Gtext Gives $100,000 Grant To 20 Young Entrepreneurs.

The founder of Gtext Holdings through his foundation, Stephen Akintayo Foundation, said, as part of his give-back, has given $5,000 each to 20 young entrepreneurs to support their companies and scale up in their businesses.

This, he stated, would be increased to 100 entrepreneurs next year to cater for other African entrepreneurs.

This is even as Rana Ijaz Ahmad has been appointed as the new Group Chief Executive Officer (GCEO) of Gtext Holdings, in its plan to expand its horizons and access venture capital in the United States and beyond,

The new appointment, according to the founder and former Group CEO, Dr Stephen Akintayo is to realize the company new goals and growth plans of the firm which has seven companies. One of the goals is to build a thousand homes in the United States and Nigeria.

Gtext Homes, a subsidiary of Gtext Holdings is Africa’s biggest developer of green and smart homes. Akintayo who now assumes the position of C…

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Ogun disburses N1bn grant to SMEs

The Ogun State Government has announced a N1 billion grant for over 1,000 Small and Medium-scale Enterprises to further mitigate the effects of COVID-19 in the sector.

In a statement on Sunday, it was revealed that the N1 billion grant was the second phase disbursement for applicants.

The first phase of the grant disbursement under the Ogun State COVID-19 Action Recovery and Economic Stimulus Programme was disbursed in July and had over 1,000 SMEs benefiting from the N120m grant.

The Chief Economic Adviser to the Governor, Mr Dapo Okubadejo, who is also the Chairman State CARES Steering Committee, revealing the modalities for accessing the N1bn operational grant for SMEs, said the Governor Dapo Abiodun-led administration was determined to uplift businesses with the aim of enhancing economic growth and development of the state.

Okubadejo disclosed that the grant was also to help vulnerable, people with physical impediments and business…

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10,300 African SME graduates from Google’s Hustle Academy

Google’s Hustle Academy has awarded N75m to 15 small and medium-sized businesses in Nigeria.

This is as the total number of graduates from its Hustle Academy rose to 10,300.

In 2022, the firm graduated 5,000 entrepreneurs, in 2023, the number rose to 5,300. Speaking at the graduation ceremony held in Abuja recently, Google West Africa Country Director, Olumide Balogun, stated that the initiative aimed to provide a combination of financial assistance, mentorship, and business tool access to small businesses.

He noted that the programme, which was developed to tackle the unique obstacles, encountered by SMBs provided the business owners with strategic alliances and operational support. The country director further stated that since the program’s inception in 2022, more than 10,300 entrepreneurs have taken part, and the commencement ceremony signifies the programme’s prolonged influence.

Olumide said, “As an expanding community of b…

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FG to inaugurate SME Council as Google grants N75m to small businesses

To support the over 40 million small businesses in Nigeria, the Federal Government is planning to inaugurate the Council for Small and Medium scale Enterprises in Nigeria (SMEs).

This was revealed yesterday in Abuja by the Senior Special Assistant to the Vice President of Job Creations and SMEs, Tola Adekunle-Johnson, at the graduation of 5,300 SMBs from Google’s Hustle Academy. This graduation marked the continuation of the programme’s impact, with over 10,300 entrepreneurs having participated since its inception in 2022 with 4,400 from Nigeria.

The Hustle Academy, designed to address specific challenges faced by SMBs in Africa, offers practical skills and resources to help these businesses grow.

Adekunle-Johnson said the SME Council was necessary, going by the significant contributions of small businesses to the Nigerian economy, stressing that SMEs need huge support to thrive, especially now.

While appreciating the efforts of Googl…

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Entrepreneurship World Cup 2024 Pitch Competition for Entrepreneurs ($1million prize)

Since 2019, The Entrepreneurship World Cup (EWC) has become one of the biggest and most diverse startup pitch competitions and support programs of its kind, featuring more than 370,000 entrepreneurs from over 200 countries and territories while offering winners life-changing prizes.

EWC has awarded $4 million in cash prizes and $150 million in in-kind prizes and provided opportunities for entrepreneurs to reach the next stage in their company’s journey.

EWC is more than just a competition, though. Hundreds of coaching and training hours have been delivered, along with high-value entrepreneurship programs tailored to all three participating stages in the World Cup. The network you build throughout this journey offer invaluable guidance and support to catapult your company toward its growth objectives.

