The Nation Newspaper

Tag: SMEs

  • Firm eyes $250m fund to support SMEs

    Firm eyes $250m fund to support SMEs

    Climate and impact fund manager Camco Camco is developing a $ 250 million REPP 2 fund to invest in the African grid of the future and the small and medium-sized enterprises (SMEs) building it.

    The private debt fund is structured as a blended finance vehicle to leverage public, private and commercial funding to invest in small-scale and decentralised renewable energy projects in Sub-Saharan Africa, with a particular focus on supporting Least Developed Countries.

    The fund will be supported by a technical assistance facility ( TAF),which will serve  an accelerator for the  REPP 2 debt fund.

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    The new accelerator will play a critical role in achieving REPP 2’s goal of delivering significant climate, economic and gender impacts while ensuring sustainable returns for investors by addressing both the financial and non-financial barriers that are currently impairing project development and slowing down investments.

  • ‘Govt’s support pivotal to SMEs credit outlook’

    ‘Govt’s support pivotal to SMEs credit outlook’

    The President, Association of Micro Entrepreneurs of Nigeria (AMEN), Prince Saviour Iche, has said increasing the government’s support for ailing Small and Medium-sized Enterprises (SMEs) will help boost the sector’s credit rating.

    He said limited access to financing and dwindling revenue occasioned by the economic climate has pushed many enterprises into financial stress amid a rise in borrowing costs.

    He advocated the government’s support in the form of grants and waivers, arguing that this would aid indebted entrepreneurs to ensure they meet their debt servicing costs and rise from their predicaments.

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    According to him, “so many SMEs were facing a lot of challenges which have culminated into huge liabilities which came at material costs that have undermined their financial strength and potentially its creditworthiness.”

    “What the SMEs need is an effective debt relief vehicle to effectively address the issue of financial concerns,” the AMEN boss insisted.

  • Over 100 SMEs  for Africa foods, products confab

    Over 100 SMEs  for Africa foods, products confab

    Over 100 Small and Medium Enterprises (SMEs) are expected to exhibit at the African Food and Product Exhibition scheduled to hold next month.

     The exhibition is organised by the Nigerian-American Chamber of Commerce (NACC).

    With the theme: African Food & Product Exhibition, Actualising Sustainable Economic Growth, “Think Global, Be Local”, the exhibition is also expected to attract more than 3,000 attendees and participants.

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    The National President of the Chamber, Dame Adebola Williams, who made this known at a briefing in Lagos, stated that the only thing that would improve the Nigeria situation, especially at this crucial moment is production.

  • 51% of SMEs record decline in revenue since Covid-19 outbreak

    51% of SMEs record decline in revenue since Covid-19 outbreak

    Fifty-One percent of SMEs in Nigeria have reported a decline in revenue since the 2019 Covid-19 outbreak. Also, the high cost of transport was identified as a leading cause, accounting for 85 percent of the challenges faced.

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    These were  contained in the  third edition of the ‘African Agribusiness Outlook Report’ which sheds light on the impact of the “Triple Crisis” – Covid-19 pandemic, climate change, and the Russia-Ukraine conflict – on small and medium-sized agribusinesses in Nigeria, Zambia, and Tanzania. The report, which was released by Alliance for a Green Revolution in Africa (AGRA),  an African-based organisation that seeks to catalyse agriculture transformation in  the continent, noted that medium-sized businesses were affected the most but recovered faster than smaller businesses.

  • ‘SMEs bedrock of every economy’

    ‘SMEs bedrock of every economy’

    Small and medium-sized enterprises (SMEs) are the bedrock of every nation’s economy, the Founder and Chief Executive Officer(CEO)of Smod Creations, Oluwaseun Shotonwa has said.

    Smod Creations is a creative and printing press company in Lagos.

    Shotonwa spoke with reporters in his Lagos office.

    Describing SMEs as dynamic entities, the Smod Creations founder stated that they contribute significantly to economic growth, job creation, and innovation.

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    He said:  “Their agility and adaptability infuse vitality into local markets, fostering diversity and resilience. As engines of entrepreneurship, SMEs play a crucial role in driving innovation and technological progress.”

    Calling for an enabling environment to enable SMEs to thrive in Nigeria, Shotonwa expressed his company’s commitment to delivering exceptional services that will bring them closer to their goals.

    “Recognizing their impact is vital, as supporting and nurturing SMEs not only fortifies the economic foundation but also ensures a robust and sustainable future for nations worldwide.

    “By providing SMEs with the right tools and support, such as customized printing solutions, they can enhance their visibility and market presence, ultimately contributing to the overall economic development of the region.

    “At Smod Creations, our initiatives are not only focused on immediate gains but are also designed for sustainable, long-term partnerships,” he explained.

