EnuguSME, Author at Enugu SME Centre

Osinbajo Highlights Benefits of SMEs

Vice President Yemi Osibajo has restated the belief of the federal government in the capacity of small and medium scale enterprises to stimulate economic activities and provide jobs.

He made the remark as the keynote speaker at the 2021 P&G – BoI SME Academy, where the consumer goods company, Procter & Gamble, in partnership with the Federal Ministry of Trade and Investment (FMITI) and the Bank of Industry (BoI) provided access to training for over 700 SMEs during.

According to the Vice President, “The federal government believes wholeheartedly that SMEs are the bedrock of the economy and we are constantly aiming to support innovations that can help SMEs grow and in turn groom the economy and provide job opportunities.

“The government has been working diligently and creatively on engaging the most vulnerable businesses especially during this current crisis.”

The plenary session at the academy with the theme: ‘SME Development and Growth as a Precursor to Nation Building,’ brought senior government and private sector leaders to discuss proven strategies that could be leveraged to drive the growth and development of local SMEs as the bedrock of Nigeria’s economic development.

Also, the Minister for Industry, Trade and Investment, Mr. Adeniyi Adebayo reiterated the need to create a favorable business environment for SMEs in Nigeria.

“We achieve this through information-driven support vital in building a better playing field for commerce in the entire nation.

We are grateful to organisations like Procter & Gamble for their continuous efforts towards transforming their communities of operations through proactive projects like the SME Academy.”

In his remarks, the Managing Director, P&G Nigeria, Mr. Adil Farhat highlighted the need to continuously support SMEs in Nigeria, saying they have the potential to out rightly transform the country.

Farhat added that, “in line with the focus of Nigeria’s economic recovery and growth plan to drive industrialisation and economic growth through globally competitive SMEs, P&G in collaboration with the Federal Ministry of Trade, industry and investment and the Bank of Industry launched the SME Academy to improve their standard, ensure longevity, and facilitate integration into global value chains.

“For over 27 years in Nigeria, P&G has consistently partnered with the Nigerian government to promote strong investor policies and practices that drive inclusive growth, jobs, and welfare of Nigerian citizens”.

SOURCE: THISDAY

Enugu SME launches Auto-Revamp Training Program for Batch C.

Imagine for a moment that your name is ranked amongst top Automobile Experts in the next 3 years. Yes, it is very possible, and that is why we want you to REGISTER NOW at www.enugusmeautojobs.com to join ‘Batch C’ on an 8 months Auto-Revamp Training Program under the ZERO interest Human Capital Development Loan (HCDL),

Or Come to the Enugu SME Center at No. 2 Market Garden by SME roundabout, Opposite Ebeano Tunnel, for manual registration.

Please, read the Frequently Asked Questions (FAQs) and self guaranteeing process on the ZERO interest Human Capital Development Loan option here:

www.enugusmeautojobs.com/faq.html before you register.

And ensure you provide the necessary requirements during your application. Put your best foot forward during the course of training, so that you will be offered a job by Autoease and its partners.

SMEDAN unveils Initiative To Boost MSMEs Access To Global Market

The Federal Government has launched the ‘SMEDAN SELECT’ initiative to strenghten market expansion for Micro, Small and Medium Enterprises as well as support the creation of brand names for Made-in-Nigeria products.

The Director-General of the Small and Medium Enterprises Development Agency of Nigeria, Dikko Umaru Radda said that the initiative which was designed to create brands from standard Made-in-Nigeria products in the food, fashion, beauty and goods sectors, would increase access to local, regional and global markets.

According to the DG, promoting the activities of the MSMEs is critical to the growth of the Nigeria economy as they collectively account for a majority of the enterprises in Nigeria and also account for the highest number of jobs created in the economy.

According to the National MSMEs Survey of 2017 conducted by the Agency in collaboration with the National Bureau of Statistics, Nigeria has a total of 41,543,028 MSMEs, employing 59,647,954 people and contributing 49.7 percent and 7.64 percent to nominal GDP and exports respectively.