Eligibility There is no entry fee. Any startup from around the world is welcome to apply and become an Applicant. Applicant startups m…
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Call For Applications: Seedstars Zenith Bank Pitch Competition ( Up to 52 million Naira in cash prizes )

Supporting Nigerian MVP stage startups in advancing to the next stage of growth

Are you seeking an avenue to extend your business solution’s reach to millions of individuals? Do you possess a fully functional Minimum Viable Product (MVP) within the Nigerian landscape?

Together with Zenith Bank Plc, Seedstars is on a mission to foster and provide support to promising startups in Nigeria that have what it takes to redefine the future of business across Africa.

About the program

Their mission through this initiative is not only to recognize but also to spotlight, foster connections, provide rewards, and offer invaluable mentorship to promising Nigerian startups whose innovative solutions hold the promise of redefining the future of business across Africa. Zenith Bank is dedicated to empowering exceptional startups that leverage technology and pioneering concepts to address contemporary challenges, forging a path toward a more promising t…

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Harvard’s Africa Business Club offers startups $50k cash prizes.

Applications have opened for the New Venture Competition, run by Harvard Business School’s Africa Business Club, which is offering startups the chance to win cash prizes of up to US$50,000.

The student-run Africa Business Club will host its latest annual Africa Business Conference in Boston in February, which will feature the New Venture Competition, aimed at showcasing the diversity of entrepreneurs making a difference on the continent today.

Ten startup finalists will be invited to pitch their business and receive feedback from a panel of experienced judges, to win prizes worth US$50,000.

Interested startups can apply here until November 15.

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FG promises to strengthen SMEs, drive financial inclusion

President Bola Tinubu has reiterated that his administration will give N50 billion conditional grants to one million nano businesses between now and March 2024, in order to strengthen the Macro, Small and Medium-scale Enterprise (MSMEs) businesses capabilities and capacities in the country, as they are the live wire of the country’s economy.

He said this in his opening remarks at the 2023 Lagos International Trade Fair (LITF) in Lagos, when he declared open the trade fair for the public. President Tinubu, who was represented by the Chief Executive Officer (CEO), Tafawa Balewa Square (TBS) Lagos, Lucia Shittu, revealed that the fair has always been a beacon of opportunity for Nigerian businesses where their counterparts around the globe converge to forge a vibrant partnership to exchange ideas that can unlock the full potential of the country’s economy.

“MSMEs are the life wire support of our economy. They are the engines that power up growth and eco…

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Anambra state and SMEDAN enter agreement to fund SMEs

The Anambra State Government and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) recently entered into a financial agreement worth N1 billion in Awka, the capital of the state.

The agreement is aimed at providing funding for Small and Medium-sized Enterprises (SMEs) in Anambra State. 

According to the terms of the agreement, the Anambra State government will contribute N500 million, and SMEDAN will match this amount with an additional N500 million. 

The signing of the N1bn funding agreement took place with Charles Odii, the Director-General of the Small and Medium Enterprises Development Agency, (SMEDAN) and Christian C. Udechukwu, the Commissioner for Industry in Anambra State. 

In a statement released and signed by the media aide to the SMEDAN Director-General, Peter Adeshina, this new agreement reflects the agency’s commitment to ensuring that SMEs have access to essential funding opportunitie…

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N150 Million Startup Funding: Ibadan StartUp Fest 2023 Revolutionizing Local Tech Ideas.

Ibadan StartUp Fest 2023 is set to make waves with the introduction of the N150 million Ibadan StartUp Fund, a game-changer for local tech innovation in the Southwest region. The event, themed “The Connected Eco-System,” promises an array of engaging programs including a Pitchathon, Hackathon, networking sessions, Job Fair, Internship Fair, and an exclusive Investors Masterclass aimed at enlightening local investors about tech investment intricacies.

David Adeleke, the brain behind the Ibadan StartUp Fest, emphasized that it’s not just about tech; it’s about the people, their passion, and the untapped potential of the region. He highlighted the significance of the Ibadan StartUp Fund and the Investor’s Masterclass in opening new doors for innovation.

Kolawole Tosin, chief strategist and event coordinator, emphasized their commitment to empowering emerging startups and the entire tech community, inviting everyone to be part of this extraordinary journey.<…

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US Supports 18,000 Nigerian MSMES to Access $244m Agribusiness Grant.

The U.S. Government, through the U.S. Agency for International Development, commends ‘Feed the Future Nigeria Agribusiness Investment Activity’ for Empowering over 18,000 Small Enterprises in Seven States.

