Tag: SMEs

  • Fidelity Bank hosts capacity building for SMEs

    Fidelity Bank hosts capacity building for SMEs

    Fidelity Bank Plc is set to organise a national capacity building webinar for small medium enterprises (SMEs) in the country.

    The programme is part of deliberate efforts to assist entrepreneurs across all sectors of the Nigerian economy develop requisite capacity to unlock their full potentials and take their businesses to the next level of growth.

    Targeted specifically at existing businesses operating in critical sectors of the economy including trade and commerce, manufacturing, hospitality, education, entertainment, transportation and agriculture, these virtual sessions will take place across the country on a state-by-state basis, with the maiden edition slated for Enugu State on January 27, 2021.

    The Enugu event is organised in collaboration with the Enugu State Ministry of Trade and Commerce and the Enugu SME Centre; Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Nigeria Association of Small & Medium Enterprises (NASME) and Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA).

    Themed “Funding and Financial Management”, the Enugu Edition will have in attendance special guests including Mrs. Monica Ugwuanyi, First Lady, Enugu State, Sir Robert Anwatu, Managing Director, Roban Stores, and Mr. Chiedozie Atuegwu, Director, Michelle Laboratories Limited.

    Speaking on the event, Fidelity CEO, Mrs. Nneka Onyeali-Ikpe said the programme underscores the bank’s long-running support for the growth of small businesses which stems from its recognition of MSMEs as critical agents of economic development and transformation in Nigeria and the world at large.

    According to Onyeali-Ikpe, the session aims at providing practical information, skills, and resources to help entrepreneurs become better managers of their businesses. The bank has embarked on virtual SME-based events to adhere to the social distancing guideline essential to promoting the safety of every participant in view of the COVID-19 pandemic.

     

  • N-power to engage 7000 youths in software development programme

    N-power to engage 7000 youths in software development programme

    Mr Afolabi Imoukhuede, the Senior Special Assistant to the President on Job Creation and Youth Empowerment, on Tuesday said that the Npower would engage 7,000 youths from across the country in software development programmes.

    Imoukhuede said this on Tuesday at the News Agency of Nigeria Forum in Abuja.

    He said that the programme would be introduced as part of the mandate of the scheme to economically empower the youth in the country.

    He noted that no fewer than 50,000 Nigerian youth were already engaged in skills acquisition programmes in different parts of the country with additional 500,000 graduates engaged as volunteers in N-Agro, N-Teach and N-Health since 2016.

    According to Imoukhuede, there is need for the country to begin to use technology or new thinking to solve some perennial challenges confronting the country.

    “We are to stimulate a lot in young people for them to begin to think out of the box or even imagine a no box at all and really bring up ideas,’’ he said.

    Imoukhuede emphasised the need for the country to strengthen efforts toward unlocking the potential in Small and Medium Enterprises (SMEs) through technological innovations.

    “SMEs are greater core not only to our youth but to all, and that is where an average youth will blend as a micro player.

    “In looking at job creation, we realised that SME is the engine of any formidable economy.

    “So for us, we looked at it that it was with the least attention or the greatest challenge.

    “We designed strategies targeted at unlocking the binding constraints that had hitherto hampered the successful entry of our micro enterprises into mainstream business.

    “That is one of the areas we looked at because that in many ways is to unlock entrepreneurship.

    “When you begin to look at unemployment we must wake up to the reality that the white collar jobs are not there in the number to match the number of our teeming graduates that are getting to the labour market.

    “So the earlier we begin to redirect them in the area of innovations using technology to promote entrepreneurship the better for us,’’ Imoukhuede stated.

    He, however, observed that the federal government had recorded successes in its social investment programmes.

    According to him, 9.3 million children in 26 states so far are benefiting from the home grown school feeding programme.

    “While this caters for our young school children, it also serves as a job creation tool because in that programme 9.3 million children are being fed in over 26 states.

    “100,000 cooks are being recruited to cook the food while 90,000 farmers as well are engaged because the instruction is that we must eat what we grow locally.

    “Another is the conditional cash transfer of N5,000 that we pay to the most vulnerable which we pay to the poorest of the poor, the aged and the widows.

    “Also is the government enterprise empowerment programme, the Trader money, the farmer money for the different groups just to create access to finance for artisans and traders,’’ Imoukhuede said.