    Shotonwa envisions a business landscape where SMEs are empowered to thrive, leveraging the expertise and resources provided by Smod Creations to overcome challenges and realize their full potential.

  • MSL joins e-commerce space with focus on SMEs

    MSL joins e-commerce space with focus on SMEs

    Small and medium enterprises (SMEs) across the country yesterday heaved a sigh of relief as a platform, MyShopLauncher (MSL), made debut in Lagos with a promise to redefine the e-commerce landscape, complement government’s efforts at creating sustainable jobs for the youths.

    According to statista, the revenue in the e-commerce market in Africa was forecast to continuously increase between this year and 2028 by a total of $15billion (+48.88 per cent).

    Speaking during the unveiling of the platform, Head of Product at MSL, Akintunde Opawole, said the firm was founded two years ago with vision rooted in the recognition of the struggles faced by African merchants managing their business manually.

    He said the team embarked on a journey that involved extensive conversations with entrepreneurs, surveys and rigorous theories testing, adding that the painstaking process led to the development of a product that not only offers a no-code e-commerce storefront free of charge but also reflects a genuine commitment to the welfare and growth of SMEs.

    “At the heart of MSL’s mission is desire to forge connections that extend beyond business transactions. Beyond providing no-cost storefronts, MSL is dedicated to creating real bods with business owners, offering support, guidance and the tools needed for success. This commitment goes beyond the conventional, embodying a genuine care and concern for the thriving of SMEs in Africa,” he said.

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    According to Opawole, MSL’s unique selling propositions include no-cost storefront, customer centricity, educational support and real connections. He said the platform offers a no-code e-commerce storefront, empowering merchants without any upfront charges; beyond transactions, MSL is driven by a deep commitment to understanding and meeting the unique needs of each business owner while it provides free access to educational resources and coaching to accelerate the growth and development of SMEs, adding that the platform also fosters genuine connections, creating a community where business owners are not just clients but valued partners on the path to success.

    “In an era where commerce often feels transactional, MSL stands apart as a platform with heart, a platform driven by the vision to uplift, empower, and support African SMEs. As we launch, we invite entrepreneurs to experience not just a product but a community-a community that cares deeply about their success.

    “At MSL, we believe that the success of SMEs is not just about transactions; it’s about building relationships, understanding aspirations, and providing unwavering support. Our platform is not just a tool; it is an extension of oiur commitmet to the dreams and growth of African business owners,” Opawole said.

  • 9mobile highlights SMEs significance

    9mobile highlights SMEs significance

    Nigeria’s fourth GSM operator, 9mobile, has highlighted the importance of small medium enterprises (SMEs) in the growth of the economy.

    Director of Marketing Communications at 9mobile, Saidat Lawal-Mohammed, who spoke during the participation of the telco as Owerri Trade Fair 2023, the company recognised the importance of SMEs as the engine of economic growth.

         The annual event is organized by the Owerri Marketplace and brings together businesses, entrepreneurs, and investors from different parts of Nigeria and beyond.

        She said: “9mobile recognizes the importance of SMEs in driving the economic growth of the nation and we are committed to their development and success. Through various initiatives and partnerships like the Owerri Trade Fair, we support SMEs to thrive and scale their businesses. Last year, we launched an Enterprise Business Growth Series, the Hack to empower entrepreneurs by giving them the knowledge, technology, and access to the market required to help them grow”.

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        The fair provided a platform for participants to showcase their products and services, network, and explore new business opportunities.

        Lawal-Mohammed stated that the company uses the Hack initiative in different regions across the country to provide SMEs with information and networking opportunities needed to succeed in their businesses. “We provide them with advice on leveraging Information and Communications Technology because of the tremendous growth and expansion opportunities it offers growing businesses. We also teach them business management, inventory management, and tracking. In addition to this, we have continued to launch specialized products and services that meet the needs of the SMEs like our ‘Enterprise Cloud Solution’ and ‘Enterprise ComboPak,” she said.

        As an SME-friendly telecommunications network, 9mobile has been consistent in supporting and providing solutions that stimulate the growth of SMEs in Nigeria. The sponsorship of this year’s edition of the Owerri Trade Fair is in line with its broad objective of supporting the growth of start-ups and budding businesses in Nigeria, as one of the key drivers of economic transformation for the country.

  • National Market Council to boost SMEs, businesses coming

    National Market Council to boost SMEs, businesses coming

    • Iyaloja hails FOMWAN’s strides in Islamic propagation

    The Iyaloja General of Nigeria and daughter of the President, Dr. Folashade Tinubu-Ojo, has said the Federal Government is planning to establish a National Market Council of Nigeria (NMCN) to boost small and medium-sized enterprises (SMEs) and petty businesses.

    Mrs. Tinubu-Ojo, who announced the plan when she visited traders at the Sokoto Central Market, explained that the council would ease and expand business activities by helping traders to access single digit interest loan to boost the economy.

