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Tag: SMEs

  • Cleric empowers SMEs with multimillion start-up kits

    Cleric empowers SMEs with multimillion start-up kits

    The Planter of Christ Apostolic Church (CAC) Adamimogo, Grace of Mercy Prayer Mountain World-wide, Prophet Sam Olu-Alo, has appealed to government to prioritise support for small business owners in Nigeria, saying Small and Medium-Sized Enterprises (SMEs) play crucial role in driving economic growth and development of the nation.

    He stated that small businesses face numerous challenges, including limited access to funding, inadequate infrastructure, and intense competition from foreign products. 

    Speaking at a programme tagged “Sure Mercy of David” at Jesus City Camp, Lekki/Epe Express way, Lagos, the cleric, who also trained and empowered some of his congregants with multimillion start-up kits, urged government to implement policies that would boost patronage of local products, such as tax incentives, subsidies, and training programs for small business owners.

    Beneficiaries of the empowerment programmes include shoe makers, caterer, phone repairer, make-up artists, and decorators among others.

    According to the prophet, supporting small businesses would not only boost economic growth but also reduce unemployment and poverty rates. 

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    “Some of the products Nigerians imported are not made by government but individuals, SMEs have alot of impact to boost the economy of Nigeria, instead of buying goods from oversea, if we can encourage all the small busines owners, it will bring succor and relief to the current economic hardship been experience by Nigerians.

    “For instance, the wall clock that was built by the beneficiaries of the empowerment, if people like politicians can buy it, it will encourage the people to do more and they can also used the money they realise in it to feed their families, by doing this, terrorism and other criminal act will reduce drastically,” he said. 

    Read Also: Expert to SMEs: embrace cyber security

    He encouraged Nigerians to patronise local products, saying that there is need for conducive business environment that would enable local entrepreneurs to thrive.

    He said by doing so Nigeria can unlock its full economic potential and create a brighter future for its citizens. 

    “Government’s support would be a significant step towards reducing the country’s reliance on foreign products and promoting self-sufficiency.

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    “By working together, we can create a thriving economy that benefits all Nigerians. Government should take proactive steps to support small business owners and promote patronage of local products, thereby driving economic growth and development.

    “For instance in Turkey, their government together with big companies will assemble and train their youths, empower them and also subsidized their products and buy it from them.

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    “In oversea, there is also a law call ‘Hand Made’ which make their own local product be costly than those ones they use machine or technology to produce, meanwhile, government is the one that will give them part of materials for the product.

    “If government can also encourage them and give them material, it will help he country and unemployment is one of the causes of terrorism, robbery, kidnapping, some have their work but their is no tools for them to work,” he stated. 

  • Expert to SMEs: embrace cyber security

    Expert to SMEs: embrace cyber security

    A cybersecurity expert, Dr. Adebola Folorunso, has charged business owners to be proactive in cybersecurity practices in their business and not make it an afterthought to avoid falling victim.

    The expert, who is the co-founder of Absolute Solution Technology, said cybersecurity has become a necessity in today’s digital era for every business, irrespective of its scale.

    Speaking at a virtual lecture during a workshop on Cybersecurity Best Practices for Small and Medium-Sized Enterprises (SMEs) organised by Knowledge Aid Initiative (KAI) in collaboration with the Cyberspace Community Association of Nigeria, Folorunsho said it became necessary for business owners to implement technological measures and practices to protect their systems, networks, and data from cybercrimes, damage, or unauthorized access.

    According to her, SMEs play a significant role in most economies because they are key contributors to job creation and economic growth and must therefore implement measures to prevent, detect, and respond to cyber threats.

    She said: “One might mistakenly think that cyber attackers would only target large corporations or government agencies،however, the realities are quite contradictory. SMEs are becoming increasingly targeted due to perceived weaker online security and other reasons.”

    The expert said that cybersecurity was crucial for SMEs based on the high risk and potential impact of cyberattacks which could result in financial losses, damage to brand reputation, and loss of customer trust.

    Folorunso reiterated that implementing effective cybersecurity measures could be challenging for SME owners due to a lack of financial resources to invest in advanced security measures or to hire dedicated cybersecurity staff.

