TheNewsGuru

Tag: Business

  • Digital business: Kaduna Govt, NGO to train female entrepreneurs

    Digital business: Kaduna Govt, NGO to train female entrepreneurs

    A Belgium-based Non-Governmental Organisation, Digital African Woman (DAW), says it will begin a six-week digital business innovative training for 100 female entrepreneurs across the country in Kaduna.

    The Creative Director of the organisation, Ms Claudia Chileshe, said on Friday in Kaduna that the training, which would commence on July 16, was being done in partnership with the Kaduna State Government.

    Chileshe said that the training, tagged “Digital Business Innovative Training”, would empower the entrepreneurs on start-up pitch, branding and marketing, design thinking, pricing and sales logistics as well as product valuation, among others.

    She said that Kaduna state was chosen because of its commitment to the development of its communities through empowerment of local female entrepreneurs.

    “With the support of the Kaduna State Government, Digital African Woman is able to extend its reach to young female entrepreneurs both in Kaduna and surrounding states of Nigeria.

    “The development will enable the entrepreneurs leverage more access to international networks, technical skills and visibility.

    “It will result in having an outlet to grow their potential businesses and extend exposure to various investments opportunities using available digital platforms,” she said.

    She said that an undisclosed award would be given to the most creative and innovative participant at the end of the training.

    She commended the state government for strengthening business and job opportunities for Nigerians through initiatives like the DAW Conference and the just concluded “Click on Kaduna” where 900 youths were trained on virtual economy.

    “Such efforts lend hope to the future of Nigeria as a whole and we look forward to a long-term partnership, and the achievement of set goals,” Chileshe said.

    DAW is a social enterprise focused on inspiring, training and developing African women into the fields of technology and entrepreneurship.

    Its mission is to develop and support innovation for female-led businesses across Africa and the diaspora through active training in digital skill development and business ideation.

     

  • I lost my child, mum, business to Libya – Nigerian Returnee

    “It has not been easy at all. I had a flourishing hairdressing business before I went to Libya. But, I have lost everything. I also lost my mother and my 11-year-old son, while I was away. When they could not connect with me, my mother died of heart attack, while my son died because there was nobody to take care of him. But, I thank God I came back alive. I will start all over again; I believe I will make it in Nigeria. No more going out of the country,” Naomi, 30, narrated her ordeal of the journey to Europe through Libya.

    I lost my child, mum, business to Libya - Nigerian Returnee
    Jubilant returnees at the reintegration training programme in Lagos. Photo source: themigrantproject.com.

    Naomi was participating in a reintegration training programme in Lagos sponsored by the European Union (EU) and International Organisation for Migration (IOM) in collaboration with the Federal Government of Nigeria. She and other participants shared their experiences about reintegrating to life in Nigeria after being deported.

    Most Nigerians who embark on irregular migration to Europe imagine that their lives will be greatly improved once they reach their destinations. Unfortunately, the reality for most is vastly different. Many lose their lives during the journey. Those who do make it to their destination usually face all manners of difficulties and wish to return home, but end up feeling stranded and trapped in a foreign land. Others are summarily deported.

    Like Naomi, many deported migrants had thriving businesses in Nigeria before they embarked on the journey, but left behind a solid livelihood for the promise of a better life that never materialized and often ending up penniless or in severe debt.

    Once back in Nigeria, deported migrants often face additional frustrations and find it difficult to fit into communities they had chosen to leave in search of something better.

    Thirty-two-year-old Ubo from Akwa Ibom State said life had become so unbearable since he returned to Nigeria that he had even contemplated suicide.

    “I came back on May 11, 2017, and since then life has been very tough. I was at the verge of committing suicide. I wanted to end it once and for all because I didn’t know where to start again. I came back with nothing; I lost everything,” he said.

    According to the IOM, over 8,000 Nigerians in Libya have voluntarily returned to home between January and May 2018 due to cases of inhuman treatments, human trafficking and slavery, rape and death.

  • Weekend Special: Top 25 businesses to invest in Nigeria with N100,000 or less

    The need for self independence has led many into undertaking several businesses that not only consumed the invested resources but also their valuable time. This is because of the missing knowledge of such businesses before the venture actually commences. More so, businesses does not necessarily have to begin on a big scale before profit can be made.