The U.S. Agency for International Development (USAID) marked a significant milestone on October 10, 2023, celebrating the achievements of the five-year ‘Feed the Future Nigeria Agribusiness Investment Activity.’ This $15.7 million initiative made substantial strides in supporting over 18,000 Micro, Small, and Medium Enterprises (MSMEs) across seven states—Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi, and Niger.

This transformative initiative facilitated access to finance, mobilizing more than N188 billion ($244 million) in agricultural investments. The MSMEs, primarily engaged in aquaculture, cowpea, maize, rice, and soybean production, are now well-equipped to expand their operations and enhance food production.

In collaboration with fed…

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Aspire Coronation Trust (ACT) Foundation 2024 Grant.

Aspire Coronation Trust (ACT) Foundation is a grant making organization established in 2016 to support local, national and regional non-profit and social enterprise organizations working to address challenges and related vulnerabilities across Africa.

ACT Foundation supports sustainable high impact initiatives that provide innovative solutions to social, economic and environmental challenges in Africa. Their vision is to leverage relationships to create effective social impact solutions across Africa. They are on a mission to build sustainable societies by engaging initiatives that unleash potentials and empowers beneficiaries.

Benefits Health: In line with the Sustainable Development Goal (SDG) 3, they aspire to ensure health and well-being, especially for the vulnerable and marginalized groups in society. They believe that if individuals live healthy lives, they can be empowered to lift themselves out of poverty and be productive members of socie…
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Expatriate banking: How to open a Nigerian bank account as an expat

Nigeria is the biggest economy in Africa (by GDP) and the biggest country in Africa (by population). It is home to many multinational companies and a large expat community. Whether you are coming to work or a frequent visitor, having a local bank account may be essential, as it makes your life simpler and cheaper.

Nigerian banks have two categories of bank accounts for non-residents:

Diaspora banking or non-resident banking is for Nigerians resident outside Nigeria. Expatriate account for foreigners resident in Nigeria. This encompasses a portfolio of products and services designed for African expatriates in Africa, Non-Africans in Africa and Africans outside Africa. Also with the African footprint of several Nigerian banks, Africans can be connected to their home country within the same banking network.

Most banks do not require an opening balance or minimum operating balance. You can make instant cash transfers, including international cash tra…

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Diaspora banking: How to open a bank account from outside Nigeria

Diaspora banking or non-resident banking refers to banking services for Nigerians in the diaspora being able to enjoy banking services by Nigerian banks while within and outside of Nigeria.

Nigerians in the diaspora often travel home and need banking services while within and outside the country to take care of their financial obligations for their investments, projects, family commitments and leisure etc.

With online banking, there is no longer any need to walk into a banking hall to carry out banking transactions. Also, many Nigerian banks have offshore branches, hence the local banking needs of Nigerians in the diaspora can easily be met through branch operations and online banking.

A customer on the Diaspora banking or non-resident banking has access to full banking services including savings, current and domiciliary accounts, as well as assigned relationship managers as well as access to the bank’s customer service channels. Communication …

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US supports 18,000 Nigerian small businesses with $244m

The United States has extended its support to 18,000 small businesses in Nigeria to boost economic development and entrepreneurship.

A statement said with an investment of $244m, the initiative would impact the local business landscape, ushering in a new era of growth and opportunity.

The United States government, through the US Agency for International Development, celebrated the achievements of the five-year “Feed the Future Nigeria Agribusiness Investment activity,” on October 10.

It stated that, “The $15.7m agribusiness investment activity assisted more than 18,000 small businesses, also known as micro, small, and medium enterprises, in seven states – Benue, Cross River, Delta, Ebonyi, Kaduna, Kebbi, and Niger.

“The initiative mobilised more than N188bn ($244m) in agricultural investment, thereby providing access to finance, and bolstering their businesses.

“The MSMEs are now able to expand business operations for increa…

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Wigs, Weave on is Everyday Business

Wigs, Weave on is Everyday Business 

You can hardly walk past any female nowadays, young or old, who is not wearing one form of hairpieces or another.

Some come in attachments, some in weave on and others in wigs, and they come in various labels and brands.

Human hair wig is popular among regular users of wigs who prefer a natural look; they are made with the best quality hair that is collected to achieve the texture and colour required.

They are more versatile and can be blow-dried, permed and styled in different ways. The cuticle is left intact thus maintaining the colour.

While the attachments are normally used for African braids, weave on are sewn to the hair for a lasting effect. 