He said, “Objectives of implementing SMEDAN SELECT are to increase access to local, regional and global markets for MSMEs; to support market expansion for MSMEs to support the creation of brand names for Made-in-Nigeria products as well as to increase awareness creation on standard Made-in-Nigeria products.”

Speaking at the launch of the SMEDAN SELECT Document,Wale Fasanya, Director, Planning, Research, Monitoring and Evaluation of the Agency, who represented the DG said the products, numbering about 150, have been specially selected across Nigeria.

He said these products would be displayed and marketed on the SMEDAN Website and other social media handles.

Radda noted that MSMEs, if properly harnessed, could trigger an entrepreneurial revolution in industrialization, agriculture and commerce in Nigeria towards creating the platform for job creation, wealth creation, poverty alleviation and food security.

He said, “Globalisation process for MSMEs can be realized through any of a range of cross border activities, including trade, international investment, and participation in strategic alliances, partnerships and networking arrangements.”

Despite the success of MSME strategies in a few countries, he said majority of developing countries have found that the impact of their SME development programs on enterprise performance has been less than satisfactory.

He, however, encouraged Nigerians to patronize all the products profiled as a way of supporting the MSMEs to achieve their collective goal.

SOURCE: THE WHISTLER

Nigeria’s SMEs Get FSD Africa Lifeline For Financial Inclusion

As the COVID-19 pandemic takes a toll on businesses across countries, the UKaid has announced an incentive package to support the growth and stability of small and medium enterprises in Africa including Nigeria.

The UK aid-funded financial inclusion organisation FSD Africa made the announcement according to a statement by FSD Africa.

With COVID-19 impacting on small and medium sized businesses in Nigeria, a new Private Equity and Private Debt Programme from FSD Africa and the Private Equity and Venture Capital Association of Nigeria will aim to improve the long-term financing available for SMEs in key sectors of Nigeria’s economy, including agriculture and healthcare, the statement said.

It said that given the significant contribution of SMEs to Nigeria’s economy, FSD Africa’s programme hopes to address the obstacles to this sector’s growth.

While quoting a report by PwC, the statement noted that SMEs in Nigeria contribute 48% of national GDP, accounting for 96% of businesses and 84% of employment.

“Long term financing options are essential to ensuring that the SME sector can continue to play a significant role in providing employment opportunities and adding value to Nigeria’s economy.

“The programme will support the development of private capital markets to help SMEs to access long-term financing through technical assistance, grants and investment capital,” the statement said.

The statement added that FSD Africa and its partners will also be conducting sessions where key players in Nigerian investment, business and regulation will be invited to provide their specialised knowledge about the local private equity and debt environment.

SOURCE: The Fact

Osinbajo Highlights Strength of SMEs

Vice President Yemi Osinbajo has restated the belief of the federal government in the capacity of small and medium scale enterprises to stimulate economic activities and provide jobs.

“The government has been working diligently and creatively on engaging the most vulnerable businesses especially during this current crisis.”

Also, the Minister for Industry, Trade and Investment, Mr. Adeniyi Adebayo reiterated the need to create a favorable business environment for SMEs in Nigeria.

He said: “The Federal Ministry of Industry, Trade and Investment is committed to providing SMEs the required support and trainings needed to consistently project their businesses in an upward trajectory. “We achieve this through information-driven support vital in building a better playing field for commerce in the entire nation. We are grateful to organisations like Procter & Gamble for their continuous efforts towards transforming their communities of operations through proactive projects like the SME Academy.”

In his remarks, the Managing Director, P&G Nigeria, Mr. Adil Farhat highlighted the need to continuously support SMEs in Nigeria, saying they have the potential to out rightly transform the country.

Furthermore, the Managing Director/Chief Executive Officer of the Bank of Industry, Mr. Olukayode Pitan, in his presentation reiterated the importance of the SME Academy, especially during the challenging economic situation across the globe.

“The maiden edition was held in October 2019. This second edition and first virtual event has been expanded to incorporate structured trainings. This initiative has become particularly important in this era of the covid-19 pandemic and current global economic challenges, which has left many SME businesses struggling to survive now. The Bank of Industry remains committed to transforming Nigeria’s economic sector through funding, strategic partnerships and strengthening of our technology and operations.”

