The Nation Newspaper

Tag: SMEs

  • Newspaper lists firm as fastest growing SMEs

    Newspaper lists firm as fastest growing SMEs

    Yonsus Global Ventures, a Nigerian indigenous construction and building services company, has been named on the 2025 BusinessDay Top 100 Fastest Growing Small and Medium Enterprises in Nigeria. The listing recognises firms demonstrating performance, scalability and market relevance.

    Yonsus Global is a privately owned limited liability company that operates in all construction-related activities.

    Its operations cover civil engineering, project management and monitoring, building material procurement and maintenance services. Yonsus Global also undertakes general contracting, trading, marketing and procurement of goods and services, with activities in sewage and drainage systems, earthworks, haulage, warehousing, metal fabrication and furniture.

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    The company noted that its operations are technology-enabled and customer-oriented, with the objective of delivering reliable construction solutions while maintaining quality standards on projects. Yonsus Global operates under the principles of Total Quality Management and Just-in-Time systems designed to ensure efficiency, accuracy and consistency in project execution.

    Yonsus Global is headquartered at Abuja with offices at Edo and Lagos.

    The company’s mission centres on providing a broad and integrated range of construction materials, logistics and support services to the construction industry and the oil and gas sector. It emphasises compliance with health, safety and environmental regulations, alongside quality-driven service delivery through Total Quality Services.

    Strategically, Yonsus Global Ventures focuses on structured goal-setting across business units, maintaining accurate client databases, real-time customer engagement and strict adherence to specification-driven quality standards. The company states that these principles guide its operational planning and long-term growth strategy.

    Yonsus Global Ventures is led by Andrewyoung Ehidiamhen, Managing Director and Chief Executive Officer, who oversees the company’s strategic direction and operations. Under his leadership, the company has prioritised integrity, excellence, safety and sustainability as core operational values.

    The BusinessDay Top 100 Fastest Growing SMEs ranking is determined using criteria such as revenue growth, scalability, innovation, market expansion and business sustainability. Yonsus Global Ventures’ inclusion reflects its recorded performance and continued participation within Nigeria’s construction and infrastructure services ecosystem.

    Yonsus Global Ventures stated that it will continue to strengthen its service offerings, deepen client partnerships and maintain its focus on quality, safety and environmental responsibility as it expands its operations.

  • Entrepreneur urges government to strengthen SMEs

    Entrepreneur urges government to strengthen SMEs

    By Sherifdeen Amusa

    Chief Executive Officer of New Chip Technology Limited, Jesufemi Adeogun,  has urged  the government to adopt  practical measures to strengthen  Small and Medium-scale Enterprises (SMEs) in the face of challenging business environment.

    Adeogun lamented  that the current economic policies are not addressing the core challenges faced by SME’s.

    Decrying the operational challenges faced by SME’S, particularly power supply, he said business owners at Ikeja Computer Village, for instance, are forced to rely on generators and buy expensive fuel which would have eroded their profits.

    He noted the potential health hazards of relying on generators.

    Adeogun urged the government to subsidise infrastructure in major business clusters such as Computer Village and Alaba International Market and reinforce the area with good telecommunications system to prevent the lack of services that result in waste of time and money.

    He said: “Even basic services like mobile network connectivity are unreliable in areas that generate billions of dollars per day.”

    He urged the government to  prioritise and protect local business hubs.

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    While praising the government for granting tax reliefs to small businesses, he, however, noted that many SMEs are unaware that the law still requires them to file monthly tax reports despite the reliefs, exposing them to penalties.

    “There is no negligence under the law,” he warned, adding that many entrepreneurs may miss out on intended benefits simply due to ignorance.

    Highlighting his company’s interventions, he said they have organised digitalisation and business development workshops in partnership with Facebook, Google, NASIMA, and other business associations to help SMEs grow.

    He urged the government to acquire minority shares in thriving Nigerian-owned businesses, just as it has done with the Dangote Refinery.

    He added  that if the government invests five–10 per cent equity in high-performing SMEs, it would not only boost their stability but also strengthen the national economy.