     

  • PP-18: William Ijeh charges ITU must remain at cutting edge of tech development [Q/A]

    As International Telecommunication Union’s (ITU) member states elect the Union’s top executives at the ITU Plenipotentiary Conference 2018 in Dubai, United Arab Emirates, TheNewsGuru (TNG) brings you this special interview with William Ijeh.
    Ijeh is a Nigerian candidate for the post of Director of the ITU Telecommunication Development Bureau as the Union elects ITU’s management team in event that will hold in in Dubai, United Arab Emirates (UAE) from 29 October to 16 November.
    In this interview with ITU News, Ijeh highlights how the ITU Telecommunication Development Bureau will function under his leadership.
    How should ITU evolve to maintain relevance in today’s world?
    As the United Nations specialized agency responsible for information and communication technologies (ICTs), ITU must remain at the cutting edge of technology development, thereby maintaining its ability to provide the required support to its members and ICT stakeholders.
    By so doing, ITU will reinforce its leading role in promoting technologies around the world while maintaining its core fundamental values of neutrality, transparency and fairness to all.
    ITU should continue to provide suitable platforms for discussions on all ICT topics, bringing together both developed and developing countries as well as other ICT stakeholders, in a spirit of cooperation and collaboration.
    The United Nations has given ITU the important role of coordinating telecommunication operations and services throughout the world. The three ITU Bureaux must work as a team to ensure the rational use of the radio-frequency spectrum, the speedy development of standards, and the timely provision of assistance to developing countries.
    ITU must implement gender mainstreaming in all aspects of its activities including recruitment and project management.
    Today, ICTs have provided an incredible integrated platform for everyone. However, half of the world’s population is still not connected to the Internet. The digital gap still remains, and ITU will need to continue efforts to address this significant challenge. ICTs are critical for socio-economic development, and those countries which do not have adequate access to ICTs will be at a distinct disadvantage. ITU must be prepared to take up this challenge.
    ICTs will play critical in the implementation of the 2030 UN Agenda for Sustainable Development. Therefore, as a core partner in the implementation of the Sustainable Development Goals (SDGs), ITU must promote ICTs globally as a catalyst for its successful implementation by ensuring: global broadband connectivity; affordable rates; reduction of the digital gap; promotion of the use of ICTs for small- and medium-sized enterprises (SMEs), especially in developing economies; that adequate spectrum is available for ICTs; and gender inclusion.
    What are your top three priorities and how do you plan to achieve them?
    My three top priorities are:
    To ensure effective and efficient management of financial and human resources within the ITU Telecommunication Development Bureau (BDT). This will entail implementing sound fiscal management policies, which will ensure that BDT resources are managed with emphasis on field activities.
    To promote universal broadband access at affordable prices. This will require several actions including the elaboration of suitable policies for ITU members, the promotion of enabling regulatory policies, and working with development partners to secure funding for ICT projects.
    To establish public-private partnerships for development. This involves strengthening cooperation with the ITU membership, engaging with the public and private sectors, international and regional organizations, multilateral financial institutions and special ICT investment institutions, and civil society in a concerted effort to bring ICTs within the reach of every citizen.
    What do you see as ITU’s unique role in accelerating progress on the United Nations’ Sustainable Development Goals?
    ITU should contribute to shaping the achievement of the Sustainable Development Goals (SDGs) by ensuring that ICTs are integrated into the implementation process. The achievement of many of the SDGs will be positively affected through the use of ICTs. Therefore, ITU should increase efforts with the UN and other stakeholders in promoting the role of ICTs for the implementation of the SDGs, as well as develop partnerships with international and regional agencies for their successful implementation.
    ITU should place emphasis on global connectivity and affordable access to ICTs, especially for economies with special needs, Least-Developed Countries, Small Island Developing States and Landlocked-Developing Countries. I believe that the achievement of many of the SDGs will be facilitated by the use of ICTs, where ITU is expected to play a critical role in ensuring that ICTs are integrated, fully, whenever possible, in the implementation process.
    What has been your most important leadership achievement?
    Perhaps my most significant leadership achievement was the organization of a Summit of the Heads of State and Government of the Group of Fifteen in Harare, Zimbabwe in 1996. The summit was a South-South event where a development agenda for mutual cooperation was established for the group and I led the organizing team.
    How have you built consensus amongst diverse stakeholders?
    My strategy for building consensus among stakeholders involved listening to the parties, assessing their different views, analysing their respective positions and approaching the issue(s) from a neutral viewpoint. Based on a good understanding of the situation and development of trust, dialogue was established with the parties. All conclusions were undertaken in a fair-minded approach by ensuring, as far as possible, a win-win situation and satisfactory results for all.
    What else would you like to add?
    ITU is the oldest UN agency and it has been at the forefront of many technological developments in the area of ICTs. The organization has remained true to its mandate and it must remain at the forefront of ICT development, always taking into consideration the provisions of the ITU’s Constitution and Convention.
    The organization should continue to serve the entire global population, ensuring that broadband connectivity is made available to everyone. In this regard, the three ITU Bureaux must continue to work together for the good of ITU’s members.
    Regarding BDT, there should be greater emphasis on its activities at the regional level. Therefore, BDT representatives in the field must be seen as ITU representatives and should be equipped to cater for the needs of the different regions.
    Enhanced regional presence will help to strengthen ITU’s activities and its relations with Member States and all ICT stakeholders, and deliver meaningful services globally.
    I support North-South and South-South initiatives, and I believe that this will facilitate knowledge sharing and the transfer of technologies.
    As an ITU staff member, I fully recognize the competencies and skills of staff, and I place great value in them as the principal assets of the Union. I would like to extend my appreciation to ITU staff, and encourage and reassure them that their values are very well respected.
     

