Prince Rotimi Ogunleye, Commissioner for Commerce, Industry and Cooperatives LAGOS State is the hub of micro, small and medium enterprises (MSMEs) in the west coast, with a concentration of 3,224,324 micro operators and over 11, 663 SME operators, Prince Rotimi Ogunleye, Commissioner for Commerce, Industry and Cooperatives, has declared. He made the declaration at the 2nd Lagos State Micro, Small and Medium Enterprises Exclusive Fair.  Ogunleye stated: “It is a fact that Lagos State is the hub of the largest concentration of MSMEs. We have 3,224,324 micro operators and over 11, 663 SME operators. They are all contributing to boosting the Gross Domestic Product (GDP) of the nation, generating employment and creating sustainable entrepreneurship. Thereby, they add value to our move towards industrialization.” The commissioner however lamented that in spite of the importance of MSMEs, they have not been able to expand the frontiers of their market, noting that the fair evolv...

As we all know social media has become an important tool for brand awareness and customer acquisition. Different brands have different challenges. Finding new customers is an important aspect of any business whether the business is new or old. Nowadays, social selling, social networks have increased and has turned into some of the valuable channels for attracting new customers. Social media has become one of the great distribution channels for the promotion of products or services. Before finding new customers on social media, be sure that all of your social media profiles are set up properly. Always try to tailor your strategy in a way that makes sense for your brand. There are few universal ways to help your company to attract new faces on the social media. Take a look at the following ways you can use social networking websites to find new customers or clients. Referral traffic through friend invite Using friend invites has become one of the new tricks to increase custo...

Starting a business might be very easy but the hardest part is sustaining the business. It is not enough to start up a business, it is sustaining the business that matters most. I’m going to share with us how we can easily and sweatlessly run down our business and blame the devil. 1. Avoid record keeping. Make sure that everything that comes in goes out immediately without proper accountability and record keeping. 2. Don’t employ experts rather, employ your relatives. Make your relative manager even if he/she knows little or nothing about your business. 3. Avoid being on seat. If, as the CEO each time someone calls your office, let it be that you are not on seat. And God help you one day they will really unseat you. 4. Start dating your workers or staff. Make sure you descend so low to the point of dating even your secretary. 5. Avoid reading and personal development. Spend quality time watching Zee world instead of investing same time into reading and improving your min...

The United Nations Industrial Development Organisation’s (UNIDO)’s Investment and Technology Promotion Office (ITPO) said it is set to equip Small and Medium Enterprises (SMEs) in Nigeria with its Computer Model for Feasibility Analysis and Reporting (COMFAR) tools and methodologies for project appraisal. Chief Technical Adviser, UNIDO-ITPO, Mr. Stanislaw Pigon, said that lack of access to funds was not the only factor hindering the growth of the SME sector, but that operators’ inability to present a proper accounting system was a major issue. COMFAR is a software that facilitates short and long-term analyses of financial and economic consequences for industrial and non-industrial projects. The innovation, which is accompanied by manuals, teaching materials and interlinked software for project identification and preparation, also offers specialised modules on Clean Development Mechanism and on Environmental Management Accounting, among others. Pigon said, “with the app, SME ...

Diamond Bank Plc has set the stage for the selection, training and empowerment of 50 more entrepreneurs in the seventh edition of its Building Entrepreneurs Today (BET) initiative. This initiative, which is in partnership with the Enterprise Development Center of the Pan Atlantic University, is at the core of the bank’s corporate social responsibility strategy, and is aimed at creating a new generation of entrepreneurs who will not be overwhelmed by the challenges posed by the harsh operating business environment but will, with the training and seed capital from the bank, provide the needed value to the economy. This year’s edition with the theme: Innovation and Social Impact, is focused on entrepreneurs in all sectors of the economy with entries expected from all the geographical zones in Nigeria. Speaking at a press conference to kick-start the 7thedition of BET initiative, Chioma Afe, Head, Corporate Communications of the bank, said the programme is in line with the bank’s ...

Lucky Fibers Plc, manufacturers of Nobel Carpets, in partnership with Prime Women Builders Foundation of Nigeria (PWOBFON) is organizing a vocational training for upcoming entrepreneurs on how to effectively run their businesses in order to reach their full potential. Mr. Jitesh Pamnani, General Manager, Lucky Fibers, said Nobel Carpets is co-hosting the initiative in order to provide valuable business information and support to the participants. He said: “This event is being organised to equip participants with basic, yet necessary skills and relevant equipment to be self reliant and also provide the necessary support in becoming business owners in their various communities. This year, the PWOBFON empowerment objectives will focus on ways out of the country’s current economic recession with vocational trainings in event management, cake and pastries making, wire works, bead making, make up and Gele, tailoring, ICT and so on.” “Women are major catalyst in today’s business ...

The British High Commission is pleased to inform you that applications for the Queens Young leaders Programme is currently open. The Queen’s Young Leaders Programme is established  by The Queen Elizabeth Diamond Jubilee Trust in partnership with Comic Relief, The Royal Commonwealth Society and the University of Cambridge’s Institute of Continuing Education. This programme is  in honour of Her Majesty The Queen’s lifetime of service to the Commonwealth. The Programme aims to discover, celebrate and support young people aged between 18 – 29 from every Commonwealth nation, who are leading the way in transforming their own lives and the lives of those around them. Each year, Awards are given to young people aged between 18 – 29 from across the Commonwealth who have proved themselves to be exceptional and inspiring leaders in their communities. As part of the Award, winners receive one-to-one mentoring support, remote learning provided by the University of Cambridge and th...

