Small Scale Business (SME) Development
Sighting the growth in the three major super Asia countries, South Korea, Japan, and China, SMEDAN, Federal Ministry, and, Industry, Trade and Investment, in partnership with Fow World Media Company, ( Fow24 News, Fow TV) jointly presents, Nigeria – Asia business, Investment, Trade and Economic EXPO and summit, Korea/ China/ Japan, from 1st to 13th October, 2017, an initiative to showcase Nigeria, boost economy, create jobs and taking Nigeria to the world and the world to Nigeria.
Planning of Making Nigeria investors and investment hub in Africa, best destination for investment and growth , with the sole goal of turning the Nigeria population into production nation, SMEDAN, FEDERAL MINISTRY OF INDUSTRY,TRADE and INVESTMENT and Fow World Media (FOW 24 NEWS AND FOW TV ), partnership with NIGERIAN EMBASSIES IN CHINA, KOREA AND JAPAN present NIGERIA, KOREA/CHINA/JAPAN BUSSINESS, INVESTMENT AND TRADE EXCHANGE, EXPO, CONVENTION AND SUMMIT 2017, www.bitexpo.org.
The World Business Investment and Trade Expo, Convention & Summit (BITE-EXPO) is your new business destination hub, a new window for global business. An international business opportunity for investors to scale their brands on a global level by thinking beyond just your nationality,
A global innovative platform to enhance trade, business and investment opportunities among nations, business men and investors from Nigeria and other growing economies around the world will take advantage of the event to showcase, promote and network to find more investment opportunities in other countries.
A platform that will help both new and established businesses. An avenue to expose hidden investment opportunities around the world while helping boost trade opportunities on a global scale.
Promote your local and international business with investment advisors, captains of industry, CEO?s investors, manufacturers and traders of local goods and services with an estimate of more than 5,000 participants expected in each country. This great event takes place in Seoul South Korea from 1st – 3rd October, Beijing, China from 5th – 9th October and then Tokyo, Japan from 11th – 13th October, 2017. Also marking NIGERIA @57, 2017, NATIONAL DAY LIVE IN SEOUL, KOREA. 1ST OCTOBER, 2017.
Prospective participants are to Register at our information desk @Rockview hotel wuse 2, Abuja or BUSSINESS OFFICE @ SMEDAN OFFICE Area 11 Garki, ABUJA ahead of the event which will premier trade, goods, services and consumer exhibition, the conference and networking platform is dedicated to offer the best business, Investment, trade Opportunities that builds wealth.
For further enquiries
Call 08072749200, 08179047409, 08161261262. 08179047419,
Emailfirstname.lastname@example.org, email@example.com, firstname.lastname@example.org,
Jack Ma says, “Please tell your children that the world is changing every day and no one is going to wait for you in the past. When lighter was invented, matches slowly disappeared. When calculator was created, abacus was to fade away. When digital camera was designed, the market of negative film no longer existed. When direct market selling/internet-based selling arises, traditional marketing declines. When smartphone with 4G (wireless internet access) was introduced to the world, you no longer need to turn on your computer at home. When WeChat and WhatsApp (mobile text/voice/video messaging) are developed, traditional text messaging is no longer as popular as before.
Let’s not to blame “Who took over Whose business.” It’s only because people are more adjustable and adaptable to new ideas and changes in the world.
Someone asks Jack Ma, “What is your secret for success?” He says, “Really simple…I am doing (action) while you’re only watching.”
Please remember that the world keeps changing every day. If you don’t change, you’ll be left behind. You reap what you sow with your time. If you spend time to drink, you may become an alcoholic. If you spend time to complain, you may become a blamer. If you spend time to beautify yourself, you may become a pretty girl/handsome guy. If you spend time to stay healthy, you may enjoy a healthy good life. If you spend time to be picky, you may become a ‘mean’ person. If you spend time to learn, you may gain wisdom. If you spend time with your family, you may foster a warm and loving relationship with your loved ones.