    The Iyajola noted that small and petty businesses were fundamental drivers of the economy for sustained national growth and development.

    She said traders would be economically strong as drivers of the country’s prosperity and desire for business successes when they can access facilities without much ado.

    Mrs. Tinubu-Ojo said: “We need to work together on same page. A divided association would only encourage setbacks in our vision which, over the years, has denied us opportunities.

    “Also, it will prevent the divide and rule syndrome by successive governments. We need a better sense of belonging.

    “We have started generating data and other basic information on market leadership towards realising the council.”

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    The Iyaloja was in Sokoto as guest at the 38th annual Federation of Muslim Women’s Association of Nigeria (FOMWAN) Confab in the ancient city.

    Other dignitaries at the event included the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III; former Sokoto State Governor Aliyu Wamakko; the Emir of Argungu, Alhaji Muhammad Sama’ila Mera, and the Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof. Is-haq Oloyede.

    The First Lady, Senator Oluremi Tinubu, was represented by All Progressives Congress (APC) Deputy National Women Leader, Zainab Ibrahim, and wife of the Vice President, Hajiya Nana Shettima.

    Sokoto Stat Governor Ahmed Aliyu Sokoto was the special guest of honour at the confab.

    At the FOMWAN confab, Mrs. Tinubu-Ojo hailed the association for its strides in driving the cause of Islam through da’awah (Islamic propagation) and other meaningful services for the benefit of mankind.

    The Iyaloja noted that Islam was built on the knowledge, equity, just and fair conducts with the fear of Allah.

    She stressed the need for Muslim women to continue to demonstrate commitment and trust in propagating the religion.

    Mrs. Tinubu-Ojo sought support and humanitarian gestures to the needy in the society.

    Governor Sokoto urged FOMWAN to lend its voice and support in the fight against insecurity in the Northwest and other parts of Nigeria.

    He advised the women organisation to brainstorm for solutions to end insecurity in the country. 

    Prof. Oloyede urged FOMWAN to make more efforts in giving humanity a sense of direction about the way Allah orders His beings to conduct their affairs.

    In his keynote address on the topic: Societal Reorientation: Islam as an Embodiment of Societal Values for Growth, Development and Morality, Oloyede sought collective efforts to strengthen the cause of FOMWAN as an instrument for the propagation of Islam.

    He described the association as a forefront mobiliser of women awareness through dignity and decorum, adding that the Qur’an encompasses all the guidance for mankind in obedience to Allah’s commands.

    Quoting Suratul Asr (Chapter 103 of the Qur’an), the JAMB registrar urged Muslims to reflect on the verses of the Qur’an as revealed by Allah.

    “Every act of our activity should be seen and conducted as act of worship.

    “Do not demonise Allah by attaching success to self and ascribing evil to Allah. All happenings and conducts of mankind are controlled by Allah.

    “Prayers must be embraced fervently against wrong happenings to Muslims globally as life is unpredictable.

    “Do not take wedding for marriage and do not take safety for security,” he said to buttress his analogy.

  • Walure Capital okays N20m for 200 SMEs

    Walure Capital okays N20m for 200 SMEs

    A technology resource company, Walure Capital, has set aside N20 million to boost the operations of 20 small, medium enterprises in Lagos.

    Its General Manager, Mr. Obafemi Okubanjo, who announced the gesture during the fourth anniversary of the company yesterday, said though SMEs are currently confronting a myriad of challenges in the country, they must devise strategies to weather the storm.

    According to him, the decision to lift 20 SMEs aligned with the company’s efforts to genuinely ensure survival of retail and small business owners in Nigeria.

    “We operate in the tech industry and we want to contribute our quota to the development of Nigeria as a whole. As a way of giving back to the society, we have decided to support two hundred businesses that consistently use IPOS for six months with the sum of 100,000.

    IPOS is completely free with no charges or subscription fees. Also, businesses that consistently use IPOS for six months will have their businesses displayed for free on our LED billboard,” Okubanjo said, adding that the company has business interests in tech training, software development, tech hub, talents outsourcing, and media resources.

    According to him, the company’s passion to ensure the success of SMEs and tech talents in Nigeria informed the establishment of Walure Academy, an arm of Walure Capital which trains and nurtures tech talents for local and global exposure.

    “We don’t only train. Tech training is a journey. Walure Capital supports tech talents throughout the journey; from training, through internship, hands-on experience, collaboration, tech accelerator programmes, and down to facilitating employment for the talents through the Walure Talent outsourcing service that provides talents-as-a-service solutions to organisations within and outside Nigeria,” he said.

    As a way of giving back to the society to support both businesses and young tech talents, Mr Okubanjo said the company recently donated a Tech Lab to Community Primary School, Magodo in Lagos as one of its several corporate social responsibility initiatives. “As an organisation, Walure Capital will continue to explore impactful ways the company can support businesses, talents and the society as a whole,” he reiterated.