These hairpieces also come in various colours, lengths and textures, which females adorn to look more beautiful, glamorous and contemporary.

If you think only blacks wear them to look like Europeans, you would be wrong…

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Managing Urban Wastes Profitably

The waste dump is not the most likely place to find a smartly dressed corporate-looking lady. This is so because of the mountain of garbage, the very offensive odour oozing out and the occasional smoke bellowing from the belly of crust of the earth.

You are likely to see custodians of the dump and young men accompany trucks to discharge the contents of their vehicles.Add to that the irritable scavengers, who eek out a living on a daily basis from the waste dump, and the different animals and birds that see it as the best avenue to get food on a platter of gold.

But when you see a smartly dressed lady not only directing affairs on a landfill site, but climbs onto a heavy duty equipment to drive it and move level heaps of garbage, then you are sure to marvel.

This was the case of Mrs. Kemi Oni, a lawyer and environmental consultant, who mounted the giant Tana full-width twin compaction drums equipment at the Olusosun dumpsite in Ojota, Lagos rece…

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FGN-ALAT 2023-2024 Digital Skillnovation Programme.

In today’s fast-evolving world, the potential of our youth remains one of our greatest assets, and nurturing this potential is at the heart of the FGN-ALAT Digital Skillnovation Program. This holistic initiative, birthed from a strategic partnership between Wema Bank and the Federal Government of Nigeria, through the Office of the Vice President, aims to equip our young minds with a versatile set of skills and opportunities tailored to their individual aspirations and market realities.

Beyond mere skills acquisition, the program is set to create a ripple effect of socioeconomic benefits across the nation. By empowering our youth, we are not just fostering individual successes; we are investing in the broader narrative of national progress, promoting job creation, boosting innovation, and paving the way for a more prosperous future. With each participant we train, mentor, or incubate, we are making a conscious investment in the nation’s future, ensuring that Nigeri…

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UBA approves $6bn to boost SMEs in Africa.

United Bank of Africa (UBA) has launched a $6 billion financing initiative aimed at boosting the growth of Small and Medium Enterprises (SMEs) throughout Africa.

This initiative is designed to provide funding access to SMEs in the Agro-processing, Pharmaceuticals, Automotive, Transport, and Logistics sectors, facilitating their expansion.

UBA has joined forces with the African Continental Free Trade Area (AfCFTA) secretariat to launch the financing initiative.

This initiative aims to deliver $6 billion in funding to eligible SMEs throughout Africa within the next three years

The agreement was signed on the sidelines of the 30th Afreximbank Annual Meeting (AAM) held in Accra, Ghana.

By the agreement, UBA and AfCFTA will, under the first phase of the partnership, promote the development of SMEs by providing technical and financing solutions for intra-African/domestic alternatives.

UBA’s Deputy Managing Director, Muyi…

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Guide to Profitable Investment in Pig Farming

Guide to Profitable Investment in Pig FarmingBy Obinna Chima

Before Miss Oyinlade Adetutu graduated from the University of Ibadan in 2005, she had already made up her mind not to go into the already saturated labour market.

As a student of Agricultural Science, she had vowed to stick to her profession by investing in the sector in order to tap from the benefits that abound in it.Though she specialised in fisheries, she got to know about pig farming and became attracted to it because of the reported high profit margin derivable from it.

Pig farming, according to her, is a business that can catapult an investor from the position of an employee to that of an employer of labour with high returns on investment within a little space of time.

She explains, As an undergraduate, I had already made up my mind that I would not search for any white collar job, but would practise what I studied so that I could also become an employer of labour. So…

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How to Run Private Schools Profitably

How to Run Private Schools Profitably

Following the high level of decadence that pervades the Nigerian educational system, discerning parents have continued to seek alternative means of preparing their wards for life challenges.

People are increasingly enrolling their children in in private schools where the standard of teaching is high and sustained.

According to the proprietor, EMCOY Favoured Montessori Nursery and Primary School, Ijaiye- Ogba, Lagos, Pastor Emmanuel Oluwafemi Oyewole, the quest for education in private schools has been on the increase following the fall in the standard of education in Nigeria since the late 1970s.

Oyewole, who has been running a nursery and primary school for over 20 years, says nursery and primary schools fall into different categories depending on the size and standard in terms of the facilities one wants.

However, the choice of any category, he said, is a function of availability of fu…

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Making a Fortune From Paint Production 

Making a Fortune From Paint Production 

There is no doubt that the beauty of a house lies in the quality of paint used for its finishing. House paints add value and beauty to both new and old buildings.