    She stated that various strategic measures could be taken by SME owners to improve their cybersecurity posture that would not require huge finance.

    Folorunso listed those measures to include regular risk assessments to identify and address vulnerabilities in their IT systems, regular training of employees, and regular updates of software and hardware among others.

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    She said that outdated systems are often targets for cyberattacks and many cyber-attacks leverage known vulnerabilities in software, some of which have been patched by the software vendor but not applied by the user.

    The expert said that every organisation should try as much as possible to prevent, detect, and respond to cybersecurity to tackle cyber-attacks and threats.

    She said that cybersecurity should not be a one-off solution but a continuous process and essential for the longevity and success of SMEs.

    “Stay vigilant, invest in the right tools, engage in regular training, and enforce strong guidelines,” she advised.

    Also speaking at the event, the Chief Executive Office, of Cherithpoint Education and Youth Development Initiative (CEYDI), Dr Olajumoke Akere urged small businesses and educators to prioritize cybersecurity.

    Akere said that adopting best practices to secure sensitive data and maintain operational integrity was crucial for the survival of any business.

    In her remarks, the CEO of Knowledge Aid Initiative (KAI) Dr Success Ojo advised SME owners operating online to be cautious and observe some level of cybersecurity measures in order not to be a victim of cyber-attacks.

    Ojo said creating awareness of cybersecurity issues must be the responsibility of all and sundry for the good of society because attackers and scammers are not relaxing and are always full of different strategies.

    She said it was important for online business owners to implement necessary measures that would enable them to safeguard their businesses, earn customers’ trust, and prevent loss.

  • ‘Govt committed to supporting informal SMEs’

    ‘Govt committed to supporting informal SMEs’

    The minister, Industry Trade and Investment, Doris Uzoka Anite disclosed that the government is committed to supporting small businesses in the informal sector as they contribute largely to the nation’s GDP.

     Anite noted that the report will help the government better understand the informal sector’s needs and proffer solutions that would enhance growth. ‘we will see how we can take every recommendation and move the reports forward. Be assured of government full support, she said.

     The minister stated this at the Nigeria’s Informal Economy Report hosted by Moniepoint Nigeria and SMEDAN in Abuja, she added that this report is most important because the government  will rely on this report to better understand the informal sector and know their needs as it aligns with the renewed hope agenda of financial inclusion in the country.

        The Director General Small and Medium enterprise Development Agency SMEDAN Charles Odii said  the government is doing a lot but the small businesses are not aware, which is why SMEDAN has taken it upon itself to handhelp the small businesses.

        According to Odii, “Business owners should endeavor to form an association or corporatives so they can access funds for their businesses. There are 40 million businesses operating in Nigeria today and Moniepoint has has been able to reach out to 5% out of the 40million of  these businesse”.

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        He lamented that most businesses decided to remain informal because of stiff government regulations. This among other important reasons is why the government wants to start supporting small businesses in clusters. small businesses remain the engine room  of the economy  and served as the pistons providing momentum.

        He said the vast majority of the country’s 40 million small businesses resided in the informal sector, which accounted for millions of jobs in the economy, ensuring their survival and growth remains crucial for poverty elimination, rural industrialisation, and the enhancement of livelihoods.

  • Adedipe, others for SMEs confab tomorrow

    Adedipe, others for SMEs confab tomorrow

    Founder/Chief Consultant, B. Adedipe Associates Limited, Dr. Biodun Adedipe, and some experts in the financial services sector, are set to dissect how to bring the Small and Medium Scale Enterprises (SMEs) into the financial services network via fintech at the Supernews Nigeria SMEs Confab 2024 tomorrow.

    The event with the theme “Bringing SMEs into the financial services network via Fintech” will hold at GRA Ikeja, Lagos.

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    According to the convener, the Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, the choice of  Adedipe as the keynote speaker, is a reflection of his extensive professional background, expertise and knowledge of the financial services sector and economy.

    It will be chaired by the Executive Vice Chairman, Nigerian Communications Commission (NCC) while the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) will open the event.

  • ‘How SMEs can expand businesses’

    ‘How SMEs can expand businesses’

    For owners of Small and Medium Enterprises (SMEs), founders, corporate innovators and business executives have been advised to cultivate flexibility and agility which are critical traits to scale up and expand their businesses.