    Across the world, people are looking for small business they can do to meet up with their daily growing spending. With the world’s fast rising rate of unemployment, it has become paramount that every unemployed youth starts a business no matter how small the business might be at the starting point.

    According to McKinsey’s report in this year’s World Economic Forum held in Davos in which youth unemployment took centre stage; the report carries it that youth unemployment is growing in uncomfortable proportion. In India, which has one of the largest populations of young people in the world, 75 million youth are unemployed and more than 1 million people are added to the workforce each day. In Saudi Arabia, 70 per cent of the population is under the age of 30 and they are not finding jobs.

    In Nigeria, youth unemployment is as high as 50%. The number keeps increasing in geometric sequence. 75 per cent of university professors believe they are adequately preparing their students for the workforce. Conversely, only 40 per cent of employers take the same view.

    In most cases, it is not that those unemployed are not willing to start a business but their problem lies on finding the best business ideas to do with little capital they have at hand or were able to raise. So, if you are one of those that have little money like one hundred thousand naira (N100000), eight thousand naira (N80000), sixty thousand naira (N60000), fifty thousand naira (N50000), forty thousand naira (N40000), twenty thousand naira (N20000), even ten thousand naira (N10000) and the zeal to do business is in you; I have below a list of businesses you can start with such amount of money (N10, 000 –N100, 000 naira). Even if you don’t want to kick start immediately, you can prepare yourself to begin any of these businesses in 2018 or in the year to come. However, be aware that delay is dangerous; the earlier the better.

    What do you require to succeed in any of the business?

    • Your best brain
    • Right mindset
    • Passion
    • Dedication
    • Skills where necessary

    Why will these less capital businesses thrive well in Africa especially Nigeria?

    Yes! Businesses started in a populous continent like Africa is bound to thrive very well. Africa is one of populated continent in the world with a 38 percent urban population, India (30 percent) and nearly as China (45 percent). 52 African cities have a population of more than one million people.

    Nigeria is Africa’s largest country by population. Lagos state alone record 17.5 million in population according to Lagos state government but latest report estimates the population at 21,642,797, making Lagos largest city in Africa and the seventh fastest growing city in the world. Kano as estimated by the Kano state government records 3,626,068 in population. Ibadan has a total population of 3,500,000 as of 2015; Abuja 3,000,000; Port-Harcourt 1,947,000 and so on. So with this high population in Nigerian cities and rural areas, businesses are bound to do very well if other things being equal.

    Below are some of the businesses that requires a capital of N100,000:00 0r less;

    1. Beer parlour/bar business-Beer Parlour business is requires less capital start up. One hundred thousand naira will be enough to start a beer parlour business. Beer bars/parlours have become the top recreation destination for single and married couple, business people and the tourists. To draw huge customers and make more profit in your Beer Bars business, a full restaurant is smoke option and chilled beers which are served with snacks, fried snail, beef popularly called suya, chicken barbecue and fish pepper soup are added. With huge popularity of football fans in Nigeria and many other parts of Africa, if you add big-size TV to display football game, more customers of different classes of people will be attracted to the beer bars. Sometimes, especially weekends you can hire live bands to provide entertainment

    A good location in a densely populated and accessible part of town with a competitive price and excellent customer service is essential to the success of this business.

    1. Mini Importation business-Importation business is a very lucrative business and easy to start with as little as N10, 000 plus. Usually, you make profit on every sale and then keep increasing the business. However, to succeed in this business; you have to learn the dons and don’ts of the business. The internet has made everything easier to access. You can sit down at the comfort of your room and order for any product you want to sale.
    2. Restaurant business-Most single young ladies and men of these days prefer eating at well decent restaurant where delicious food is being served. Restaurant business is a flourishing business especially in most cities like Lagos, Onitsha, Abuja, Port Harcourt, Aba, etc where people are highly busy that never find time to cook by themselves. The business is not capital intensive. With N70000 you can do this business. The two most important things necessary to succeed in this business are ability cook nicely and neatness.

    PROFITABLE PRODUCTION BUSINESS-one of the high paying business you can start in your locality is production business. One good thing about production business is that you can fix and control the market price for the goods or product you produce rather than totally being control by market forces of demand and supply. Usually, most production businesses are capital intensive because costly machines employed in production. Starting production business can cost one as high as N300000, N500000, N1000000, and N200000, N750000, and N2000000+ depending on product you intend producing. However, you can still start some production business with capital as low as N100, 000.