The Managing Director, Lanfo “Taiken Nigeria Limited, manufacturers of Evince Paints, Mr Babatunde Popoola, says house paints are of different types. These, according to him, includes emulsion, texture or textcote, flexcote and marble trowel paints etc.

Popoola says paints can be produced at a cottage, small, medium and large scale levels.

According to him, capital required to produce paint ranges from N200,000 to N500,000 for cottage level; N500,000 to N3m for small scale; N3m-N10m for medium scale and N10m and above for large scale level.

Popoola says one or two shops are required for cottage, half to two plots of land are required for small scale, six plots to one acre of land or more for medium and large scale level of pr…

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Mobile Bookshops: A Viable Business Venture

By Udeme Ekwere

A clergy had just moved into his new duplex in Lagos with two libraries, one upstairs, and the other downstairs. He instructed his family members that should there be any fire accident, the first thing to do is to save his books, because those books made him what he is.

Although some people may consider his idea crazy, but it goes to show the value he attaches to books.Without them, people may not be able to achieve all that they should.

Because most people are busy, coupled with the bad traffic situation in urban centres, the enthusiasm to go to bookshops for needed materials is predictably low among the reading class. This, therefore, brings the need for mobile bookshops. 

The concept of mobile bookshops is quite new in Nigeria, but operators raised the hope that more people would embrace the concept in the nearest future.

According to the Managing Director, Broadmind Publishing Ventures, -a mobile boo…

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Running a Lucrative Fish Breeding Business 

Fish is adjudged to be a rich source of protein and this fact appears to provide a ready market for it.

They come in various species and also serve as a source of income for breeders and sellers.

In particular, the catfish, said to be common in big rivers and stream, usually prefers current and deep water with sand, gravel or rubble bottoms.

It also grows conveniently in lakes, reservoirs and pond.

Fish farmers have perfected the technique of breeding catfish in special ponds for easy production and distribution.

One key difference about the catfish compared to other species is that it enables the buyer to buy it live rather than being sold as frozen food.

Recently, it became more common to see women selling catfish in most markets and even by the road sides.

Having noticed the increasing demand for this breed of fish, Mr. Bobola Abayomi, the Chief Executive Officer, Bob-Agro Allied Consult, in Lagos, dec…

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Fumigating Your Way to Health, Wealth 

Fumigating Your Way to Health, Wealth 

Imagine the embarrassment that one faces when rodents or insects choose to pace around in the living room or office apartment while a guest is being hosted.

Rats, cockroaches and others belonging to that class obviously lack the courtesy to know when to stay away from public glare.

No doubt, they also love to co-habit in nice looking places if permitted, reason why some cozy, but seldom fumigated officeapartments still play host to them.

A simple opinion poll shows that a lot of people have once fallen victim of playing host to these unwanted guests.

It is, therefore, essential to adopt a deliberate and consistent measure towards keeping the unwanted tenants off.

Environmental experts add that keeping pests not only constitutes social disgrace, but also has negative health and economicimplications for people.

In the bid to provide solution to this menace, a sizeable …

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Making a Fortune From Fashion Designing 

Making a Fortune From Fashion Designing

Fashion, no doubt has become a big business with new craze for looking good. Most Nigerian fashion freaks now prefer locally made fabrics, which are usually made to their instructions than the imported ones.

This has expanded the fashion industry tremendously.

What then does it take to venture into this kind of business, given the present economic situation in the country?

Experts say one can start the business in a small way right from ones house. According to Mrs. Joy Darlington of Jodal Fashion, Port Harcourt, with N25,000 to N30, 000, one can start a profitable fashion business.

She says the average cost of a sewing machine ranges between N12,000 and N15,000. 

According to her, the cost of other accessories such as scissors, measuring tapes, sewing threads, machine oil, needles, are meagre. 

Any complex design can be taken to another designer who has a…

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Microsoft To Empower 10m SMEs, Partners Flutterwave On Payment Innovation.

Software giant, Microsoft, yesterday disclosed that plans were in the pipeline to empower about 10 million Small and Medium Sized Enterprises(SMEs) globally.

The president, Microsoft Africa, Lillian Barnard revealed this at a press conference in Lagos to seal a five-year strategic technology partnership with Flutterwave.

Through the new collaboration, Flutterwave will build its next generation platform on Microsoft Azure, with the goal of fast-tracking payment innovation in Africa and, in so doing, accelerating the growth of small businesses across the continent.