Incorporating a company in Nigeria is simple and straight forward. We intend making this easier by compiling the simple process and requirements for incorporating a private company in Nigeria. Unlike most of the information you read online and tabloids,on this subject, the authors make Nigerian company formation look seemingly complex by writing out a long list of “legal” requirements difficult to understand by the average reader.
However, it is advisable you consult a specialist such as a Lawyer who will assist you in the entire formation process.
The Companies and Allied Matters Act (CAMA) recognises 6 corporate structures in Nigeria:
1. The Business Name
2. The Private Company Limited by Shares.
3. The Public Limited Company
4. Unlimited Company
5. Company Limited by Guarantee; and
6. Incorporated Trustees.
For the purpose of this write up, however, we will be writting about the process of Incorporating a Private Company in Nigeria.
REQUIREMENTS FOR INCORPORATING A PRIVATE COMPANY IN NIGERIA.
Steps for incorporating a new company at the Corporate Affairs Commission, can be summarised in the following 10 steps:
1. Submission of the proposed Company Names to the CAC. This is the first step in the entire process. The promoters of the company must decide on a company name and submit for approval. The government officials reserve the right to approve or deny company names submitted for a number of justifiable reasons – availability, suitability, legality, similarity, etc. It takes an average of 5 business days to get availability results.
2. Details of Directors. Long story short, you will be required to provide the biodata of the Directors of the proposed company. These information include: Full Names, Residential Address, Nationality, Age, Valid Identification Document and Signature of the Directors. The minimum number of directors for a private company is 2 and maximum is 50. There is no maximum for public companies. There are statutory requirements for being a director, one of which is that the directors must not be less than 18 years old.
3. Shareholders/Subscribers. The legal minimum number of shareholders in a private company in Nigeria is 2 and a maximum of 50. The shareholders subscribe to the memorandum and articles of association and are alloted shares in the company.
PS – the shareholders can also double as the directors of the company.
4. Appoint a Company Secretary. Every Nigerian company must appoint a Nigerian Company Secretary, as it has become a legal requirement. The company secretary of a private limited company needs no formal qualifications. It is the directors responsibility to ensure he/she has the appropriate knowledge and experience to act as a Secretary of the company. The company secretary could be an in-house person or an outside consultant. Some of the roles of a company secretary include:
a. Maintaining the Statutory Registers;
b. Liaison between the company and the CAC and other relevant government agencies;
c. Providing members and auditors with notice of meetings.
5. Registered Address of the Proposed Company. The company must have a Nigerian business address. This requirement needs no much explanation and not debatable either.
6. Core Areas of the company’s business activities (Nature/Objects of company). Nigerians and Non-Nigerians are allowed to carry on all forms of business provided it’s legal and not in the “negative list”. If the company will engage in specialist services (Hospital, Consultancy, Schools, Media & Advertising, etc), the directors may need to provide an evidence of professional proficiency. E.g. Certificate of a professional body/trade association, Academic Certificate, or both.
7. Valid Identification. Although I have stated this requirement earlier. It is worthy of mention here again. A photocopy of Identification of all the directors is required. (e.g. National ID card, Data Page of your National Passport, Voter’s Card or Driver’s License).
8. The Company’s Share Capital and Allotment. In simple terms, the share capital of a company (usually in monetary terms), is the amount of capital the subscribers have to carry on the business. The minimum share capital of a private company must not be less than N10,000. However, for economic reasons, it is advisable that an average Nigerian company incorporate a N1,000,000 share capital company. A company’s share capital is also industy-dependent. For example, advertising agencies must have at least N10 million as share capital. The law also stipulates a minimum of N10 million share capital for a Nigerian company with foreign ownership. Your regulator or adviser should advice you appropriately. A minimum of 25% of the authorized sharecapital must be subscribed and paid for.
Once the issue of share capital have been decided on, then the subscribers must also decide on alloting the shares. If there are 2 persons that formed the company, they could share it 50% each.