SME 100 Nigeria has concluded plans to showcase 25 innovative entrepreneurs in the country that are under the age of 25. SME 100 Nigeria is a leader in youth-driven entrepreneurship training, which specialises in finding preparing and connecting young entrepreneurs with the resources, training and support they need to run successful businesses. Six months ago, SME 100 Nigeria invited members of the public to nominate under-25 entrepreneurs with compelling growth stories and who were making quality impacts on the economy. More than 3,500 entrepreneurs were nominated, which was subsequently whittled down to 100. The number will further be slashed to the final 25 after voting  and the winners will be awarded on August 26. The award will go to young entrepreneurs in fields such as cyber security and technology; fashion; arts, crafts & culture; food; health & skincare; education, as well as energy & sustainability.  Others are media & ICT, photography; ...

As an entrepreneur, one should be able to assume, manage risks and create strategies to survive a tricky economic landscape/economic downturn. Business people who survive and considerably flourish amid difficult times must have the capacity to look past the present, to conquer the imperatives of traditions, to see the firm from another point of view, and to do business in an unexpected way. Cut some investments It is advisable to leave all investments and focus on your business in order to be able to adjust to the financial changes that happen during the recession and for that to be accomplished; your business should be your top priority. If the business remains solid through the economic meltdown, then it will become more grounded with the recuperation of the economy and you will have the capacity to purchase back more investments than sold. Curtail pointless cost Curtail all superfluous costs of doing business. To survive recession, as an entrepreneur you should be cautiou...

Umaru Dikko Radda The Director General of Small Medium Enterprises Development  Agency of Nigeria, SMEDAN, Umaru Dikko Radda, has said that  digital marketing holds the key to the development of the nation’s  Micro, Small and Medium Enterprises, MSME, sub-sector. Radda , who disclosed this in Abuja at a two-day training workshop  on  digital marketing and entrepreneurship skills organised by SMEDAN   in partnership with A.K.G Global multi-services, said MSME e-marketing  was required to help get products and services to a wide range of consumers. According to him, the launching of a portal, an innovative platform on e-marketing for MSMES was a welcome development at this time when  markets have gone global. Radda, who was represented by the Director of Policy, Advocacy and Coordination, PAC, Department, Monday Ewans,  said that the platform will enable entrepreneurs to deliver their products and services in a  seamless and ...

Though it is generally agreed that lack of or inadequate access to cheap funds is one of the biggest problems confronting Micro, Small and Medium-sized Enterprises (MSMEs) in Nigeria, there are however some not-so-difficult sources of funds available for MSMEs and entrepreneurs in the country. Moreover, these funding organizations provide funds at rates far cheaper than you can get in any bank in Nigeria. They include Bank of Industry (BoI) loans,Lagos State Employment Trust Fund (LSETF), Federal Government’s Special Intervention Fund (SIF) for MSMEs, Tony Elumelu Foundation (TEF) grant and, GroFin Fund, amongst others. BANK OF INDUSTRY Bank of Industry (BoI) is a development finance institution (DFI) that offers entrepreneurs in Nigeria cheap or single-digit funds, often at nine percent lending rate. The bank manages many intervention funds targeted at the MSMEs sub-sector by government and private organisations. The funds that entrepreneurs can access from BoI include: Gradua...

Business Motivation: Are you properly motivating the team in your business? Compare the two quotes below and decide which one you agree with more. "Motivation comes from within a person. As managers we cannot motivate other people; we can only motivate ourselves. The best we can hope for is to channel their inner motivation in directions that are appropriate for their work, and stop them when their motivation is counter to what they are required to do." "Motivating others is the leading managers primary role. We inspire people to achieve our shared goals. If we are not motivating people to do this, then what are we there for?" Some people prefer quote  A  while others prefer quote  B . After some discussion, we tend to agree that there is some truth in both even though they seem so contradictory. On one hand it is true that real motivation comes from within us. On the other hand it is equally true that one of the most important duties of a manager is...

9Mobile, Nigeria’s most innovative telecom company and the biggest supporters of local Small and Medium scale Enterprises (SMEs) in Nigeria, joined hands with Enterprise Development Centre of the Pan Atlantic University, Lagos in hosting burgeoning entrepreneurs in Abuja and adjoining states at the 17th edition of the company’s Market Access Forum. Speaking at the forum, Director, Enterprise Segment, 9mobile, Eric Uwaoma, represented by Head, Enterprise Market Segment, 9mobile, Chinelo Mbanefo, reassured SMEs owners of the telco’s unwavering commitment to enterprise development saying “9mobile’s Market Access enables budding entrepreneurs to gain the requisite knowledge by bringing them in contact with other entrepreneurs to share knowledge and ideas for running successful businesses. Through an array of innovative enterprise solutions and platforms such as SME Arena, More Business 2.0, Millionaire Hunt, KwikCash, 9mobile Prize for Innovation and 9mobile Prize for Literature amo...

There was once a rabbi who was revered by the people as a man of God. Not a day went by when a crowd of people wasn’t standing at his door seeking advice or healing or the holy man’s blessing and each time the rabbi spoke, the people would hang on his lips, drinking in his every word. There was, however, in the audience a disagreeable fellow who never missed a chance to contradict the master. He would observe the rabbi’s weaknesses and make fun of his defects to the dismay of the disciples, who began to look on him as the devil incarnate. Well, one day the “devil” took ill and died. Everyone heaved a sigh of relief. Outwardly they looked appropriately solemn but in their hearts they were glad for no longer would the master’s inspiring talks be interrupted or his behavior criticized by this disrespectful heretic. So the people were surprised to see the master plunged in genuine grief at the funeral. When asked by a disciple later if he was mourning over the eternal fate of the ...