She said, having championed digital revolution for decades, they are poised to empower the SMEs with the right tools, infrastructure, skilling and access to finances to build thriving businesses and communities.

She said: ‘’Though, the company has been in Africa for thirty years, the first time the company is actually putting together Africa all up as a continent, we have a b…

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DBN to disburse N150bn loan to 120,000 MSMEs in 2023.

The Development Bank of Nigeria (DBN), has announced plans to disburse N150 billion to Micro Small and Medium Enterprises (MSMEs) across the country in 2023.

Chief Economist in DBN, Prof. Joseph Nnanna, said this in a media interview on Monday.

Nnanna said that the disbursement would be done through participating financial institutions for onward lending to MSMEs across various sectors of the economy.

Objective on track

While noting that the objective is to enlist 120,000 MSMEs in 2023, Nnanna said:

“I think we are on track to get there so we have a target to disburse around N150 billion this year and so far we are making some good progress but the year isn’t over yet and the state of the economy is a bit in flux. “A lot of Nigerians are challenged, a lot of businesses are challenged, the interest rate is increasing and as a result, we know that these business owners will need some able room to breathe.”

He, however, said t…

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Exploring Moniepoint’s Multi-Million Dollar Offline strategy.

The first place you most likely will not look when searching for the presence of a fintech company is in the gathering of commercial bus drivers. The National Union of Road Transport Workers (NURTW) consists of almost 2 million members including taxi, bus, and truck drivers.

It is this association that presents the biggest opportunity for Moniepoint. NURTW also has something that fascinates Moniepoint. It is difficult to find a commercial vehicle that doesn’t remit to the association.

In September, Moniepoint announced that its average monthly transaction value hit $12 billion for about 1.6 million businesses in Nigeria. It plans to target at least 4.8 million retail customers in the next three months. The company also disclosed that the offline market generates the most revenue compared to the online market.

“We studied their (NURTW) distribution to see what we could learn and adapt it to our specific use case,” says Tosin Eniolorunda, group C…

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Catering Business

The beginning is not always easy, especially when one does not have the wherewithal to start a business. However, taking a bold step to start may just be the springboard that makes the difference and shoots an individual to limelight.

Those where the words of the Managing Director and Chief Executive Officer of Sumptuous Meals Limited, Mr. Boniface Imo-Owo,

who after graduating as a food, catering and hotel management technologist at the Yaba College of Technology in Lagos, had to set up his own business.

He notes that in order to make his dream real, he had to first work to gather some experience. After then, I worked with Tastee Fried Chicken, I was there for a year and three months. I later decided to resign my appointment. My MD even asked me where I was going and I told her I did not know but that I felt I should do something for myself, he said.

Starting up his own business, therefore, required deep reasoning, which translated h…

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Business Opportunities in Digital Photography

 By Daniel Ochefu

When digital photography was first introduced into the Nigerian market a few years ago, it was seen as a thing of class as the price of printing photographs digitally was higher relative to the more popular mode. But those in the business say it is one of the most lucrative businesses today, as it has become the rave of the moment and relatively easy to start. In the view of those who are currently deploying the digital technology in photography, many people are now embracing it.

There are reports that producers of photography films abroad are currently reducing their production capacities due to the drop in demand for such films for photography purposes.

Digital photography is a technology in photography that uses computers and other technology accessories to produce more quality pictures.

Experts say it does not need the use of negative films or dark rooms, as would the analogue system. They say the only dark room …

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Boutique as an Investment Window for Low-Income Earners

Boutique as an Investment Window for Low-Income EarnersWithin the last seven years or more, there has been a surge in the importation of textiles and other fashion accessories from parts of the Middle East and Asia. 

Predominantly, shoes, clothes and bags from Dubai and China have provided succuor for some Nigerians who would want to be in their best but lacked the wherewithal to go for the expensive designs from Europe and the United States.

Prior to the now popular Dubai rush, this fashion business in Nigeria was strictly a competition among three classes of businessmen-the wealthy importers in designer outfits from Europe and the US, those dealing in used clothes popularly known as okrika and the local fashion designers. 

Not until 1982, when Giorgio Armani came out with the Armani USA range for the low-income earners, accessories carrying designer labels were strictly for the rich with taste and the not-so-rich that go for what they co…

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Product Branding as a Money-Spinning Business

Product Branding as a Money-Spinning Business

Mr. Sina Ogunrinde is the Chief Executive of Trustmark Communications Limited, a product branding company, located in Lagos. He was formerly into advertising, but the desire to provide all marketing and communication services under one roof brought him into product branding.He says that the essence of branding is to add value to the product.