9. Draft the Memorandum of Understanding and Articles of Association (MEMART). This is a legal document that spells out the business objectives and the framework on which the company intends to run its business within the acceptance of the law. This legal document also shows the particulars of the shareholders and their shares allotment.
10. Payment of Stamp Duty and Statutory Filling Fees. The total fees payable to the Stamp Duty office and the Corporate Affairs Commission is dependent on the company’s share capital.
These are the basic requirements for incorporating a private limited liability company in Nigeria. However, EXPATRIATES are subjected to additional requirements and laws – Nigerian Investments Promotion Act, Immigration Act, Investment and Security Act, and Foreign Exchange and Monitoring Act.
Duration of Incorporation at the Corporate Affairs Commission
As at the time of writing this blog post, the average turnaround time to receive a Certificate of Incorporation and Certified True Copies of your documents at the CAC is 3 weeks.
Come and setup a company in Nigeria – Africa’s most populous nation – a business destination for many investors.
To incorporate your company, you can contact us to facilitate this for you, email: email@example.com or call (+234)080-9502-9999
Passionate about growing your business
Welcome to FirstBank SME Connect. At FirstBank, we are passionate about helping your business grow on all fronts. Beyond financial support, we offer you strategic advisory services, business seminars periodic updates as well as information that will guide you in growing your business. Our scope of SME services cover small/medium scale manufacturing firms, merchants (suppliers, distributors etc), professional firms(law, consulting, audit etc), agricultural , Churches, Mosques, NGO’s whose annual debit turnover is between N5M and N500M.
Small and Medium Sized Enterprises (SMEs) as defined by the Central Bank of Nigeria (CBN) are economically independent companies with about 11 to 300 employees and an annual debit turnover of between N5million to N500 million.
The main factors determining whether a company is an SME are::
- Number of employees
- Annual debit turnover
Why are SME important?
SMEs are responsible for the majority of new jobs created in Nigeria and they are crucial to Nigeria’s success in the global economy.
- For Government, SMEs, contribute to wealth creation and generate tax revenues
- In business, SMEs represent an important source of innovation
- In the society, they are an important source of employment
- They drive consumption at the lower levels because they operate in every sector of the economy
- SMEs have extensive local knowledge of resources, supply patterns and purchasing trends
- SMEs constitute an important source of local supply and service provisions to larger corporations.
- They make significant contribution to the revenue profile of most financial institutions
- SMEs stimulate growth and development within the economy
How do you classify an SME?
SMEs can be classified as follows:
- Small/medium scale manufacturing firms.
- Small/medium retail merchants (suppliers, distributors, etc.)
- Professional firms (law, consulting, audit, etc.)
- Small/medium scale agricultural firms.
- Churches, mosques and NGO.
Key challenges faced by SMEs in Nigeria
- Poor capital structure
- High cost of production
- Limited access to long term funds
- Poor business continuity/succession plan
- Weak value chain: supply, distribution, logistics, time to market etc
- Poor managerial and technical skills
- Lack of access to international markets
- Sole Proprietorship
- Labour intensive production processes
- Keyman risk
How does First Bank SME Connect support SMEs in Nigeria?
- First Bank is committed to providing the Nigerian SME’S with the support needed for growth
- SME Connect is created to bring under one umbrella relevant resources, products and services aimed at helping SMEs in Nigeria.
- First Bank has tailor-made products targeted at the specific needs of SMEs in Nigeria. These loan products have been designed for financing the activities of Small and Medium Enterprises (SMEs) under the U-First Scheme.
- First Bank also provides Business Advisory and Support services and business oriented credit access
- Financing structure
- Access/Availability of Raw Materials
- Sales/cashflow projections
- Business Strategic Plan
For inquiries, financing and support, contact an investor.ng Financial consultant at: firstname.lastname@example.org or call (+234) 080-9502-9999
Over the years, the Etisalat group has grown unrivaled capabilities to develop and deploy effective telecommunication services to
the business market. This is why across the countries where we operate, our brand has become synonymous with premium telecom solutions and excellent customer service. The uniqueness of our offerings is built on the following values.