    The Managing Director/CEO of Rite Foods Limited, Seleem Adegunwa, gave the advice at ‘The SME Scale-Up’ Module 2 workshop held over the weekend at Four Points by Sheraton, Victoria Island, Lagos.

    The SME Scale-Up was a platform targeted at SME CEOs in Nigeria who desire to scale up and expand their businesses.

    In a session facilitated by Adegunwa, he said: “In entrepreneurship, agility is the name of the game. You can be very dogged as an entrepreneur, but very flexible”.

    The Rite Foods’ boss urged the participants to ignite their spark by developing their staying power to succeed in business, and also admonished them to be adaptable.

    “Say no to distractions and focus on innovation and embrace technology to overcome all challenges for exponential growth,” Adegunwa said.

    Adegunwa, who has never hidden his drive to inspire future entrepreneurs that would make significant growth to the nation’s economy and improve the quality of their workforce, stressed the need for founders, business leaders and executives to stay focused despite the prevailing uncertain in the economy.

    He also urged them to strive for excellence and imbibe critical success traits like integrity, innovation and accountability to weather the storms.

    The Managing Director, SevenUp Bottling Company Ltd and founder of The SME Scale-Up, Ziad Maalouf, reiterated the initiative’s goal of equipping SMEs with the knowledge, skills, and network they need to overcome growth barriers.

    He also said it was aimed at helping them scale their businesses sustainably and create lasting employment opportunities in Nigeria.

    The President, Nigerian Association of Small and Medium Scale Enterprises (NASME), Dr. Abdurashid Yerima, commended the workshop and its facilitators for addressing critical issues affecting the development and growth of SMEs in Nigeria.

    He stressed the need for more collaboration with CEOs, founders, executives and their teams to find and implement the best solutions to their toughest challenges for rapid acceleration and growth to bridge the unemployment gap in the country.

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    The SME Scale-Up Module 2 is the second in its series, tagged “Igniting The Spark – Where Talent Meets Harmony For Unstoppable Growth”. It is a workshop aimed at reducing the rate at which small businesses fail and decrease the rate of unemployment in Nigeria.

    Its vision is to be a leading catalyst for scaling SMEs, fostering a thriving entrepreneurial ecosystem, and drive sustainable employment for one million Nigerians by 2035. The event was characterized by networking opportunities with top SME founders, aspiring SME owners, CEOs, business executives and entrepreneurs who explored case studies, simulations, and group learning activities in topics such as Leadership and Management; Business Strategy; Financial Management; Marketing and Sales; Human Resources; Operations Management and Business Ethics.

  • Bayelsa mulls economic stimulus for SMEs development

    Bayelsa mulls economic stimulus for SMEs development

    The Bayelsa State Government has expressed its desire to strengthen small and medium enterprises (SMEs) through effective and well-coordinated cooperative societies to enhance economic development of the state.

    The Deputy Governor, Senator Lawrence Ewhrudjakpo, stated this when he granted audience to the Director General and members of the Bayelsa State Bureau for Cooperative Development (BSBCD) at his office in Government House yesterday.

    The Deputy Governor, who emphasised that effective cooperative societies were the backbone of thriving SMEs, noted that the government was considering distributing soft loans as economic stimulus packages to some enterprising youths and women through strong cooperative societies in the state.

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    He stated: “The success of SMEs and the development of any economy depends largely on the effectiveness of cooperatives. Without strong and effective cooperatives, SMEs will not survive.

    “There is a nexus between survival of SMEs and effective cooperative societies because cooperatives are the seeds with which the germination of the economy protrudes into the SMEs and generally jumpstarts the economy.

    “Unfortunately, we are not paying adequate attention to the development of cooperatives in Nigeria. And so, I think your major challenge is that of enlightenment because quite a lot of people are still very naive and ignorant about cooperatives.

  • Reforms vital to SMEs growth, others, says don

    Reforms vital to SMEs growth, others, says don

    • By Tosin Odunewu

    A professor of Risk Management and Insurance at the University of Lagos (UNILAG), Tajudeen Yusuf, has stressed the need for policy reforms to improve  business environment and encourage Small and Medium Scale Enterprises, (SMEs)

     participation in global value chains, as well as adoption of strategies to enhance export competitiveness and diversification.