Ogunrinde says that product can be branded with computerised monogramming machine and heat transfer processes. The capital required to start the business of product branding, according to him, varies according to the scale. For instance, N700,000 may just be enough to start on a small-scale; while between N10m and N30m will be required for medium-scale operation.

Where embroidery and monogramming are added to the line of production, the cost may shoot up to N100m. The capital outlay covers cost of machinery, staff salary and other operational expenses.

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Unlocking Africa’s Potential: Exploring Blockchain, AI, and Emerging Technologies at the Digital Nigeria International Conference 2023.

Can Nigeria harness digital technologies like blockchain and artificial intelligence (AI) to create jobs, enhance inclusive economic growth, and promote sustainability? This will be the focus of the upcoming Digital Nigeria International Conference, and with over 10,000 attendees and an elite lineup of speakers, it’s set to be the biggest edition yet.

The three-day event starts on October 24 at the International Conference Center in Nigeria’s capital, Abuja. Organized by the National Information Technology Development Agency (NITDA) in partnership with Domineum Blockchain Solutions and others, the conference will bring together industry leaders, founders, and innovators in blockchain, AI, the Internet of Things (IoT), the metaverse, and other emerging technologies to chart a way forward for Nigeria.…
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You Can Start Bead Making With N10,000

By Mudiaga Affe

In contemporary Nigeria, where the cost of starting a business is constantly on the rise, there appears to be succour for those who may have genuine interest in the art making of beads. 

The Managing Director, Tejaff Multi-Concept Limited in Lagos, Mrs. Linda Ozoh, explains that starting up a bead making business does not really entail much.

She, however, says that to succeed, one must have a passion for it. 

One should be interested in the act of bead making, not looking at the monetary gains at the initial stage. Outside showing interest, one has to be creative, she adds.

According to her, with a minimum of N10,000, one can start the business at home in order to save the cost of getting a shop or office accommodation. As one progresses, there could be a the need to get an ideal location for the business, she points out.

She says that the equipment needed to start up the business include …

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How to Sustain Growth and Profitability in Business

By Clara Nwachukwu

For several hours, many participants at the lecture on Driving Sustainable Business Growth on September 30, 2007, in Lagos struggled with suggestions and ideas on how to sustain growth and profitability in business.

The struggle was not restricted to a particular type of business, size of company, position in the company or even ownership.

One thing that cuts across all the participants was the determination to see their line of businesses succeed, and was open to suggestions.

The lecture was not the typical recipe or knowledge hand down, but an interactive one, where the participants made their own contributions, including contradicting the lecturer, Professor Bala Chakravarthy, a renowned international management consultant.

Judging from the lecture and discussions that ensued, it was evident that making a success of any type of business does not depend on theories or what had worked for others in the pa…

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Financing Asset Acquisition

Acquiring assets in this part of the world has remained an issue over the years. In the past, the assumption was that people had to save up to the actual cost of an asset before thinking of owning such an asset.

However, the prevailing trend in developed economies is that people do not have to wait until they are able to generate the total cost of assets they want to purchase.

It is either a bank picks up the responsibility to finance the transaction or a finance/lease company does so. Unfortunately, some Nigerians still believe that they have to wholly finance every deal that will make them owners of one property or the other.

The Finance/ Administrative Director of Chasemol & Associates an IT and Leasing firm in Lagos, Mr. Basil Ataname, says Nigerians have been reluctant to subscribe to the concept of leasing due to ignorance and rigidity of the mind, among other factors.

He maintains that a large number of Nigerians are yet to…

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Secrets of Running a Successful Auto Garage

Secrets of Running a Successful Auto GarageBy Akinpelu Dada

Many people and corporate organisations spend millions on naira to buy exotic vehicles, which instantly raise their status in the community.

While some spend fortunes to maintain their vehicles, many others fail in the basic task of maintaining their vehicles. The story of Mr. Chris Obiajulu is apt. His car is worth about N4.5m, but he finds it difficult to spend money to maintain it. He regularly patronises roadside mechanics and buy used spare parts until the engine got knocked.

Mr. Adedayo Adefolu is an unusual auto mechanic. He is the Chief Executive of Honda Solution. Though he is engaged in what thousand others are doing, his mode of operation sets him apart from the others.