- In-depth appraisal of Corporate operations, cost drivers, future growth areas, etc.
- Customized solutions based on need, strategy thrust and existing gaps
- Regular evaluation/update of deplored solutions
- 24/7 support and Account management
- Corporate Solutions
Classic Postpaid :
Classic postpaid is a fully packed post-paid package from Etisalat, the innovative network that cares. The package is designed for our corporate, SME and high net worth individuals. Subscribers to this package only pay for what they use out of their credit limit.
The advantages of belonging to Elite Classic are myriad. From simple benefits such as an easy-to-understand contract package to a whole world of exclusive handsets and SIM options that make the world your playground, Elite Classic is tailored to fit your vibrant, executive and busy lifestyles.
Corporate Data :
is our data solution designed for small and medium enterprises, high value clients, corporate clients and large organizations. Subscribers will get a monthly push of the Data and SMS bundle they subscribe to and will be billed based on the MMP selected and additional usage from the credit account if applicable. The amount in the credit account will be based on the credit category selected at provisioning. Data usage outside the bundle will be billed at the standard Elite World Post-Paid rate of 15K/KB .
BlackBerry Enterprise Server Express :
Get more out of your BlackBerry by using a BlackBerry Enterprise Server Express
Works on any type of BlackBerry service plan (BIS, BES and BES+)
FREE software download including FREE CALLs
Includes the latest end user features for new 5.0 OS platform
Supports Microsoft Exchange (2003, 2007, 2010) or Windows Small Business Server (2003, 2008)
Provides many features of BES, with 35+ IT policies for enterprise users
– Supports up to 75 users when installed on the mail server eliminating the requirement to purchase additional hardware
– No need to upgrade your mail server to get the BlackBerry Enterprise Server Express wireless experience .
The Toll Free Service :
is a corporate client/SME only postpaid product offered by Etisalat where the subscriber pays for calls made to his toll free line. Boost response rate for direct marketing and Make your number easier to remember e.g. 0809 9JA BIZZ is a corporate client/SME only postpaid product offered by Etisalat where the subscriber pays for calls made to his toll free line. Boost response rate for direct marketing and Make your number easier to remember e.g. 0809 9JA BIZZ
Provide better customer service
Attract more customers by giving an air of professionalism
Increase confidence in the security of financial transactions with your company
It is a service available to clients who want customers to call them for free to inquire information.
The Bulk Messaging Solution :
It is to cater to the need for an automated and robust bulk messaging service within etisalat, by enterprise users, by Mobile Application Service Providers (MASPs), and by end users (etisalat subscribers). It provides an easy to use and flexible interface for bulk messaging to Etisalat customers. Bulk Messaging Platform will support following message formats for sending bulk campaigns or single messages and should be configurable.
• SMS • MMS • USSD • Flash Messages • Long SMS • OTA • Email • WAP Push
prepaid package is targeted at Small and Medium Enterprises with a minimum of 3 staff.
You and your emplyees can enjoy free calls and sms to one another within your group, low international call rates and free internet on specific easybusiness bundle packages.
Easy Business is tailored to fit your business and busy lifestyles and provide huge savings on your communication cost. Get on board and enjoy this exciting offer from Etisalat.
(etisalat Mobile Advertising) is a free, permission-based, preference, targeted mobile advertising service. It offers subscribers valuable information on discounts, deals, news, events, and freebies from Brands they are interested in. EasyAdz is absolutely free to subscribers, thus subscribers opt-in, receive Ads or opt-out for free. The channels for mobile advertising can be SMS, MMS, USSD, Web, Wap, Audio, Apps, Mobile TV and Video.
Business Ring Back Tune :
Business RBT is a marketing and communication channel designed for companies and organisations to advertise their products and offerings while potential customers wait for their calls to be answered by the company’s staff.
Number Proposition :
Distinctive and unique number made to be memorable for the businesses main contact line e.g. 08092000000 or 0817300002- 309
Memorable, unique identifier, increased customer awareness
The Elite World SME prepaid package is targeted at Small and Medium Enterprises with a minimum of 3 staff.