    Also speaking on the occasion, its Managing Director, Mr. Samuel Adeleye, who spoke on the importance of leveraging technology for business growth, advised SMEs adopt sustainable strategies and leverage technology for operational efficiency in order to scale their businesses. He said a technology-driven product such as IPOS offers retail and SMEs businesses a lot of benefits, especially in terms of operational efficiency and scalable opportunities to grow their businesses.

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    He said IPOS is a solution by Smartware designed for book-keeping and inventory management solutions developed for retail and SMEs to enhance operational efficiency by addressing book-keeping and inventory management challenges often faced by retail and SMEs.

    He explained that with IPOS, retail and SMEs can take stock level, automatically apply tax to taxable goods, track products, product history, top performing products, customer’s purchase history, generate invoices, and store all information for future purpose, using a cloud-based technology, noting that SMEs owners can use the data stored by IPOS to secure grants and loans from financial institutions to scale their businesses.

    During the occasion, Walure Capital also announced plans to hold a fitness initiative on November 18, 2023, codenamed “Walure Fit”. The initiative highlights the importance of health, wellness, fitness, and lifestyle in the tech ecosystem. It is an opportunity for tech experts, tech bro, tech sis and other professionals in the corporate world to interact with fitness experts, have fun, burn some calories, and network for business opportunities and collaborations.

    The fourth anniversary of the company kicked off with “Walure Tech Connect ’23”; a two-day event that explored and proffered sustainable strategies for SMEs owners to scale their businesses. The event was a convergence of retail, small and medium business owners, SMEs accelerator experts, human resources professionals, tech experts as well as tech innovators.

  • AbdulRazaq restates support for SMEs as Muslimapreneur hosts 2nd Trade Affair

    AbdulRazaq restates support for SMEs as Muslimapreneur hosts 2nd Trade Affair

    Kwara Governor AbdulRahman AbdulRazaq on Thursday restated the administration’s resolve to strengthen small and medium enterprises (SMEs) and make the environment more conducive for businesses to thrive.

    The Governor spoke in Ilorin at the official opening of the second edition of the Muslimah Entrepreneurs Trade Affair, where a variety of locally made products and services are being displayed for patronage.

    The programme, which was organised by the Muslimaprenuer Forum,  has started attracting buyers from nooks and crannies of the state.

    “As you have seen so far, this administration has been supporting small and medium enterprises (SMEs) and the entire business community, and we will continue to do that. On our own, we have a lot of programmes coming up next year for women entrepreneurs and youths who are in the tech space, SMEs and so on,” he said  while declaring open the Trade Affair.

    AbdulRazaq, who was represented at the event by  Commissioner for Business, Innovation and Technology, Hon. Damilola Yusuf, said they would not have been able to come together for a trade exhibition if the government had not made the environment conducive for businesses to flourish.

    He hailed their entrepreneurship spirit to market Kwara-made products for Nigeria and the world at large, urging the residents to troop out and patronize them.

    “To be honest, we are very proud of Muslimah Entrepreneurs. They have come through, and have been able to market for each other. Honestly, they have the entrepreneurship spirit. And I have even seen a lot of products here that are made in Kwara for Nigeria. And I think they have a very big potential.

    “I implore everybody to patronize them. I like how they are focused on natural products. I have seen some products that have NAFDAC numbers already, which are good for the body system. I can see that they are very focused on what they do. This, I believe, has been encouraged by the government which created an avenue for ease of doing business in the state,” he added.

    Co-convener of the Trade Affair and CEO Baytu Tejmeel, Hajia Fatimah Saliu Adejumoke, in her remarks, said they came up with the second edition of the Affair to create ease and comfort for people, who she said are currently hit by inflated prices of goods and services in the markets.

    She said at least forty vendors are participating in the exhibition, and that their goods and services are cheap and affordable.

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    “It has not been easy putting this together. We, as a profit making organization, came together to make this happen. We have seen that things are a bit on the high side in the markets. So, we want to try our best and make it easier for our customers and co-vendors,” she said, asking kwara residents to come out en masse for this opportunity.

    “We have over forty vendors exhibiting here, and they all came with discounts and affordable goods services for everybody in Kwara state”.

    Adejumoke said Muslimaprenuer Forum is open for partnership and has been working towards that, adding that they have offered such interest to some governmental agencies and relevant stakeholders.

    “This is the second affair we are having. And we thank God Almighty. So far we have some turn up and we are very hopeful more people will come.

    “We are open to collaboration with governmental agencies. This is an entrepreneurship platform. We are expecting them. We have gone to KWACCIMA (Kwara Chamber of Commerce, Industry, Mines & Agriculture) and several offices to achieve that,” she said.