    1. Perfume and liquid soap production-This business requires basic chemistry knowledge. With a capital of less than N80000 naira, you can start perfume and liquid soap production. For your liquid soap production, your first target market should be restaurant, hotel, fast food joints, beer parlours and catering centres. For the perfume production, you first target market should be high class professionals like bankers, lecturers, marketers, teachers and other service professional
    2. Fresh fruit juice production-The Fresh fruit juice production business is one of the profitable small businesses in Nigeria that is often neglected. The business sells fast most in highly populated cites like Lagos, Anambra, Port Harcourt, Abuja, Aba, Kano etc. Fruit juices are serve cold in filling station, hotels etc. So, outside the cost of buying freezer and power plant (Generator), you can start fresh fruit juice production with amount as low as N10000; N20000; N30000; N50000.

    PROFITABLE PRODUCTION AGRICULTURAL BUSINESS– These Agricultural businesses can be started as a sole-proprietor business and then grown into a full blown Limited Liability Company. Here are agricultural business that you can start with capital as low as N100000;

    1. Garri processing business – Rice milling is a fast moving business that thrive very in rural and sub-urban locality. This business often predominates in places like Abakaliki, Benue, Ajibode, Benin. Mechanizing this business in these areas is worth rewarding, however, mechanizing it may requires a startup capital of at-least 250000 -300000)
    2. Palm oil milling and processing business – Commercial palm oil milling and processing may required up-to a startup capital of 400000.
    3. Rice milling – Rice milling is a rural and sub-urban lucrative agricultural business. New technology and cost of machine for milling rice has drastically affected the start-up capital of this business. With the latest technology in rice milling, starting rice milling business can cost as high as N250000 to N750000.
    4. Small scale fish fingerling-Fish Fingerling is easy to start especially where there is availability of water supply. With the sum of N90, 000 to N80, 000 one can set up a small scale fish fingerling. In this business, you can be making over 100% returns but it requires care and monitory. Good water ph and climate conditions are necessary for the success of this business.
    5. Snail farming–Snail farming is not difficult to start and you don’t need up to N100, 000 Naira to start this business. With 50K to 80K, you can start snail farming in your locality. Snail is very expensive in the restaurants and hotels where they serve. So, after you finish rearing set of snail, you can always take them to restaurants and hotels for sale. Snail is a hot market and a market for high class people.
    6. Boiler poultry farming-This is one of the easiest businesses to start with little money. With N20, 000+ you can do this business. The business does not does not require skill. The major thing you needed in this business is availability of space and water supply. Day old chicken (boiler) may cost N150/each, so you can with 50 chickens which cost a total of N7500. In less than 9 weeks, you can start selling these birds at the rate of N1800 to N2000 naira per each. However, bear in mind that this business is seasonal although it can done at all time.
    7. Dog breeding-In certain northern part of Nigeria like JOS and southern part of the Nigeria, dog breeding business is thriving very well. Some people breed the dogs for meat (popularly called 404) and others for pet purposes. The business is a lucrative one. With seventy thousand naira (N70, 000), you can buy a female English dog and breed. When the dog delivers, it can give birth to seven…eight puppies which you can sell at the rate of seventy thousand naira each. The major cost you will incur in this business is in feeding of the dog. You have to be dog friendly for you to be able to do this business.
    8. Small scale piggery farming-Piggery farming is one the oldest lucrative business. Some people in the northern part of Nigeria, especially those with cold weather consume pork meat so much. You can start piggery farming with N60000+ and sometimes you need to employ an assistant.
    9. Mobile phone accessories business-Mobile phones accessories business is lucrative business. We have millions of GSM users. Mobile phones like Nokia product, Samsung product, Sony Ericsson product, Blackberry, Techno, and other smart phones; their repair parts and accessories are readily available in the market. A total capital of $ 120 (N20000) will be enough to start the business in a small scale however if you are to start the business in more large scale, the cost of starting may increase.
    10. Computer parts and repair business-skills on computer hardware repair and software troubleshooting are required in this business. You can easily acquire this skill or knowledge by attaching yourself to an experience computer hardware and software repair expert before you starting your own computer repair business. Usually, starting this business will not cost you up to N80000 and you can make big time when you become so popular.
    11. Mini Business centre-mini Business centre is a highly lucrative business especially when cited in within tertiary institutions like universities, polytechnics and colleges or around these institutions. A set of desktop computer at the cost of N25000, one three in one photocopying machine (Scanning, printing and photocopying machine) at cost of N60000, tables and chairs are enough to start this business. Snacks with soft drinks and few provisions are added to make it business, a mini business centre. So, a total amount of one hundred thousand naira is enough to start this business.
    12. Beads shop and making business
    13. Video centre, music and film copyright/ renting business