  • Rivers Govt. gives N3.6 billion to SMEs, civil servants

    Rivers Govt. gives N3.6 billion to SMEs, civil servants

    The Rivers state government has approved an annual interest-free loan disbursement to the tune of N3,600,000,000.00 (three billion, six hundred thousand naira) for small businesses and civil servants in the State.

    The State Governor, Nyesom Ezenwo Wike, made this known in an address during the 2018 Workers Day celebrations in Port Harcourt, where he also charged the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to occupy Nigeria.

    “We have approved an interest-free revolving loan scheme for civil servants. The annual sum earmarked for this programme is N1,200,000,000.00 (one billion two hundred naira) only, with a monthly disbursement of N100,000,000.00 (one hundred million naira only).

    “We have also approved another interest-free loan for owners of small businesses to access to enhance their businesses, create jobs and grow the economy. An annual sum of N2, 400,000,000.00 (two billion four hundred million) only, has been set-aside for this purpose with a monthly disbursement of N200, 000,000.00 (two hundred million naira) only,” the Governor said.

    He said the State is investing in building a strong economy that will enable workers earn decent wages, empower entrepreneurs to create jobs and provide improved livelihood opportunities for Rivers people.

    The governor said that his administration is already working to fix some of the subsisting challenges, including the contributory pension scheme, the contributory health insurance scheme and the payment of gratuities to retired civil servants.

    At the Workers Day celebration, the Governor also announced a donation of N100 million to the NLC and the TUC and said the State Government will construct State Secretariats for the different labour unions.

    In her address, the Rivers State Chairman of the NLC, Mrs Beatrice Otubo commended Governor Wike for his regular payment of salaries and pensions.

    ALSO READ | Gov. Wike urges NLC, TUC to ‘Occupy Nigeria’

    She urged the governor to take steps to resolve the challenges surrounding the contributory pension scheme and gratuity to retired civil servants. The labour leader also commended the Governor for his outstanding developmental strides.

    Chairman of the TUC in Rivers State, Mr Austin Jonah lauded the Rivers State Governor for his numerous infrastructural and development projects across the state.

    The Workers Day was marked by parade by all the affiliate trade unions in the state, with Governor Wike taking the official salute.

     

  • Gov. Wike urges NLC, TUC to Occupy Nigeria

    Gov. Wike urges NLC, TUC to Occupy Nigeria

    Governor Nyesom Ezenwo Wike has declared the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have failed Nigerians by refusing to act in the face of unbridled killings of defenceless Nigerians across the country.

    The Rivers State Governor made the declaration in an address during the 2018 Workers Day celebrations in Port Harcourt and said it is not in national interest for labour to be only concerned about salary increment when their kith and kin are mauled to death on a daily basis.

    “Labour is only after the increment of wages and emoluments without showing concern for the mass killings going on across different states of the Federation.