    Adeogun added: “Such direct investments, combined with improved infrastructure, would significantly reduce the rate at which SMEs struggle or collapse”

  • Summit to award $50,000 credits to SMEs

    Summit to award $50,000 credits to SMEs

    Organisers of the Mentor Matchup Challenge 7.0 (MMC 7.0), an initiative of 234Finance, have unveiled a robust suite of benefits tailored for Small and Medium Enterprises (SMEs) attending the summit this December.

    One of the key highlights of this year’s SME benefits is the provision of up to $50,000 in Amazon Web Services (AWS) cloud credits for eligible businesses.

    This significant contribution is designed to reduce the barrier to entry for digital transformation by helping Nigerian businesses leverage world-class cloud computing power to streamline their operations and expand their digital footprint.

    In addition to technical resources, the MMC 7.0 summit will provide complimentary professional headshots for entrepreneurs, along with tablets to support their operational needs.

    This initiative addresses a vital aspect of corporate branding and visibility, ensuring that African founders are well equipped to engage with international partners and investors.

    These benefits, according to 234Finance.com, a platform that promotes African entrepreneurship through capacity building, mentorship and access to finance, complement the event’s core programming, which focuses on practical business insights rather than theory.

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    Participants will have direct access to over 30 industry leaders and mentors, with opportunities for curated one-on-one sessions to resolve pressing business challenges.

    Furthermore, the event will host over 30 exhibitors showcasing Africa’s most innovative indigenous brands, which will create a viable marketplace for peer-to-peer learning and commercial partnership.

    By integrating high-value technical resources with mentorship and branding support, MMC 7.0 reinforces capacity building, one of 234Finance’s core values including Content, Community, Collaboration, Capacity Building, and Capital.

    The event aims to equip entrepreneurs with the necessary tools to rethink their business strategies and position themselves as competitive players in the African Continental Free Trade Area (AfCFTA).

    MMC 7.0 is scheduled to take place on Thursday, December 4, and Friday, December 5, 2025, at the Oriental Hotel, Victoria Island, Lagos, Nigeria. It is a ticketed event with various categories available for both local and international delegates.

  • Foundation holds business clinic for SMEs

    Foundation holds business clinic for SMEs

    The Rose of Sharon foundation recently kicked off this year’s Business Clinic for young entrepreneurs.

    Tagged: The Business Clinic: Carving the Path to Business Success and Resilience, the programme, now in its third edition, kicked off November 13 at the Rose of Sharon Glorious Ministry International, Ogunlana Drive, Lagos, and will span four months, climaxing in February 2026.

    The 3-in-1 programme classified into Masterclass, Coaching and Mentorship sessions, had facilitators like Mrs. Bukola Majekodumi, CEO, Bosworth  Marketing Consulting; Mrs. Ayodeji Megbope, CEO, No Leftovers Limited; Olufemi Peter Adedokun, CEO Mesopetra Limited; Olusola Gbobaniyi, Head of Talent Acquisition (People) and Organisation Improvement, Stressert Integrated Limited; Dr Senukon Ajose-Harrison, CEO Ascent-Gold Intercontinental Consult Limited; Eng Taiwo Sunday TokunboBewaji, Assistant Director Training at Lagos State. Public Service Staff Development Centre and Elizabeth Achike Osegbue, Sales/Marketing Manager at Fibrecom Limited, attending to the participants.

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     The Chief Host was founder, Group Managing Director of The Rose of Sharon Group, Apostle Folorunso Alakija.

    According to The Rose of Sharon Country Director, Dr. Ndudi Bowie, “The Business Clinic is designed for young SMEs; young people who are entrepreneurs or self-employed in their own business. Like a normal clinic where you go to see a doctor when you’re not feeling well or have challenges, the Business Clinic is where SMEs come with their Pain Points. Bear in mind that we are particular about that word, PAIN because of the word CLINIC.”

    She explained further that the over 70 participants were divided into four groups based on their pain points: Strategic Direction, Risk Management and Mitigation (being manned by Engr. Bewaji); Resource Mobilisation and Sustainable Financing (Mrs Ayodeji Megbope); Growth, Visibility, Staffing and Business Structure (Mrs. Achike Usegbue); and Branding, Marketing and Sales (Dr. Ajose Senokon Harrisson).

    Aside from speaking on these areas, Bowie said the facilitators would also be addressing the specific challenges of each of the participants in their group, with an opportunity of further mentorship based on their individual performances.