This package is bundled with 500 FREE minutes and 100 FREE SMS monthly within a selected Closed User Group (CUG) and a national call rate of 25k/sec to all networks in 9ja. To enjoy the CUG package, all an SME needs to do is purchase a minimum of 3 Elite World SME prepaid lines and pay a monthly commitment fee of N1,000 per line. The default tariff of 50k/sec to all networks will apply following any failure to pay the monthly upfront commitment of N1,000. Subscribers will also enjoy calls to 5 international destinations (US, UK landline, China, India & Canada) at 20k/sec.
This package also has other unique features, they include:
VIP caller service – A free service which allows you restrict specific numbers from reaching your mobile line. This feature comprises of two unique lists, the White List & the Black List, the white list service allows you receive calls only from people in a pre-selected group while the black list service allows you receive calls from everyone except the pre-selected black list group, when you blacklist a number, it will not be able to reach you
Credit transfer – This service allows you transfer airtime from your phone to other Etisalat lines
Recharge others –This service allows you recharge other Etisalat lines from your Etisalat SME prepaid line
Elite World SME prepaid is tailored to fit your business and busy lifestyles and provide huge savings on your communication cost. Get on board and enjoy this exciting offer from Etisalat!
Welcome to the Elite World SME Prepaid Package from Etisalat.
Elite World SME prepaid is a cost effective package for Small and Medium Enterprises and has been specifically designed and packaged to meet the unique needs of Entrepreneurs and business customers.
For more enquiries, please send us an email on email@example.com
How did a 30-year old Nigerian and a Ghanaian – Tunde Kehinde and Raphael Afaedor – grow their local e-commerce startup into a multimillion dollar company in less than year?
VENTURES AFRICA – I was chatting with a colleague, as we drove to Jumia’s Lagos corporate office, when he asked rhetorically: “Why would JP Morgan be so interested in a 5 month old Nigerian startup as to invest millions in it?” Well, I was eager to know too.
Africa, home to six of the world’s fastest growing economies, has caught the entrepreneurial bug but an ubiquitous lack of funds has kept its entrepreneurs from marching. Minutes into meeting Jumia co-founder Tunde Kehinde, he would have me know having an amazing powerpoint business plan isn’t the key to investor funds.
“With the little crowd funding you can get, test your business concept and prove it makes money,” he tells me. “That way you become irresistible for investors.”
His partner, Raphael Afaedor chips in: “We had to quit our jobs and put all our effort in what we believed. Often, working 16 hours a day, sometimes more.”
Raphael was laid back, but spoke with rare speed. Spitting an average of 3 words per second, he would give Eminem a run for his money. His business-like countenance, tucked-in white office shirt and black trousers, made him look like the boss at the Jumia office.
Tunde on the other hand, with the rest of the Jumia team appeared youthful and casual.
At the online retailer’s office, dozens of under-30 year olds carrying Jumia tags could be seen in jeans and sneakers or fashionable clothing. Self expression is uninhibited, ideas are encouraged. It’s the kind of place a millennial would love to work. It isn’t the conventional Nigerian work setting – for a second, I thought I was in some sort of Google workspace.
Hanging on the walls at the lobby are two aluminium frames. One reads: “Best People for the Best Team.” The other, a sort of guideline for interaction between the staff, reads: “Challenge ideas but Respect everyone.”
When Raphael and Tunde first conceived the idea of building an enduring online ‘shopping mall’ for the Nigerian market, they had never met. Raphael was Head of Marketing and Sales (West, Central & North Africa) with Notore Chemical Industries while Tunde Kehinde was in the UK assisting alcoholic beverage multinational Diageo, to acquire valuable African brands. Both had also studied at Harvard Business School (and Tunde had tried his hands on Bandeka.com, a dating site for young African professionals) so they had received some training for their impending entrepreneurial pursuit.