    Fast selling business – Most fast selling business are best started small and then grow later. This allow for testing varieties of products before settling with high profit yielding ones. Ladies wears and babies wears has proven to be lucrative and fast moving product to sell in Nigeria. Okirika Ladies and Babies wears are also in this category of business.

    1. Sales of ladies handbags, Jewelleries, wrist watches and perfumes
    2. Sales of babies wear

    Profitable internet business– the one of the less expensive business to start today anywhere is internet business. You can most internet business with capital less than N100, 000. However, starting any internet business requires that you have the basic knowledge of the internet. Again, it also requires that you grounded in the aspect of the internet business you intended starting. Here are some internet businesses you can do with N50, 000+;

     

    1. Internet course training
    2. Affiliate marketing
    3. Internet marketing business
    4. Blogging business

    25. Website development and Consultation

  • CHOGM18: Buhari highlights how member countries can make business easier

    President Muhammadu Buhari of Nigeria on Wednesday explained how member countries of Commonwealth can improve business and generate resources for sustainable development within and outside their regions.

    The president gave the advice in his keynote address at the Commonwealth Business Forum in London on Wednesday.

    Buhari spoke on the need to improve ease of doing business, regional integration that expands markets with safeguards against injurious trade practices from third parties; more inclusive growth with the empowerment of women and the youth; and provision of a platform for Small and Medium Enterprises (SMEs).

    He also called for radical expansion of human capital for the 21st Century, provision of hard and software infrastructure for the 21st Century digital economy to boost e-commerce, increased efficiency, solving of development problems and enhancing cyber security.

    The President said Nigeria has already started championing the cause by hosting the High-Level Trade and Investment Facilitation Forum for Development in November 2017 in Abuja, in partnership with the Economic Community of West African States (ECOWAS).

    “To underscore Nigeria’s commitment to spreading prosperity throughout the Commonwealth, in the past six months, Nigeria Co-Chaired with the United Kingdom, the ‘UK All-Parliamentary Group for Trade out of Poverty’ (APPG-TOP). The Report of this Commonwealth Inquiry Report was launched on 3rd April, 2018.

    “Nigeria affirms its commitment to the principal message from this Commonwealth Inquiry Group that Nigeria co-chaired with the UK. The surest, most sustainable way to lift millions of people out of poverty across the Commonwealth is through boosting trade and investment.

    “We believe that, we, as leaders in the Commonwealth, should grasp the opportunity and agree a major new focus on trade and investment for inclusive development,” the President

    Buhari further referred to the World Bank’s ‘Doing Business’ Report published in November 2017 where in Nigeria moved up 24 places and was recognised as one of the top 10 most improved economies in the world, as evidence that Nigeria’s efforts have not been futile.

    “In developing countries, labour and industry are concerned about distortions in trade policies that result in subsidised products which have contributed to exports dumped in developing economies. These have had bad effects in the form of job losses.

    “Growth is not yet inclusive and remains elusive. There are downside risks about disruptions to trade and investment. Global and regional markets have been considerably rattled by the risks of trade wars. Concerns over climate change are unabated and are increasing. There are tasks and duties on all sides,” he said.

    Going beyond the Commonwealth, the president said trade wars have to be avoided in order for countries to work collectively to preserve the global trading order.

    “But if we are to make business easier between our countries and going beyond the Commonwealth, we must avoid trade wars and work collectively to preserve the global trading order, support regional initiatives as well as support domestic structural reforms that focus on the priorities of individual countries

    “If there is a collective Commonwealth Commitment to the Ease of Doing Business, we shall spur growth, multiply wealth and expand employment opportunities. These objectives will be accelerated by trade and investment facilitation,” the president noted.