While many of his contemporaries usually wait for people whose vehicles developed faults to bring them for repairs, Adefolu does not wait for customers, he practically looks for them.

He h…

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Run Your Business Better With Electronic Filling System

By Stanley Opara

The need to get a paper management software, file organiser, record management system, filing software, file management programme, records organiser, album organiser, records management software and disk organiser, has become a major challenge in different offices in recent times.

Now, the existence of most businesses remains known to the entire world, notwithstanding the locations.The fact that a company is duly registered to do business in a country makes it exposed to the whole world.

The Internet is one revolution that has enhanced the level of awareness of business, and experts say more opportunities are still lying untapped as far as the Internet is concerned.

Most companies have little or no idea about the number of people visiting their websites on daily basis. The visit is usually accompanied with various forms of mails sent by the visitors.

Indeed, the Internet has the potential of increasing the c…

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Benefits of Websites to Business Growth

Benefits of Websites to Business Growth

The biggest technology application today is probably the Internet. It is a ubiquitous application that people from all walks of life deploy for various purposes.

From highly technical fields such as telecommunications to entertainment sectors, the Internet is a tool that people these days deploy in businesses, entertainment and education.

Being a rich source of information, Internet has become an inseparable part of the lives of students and fun-seekers. The Internet has become an integral part of the global telecommunication systems as it is now used for what is called voice over Internet protocol that allows telephone calls to be terminated at reduced costs.

Besides, the setting up of individual and corporate electronic mails is another application that the Internet has brought about today.

This allows people to send and receive mails from any part of the world within seconds.

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Introduction to Small Business Guide

In today's Nigeria, the stark reality is that tens of thousands of graduates are pursuing hundreds of jobs. The odds are becoming greater as more and more graduates joing the saturated job hunting market seeking fewer jobs as the economy shrinks further due to crippling power outages and deteriorating security and infrastructure. A handful of graduates have run out of patience, endurance and long suffering and have jumped on the crime and other vices bandwagon.

As a social responsibility to this growing army of Nigerian citizens, we started a free classified online job vacancies advert section, Galleria JobZone.

We have always maintained that the ultimate is to mind your business, literally. We can choose to be employers of labour rather that struggle for the few available spaces. We can reduce unemployment by taking some folks out of the job hunting market rather than adding to the number.

To match our action with words, we have decided to rol…

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Are you afraid of spending money to grow the business?

As an entrepreneur, you desire to grow your business and take it to the next level. The challenge is, we often pull back from spending the money in areas required for our company to grow. We look for a short cut, trying to get something for nothing or making the lowest cost the primary driver of our spending decisions.

To grow your business, you need to spend. However, you need to be smart about it so that you get good returns on your investment. Any time the economy is not doing well, companies tend to cut costs and lay off staff. The CEO becomes an accountant overnight.

Cutting costs is essential if you are eliminating waste from your overheads. It becomes shooting yourself in the foot when you cut costs in areas that bring growth. That includes training, research, and development, advertising and marketing, etc., activities that will lead to higher turnover. It could be hiring a business coach or consultant, getting help with your business plan and …

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What are the benefits of listing your business in on online directory?

Directories are not as popular as they used to be ten years ago. Yahoo! and Google have since rested their directories, although Google has moved to a different listing format by locality - Google Places. However, directories are still relevant, especially if you want to extend your reach through the internet.

Directories have evolved since the days of Yahoo!. Listings are now localised and interactive. Customers can send you an email or call you at a click of the button (without needing to type anything), including drop feedback or rate your services. With Google Maps integration, you can get directions to a store via Google Maps through a directory listing.

So what are the current benefits of listing your business in an online directory?

You are more visible online.

Listing your business in a major online directory makes it easier for people to find your business online. With online search becoming more local, people either visit local dir…

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How can your clients find you?

You started a business to solve an identified need in your locality. People are looking for people who will solve their problems without adding more stress to their lives. They are ready to pay for it. The question becomes, how do they find you?

How do we find service providers or where to buy things?

Word of Mouth

Let start with the old school method, which is still alive and well - ask a friend (or family) — the good old word of mouth recommendation. Word of mouth has limitations. One of them is that the standard of who is making the recommendation may be lower than yours. She may tell you "That guy is good" but when you try him, you may wonder why you allowed yourself to get into that situation. What may you may be looking for may not be available in your locality, or the people who you ask may not know. It is still a good way of finding what you are looking for

Road Side Shop

Depending on where you live, you pass shops on your way whe…

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