    Prof. Yusuf, spoke on UNILAG campus  at  a Tertiary Education Trust Fund (TETFund) sponsored stakeholders  workshop on  research on SMEs. It was entitled:  “Institutional quality, SMEs productivity, global value chains participation and export intensity in Nigeria.”

    Yusuf,who is the Principal Researcher on the SMEs project said SMEs are hindered by limited access to finance, inadequate infrastructure, high operating costs, lack of skilled labor, regulatory burdens, and limited technological capabilities, among others.

    “SMEs are to create jobs, wealth and be able to compete globally, but that is not fully the case in Nigeria for a number of factors. Some of them don’t even know the value of what they produce. They lack information with which to turn around the fortunes of their businesses. Some of them have had their goods destroyed abroad because they could not meet international standards,” he said.

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    Director, Quality Assurance, SERVICOM, UNILAG, Prof. Olufemi Saibu, said despite constituting over 80 percent of businesses in Nigeria, SMEs, contribute less than five percent to the nation’s export to other nation.

    Giving the background to the research, said TETFund gave them the grant for the research in 2022.

    ” We went to 13 states in the country after being given the grant. We administered over 6,500 questionnaires in 39 local government areas in those states. It was done from July to August 2022. We interacted with a number of agencies like SMEDAN and our findings revealed many things.

    “In the course of conducting the research, we discovered that some business owners hoard information about their businesses, some believed that the effort was to tax them. Also, political instability prevented us from gaining access to some areas among others,” he said.

  • Expert makes case for SMEs

    Expert makes case for SMEs

    Financial investment expert Oluseyi Fayemi, CEO of Sohcahtoa Investments Limited has shed light on the role of financial advisory services in empowering Small and Medium Enterprises (SMEs).

    Disclosing this to the press recently, he highlighted the importance of financial advisory services in empowering SMEs.

    Financial advisory services are indispensable for SMEs as they offer essential guidance to thrive in  financial environments.

    Fayemi said, “These services enable SMEs to make informed decisions, optimize resources, and seize growth opportunities effectively.”

    SMEs often face a myriad of financial challenges, including limited access to capital, cash flow management issues, and a lack of financial expertise.

    Financial advisory services provide tailored solutions, offering strategic insights and assisting in financial planning, budgeting, and risk management.

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    “Embracing innovative financial technologies under the guidance of advisors enhances SMEs’ operational efficiency, facilitating smoother transactions and improving financial transparency.” he explained.

    Furthermore, financial advisors play a pivotal role in bolstering SME businesses during economic adversities and market fluctuations.

    Through proactive risk mitigation strategies and contingency planning, advisors help SMEs weather uncertainties and sustain long-term growth.

    Fayemi asserts, “Empowering SMEs through financial advisory services yields far-reaching benefits, including enhanced economic growth and job creation.”

    For SMEs looking to leverage financial advisory services, establishing clear communication channels, setting realistic goals, and embracing technology-driven solutions are crucial steps toward achieving sustained growth and development.

    “It’s essential to prioritize collaboration with experienced advisors,” he said, “to ensure SMEs receive the necessary guidance and support for their financial endeavors.”

  • Repositioning brand crucial for SMEs survival

    Repositioning brand crucial for SMEs survival

    Small and Medium Enterprises (SMEs) have been urged to consider brand repositioning as a key strategy for thriving in today’s competitive market.

    General Manager, Enterprise Marketing, MTN Nigeria, Charles Okonkwo, emphasised the importance of focusing on branding to establish stronger connections with customers and stand out in a crowded marketplace during his presentation at the Ecobank MySME Growth Series webinar.

    He stressed that understanding how customers perceive their brand is essential for SMEs to succeed in a fiercely competitive environment.

    Okonkwo highlighted the significance of humanising the brand and making bold statements to create a distinct and impactful brand identity.

    According to him, a brand is more than just a logo or tagline – it encompasses the values and essence of the company.

     “There is a need for SMEs to gather feedback from customers to identify strengths and weaknesses and to utilise both digital and traditional channels to engage with their target audience effectively.