    “Labour is quiet in the face of deaths. Of what benefit will increment of salaries be when all your children, friends and relatives are killed in the course of this national insecurity?

    “It is incumbent on labour to rise up in defence of Nigerians by demanding for immediate cessation of killings,” Wike said.

    He stressed that labour has a duty to work towards the progress of Nigeria as they battle for their welfare, saying labour must rekindle their pre-2015 posture when they participated in occupy Nigeria during the Jonathan era.

    The governor urged labour to defend the nation’s democracy which is under threat by the failure of the APC Federal Government to respect the rule of law and democratic tenets.

    “Be vigilant and defend our democracy in 2019. That is what labour is known for. Labour thrives under democracy. Without democracy, labour will run into challenges,” he said.

     

    ALSO READ | Wike makes N100m donation to NLC, TUC; approves N3.6bn for SMEs, civil servants

     

  • Int’l Women’s Day: First Lady commits N100m to women-owned SMEs

    First Lady of Edo state, Mrs Betsy Obaseki, has presented cheques of N50,000 to 2,000 female entrepreneurs who are into small and medium scale enterprises in the state.

    Mrs Obaseki presented the soft loan cheques during the 2018 International Women’s Day celebration organized by the state’s Ministry of Women Affairs and Social Development, in collaboration with the Office of the Edo State First Lady in Benin City, on Thursday.

    She said the initiative, which is supported by the Bank of Industry, is to assist women to grow and expand their small and medium-sized enterprises.

    She said some of the beneficiaries are successful participants of the Edo Women for Agriculture and Enterprise initiative while others were drawn from several cooperative societies across the state.

    “The 2000 women are going to be beneficiaries of the first phase of this scheme. Last year we empowered 500 women with poultry birds to make each of them earn at least N150,000 from the sale of eggs,” she said.

    Meanwhile, the Deputy Governor of Edo State, Rt. Hon. Philip Shaibu, launched the Betsy Obaseki After School Club (BOASC) and the Edo Women Monthly Farmers’ Market Initiative, urging women to lead the drive for economic emancipation and wealth creation.

    The First Lady said the BOASC seeks to address the root of economic hardship amongst women via empowering school girls with skills in shoemaking and vehicle repairs.

    “This initiative aims to build confidence in their abilities and give these girls a firm footing against traffickers who may approach them with promises of better lives abroad. 180 school girls drawn from 18 Public Secondary schools are participating in the first phase” she said.

    She said the Women Farmers’ Market initiative is to promote the purchase of healthy agricultural produce as well as provide ready markets for women farmers to sell their produce directly to buyers.

    She added that the theme for this year Women’s Day celebration: “Time is Now: Rural and Urban Activists Transforming Women’s Life” was apt, noting that it reinforces the need for all hands to be on deck and work concertedly for the overall progress and stability of women.

    In her remarks, the Commissioner for Women Affairs and Social Development, Mrs Magdalene Ohenhen, said the occasion was put together to highlight the activities, progress and problems confronting women in all aspects of their lives.

    Ohenhen said women have continually been challenged by issues such as maternal and infant mortality, poverty, unemployment, low income and low participation in governance.

    She, however, commended the Edo State government for mainstreaming women in governance, particularly, the appointment of female Special Assistants on Gender.

    In his remarks to mark the International Women’s Day 2018 (IWD2018), the State governor, Mr Godwin Obaseki, called for inclusive policies and stronger collaboration on programmes that will create spaces for women to be properly represented in politics and business.

    He said that much as there are efforts to expand the frontier for women to participate in economic, politics and social institutions in society in urban and peri-urban centers, there was even a more urgent need to focus on those in rural areas who need inclusive policies, financial support and social structures to facilitate their contribution to development.

    According to the governor, the imperative to press for progress across different markers of development, especially for women, and ensure spaces are created for them to achieve their potentials.

    “As the world celebrates the International Women’s Day, it is important to stress the contribution of women to national development. But at the same time, it is an opportunity to call for inclusive policies and open space to address issues of gender parity. This will make it easier for women to not only reach their full potentials in politics and business, but also expand the space for representation for societal integration and growth,” he said.

    The International Women’s Day (IWD) is marked every March 8 by the United Nations and many other organisations across the globe.