     

  • I’ve been in assassin business for over 10 years; killed over 100 – Ade Lawyer confesses

    …says he’s now born again

    Suspected assassin, Adeola Williams, popularly known as Ade Lawyer, has confessed to killing over a 100 people in his 10 years of operating as a hired assassin.

    Ade Lawyer, 39, made the confession recently to newsmen while being paraded the police.

    Recall that he was recently arrested by the Inspector General of Police Intelligence Response Team over the killing of one Ganiyu Ayinla, aka Pinero, who was the personal assistant to Azeez Adekunle Lawal, the National Union of Road Transport Workers chairman in Idumota, Lagos. The incident took place on January 23.

    Ade Lawyer, a father of three from Ijebu Igbo in Ogun State, while giving account of his nefarious activities, said: “Assassination has been the source of my livelihood for more than a decade now and I know I have taken many lives that I can’t even count but God knows I am a new person now.

    “If I get a chance to regain my freedom in this life, I will never go back to crime again. I also advise the millions of youths out there that crime does not pay. I was into crime for over 20 years and despite the risk involved and lack of rest of mind, I have nothing to show for it except the uncompleted three-bedroomed bungalow in Ibadan.

    “I have nothing on ground to fall back on despite taking the lives of more than 100 Nigerians as an assassin. May God forgive me.”

    He also revealed how he was once arrested and remanded in Ikoyi prison in 1998 for stealing a wristwatch belonging to late fuji musician, Sikiru Ayinde Barrister, at a show in Lagos Island.

    According to Ade Lawyer: “A fight broke out when he was about leaving the hall and I found my way to the front where I succeeded in snatching his watch from his wrist. People saw me struggling with his bouncers and the next day, they brought policemen to arrest me in my mother’s house.”

    Eventually freed in 2001, he said he went back to being a bus conductor and driver in Ajah – the same job he was doing before he went to prison. He said he joined the NURTW, Ajah Branch, where he was made a park attendant.

    Through his years in NURTW, he said he worked for the likes of Musiliu Akinsanya, aka MC Oluomo, Akanni Olorunwa, who was once a chairman of the union in the state, and one Mustapha Sagoe, who took over his unit initially.

    However, Ade Lawyer said he decided to take the life of Kunle Poly for refusing to talk to the state chairman of the union, Tajudeen Agbede, on his behalf. He said he worked hard for Agbede to emerge as the chairman but that he was dumped after the election.

    In his words: “I thought about my predicament because my wife was heavily pregnant and the money I was getting from Oluomo wasn’t enough and I wasn’t ready to use my gun for armed robbery, so I decided to end the life of the man who refused to help me mend my relationship with Agbede.”

    He said after the attack on Kunle Poly, he was later arrested but that he didn’t want to go down alone, thus he indicted some other persons.

    Speaking further, he said: “I decided to rope in Olorunwa because he was the one who ruined my life. It was my support for him during his fight with MC Oluomo that made me to lose my position at the union. After he was removed from office, he had so much money but he was wasting it on women and movie actors and he refused to help me.

    “If he had given me good money after he left office, for staking my life for him, I won’t have been roaming about looking for who to kill. I was just so bitter, so I framed him. I made up the story that he paid me N500,000 to kill Kunle Poly and I also lied that I seized his vehicle because he was owing me a balance of N1m.”

    He said he also decided to rope MC Oluomo as the person who sent him because he expected him (Oluomo) to come to his aid but that he didn’t show up, until he “finally decided to come clean and say the truth and give my life to Christ. I also lied earlier that I worked for Prince Kazeem Eletu during the fight between him and Oba Elegushi.”

    “Though I didn’t know Prince Kazeem before, I have heard his name very well before and I asked for assistance from him several times through somebody who knows him but he refused to help me, and that was why I mentioned his name too. But now I am a born-again Christian and I will always say the truth and stand by the truth.”

    The police have however revealed stepping up investigative and intelligence activities to arrest other fleeing members of his gang.

  • Buhari inaugurates ERGP Focus labs, vows to make Nigeria more business friendly

    President Muhammadu Buhari on Tuesday reiterated that his administration would not rest on its oars until the recorded improvement in the country’s economic indexes translated to visible improvement in the lives of Nigerians.

