    He added that the organisation produces 25 million eggs per day, which represents 17.6 per cent of daily egg requirements for Nigeria’s South-West region.

    The President, Cornerstone Cooperative Society, Mr Kayode Adeyeye called for solutions to problems with land ownership and rentage such as land grabbers.

    He advised farmers to study the type of loans and banks they need before applying for such loans.

  • Nigeria set to utilise AGOA opportunities

    Ngerian America Chamber of Commerce (NACC) President, Chief Olabintan Famutimi, has said Nigeria is set to fully utilise the African Growth and Opportunity Act (AGOA).

    Famuti said it was appalling that as at 2014, Nigeria only exported $6 million worth of goods to the US compared to $6 billion exported by other Sub-Saharan African nations.

    He said this at the public presentation of five books by the President of Success Edge Exporters Limited and a member of the Lagos Chamber of Commerce and Industry (LCCI), export promotion council, Mr. Abiodun Oyefeso.

    Famuti said the AGOA act, which has been renewed till 2025 by the US Congress after its first term from 2000 to 2015 elapsed, was abused in its first term by Nigerian leaders.

    He said instead of getting products out of the 6,500 items allowed to be exported, Nigeria relied only on crude oil.

    Famuti said NACC is working hard to ensure that Nigeria becomes the third economic hub after the contract for the economic hub in Ghana expires this October.

    This, he said, will position Nigeria to take full advantage of AGOA and focus on exportation of non- oil products.

    “It is a shame that most Nigerians rushed to the crude oil business, yet they have not seen crude oil nor known what it is. We are all deceiving ourselves in this country,” Famuti said.

    Chairman of the event, Dr. Kola Christwealth, said Nigeria suffers from economic slavery due to over reliance on crude oil exportation.

    He said:“We must know that economic independence is as important as political independence and for us to be economically free, we must forgo crude oil exportation, which we are even failing at.”

    A former Director-General of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr John Isemede, said only detailed and planned exportation strategy will take the country out of recession.

    Reviewing one of the books: “How to Succeed in Export Business”, he said there must be balance of trade between imports and exports as the country is rushing to sign partnership agreements with other countries without looking at the critical details.

    The author of the books, Mr. Oyefeso, said for Nigeria to be developed, attention must be paid to solid minerals deposits where it has comparative advantage over other countries.

  • Lagos offers hope, opportunities, says don

    Lagos offers hope, opportunities, says don

    Lagosians have been advised to support Lagos State government’s efforts in redefining the state’s social and business environment.

    The advice was given by Mr Rasheed Ojikutu, a Professor of Statistics and Dean, Faculty of Business Administration, the University of Lagos.

    He said Governor Akinwunmi Ambode had proved that he was a dependable hand for the transformation of the state.

    He revealed that Lagos remains the melting-pot of cultures and traditions of the Nigerian nation, noting that it is a principal state in Nigeria which Africa and the world is proud of.

    The don noted that the state’s socio-demographic indicators are magnets to investors and key world leaders, noting that with the spatial endowment, the state remains one of the largest human settlements in the world after Mumbai and Tokyo.

    “It is a community full of hopes and opportunities for all and sundry. But we must always be conscious of the fact that this can only be sustained on the platform of peace, concord and harmony among the plural ethnic nationalities residing in the state.

    “There should not be deliberate effort to undermine the well-being and welfare of the natives because doing so could engender discontent and unhappiness which would, in turn, have negative effect on the life of the people. I wish to counsel that the natives should not be side-lined in the midst of this abundance.

    “It is not uncommon in large urban centres such as Lagos for the majority who are usually migrants to “swallow” the natives and render them economically and politically prostrate. This attitude, if not checked could pose grave danger to peaceful co-existence either now or in the foreseeable future,” he said.

    He said: “In the next 10 years, I hope to be part of a Lagos where peace and concord would continue to reign among all residents of the state, irrespective of nationality, race or creed. It is within such an amiable environment that investments thrive.

    “Sincerely, the fortunes of Lagos have improved since the advent of democracy in 1999 and I do hope that the next generation of leaders would do all within its powers to increase and improve on these advantages. Look at the extensive achievements of Governor Akinwunmi Ambode within two years. It shows the potential that abound in Lagos in terms of human and other resources. These resources should be harnessed for the well-being of its inhabitants.

    “I wish to see a Lagos that grows to become one of the best states in the world in terms of its economy, politics and social life of its people. A Lagos that would become the pride of Africa,” he said.

  • Midterm: challenges, opportunities

    It’s mid-term, with its burst and buzz of politics; and its cacophony of desires.

    The 2019 round of elections loom.  So do the 2018 dress rehearsals: the Ekiti and Osun gubernatorial polls.

    Former Vice President Abubakar Atiku has already fired, the president’s way, a jeremiad of alleged use-and-dump.

    So has Atiku protégée, Women Affairs Minister, Aisha Alhassan, got seared, bragging to the wrong folks, who promptly leaked that costly brag!

    Politics is, indeed, revving up!

    So, in the excitability of the moment, some insist on focus, full-trot, on 2019.  Hardly surprising, in a milieu of near-zero institutional memory, with political hustlers eternally looking for the next electoral scam.

    To such a lobby, there can’t be a future in the past, to parody country artiste, Vince Gill, in his album, I still believe in you.