     

  • How entrepreneurs use technology to grow SMEs in Nigeria

    How entrepreneurs use technology to grow SMEs in Nigeria

    Entrepreneurs behind top small and medium enterprises (SMEs) in Nigeria have revealed some of the technology tools they employ in growing their businesses in the country.

    That SMEs are a driver of the Nigerian economy is no longer news, and the Nigerian government has really put in efforts in recent times to see that this sector of the economy is harnessed.

    Entrepreneurs gathered at the Nigeria International Technology Exhibition and Conference (NITEC) 2017 all agree that technology drives businesses.

    TheNewsGuru reports one of the best take aways from the NITEC 2017 event is that the challenges of global and local economies are not killing businesses; rather, the challenges are making businesses to define new objectives, applying tech solutions; and customers are now defining how they need to be served.

    All SMEs are going online — exploiting the opportunity technology presents to grow the frontiers of business reach.

    For SMEs to reach target markets, both offline and online, technology has been a massive advantage, that it has become huge part of businesses. Combining the offline potentials of a business with the online potentials, businesses get a bigger reach. With the growing number of Nigerians using the Internet, especially the social media, SMEs are presented with a bigger advantage with technology.

    If a business is just offline-based, it would be limited to the offline reach of the business owner(s), but when it is online-based, the reach of the business is unlimited. Digital marketing tools are replete online and business partners as well, so, it is advisable to go online. For a business to be able to reach a wider population, for Nigerian businesses to go global, entrepreneurs have no option than to embrace technology and go online

    Given the power of technology, companies are now designing how to better serve customers by using specialized tools.

    Mobile apps

    Going online means a business will have a business domain (website) registered online, showcasing the products and services of the business. Taking it further, businesses are now moving away from just the website to actually developing mobile apps for the business. It works just as the website, but it is more efficient, and as the CEO of DressMeOutlet, Olatorera Oniru, puts it, “One of the most popular apps on my phone right now is Dressmeoutlet.com; we are constantly testing, and we are looking to launch this month our mobile app on iOS and Android”.

    Chat apps

    Entrepreneurs understand the importance of keeping the conversation going with customers and clients alike. “We use WhatsApp quite a lot. We are having every of our customers’ phone numbers; so we engage them using WhatsApp,” Ms. Oniru said.

    Translators

    SMEs also apply the power of translator apps to transact businesses. The entrepreneurs use the translator because the reach technology provide is unlimited, and calls can come from countries where language differ. “We have to be able to rapidly respond to orders and enquiries in languages other than the English language,” Oniru told TheNewsGuru.

    Google Analytics

    Google Analytics tells you the traffic that is coming to your website and what percentage of that traffic is being converted into sales. The DressMeOutlet bosslady said, “We use this tool as well as other tools at our backend for us to know about our abandoned cart rates, as customers sometimes would rapidly check out and found out that, for instance, shipping is too expensively; so, they are gone! When we see our abandoned cart rates, we are able to call such customers to get feedback, and discuss how to make such customers come back to complete their purchase(s).

    LinkedIn

    Nigerian entrepreneurs have embraced the power of LinkedIn to reach peculiars customers and clients alike. The entrepreneurs create their business profile page on LinkedIn, and personal profile page with staff profiles linked to the business page so that the clients and customers engaging them would know they are actually employed by the company.

    Payment apps

    There is a company called Paystack. It’s a Nigerian payment platform. The good thing about Paystack is that, as an indigenous payments platform, you can actually make payments for business transactions outside of Nigeria.

    Uber

    It would surprise you to know that entrepreneurs use Uber taxis to quickly reach their clients and customers, and they say this has been really productive.

    Facebook/Twitter

    Entrepreneurs say they use the power of Facebook and Twitter to promote the reach of their businesses to friends, families and persons they haven’t even met before.

    More tools

    Other tools used by Nigerian entrepreneurs are human resources tool, tams,Slack; financial accounting app, QuickBooks; Google Suite; Bitbucket Git; and Hootsuite.

     

    Entrepreneurs actually combine all these solutions to growing the reach of their businesses, thereby breaking the barriers of doing business in Nigeria.

    NITEC 2017 focused heavily on the future of big data, analytics and applications for SMEs development. It went a long way to show businesses must be able to maximize the power of cloud computing, as given the explosion of technology, big data now demands businesses use cloud computing and analytics to provide cognitive solutions to business problems.