    The President made this known in Abuja while inaugurating the Economic Recovery and Growth Plan (ERGP) Focus Labs.

    According to him, in the past ten months, his administration has achieved several noteworthy milestones.

    “As you are aware, economic growth returned in second quarter of 2017 due to a clear follow-through of some of the economic initiatives we set out to implement.

    “Since then, we have consolidated on the recovery path reaching a Real GDP growth of 1.92 per cent by the fourth quarter of 2017.

    “We have also restored stability in foreign exchange market and have recorded improvements in our foreign reserves which have grown from 24 billion US dollars in September 2016 to 42 billion US dollars by mid-February 2018 and now 46 billion US dollars.

    “This has been achieved partially because of the recovery of oil prices on the international market.

    “We have made remarkable strides in creating a conducive business environment for investors, earning the World Bank’s ranking as one of the Top 10 most improved economies in 2017.

    “This has encouraged both local and foreign investments in the last few months.’’

    President Buhari maintained that the Federal Government would continue working to attract both local and foreign investments so as to expand economic activities thereby creating additional jobs for the people.

    He said the Federal Government remained committed to working hard to attain its target of moving up in the World Bank’s Ease of Doing Business rankings by 2020.

    He added that the government was also investing billions of naira in fixing infrastructures across the country.

    President Buhari also maintained that significant progress had also been made in the Agricultural sector with the expansion of the Anchor Borrower’s programme to more beneficiaries to boost local production across the country.

    He said, “We plan to build upon the success of the Presidential Fertilizer Initiative to double the 500,000 metric tons of fertilizer delivered to States, agro-dealers and farmers in 2017, by achieving production output of 1 million metric tons in 2018.’’

    According to the President, the Focus Labs constitute one of the many strategies his administration is taking to ensure that the Economic Recovery and Growth Plan is effectively implemented.

    He said that the key goals of the plan were focused on achieving sustainable, diversified and inclusive growth, becoming self-sufficient in basic commodities to curtail food imports and diversifying the nation’s economic base from crude oil dependence.

    The President added that the ERGP was also aimed at empowering local businesses to create thousands of jobs and, improving the general well-being of the people.

    He noted that the Focus Labs had been successfully used in other countries, adding that the Labs in Nigeria were designed as closed-door investment platforms to identify and accelerate high-impact projects with significant impact on GDP and job creation.

    “The Labs will also enable pre-screened private sector investors to have access to senior government officials, regulators, and cabinet ministers.

    “The goal is to efficiently and effectively resolve the most pressing bottlenecks delaying their proposed investments,” he stated.

    He said he had already directed the relevant Ministers and heads of government agencies to be available to the participants at the labs to respond to their inquiries and issues.

    The President commended the Ministry of Budget and National Planning and other relevant agencies for piloting the process, which he said, was being used for the first time in Nigeria.

    He, therefore, expressed the hope that the Labs would open up new investments to complement government’s existing efforts at ensuring agricultural, manufacturing and infrastructural development nationwide.

    “I look forward to receiving regular updates on the progress of the Labs,’’ he added.

    In his remark, the Minister of Budget and National Planning, Udoma Udo Udoma, expressed appreciation to the President for inaugurating the Focus Labs.

    He commended the Buhari administration for restoring the confidence of both local and foreign investors in the country’s economy.

  • How banking practices stifle business growth in Nigeria – Speaker Dogara

    Speaker of the House of Representatives, Hon. Yakubu Dogara, has called for action to be taken concerning prevalent banking practices which have adverse effects on business growth and entrepreneurship in Nigeria.

    Speaking at the launch of a book on banking reforms by a member of the House of Representatives Dr. Bode Ayorinde, representing Owo/Ose Federal Constituency, Dogara highlighted issues such as high lending rates and difficulties in accessing loans; and compared prevalent practices in the country with what is obtainable in other climes.

    “The challenge in the banking industry in Nigeria is such that it is organized in such a way that it creates buoyancy and development in other jurisdictions, not in Nigeria. I have had cause to say this before, that unless you have assets or equipment, there is no way you can take loans or access loans from Nigerian banks to do the business. If you are not careful in taking loans from Nigerian banks, one will just end up in the poverty gap.”