This year’s SME Academy also featured key stakeholders in the industry including Ms. Yewande Sadiku, the Executive Secretary/CEO of the Nigerian Investment Promotion Commission; Mrs. Bola Adesola, the Senior Vice Chairman for Africa at Standard Chartered Bank; Mrs. Tara Fela-Durotoye, the CEO of House of Tara International; and other experts on procurement, investment facilitation, and access to finance.

SOURCE ThisD ay

Enugu SME Center in Partnership with iCreate Africa need ‘Experts’

Dear #ESMEcommunity,

The Enugu SME Center in Partnership with iCreate Africa need ‘Experts’ in the fields listed below to train apprentices and get paid!!!

If you are a MasterCraft Person in these fields:
Tiling,
Carpentry,
Welding,
Plumbing,
Electrical Installation,
Drywall and Painting,
Solar –Inverter Installation & Maintenance,
Wallpaper Installation,
POP Installation and Wall Screeding
Concrete Construction Work, etc.

Register here:
To join the ENUGU SKILLERS ASSOCIATES (ESA) to be part of the Enugu Skillers Project under the ZERO interest Human Development Loans (HCDL)

Or visit ENUGU SME CENTER at No. 2 Market Garden Avenue by Ebeano Tunnel Round-about, GRA, Enugu.

Harvard Business Review: Igbo Apprenticeship System passes

Professor Ndubuisi Ekekwe, founder and president of the African Institute of Technology, has revealed that the Igbo Apprenticeship System has passed the first phase of editorial work at Harvard Business Review.

– The Igbo Apprenticeship System has been adopted for decades by the people of southeast Nigeria

– Popularly called the ‘Umunne Economics,’ the system has taken many Igbo families out of poverty

– A Nigerian professor of Igbo ethnic stock, Ndubuisi Ekekwe, is taking it a step further by pushing for the system’s publication on a global platform

Professor Ekekwe made the announcement via his Twitter page on Tuesday, February 24, adding that there are more phases to go.

He wrote:

“The Igbo Apprenticeship System work has passed the first phase of editorial work at Harvard Business Review. We have more phases to go, but everything is looking fine. Due to the nature of the topic, it is taking time.”

Defining the system, Professor Ekekwe wrote:

“The Igbo Apprenticeship System is a business philosophy of shared prosperity where participants co-competitively participate to attain organic economic equilibrium where accumulated market leverageable factors are constantly weighted and calibrated out.”

He noted further that the system, via dilution and surrendering of market share, enables social resilience and the formation of livable clusters, engineered by major participants funding their competitors.

He said this comes with success measured on quantifiable support to stakeholders, and not by absolute market dominance.

He added:

“My postulation is that everything the world is looking for, to reduce inequality, the Igbo Apprenticeship System has frameworks that could be adapted, for the rise of all.”

Igbo people are known for their diligence and broad participation in business life in Nigeria. Igbo businessmen and women have been playing significant roles in Nigerian industrial and business spheres for a long time.

This explains why so many of them are quite wealthy.

Meanwhile, days after some leaders of the southeast stormed the National Assembly to demand the creation of another state for the region in the spirit of fairness, a former senator, Shehu Sani, has given reasons why the demand is a tall order.

Sani, who represented Kaduna Central at the Senate during the 8th National Assembly, asked the leaders to jettison their agitation for the creation of more states, adding that it is a cumbersome procedure in the constitution and they should shelve the idea.

Source: Legit

‘SMEs Could Generate $433bn Through 5G By 2025’

LAGOS – Global telecom and communication service providers have been urged to do more to address the needs of Small and Medium sized Enterprises (SMEs) if they are to see a return on their enormous 5G capital investments.

A new report, published by BearingPoint//Beyond, in collaboration with Omdia, highlights the potential of SMEs as a major source of future 5G revenue for CSPs.

The report estimates that SMEs around the world could generate up to $433 billion in revenues by 2025.

However, this market segment remains vast and untapped with the majority of CSPs focusing 70% of their resources on the 1% enterprise market. Despite this revelation, not enough CSPs are recognising SMEs as a major source of B2B revenue, especially in regard to 5G.