    These are some of the solutions technology provides for SMEs in Nigeria. If you think anything is missing on this list, please leave a comment below after seeing this video.

    https://youtu.be/uO8O8ka-wR0

     

     

  • Photos: Tech-changing moments at NITEC 2017

    Photos: Tech-changing moments at NITEC 2017

    The Nigeria International Technology Exhibition & Conference, NITEC 2017, being the second edition of the yearly event, held today at the Sheraton Hotels Ikeja, Lagos.

    The focus of the 2017 edition was on the future of big data, analytics and applications for small and medium enterprises (SMEs) development.

    Discussions featured disruptive areas in technology such as digital media, artificial intelligence (AI), big data, robotics, Internet of Things (IoT), hardware, and etc.

    Here are tech-changing moments from the event captured in pictures.

    L-R: Country General Manager of IBM Nigeria, Mr. Dipo Faulkner; Mr. Tunde Coker of Rack Centre; Oseni Rufai of Loyal Bonus, and Mr. David Okeme of SystemSpecs
    L-R: Country General Manager of IBM Nigeria, Mr. Dipo Faulkner; Mr. Tunde Coker of Rack Centre; Oseni Rufai of Loyal Bonus, and Mr. David Okeme of SystemSpecs
    Photos: Tech-changing moments at NITEC 2017
    L-R: Mr. Dipo Faulkner of IBM Nigeria, Mr. Tunde Coker of Rack Centre and Mr. David Okeme of Remita.
    Pius Okigbo CEO, ‎InfoSoft Nigeria
    Pius Okigbo CEO, ‎InfoSoft Nigeria
    Dipo Faulkner Country General Manager, IBM Nigeria
    Dipo Faulkner Country General Manager, IBM Nigeria
    Prof. Benjamin Chukwuma Ozumba
    Vice Chancellor of University of Nigeria Nsukka, Prof. Benjamin Chukwuma Ozumba
    David Okeme of SystemSpecs
    Mr. David Okeme of SystemSpecs
    A top panelist from Roar Nigeria at NITEC 2017
    A top panelist from Roar Nigeria at NITEC 2017
    Another top panelist at NITEC 2017
    Another top panelist at NITEC 2017
    Olatorera Oniru CEO, Dressmeoutlet.com (L) and Nkem Begho CEO, Future Software
    Olatorera Oniru CEO, Dressmeoutlet.com (L) and Nkem Begho CEO, Future Software
    Afolabi Abiodun, CEO, SB Telecoms & Devices Limited (L) and Felix Rwang-Dung CEO, The Hord Inc.
    Afolabi Abiodun, CEO, SB Telecoms & Devices Limited (L) and Felix Rwang-Dung CEO, The Hord Inc.
    Cross section of participants at NITEC 2017
    Cross section of participants at NITEC 2017
    Another cross section of participants at NITEC 2017
    Another cross section of participants at NITEC 2017
    More participants of NITEC 2017
    More participants of NITEC 2017
    TheNewsGuru Tech Editor and the VC of UNN
    TheNewsGuru Tech Editor and the VC of UNN
    Creator of myPadi.ng
    Creator of myPadi.ng
    TheNewsGuru Tech Editor and myPadi.ng creator
    TheNewsGuru Tech Editor and myPadi.ng creator

     

    >>Also read: NITEC 2017: Top ‘take aways’ for Startups

     

  • NITEC 2017: Top ‘take aways’ for Startups

    NITEC 2017: Top ‘take aways’ for Startups

    The Nigeria International Technology Exhibition & Conference (NITEC) 2017 focused on especially startups is one of the best technology events to happen this year in Nigeria.

    NITEC is a yearly event that features experienced speakers with robust knowledge of the tech industry. It is specifically designed to showcase the best of the technology ecosystem and discuss key issues in tech and innovation. The maiden edition was held last year at the Civic Centre in Victoria Island, Lagos.

    The focus of the 2017 edition, being the second edition, was on the future of big data, analytics and applications for small and medium enterprises (SMEs) development.

    The edition, which held today at the Sheraton Hotels Ikeja, Lagos, featured sessions that included disruptive areas in technology such as digital media, artificial intelligence (AI), big data, robotics, Internet of Things (IoT), hardware, and etc.