Word got around about two guys talking about e-commerce opportunities in Nigeria and by a stroke of fate they met through a mutual contact. 10 days later, the pair started building their first general merchandise store; only this time, the store was to be online. The name was Kasuwa. The strategy was simple – boycott difficulties associated with shopping at the mall – traffic, long queues, stress, time constraint – by providing a user friendly online store with competitive prices, thereby making shopping convenient.
“Why wait till weekend before going to the mall when you can shop at the press of a button and have your purchase delivered to your doorstep?” Tunde wore a wide grin as he made the statement.
The business of delivering electronics, computers, fashionable items, et al across Nigeria’s 36 states is not an easy task. The boys had to quit their jobs and take a risk. Little did they know Rocket Internet, a german internet Venture Capital was seeking opportunities in Nigeria. Like the American billionaire Paul Getty who struck oil at an early age, the young men had struck gold. Rocket Internet, also owners of South Africa’s leading fashion online retailer Zando, met the duo and decided to invest in Kasuwa. June 2012, Kasuwa.com was officially launched.
“It’s not just getting money that matters,” Tunde explains. “Get smart money.”
“Investors that can add value to you, open doors and help you network, will help you run faster against competition.”
Not only does Rocket Internet funds Kasuwa, the group also shares with Raphael and Tunde its network, expertise and vast experience operating e-commerce, including a billion dollar business, in several continents.
An introduction of the German group on its website reads: “Rocket is much more than a venture capital firm or an incubator. We bring together all key elements required to create great companies: team, concept, technology, and capital.”
It’s one thing to have all that support though, it’s another to understand the market and rightly execute market entry strategy in a peculiar one like Nigeria. The first four months were really rough for Kasuwa. Just two months after launch, reports of a brand name change from Kasuwa to Jumia “due to legal issues” filled the online media. Subsequently in September, Jumia and Sabunta – a Nigerian online fashion store, also supported by Rocket Internet – downsized and merged, shedding off around 50 employees, some earning as much as 6.5 million naira ($41,000) per annum.
Raphael says, “the name Kasuwa wasn’t catchy. We wanted a name that could sell, even in other African countries.”
And Jumia sold. With a workforce of less than a hundred, a 12,000 sqft warehouse, omnipresent Google ads, effective marketing campaigns, and countless overtimes, the new brand quickly gained wide acceptance, recording about 40,000 site visits daily – more than Amazon’s site visits from Nigeria – and receiving orders from every state in the country. “The early acceptance surpassed our expectations. We emerged 7th most trafficked site in Nigeria, the number one player in the country’s ecommerce space, and the business was profitable,” Raphael says with a hint of excitement.
It was only natural for J.P. Morgan Asset Management to grab some equity in the company. As hard as I pressed, Tunde wouldn’t disclose the amount of the JP Morgan investment but he was kind enough to tell the cash was “significant enough” for him to feel “very confident about growing the business to a really really large scalable platform for a long time.”
Analytics of top internet searches and inquiries (for products) from Nigeria informs the decision of which category and product is sold on Jumia. Now, the online store gets 70,000 visitors daily. A March statistics report by global web information company Alexa, says roughly 34 percent of visitors to the site are one page views. The remaining 66 percent of visitors spend an average of over 9 minutes per visit. If a-tenth of this group purchases an item (comprising mostly of electronics, mobile phones, fashion items) and Jumia makes a meagre $7 on each sale (the retailer receives products on wholesale), it is safe to assume the company generates $32,340 daily, approximately a million dollars per month.
“Our staff has grown to over 300 and we are expanding into a 66,000 sqft warehouse, only 4 months after we moved into our current 12,000 sqft warehouse,” Raphael discloses.
With Nigeria’s middle class growing tremendously, and consumer buying on the rise, Jumia’s investors seems to have struck another goldmine of the Nigerian economy.
Tunde says: “We don’t want to just make profit. We don’t want to be here just a few years. We want to establish something enduring, help develop e-commerce in Nigeria and provide that talented fashion designer with no shop, a platform to sell across Nigeria.”