    Read Also: AXA Mansard backs MSMEs owners with grants

    “By focusing on areas such as price, service delivery, innovation, and brand strength, SMEs can differentiate their products and address customers’ unmet needs,” Okonkwo said.

    The Ecobank MySME Growth Series, launched in February this year, aims to empower SMEs operators nationwide.

    As part of the bank’s commitment to training over 1 million SME operators by 2024, the series covers essential topics such as accounting, credit, sales & marketing, taxation, and inventory management.

    Additionally, resources on increasing sales, advertising strategies, business management practices, case studies, and technology utilisation will be provided to participants.

    Ecobank also plans to introduce an SME Mentorship program in collaboration with successful entrepreneurs, demonstrating the bank’s dedication to supporting growth and success within the SME community.

  • Business analysis imperative for Nigerian SMEs

    Business analysis imperative for Nigerian SMEs

    Nigeria boasts a thriving ecosystem of small and medium-sized enterprises (SMEs). These businesses are the backbone of the economy, driving job creation and innovation. However, many SMEs face challenges in streamlining operations, maximising resources, and achieving sustainable growth. This is where business analysis (BA) steps in – a powerful tool often overlooked by smaller businesses.

    Business analysis is the practice of examining an organisation’s current state, identifying areas for improvement, and recommending solutions to achieve specific goals. A business analyst acts as a bridge between business stakeholders and technical teams, ensuring that technology is effectively aligned with business needs.

    Mrs. Success Ajilore, a certified and highly respected business analyst in Nigeria, emphasises the value proposition for SMEs.

    “Many small businesses operate on instinct or tradition. Business analysis brings a structured approach to problem-solving. BAs can help SMEs identify inefficiencies in workflows, improve data collection and utilisation, and ultimately make better decisions to achieve their objectives.

    “Let’s explore some real-world scenarios where BAs can significantly benefit Nigerian SMEs, Streamlining Inventory Management: A clothing boutique owner struggles with frequent stockouts and overstocked items. A BA can analyse sales data and customer trends to optimise inventory levels, reducing waste and ensuring availability of popular items,” she said.

    Enhancing Customer Service

    A restaurant receives numerous complaints about long wait times. A BA can analyse customer flow and identify bottlenecks in the ordering and delivery process. By proposing solutions like online ordering or staff redeployment, BAs can improve customer experience and boost repeat business.

    Optimising Marketing Campaigns

    A bakery owner spends a significant amount on social media marketing with minimal return on investment. A BA can analyse campaign data to understand customer demographics and preferred platforms. This allows for targeted marketing campaigns, leading to better engagement and increased sales.

    Read Also: SMEDAN to remove obstacles hindering SMEs’ growth

    The Strategic Advantage of BAs

    The benefits of business analysis extend beyond operational efficiency. BAs can be instrumental in helping SMEs achieve strategic goals. Imagine a local soap manufacturer looking to expand into new markets. A BA can analyse competitor data, identify potential customer segments, and recommend product adaptations to cater to specific regional preferences. This strategic analysis can give the manufacturer a competitive edge in a crowded marketplace.

    Industry leaders weigh in

    Dr Adebola Olubodun, a professor specialising in entrepreneurship at the Lagos Business School, highlights the importance of data-driven decision making for SMEs: “In today’s competitive landscape, data is king. Business analysts are skilled in data analysis and can help SMEs understand their customers, optimise pricing strategies, and make informed decisions based on real-world insights.”

    Chikezie Ofili, CEO of a successful consulting firm focused on empowering SMEs, emphasises the long-term impact of BAs: “Investing in business analysis might seem like an additional expense for a small business. However, the long-term benefits outweigh the costs. By streamlining operations, making data-driven decisions, and achieving strategic goals, SMEs can experience significant growth and profitability.”

    Empowering SMEs for success

    Business analysis is not just for large corporations. By embracing this powerful methodology, Nigerian SMEs can gain a significant competitive advantage.

    Ajilore adds: “Business analysis is an investment in the future of your business. By partnering with a BA, you’ll gain valuable insights, improve efficiency, and unlock the full potential of your SME, contributing to a thriving Nigerian economy.”

    With a growing pool of skilled business analysts in Nigeria, SMEs now have the opportunity to leverage this expertise and achieve their entrepreneurial dreams.