    “I don’t think our citizens are supposed to do their businesses with money they already have in their pockets. Businesses elsewhere are executed by loans by the banking industry in those countries. I don’t know why the interest rate in Nigeria is so high. What is it that we can do to lower the cost of funds in Nigeria, so that our young men, women and entrepreneurs can risk taking money from our financial institutions in order to realize their dreams?”

    He queried the likelihood of success of business reforms in the country, in light of the fact that loans remain largely inaccessible to those who most require such financial aids to grow their businesses.

    “I love the fact that the Vice President is chairing the council on the ease of doing business in Nigeria but in dealing with most businesses, you are forced to ask what business are we doing? How do we fund these businesses?”

    The Speaker, who lamented that the political will to tackle the challenge has been lacking, called on all stakeholders to work together to strengthen the various institutions within the country in line with international best practices.

    “That has been the challenge, from the point of view of the Executive down to the Parliament, the political will to address this has not been there. And the answer has always been that just one opinion cannot solve the issue, all hands need to work at it. We cannot afford to continue having weak institutions in Nigeria, not after so many years of having balance.”

    “So I believe that concerning some of these borrowing voyages such as been embarked upon recently can be avoided by applying the required formulas that work even here in Nigeria. The sharp parallel that is drawn between the practice here in Nigeria and the practices in over 20 other jurisdictions of the world.”

    The event also had in attendance the Vice President, Professor Yemi Osinbajo and the governor of Ondo State, Rotimi Akeredolu.

     

  • #SMWLagos: Panelists advocate email marketing to build business relationships

    Some panelists at the ongoing 2018 Social Media Week Lagos on Wednesday urged the public to embrace email marketing as a veritable platform for advertising their businesses.

    At a session titled “Email Marketing and Lead Nuturing: Generate, Engage and Convert”, the panelists said that embracing the platform would help build relationships for their businesses.

    Email marketing is one segment of internet marketing which encompasses online marketing via websites, social media, blogs, etc.

    It is essentially the same as direct mail, except that instead of sending mail through the postal service, messages are sent electronically via email.

    At the panel, Mr Deola Kayode, a Digital Strategy Manager with Insight Advertising, said that email marketing was a powerful platform to explore in building relationships.

    Kayode said that relationships had to be built on trust, like-ability and credibility of one’s product.

    The relationships built, he said, helped in giving value to businesses.

    “Building relationships is key to business success as regards email marketing.

    “In achieving the goal for your business, there is need for one to understand its audience, think about the problem to be solved, define them and streamline one’s budget for proper productivity.

    “Email marketing literally allows one to prime the person to sell his or her product to and it will also help in spotting the difference in the product you want to buy,” he said.

    Another panelist, Ms Omodara Adediran, Account Manager, said that the greatest problem was people’s understanding of the relevance of email marketing to their businesses.

    She said that email marketing helped people to plan better and save cost for their businesses.

    According to Adediran, a business person should go into marketing campaign before embarking on email marketing to make it more efficient and effective.

    “In doing a good email marketing, you need to profile and understand your customers and the platform.

    “There should be a call to action in an email to attract people’s attention and the business owner’s understanding of the consumer journey and integrate into the business,” she said.

    She stressed that understanding the consumer journey would enable the business owner not to get lots of rejections.

    Also, Mr Abayomi Ojo, Founder, House of Jethro, said that understanding one’s audience and content was key in email marketing.

    He listed some stages that one had to pass through for successful email marketing as awareness stage, consideration and decision making stage

    “Consideration helps one to drive sales, and in doing so, the subject line needs to be concise, brief and catchy to get attention.

    “One needs to also research the subject line and how it relates to the buyer, target your customer to understand where you are heading.

    “In doing all these, one needs to understand that timing for sending out the email is very important,” he said.

    On his part, Mr Ayeni Ekundayo, Co-founder, Email Forest, said that there is money to be made in an individual’s email and urged the public to utilise the platform.

    He listed some principles of email marketing as: printing of account, creating a list, uploading data base and campaign.

    Ekundayo said that education was key on the email marketing platform, adding that there was need for the public to be abreast of the platform’s potential by utilising it.

    Social Media Week Lagos is currently in its 6th edition, with this year’s edition having the theme: ‘Closer’.