Yet SMEs, many of which already see value in 5G, perceive CSPs as their trusted 5G go-to partner with 42% prioritising them to execute their 5G strategies.

“CSPs are still trying to approach 5G the same way they approached 4G, with a clear focus on consumer and enterprise. However, 5G opens new opportunities for CSPs and one of them is the SME segment.

“Digitalisation and Covid-19 have transformed the needs of SMEs and their awareness of the impact that new technologies such as 5G, IoT, and AI can have on their business to enhance productivity and efficiency, and boost sales. In fact, our previous research highlighted that on average 73% of global SMEs see 5G as important to their business.

“However, it’s clear that it’s not 5G technology that they’re after, instead SMEs understand that 5G is one part of a broader technology solution that they need. In fact, 93% of SMEs told us that it’s more important for CSPs to collaborate with an ecosystem of partners to build solutions that better fit their needs than to simply provision 5G services,” said Angus Ward, CEO, BearingPoint//Beyond.

The report argues that CSPs currently identify large multinational enterprises as the segment that will drive 5G revenues, however the large enterprises surveyed do not regard CSPs as their primary 5G providers.

In fact, the report finds that 72% of enterprises would prefer to work with a service provider that is not a CSP. Findings show that 31% of large multinational enterprises will choose cloud service providers to execute their 5G strategies and 34% even favour taking a D.I.Y. approach.

The report emphasises that CSPs should not squander the opportunity to support SMEs in realising their 5G ambitions, as SMEs look to digitalise their business amidst the deeply transformational impact of Covid-19.

“We’re looking at a new type of SME, one that is seeking a partner that will orchestrate comprehensive partner ecosystems to co-create solutions to provide them with a better service. For CSPs, this is a unique opportunity, especially considering SMEs see them as a strong candidate to fulfil this role.

SOURCE: INDEPENDENT

Jumia Lending empowers Nigerian entrepreneurs

According to the Country Manager Lendigo Nigeria, Seun Oyediran, the partnership with Jumia makes the lending process easier and allows the platform to make good credit decisions when dealing with business.

Small and Medium Enterprises (SMEs) are the key economic drivers in Nigeria. However, access to funds has been one of the issues affecting growth of this essential sector of the Nigerian Economy.

While government and relevant agencies have set up credit facilities to mitigate the finance challenges faced by small businesses, many still struggle to meet up with loan requirements, with collateral being a major stumbling block.

In the ecommerce sector, Jumia, the leading online marketplace in Africa, is taking initiative with Jumia Lending, to help entrepreneurs on its platform grow their businesses through strategic partnership with lenders who make loans easily available.

One of such partnerships is with Lendigo Nigeria, a lending platform that offers business loans without collateral.

Country-Manager-Lendigo-Nigeria-Seun-Oyediran

“Our partnership with Jumia Lending helps build trust with sellers and allows us to have access to their transaction data which allows us to be able to make good credit decisions and finance their growth. We have been actively partnering with Jumia since 2017, and we are happy to continue financing the growth of their sellers,” he said.

A Jumia seller, who is one of the beneficiaries of Jumia Lending programme, Jumoke Akinsanaya, said the collateral-free loans has granted her business direct access to big companies, facilitated bulk purchase and improved her business workforce. “I have been using the Jumia Lending platform to grow my business. At the beginning, we were doing it in bits and few times we were able to process our orders when we got them.

ALSO READ: How to start a wholesaling business in 2021

“But with Jumia lending, we’ve been able to buy in bulk and now have access to companies to purchase directly from them and that has helped expand our store. When we started, we had 300 assortments, but now we have 900. I have been able to increase my workforce as well. We started with six staff and we are about twelve now,” the owner of Deeski.com said.

Explaining what qualifies a seller for the loan, the Head Consumer Services, Jumia, Austin Okpagu, said sellers on the platform can apply for the loan from a list of Jumia financial service partners with their sale history, and get the loan within 48 hours. “Jumia lending is a lending marketplace that allows Jumia sellers to easily request for a loan from any of our financial service partners based simply on their past revenue on Jumia,” he said.