    From the various sessions that held, here are the top ‘take aways’ for SMEs.

    • Current statistics as presented at the NITEC 2017 event reveals that there are about 20 million SMEs in Nigeria.
    • One of the best take aways from NITEC 2017 is that challenges of global and local economies are not killing businesses; rather, the challenges are making businesses define new objectives. Also, customers now define how they need to be served. Putting these together, companies are now designing how to better serve customers by using specialized tools.
    • The conference also goes a long way to show businesses must be able to maximize the power of cloud computing, as given the explosion of technology, big data now demands businesses use cloud computing and analytics to provide cognitive solutions to business problems. The growth of data is so high that technology needs to expand to be able to accommodate the growth.
    • SMEs are advised not to use past or present business models because the business model of the past is broken and won’t work today. SMEs should look for models that would be able to cause disruption in the economy. When disruptions occur, existing businesses should look to identify what and who is causing the disruption, and prepare to cause disruption as well.
    • Startups must understand that business comes first before technology – technology is the enabler. Most importantly, SMEs must understand the business of technology in order not to go obsolete like Nokia and Blackberry that have been forced to identify and foray into other business models. Technological innovations drive businesses, and a new business model could cause a revolution in the tech ecosystem that can cause a total disruption.
    • Does afroskepticism still matter today? But, the fact that a business model is African doesn’t mean it necessarily won’t work.
    • Startups seeking funding should learn to spend little at the onset and spread cost over time. Entrepreneurs must understand that the value proposition of a startup must make sense in order to get the much needed startup funds.
    • Technology solutions are most times basic and free.
    • Startups must understand the power of engagement. Startups cannot win without engaging employees, clients or customers alike, in one way or the other.
    • Businesses need data to make informed decisions.
    • An organisation must know when to reinvent itself.
    • Silicon Valley is good, but Nigerian startups must learn to study India and the Asian guys.
    • Nigeria needs a technology master plan, and a deliberate policy to drive technological innovations in the country.
    NITEC 2017: Top ‘take aways’ for Startups
    L-R: Mr. Dipo Faulkner of IBM Nigeria, Mr. Tunde Coker of Rack Centre and Mr. David Okeme of Remita.

    The event was well attended by top industry players to include the Vice Chancellor Prof. Benjamin Chukwuma Ozumba, who is transforming the University of Nigeria Nsukka into a Smart University; the Chief Executive Officer (CEO) of ‎InfoSoft Nigeria, Pius Okigbo, who is at the forefront of driving policies that will ensure technological innovations thrive in Nigeria; the Country General Manager of IBM Nigeria, Dipo Faulkner, who is driving a tech innovation known as Watson across Africa, and Tunde Coker, who is driving something big at Rack Centre.

    >>See more photos from the event

     

  • CBN injects $190m into FOREX market, opens up market

    CBN injects $190m into FOREX market, opens up market

    Relentless to achieve convergence of rates between the interbank and Bureau de Change segments of the foreign exchange market (FOREX), the Central Bank of Nigeria (CBN) has injected another 190 million dollars into the market.

    The acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, in a statement on Monday in Abuja, said 100 million dollars was offered as wholesale interventions and 50 million dollars was allocated to the Small and Medium Enterprises (SMEs) FOREX window.

    He said that 40 million dollars was also allocated to accommodate customers requiring FOREX for business, Personal Travel Allowances, tuition and medical fees.

    Okorafor said the Naira had made tremendous gain against the dollar in recent times.

    He said FOREX rates at both the inter-bank and BDC segments had almost converged, prompting even greater optimism that the value of the Naira would continue to spike.

    Okorafor observed that by ensuring transparency in the market as well as fairness to end-users, the CBN had further exposed speculators and checkmated them.

    He, therefore, urged all dealers, particularly licensed BDCs, to continue to play by the rule, adding that the CBN would not hesitate to wield the big stick against any erring bank or dealer.

    Okorafor said that the CBN had also released new guidelines to further develop the foreign exchange market and improve its structure.

    “The new circular, among other provisions, allows authorised dealers to sell their excess foreign currency to other authorised dealers without seeking prior approval from the CBN,” he said.

    Meanwhile the Naira continues to maintain its strong stand against major currencies around the globe, exchanging for N364 for one dollar in the BDC segment of the market on Monday.