    That you could see, as the vulnerable opposition tries to blot out the past, as prelude to avoidable future mistakes.  Aim?  To sucker the voter yet again, and assure needless future lamentations!

    But countering this view is another lobby that insists on the political rear-view, as a clear window into institutional memory — doing a rigorous analysis to situate the past, understand the present and generate ideas to shape the future.

    This would appear the spirit shaping a one-day conference in Osogbo, the Osun capital, fixed for Friday, September 15, looking at the political epoch of 2015: the electoral win that consummated the political entente between the Nigerian Northwest and Southwest.

    That alliance also led to the electoral sack of a sitting president and defeat of a federal ruling political party — the first time both would happen, in Nigeria’s chequered political history.

    Since independence, and post-Civil War era, the North had always shared power with both the South East and South-South political mainstreams.

    Indeed by 1979, scant nine years after the traumatic Civil War (1967-1970), Dr. Alex Ekwueme, had become Vice President under President Shehu Shagari. Joseph Wayas was also installed as President of the Senate.  That, like all others post-independence, followed the Northwest-Southeast-Southsouth power paradigm.

    Even in 1999, when President Olusegun Obasanjo emerged, it was an Army Arrangement (AA) — apologies to Fela — in spite of the Southwest political mainstream.  ”You want a Yoruba to right the Abiola annulment wrong?”, seemed to growl  the ‘owners of Nigeria’, real or apocryphal, “you’d have one: Olusegun Obasanjo.” Hobson’s choice!

    Since that epochal change, however, a lot has happened — biting economic blues, a natural follow-up to the past gravy of a few, gobbling up the future of the majority.

    Then, numerous crises, real and contrived, starting with the Niger Delta Avengers’ bombing campaigns, the IPOB secessionist agenda, and Christian Association of Nigeria (CAN) anti-”Islamization” crusade, which really appears nothing but vacuous cant by political losers, kicking back on the combustible religious front.

    Throw in the rather lethargic pace of the Buhari Presidency, the late formation of the federal cabinet, the Bukola Saraki-led Senate converting itself into internal but vicious political opposition, and a rather long bout of presidential illness, and you can imagine the high level of distraction the government has faced.

    Yet, how has it been, shorn of the acute frustrations of the magical lobby, stung that there is no Sesame Street in a polity, facing near-ruin, from decades of sleaze and collapse of state institutions?

    The Osogbo Conference, to be chaired by Chief Adebisi Akande, with its triad of star speakers, would hopefully offer a more rigorous view.

    Prof. Mobolaji Aluko, public affairs intellectual, long-term professor of chemical engineering at Howard University, USA before becoming pioneer Vice Chancellor, at Federal University Otuoke, FUO (2011-2015), tackles the first sub-theme: “The Southwest in National Governance: An Appraisal of the First Two Years”.

    The Southwest is clearly Nigeria’s bastion of social democracy (progressive politics, in local parlance), since the epochal free primary education policy of the Obafemi Awolowo era.  It would appear meet, therefore, that a signature Southwest programme, the schools feeding system, now running as pilot in 14 states after a federal adoption, emanated from Osun, despite its lean purse, and the vicious economic times.

    Dr. Charles Akinola, who as director-general,  Osun Office of Economic Development and Partnerships, runs the Osun social safety net policy, complete with the school’s feeding programme, will take the second sub-theme: “From Osun to Abuja: Investing in Social Infrastructure in a Recession”.

    The third sub-theme is about generating fresh ideas to fix the Nigerian political party system, atrophied since 1991, when Gen. Ibrahim Babangida started his old breed-new breed political experiment. That cut off the organic link between political parties and their members, and pushed the party as near-exclusive fiefdom of a few rich members.

    Since it’s a period of restructuring, can Nigerian political parties be rebuilt along federal principles?  Senator Olubunmi Adetunmbi (Ekiti North senator 2011-2015), acute development economist and politician would speak on this theme: “Federalizing Political Parties to Conform with Local Needs.”

     

    Much ado about Ibadan Yoruba summit

    Across the other geo-political zones, there has been quite a response to the Ibadan political summit of September 9.  

    Though there are 2015 electoral losers in the region trying to claw back at relevance aka “restructuring”, and using that braggadocio as 2019 blackmail tool, federalism had been a Yoruba agenda since the Kiriji War (1877-1893).  

    The Kiriji Treaty, which the British midwifed to cement peace in the Yoruba country, was squarely built on guaranteed federalism, among  the Yoruba sub-ethnic groups, as opposed to Ibadan hegemony, that sparked the Kiriji War.  So, Yoruba federalism issued from protest against intra-Yoruba domination.

    Chief Obafemi Awolowo, in his Path to Nigerian Freedom (1949), with his rigorous federalist thinking, only codified the Yoruba distaste for domination, internal or external, but located such distaste in the emerging Nigerian federation.

    That the Southwest was in opposition for so long was because the Awo political mainstream stubbornly stuck to the federalist ethos, while the other regions cut power deals — until the current nationwide “restructuring” epiphany!

    So, let no one impute any extra meaning to the Ibadan conference.  Federalism has always been the pristine Yoruba agenda.

    But perhaps that calls to one of the themes of the Osogbo conference of September 15 — rebuilding Nigerian political parties on the federal principle, fired by local geo-political charter of demands?