WHAT IS YOUWIN!?
YouWiN! stands for Youth Enterprise with Innovation in Nigeria. It is an innovative business plan competition aimed at job creation by encouraging and supporting aspiring entrepreneurial youth in Nigeria to develop and execute business ideas. The accomplishments of the 1,200 YouWiN! awardees were celebrated at the Presidential Villa on April 12, 2012. YouWiN! Women was the second edition of the entrepreneurial scheme, which was designed for only female entrepreneurs aged 45 years or less. YouWiN! 3 is the third edition and will feature men and women entrepreneurs in Nigeria between the ages of 18 to 45.
The Youth Enterprise with Innovation in Nigeria (You WiN!) Programme is a collaboration of the Ministry of Finance, the Ministry of Communication Technology (CT), the Ministry of Youth Development and the Ministry of Women Affairs and Social Development that will launch an annual Business Plan Competition (BPC) for aspiring young entrepreneurs in Nigeria, in line with the Federal Government’s drive to create more jobs for Nigerians. The programme will be implemented in partnership with Nigeria’s private sector, who will be requested to provide funding support.
GOAL OF THE PROGRAMME
The main objective of the Youth Enterprise with Innovation in Nigeria (YouWiN!) Programme is to generate jobs by encouraging and supporting aspiring entrepreneurial youth in Nigeria to develop and execute business ideas that will lead to job creation. The programme will provide aspiring youth with a platform to show case their business acumen, skills and aspirations to business leaders, investors and mentors in Nigeria.
SPECIFIC OBJECTIVES OF THE PROGRAMME:
- Attract ideas and innovations from young entrepreneurial aspirants from Universities, Polytechnics, Technical colleges, and other post-Secondary institutions in Nigeria;
- Provide a one time Equity grant for 1,200 selected aspiring entrepreneurs to start or expand their business concepts and mitigate start up risks;
- Generate 80,000 to 110,000 new jobs for currently unemployed Nigerian youth over the three years during which the three cycles will be implemented;
- Provide business training for up to 6,000 aspiring youth entrepreneurs spread across all geo-political zones in Nigeria;
- Encourage expansion, specialization and spin-offs of existing businesses in Nigeria; and,
- Enable young entrepreneurs to access a wide business professional network and improve their visibility.
- YouWiN! is an equity contribution to your business. It is therefore NOT A LOAN but a grant.
- Award recipients will be paid according to the needs of the business and specific mile-stones stated in the business plan.
- Award recipients must be registered with CAC before disbursment of funds even though they do not need to be registered to apply. YouWin! will support the registration process.
- Award recipients will opperate accounts using their registered companies with any of the participating commercial banks prior to disbursment.
- Award recipients must sign a grant agreement with the managers of YouWiN!before disbursment of funds.
FOR GENERAL ENQUIRY:
Woka: (234) 809 594 1711
Oyinda: (234) 812 891 8177
YOUWIN! FIRST EDITION:
Nanko: (234) 815 751 2826
Oyinda: (234) 812 891 8177
Olawale: (234) 818 032 4052
Michele: (234) 818 723 7689
Ken: (234) 810 219 9690
Wale: (234) 806 394 1372
For more information, visit : https://www.youwin.org.ng/about-youwin/
Guaranty Trust Bank plc (GTBank) want to help your business succeed by turning your business dreams into a reality. We have an array of products and services to suit the banking needs of Small Medium Enterprises (SMEs). SMEs are those business with an annual turnover up to N500 million.
The SME MarketHub is designed to enable Business/Institution take advantage of emerging opportunities within the Nigerian e-commerce space and provide you with free business management, inventory and financial tools to improve efficiency and enhance profitability.
GTBank believe that one of the key avenues for business growth is embracing digital technology, and it is important to them that their customers possess all the necessary tools to gain success in any field. With this in mind, they have created the GTBank MarketHub, which is their value proposition for helping customers pursue success in a world of dynamism and creativity.