  • SMEs, others to get digital tools for more efficiency

    SMEs, others to get digital tools for more efficiency

    A platform, Afiam,  has said it will empower small and medium-sized enterprises with digital tools to enable them grow efficiently in a fast changing economy. Developed by Zit Technology Services Limited, it is designed to simplify business operations for traders, entrepreneurs, and SMEs.

    Founder and Chief Technology Officer, Chinonso Dickson said it was created to bridge the gap between traditional trading and modern business management.

    “ We want to give SMEs the same level of efficiency, insight, and control larger enterprises enjoy,” he said.

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    He said it provides tools that help entrepreneurs manage operations, track sales, and make smarter decisions.

    Operating Manager, Christian Okanu added that the platform has evolved into a robust ecosystem focused on secure shopping and efficient delivery.

     Chief Operating Officer,  Ifeoluwa Oyewole, and Head of Sales & Marketing, Uzoamaka Olejeme, stressed the platform’s accessibility, supported by outreach campaigns and a N2,000 welcome credit for new users.

    Dickson added that though serving different audiences, the initiatives use technology to make life easier for consumers and help businesses grow.

  • Microinsurance conference to upskill SMEs, others

    Microinsurance conference to upskill SMEs, others

    Small businesses and vulnerable households in Nigeria are set to benefit from fresh ideas on how to expand access to microinsurance at Goxi Microinsurance’s Third Annual Conference in Lagos.

    The event, holding next Wednesday at Radisson Blu Hotel, Ikeja, will be held in partnership with the microinsurance network, an international multi-stakeholder platform for experts to work on key development areas in inclusive insurance

    The theme: “Reflection on Microinsurance in Nigeria for Inclusive Growth,” will drive discussions on how affordable insurance can shield low-income families, traders and MSMEs from unexpected financial shocks.

    Goxi Microinsurance has a track record of paying out claims to victims of market fires, accidents, and social crises. In the last five years, the company paid over N636 million claims to vulnerable low income holds in Nigeria.

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    “Microinsurance in Nigeria has come a long way, but we must do more to ensure that vulnerable households and small businesses are adequately protected,” said Shina Gbadegesin, managing director.

    Industry watchers note that many traders still operate without protection, leaving them exposed when disasters strike. The conference will explore digital solutions, gender-focused products, and community partnerships that can close this gap and support economic growth

    “When a market fire or accident happens, insurance should not be a luxury. It should be a lifeline,” said Gbadegesin.

    Goxi’s efforts have earned it recognition, with awards as Leading and Excellent Microinsurance in Nigeria.

    This edition will bring together thought leaders and industry stakeholders for impactful sessions, exhibitions, and networking.

  • Firm unveils initiative to connect SMEs with funding opportunities

    Firm unveils initiative to connect SMEs with funding opportunities

    The Institute of Entrepreneurship and Apprenticeship Management and Administration (IEAMA) has unveiled its flagship initiative, Finance Meet Entrepreneur 2025, designed to connect small and medium-scale enterprises (SMEs) with financial institutions, with the aim of boosting economic growth across Nigeria.

    The programme officially launched at an inaugural event held in Lagos, where IEAMA also inducted new members and highlighted the vital role microfinance banks play in empowering entrepreneurs and combating poverty nationwide.

    Speaking at the event, IEAMA’s Acting Registrar, Jerry Ibeh, emphasised the institute’s mission to professionalise entrepreneurship in Nigeria.

    He noted that a key focus is the formalisation of the traditional Igbo apprenticeship model, IgbaBoy, which has contributed significantly to the growth of the informal sector.

    “We are working towards professionalising entrepreneurship, starting with the IgboBoys system practiced in Igbo land. When you assess Nigeria’s economy, it’s clear that this group is driving significant growth,” Ibeh said.

    He further explained that IEAMA acts as a bridge between entrepreneurs and financial institutions, ensuring that loans are properly utilised.

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    “There are financial institutions partnering with us to empower entrepreneurs after they acquire skills. We follow up to ensure that if someone borrows 20 naira, it is spent on the intended purpose,” he added.

    IEAMA has also partnered with the National Youth Service Corps (NYSC) through the Skill Acquisition and Entrepreneurship Development (SAED) programme to train corps members in practical entrepreneurial skills.