    The week-long event started on Monday, Feb. 26 and will end March 2.

    The event features a wide variety of discussions covering the Future of Media, Travel and Tourism, Governance, Gender inclusion with a dedicated Women in Tech platform, Entertainment as well as emerging ideas and trends across the globe.

     

  • El-Rufai, Adeosun meet Kaduna business leaders, tax payers

    Executive Governor of Kaduna State, Mallam Nasir el-Rufai and the Honourable Minister of Finance, Mrs. Kemi Adeosun, will on Thursday, March 1, meet with business leaders, business owners and tax payers in Kaduna over the Voluntary Assets and Income Declaration Scheme (VAIDS).

    The Kaduna State Government is hosting the VAIDS Stakeholders’ Symposium, which is expected to have in attendance Executive Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler; members of the State Executive Council, members of the State House of Assembly and traditional rulers.

    Also invited to the sensitisation meeting are business owners and groups, tax advisers, captains of industries, professional and artisan bodies, and other strategic economic groupings within Kaduna State and environs.

    The Minister of Finance, Mrs. Kemi Adeosun, has identified regular tax payment by Nigerians as fundamental to the growth and development of the country.

    She noted that predictable tax revenue inflow would lead to more investment by the Federal and State Governments in infrastructure and job and wealth creation across the nation.

    “Payment of taxes is a fundamental requirement for our growth story. Nigeria has a very poor scorecard in tax payment. When oil came, we abandoned the old systems of tax collection that provided most of our infrastructure since colonial days.

    “Currently, we have just 14 million tax payers out of 70 million who are economically active. So, many people who should be paying are not paying anything. It is the development of taxes that will help the States and the Federal Government to achieve their true potentials,” the Minister said.

    She advised tax payers to take advantage of the tax amnesty opportunity to regularise their tax profiles, adding that tax defaulters would be subjected to investigations as well as made to face criminal prosecution for tax offences.

    The VAIDS programme, which commenced on 1st July, 2017, provides opportunity for tax payers to voluntarily and truthfully declare their assets and incomes before the March 31st, 2018 deadline.

    The Scheme embraces all Federal and State taxes such as Companies Income Tax, Personal Income Tax, Petroleum Profits Tax, Capital Gains Tax, Stamp Duties, Tertiary Education Tax, Technology Tax, Tenement Rates, and Property Taxes.

    It also covers all back taxes for the last six years in line with the statutory periods of limitation under the relevant tax statutes.

     

  • Epileptic power affecting growth of businesses in Nigeria – CBN

    Epileptic power affecting growth of businesses in Nigeria – CBN

    The Central Bank of Nigeria (CBN) has identified epileptic power supply as a major hindrance to business growth in Nigeria.

    According to the CBN, the latest survey conducted by it on businesses in the fourth quarter of 2017 showed that 62.6 per cent of the surveyed firms identified inadequate supply of electricity as a major constraint to their activities.

    In the Business Expectations Survey Report for Q4 2017, the CBN stated that the surveyed firms confirmed poor power supply as a key problem, adding that other concerns highlighted by the respondents included unfavourable economic climate and unclear laws.

    The bank further noted that insufficient demand, high interest rate and competition were some other constraints to business activities in the fourth quarter of 2017.

    “The surveyed firms identified power supply (62.6 per cent), high interest rate (58.6 per cent), financial problems (56.8 per cent), unfavourable economic climate (46.1 per cent), unclear economic laws (42.7 per cent), insufficient demand (42.6 per cent) and competition (41 per cent) as the major factors constraining business activities in the current quarter,” the report stated.

    On exchange rate issues, the bank stated that majority of the respondent firms expected the naira to appreciate in the current and next quarters as the confidence indices stood at 1.1 and 39.2 points, respectively.

    It added that respondent firms expected the inflation rate to rise in the current quarter but fall in the next quarter, with confidence indices of 9.5 and -9.8 points for the first and second quarters of 2018, respectively.

    On some other highlights of the report, the bank stated that respondent firms expressed more optimism on the macro economy in the reviewed quarter when compared with the level recorded in the corresponding quarter of 2016.

    It stated that respondents’ outlook on the volume of total order, liquidity positions (financial conditions) in the last quarter of 2017 improved in relation to that of the corresponding quarter of 2016.