SOURCE: TechEconomy.ng

How to Start a Wholesaling Business in 2021

Wholesaling plays a fundamental role in the overall distribution and sales of a particular product. It is also a very competitive market, but you can be successful at wholesaling with the right resources and connections.

Wholesaling gives you an advantage because unlike the retail business where the money is made one product at a time; the wholesale business allows you to earn more. Since your customers are retailers, they will need to buy your product in volumes to sell to their customers.

You might want to ask yourself; Do you want to stock your products or have them drop-shipped to your customers? What products do you want to sell, and where can you find suppliers?

In this article, we will run through tips on how to start a wholesaling business in 2021. Let’s dive in!

1. Choose a Market for Your Business

This is the most crucial part of starting a wholesaling business. You will need to decide which industry or market needs your product. You will need to ask yourself. What products should I sell? Who needs my products?

As an SME in Africa, it is important to choose products that are moving in your current economy. You will need to find dealers, store owners, retailers, and customers who need your product.

You would also need to know who your competition is, their prices and what kinds of products they sell. This will help you understand which market to target and what kind of products to sell. There are several profitable wholesaling ideas. You could wholesale in Jewelry, textile, or even organic food. The key here is research.

2. Choose a Location for Your Business

This is the next most important step. If you decide to stock your product, you will need to get a warehouse to run your business.

Choosing a central location for access and easy movement of goods is also something you would need to consider.

How to Start a Wholesaling Business in 2021 — Choose a good location for your wholesaling business

Secondly, you will need to hire efficient staff to ensure that your product is not misplaced or damaged. You could opt for a family member you can trust.

3. Choose Your Manufacturers/suppliers

You will need to identify manufacturers who are willing to give you their product to sell. You might want to note that some companies might require you to meet certain sales targets. You can also decide to talk to distributors that can get you a dealership. Wholesaling is about networking and establishing relationships.

4. Establish an Online Presence

In 2021, going online has become an important business strategy. Your wholesaling business is no different. The online space has become saturated with buyers making several buying decisions every day.

Establishing yourself online will help build trust and establish you as an authentic brand. Not only does it build trust, but it also attracts retailers and suppliers. It is a great way to tell prospective clients that you are ready to do business.

5. Get an easy to use inventory software

With the number of goods going in and out of your warehouse, having inventory software will pay a lot and give your business a smoother run. Inventory software helps you keep track of your inventory and determine your business’s demand and supply relation.

6. Check for Return Policies

When looking for manufacturers/suppliers, it is important to check for their return policies. You would need to check their return policies and how they handle goods being returned to them. If their return policy isn’t clear, it is best to stay clear of those manufacturers. Inventory not sold is a waste of money.

In return, you would need to create friendly return policies that allow retailers to return goods they can’t sell. To create a comprehensive return policy, you should check with your manufacturers and align your return policies accordingly.

We hope that these steps give you a good platform to start your wholesaling business. To grow and establish yourself in the wholesale business, you would need to identify product trends and have a good understanding of your market. Don’t be afraid to take that wild step in starting your wholesaling business.

Do you have any questions or comments on SMEs in Africa? Kindly drop them in the comment section below!

SOURCE: SME360

Enugu SME Centre

All posts by : EnuguSME

Osinbajo Highlights Benefits of SMEs

Enugu SME launches Auto-Revamp Training Program for Batch C.

SMEDAN unveils Initiative To Boost MSMEs Access To Global Market

Nigeria’s SMEs Get FSD Africa Lifeline For Financial Inclusion

Osinbajo Highlights Strength of SMEs

Enugu SME Center in Partnership with iCreate Africa need ‘Experts’

Harvard Business Review: Igbo Apprenticeship System passes

‘SMEs Could Generate $433bn Through 5G By 2025’

Jumia Lending empowers Nigerian entrepreneurs

Small and Medium Enterprises (SMEs) are the key economic drivers in Nigeria. However, access to funds has been one of the issues affecting growth of this essential sector of the Nigerian Economy.

How to Start a Wholesaling Business in 2021

1. Choose a Market for Your Business

2. Choose a Location for Your Business

3. Choose Your Manufacturers/suppliers

4. Establish an Online Presence

5. Get an easy to use inventory software

6. Check for Return Policies

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