    Delivering the keynote address, Dr. Adebosin Gbadebo, Acting Provost of the Lagos State Cooperative College, underscored the importance of SMEs to the Nigerian economy.

    He noted that SMEs make up about 96% of businesses in the country and contribute roughly 40% to the gross domestic product (GDP).

    “Without access to finance, no business can thrive. Nigeria’s economy largely depends on the activities of SMEs,” Gbadebo said, adding that as of 2025, more than 800 microfinance banks are operational across the country.

    He also classified businesses into four main categories: nano enterprises with annual revenues below N3 million; micro businesses generating between N3 million and N5 million; small enterprises with turnover up to N29 million; and medium businesses employing up to 200 staff.

    Among those decorated with IEAMA’s doctorate was Dr. Edwin Ashibudike Nwabaku, a pastor and businessman who said the programme deepened his understanding of entrepreneurship.

    Nwabaku said he plans to integrate IEAMA programs into his church’s empowerment initiatives.

  • Firm secures CBN licence, targets SMEs, others

    Firm secures CBN licence, targets SMEs, others

    Sync Capital and Advisory Ltd has secured a Finance Company Licence from the Central Bank of Nigeria (CBN). The Company will operate as Sync Finance Company Limited.

    This regulatory milestone authorizes Sync Finance to operate as a licensed non-bank finance company, focused on bridging funding gaps for underserved MSMEs with a view to stimulate diverse sectors of the economy.

    Positioned at the intersection of finance and technology, Sync Finance is poised to deliver an inclusive financial services ecosystem that supports Nigeria’s development goals through the empowerment of viable entrepreneurs leading small businesses, stimulating employment, and accelerating GDP growth.

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    Speaking on the development, the Chief Executive Officer, Sync Finance Company Limited, Mr. Ikenna Imo was pleased with this milestone and emphasized the need for responsive and innovative financing solutions as an integral ingredient to stimulate economic growth. “Our mission is to be the financial institution of choice for budding/established Entrepreneurs and MSMEs in the markets where we operate. He further confirmed the Company’s resolve to leverage data-driven credit assessments, accessible and expedient loan considerations, and embedded investment digital tools, which aim to unlock capital for the everyday Nigerian entrepreneur and business.”

    In addition to deploying accessible credit, Sync Finance will also provide tiered investment products, providing both individual and institutional investors the opportunity to access rewarding and secure investments delivered conveniently through digital channels.

    Commenting further on the Company’s strategic direction, Non-Executive Director, Mr. Uhabia Ojike noted: “Sync Finance is uniquely positioned to fund the real sector, especially in key areas like retail trade, and local value chains. With the backing of an experienced Board and a robust governance framework, we are building a financially sound and impact-driven institution that reflects the aspirations of the Nigerian economy.”

    Sync Finance’s leadership comprises professionals with decades of experience in commercial banking, structured finance, credit risk, professional services, oil & gas and financial technology, ensuring strong governance oversight and execution discipline.

  • Why Nigerian SMEs stay small

    Why Nigerian SMEs stay small

    • By Akinwale Muse

    Sir: Nigeria doesn’t lack entrepreneurs. Across Lagos, Abuja, Port Harcourt, and Kano, you’ll find energy everywhere: new brands, side hustles, and businesses springing up daily.

    But here’s the uncomfortable truth: Most will stay small. Not because their products are bad, or markets aren’t ready, but because their businesses are structurally weak.

    We glorify the hustle but rarely build for scale. We celebrate branding but ignore backend systems. We chase visibility but forget margins.

    SMEs make up 96% of Nigerian businesses and employ 84% of the workforce, yet most never cross N50 million in annual revenue. Why? Because they stay small by design, not by destiny.

    Many SMEs look polished on the outside but are shaky underneath. Founders are pricing by guesswork, burning out from micromanagement, struggling to meet demand, and unsure how to grow without chaos.

    I once sat with the owner of a fast-rising fashion label. She had 50,000 Instagram followers and orders pouring in. But when her lead tailor quit, delivery stalled. She told me: “People love the brand, but I feel like the whole business rests on my shoulders.”

    Orders piled up unfulfilled. Customers fled. Hype couldn’t save them. Structure could have.

    What most SMEs need is not more followers, or even more funding. They need a review. They need structure. They need processes that make scale possible.

    Getting ahead is not just working harder. It is doing the quiet, often invisible work that builds staying power. It means building workflows rather than just burning more hours. It means structuring your business so it can survive without you.

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    It means understanding numbers beyond revenue. It means delegating with clarity, not blind hope.

    The hard question every founder should ask is this: “If I stepped away for 30 days, would this business still function?”

    Small and medium businesses already employ most Nigerians. But too many remain hand-to-mouth operations, unable to withstand rising inflation, unstable costs, or supply chain shocks.

    If Nigeria truly wants to diversify beyond oil, the path runs through SMEs that scale. Not hustles that hustle harder, but businesses that build backbone. That is the Nigeria we must choose.

    Founders must take responsibility. But banks, investors and the government also have a role to play. Credit should reward good management, not just branding. Capital should flow to businesses that can prove organisation, not just visibility.

    If Nigeria is to build a generation of businesses that attract investment, survive shocks, and compete internationally, we must change what we celebrate. Not just hustle and hype, but structure and staying power. The future belongs to founders who build backbone, not just buzz.

    And for Nigeria, the choice is urgent: remain a nation of small hustles, or become a nation of scaled enterprises.

    Our growth and our future depend on it.

    •Akinwale Muse,

    Lagos.

  • Lagos targets $1b from SMEs

    Lagos targets $1b from SMEs

    Lagos government is targeting an additional $1 billion in annual income through small and medium enterprises, following the graduation of 253 beneficiaries of the Lagos State Export Readiness Training Programme. Twenty of the graduates have been selected to represent Lagos and showcase ‘Made in Lagos’ products at the 2025 Intra-African Trade Fair in Algiers, Algeria, in September, said a statement by Folasade Bada-Ambrose, commissioner for commerce, cooperatives, trade, and investment, on Monday. Governor Babajide Sanwo-Olu stated at the graduation on Friday that Lagos currently accounts for more than 60 percent of Nigeria’s non-oil exports, valued at $5.3 billion in 2024.

    Mr Sanwo-Olu, represented by his special adviser on works, Adekunle Olayinka, said the graduation of the SMEs was expected to drive an additional $1 billion in foreign exchange inflows annually within the next five years. “From the very beginning of this administration, we understood that the destiny of Lagos could not and would not be built on oil alone, nor solely on large corporations. Our economic future rests on the vibrancy of our micro, small, and medium enterprises, the true backbone of our economy, the heartbeat of our markets, and the silent engines of innovation,” he said.

    Mr Sanwo-Olu said the programme was designed to build a new generation of exporters who would take Lagos brands beyond the country’s borders. When LASERP was conceived, our vision was clear: to prepare Lagos entrepreneurs to compete beyond our shores, to diversify our economy away from oil, and to position Lagos as the gateway of trade for Nigeria and Africa. Today, as we witness the graduation of these exceptional SMEs, we see that vision become reality. You are now positioned to scale, innovate, and stand tall in regional and global markets,” the governor said. Minister of Finance, Wale Edun, represented by his special adviser on communications, media, and publicity, Ogho Okiti, commended the partnership of Afreximbank and ImpactHER.

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    He said that it demonstrated the role of strategic collaborations in unlocking Nigeria’s export potential and long-term economic growth. “The programme had produced exporters, innovators, and pioneers who would carry the Lagos spirit across Africa. Under the visionary leadership of Mr Governor and Mr Deputy Governor, Lagos has declared boldly: we will not be local champions; we will be global competitors. “That is why LASERP was born to move our SMEs from the streets of Lagos to the shelves of the world,” he said. Regional chief operating officer of Afreximbank, Allain Mbongue, said the programme had set off a new generation of export-ready champions who would shape Africa’s economic story. Founder of ImpactHER, Efe Ukala, said the training focused on digital and brand transformation to help entrepreneurs stand out in the global export market. Director of SME Development at Afreximbank, Ody Akhanoba, said the programme provided participants with websites, customised digital marketing strategies, and access to single-digit interest loans. “Two loans are already being processed. Participants also shipped more than a dozen 20-foot containers of goods in the past six weeks. Also, 10 businesses secured international trade certification, opening long-term access to new markets,” he added.