Such Enterprises include Businesses/Institutions involved in Administration and Supply Services, Agriculture, Arts and Entertainment, Charities and NGOs, Clearing and Forwarding, Clubs and Societies, Education, Health and Social Care, Information and Communication, Manufacturing, New Furniture, Oil and Gas, Other Professional Services, Real Estate and Construction, Religious Bodies, Trading, Transportation and Storage, Travel, Hospitality and Leisure as well as Utilities.
Getting started is as simple as talking to a relationship manager about where you’re going. Your personal relationship manager is backed up by specialist teams with years of experience in banking, specializing in several industries.
Some of the unique benefits of signing on to the SME MarketHub include:
- A unique SME MarketHub website address
- A personalized online storefront
- A free shopping cart application with no consignment fees
- A free online payment gateway
- Free Inventory listings with inventory management tools
- Free order and enquiry notifications
- A free messaging service
- Membership of the SME MarketHub directory
- Free access to knowledge resources and tools
For more information about GTBank SME Banking and our SME Community on the MarketHub, kindly visit http://sme.gtbank.com and www.smemarkethub.com and sign up your Business/Institution today.
If you require any assistance or would like to make further enquiries, please send an email to firstname.lastname@example.org or call +2348113798216
Are you an in Nigerian living in Nigeria or a potential investor thinking of Investing in Nigeria; but don’t know where to start from or which business to invest your money into? We have compiled a growing list of lucrative business opportunities in Nigeria you can invest your money and be sure of making millions back in no time (if done properly).
- Poultry Farming: This business is making average Nigerians rich. It is so lucrative that even outsiders are coming in to invest in poultry farming the business in Nigeria. And why not, In a country of more than 150 million people, what would you expect? If you start with 1,000 birds and manage your poultry farm properly, when the turnover on investment begins to come, you will be making up to N30 million annually.
- Catfish Farming: The first of the fastest growing business opportunities in Nigeria is catfish farming. The primary reason I listed catfish farming as one of the fastest business opportunities in Nigeria is because it’s an emerging industry that hasn’t reached its peak or full potential. The major players in this business are usually regional players. What this means in essence is that each major player in the catfish farming industry is focused only on a particular business terrain within the geographical location of the farm.
So all you need to do is look for a region with a growing demand that haven’t been covered by a major player and situate your business there.
When accessing any of these business opportunities listed above, you must note three important facts. One, food is one of the basic necessities of man, thus making catfish, snail and poultry farming a huge potential. Two is that the population in Nigeria is estimated to be over 150 million and growing so that entails a growing demand for food. Three is that even if the local market with 150 million Nigerians gets saturated (which I strongly doubt as this niche is still in its adolescent phase), there’s still a growing demand for catfish all over the world. So do your own in-depth analysis and put your money to work.However, you are free to use our own analysis and research, you can read more on Setting up a Small Scale Broilers poultry farm and How to setup a fish pond on ediaro.com
- Cassava Production: People are beginning to turn their attention to this aspect of farming in Nigeria that have been neglected for years. Cassava derived foods are some of the most consumed in Nigeria. If you can invest in cultivating 50 – 100 Acre in a fertile area like Ondo State, your harvest will be great.
- Import Used Cloth: Tokunbo market in Nigeria is very big and many people prefer to buy used items that are high quality than buy fakes.The cost of buying and importing used cloths is low compared to the prices in the market here in Nigeria, guarantying good turn over on investment.
- Sewing of specialized uniforms: Another opportunity is to set up a small scale textile firm that will specialize in sewing uniforms. The demand for uniforms is on the increase in Nigeria; from the crèche to the labor market, uniforms are highly in demand but it’s advisable you do your own detailed research before venturing into the business.
- Inland water way transport: Inland water way transport is one of the fastest growing business opportunities in Nigeria. In fact, we believe the niche is still untapped because we are yet to see a modern commercial boat or ferry service system in Nigeria. Though there are a few operators in this industry; we are yet to see the modern facilities being used by the developed countries.
Another reason inland water way transport business proves viable is because population in states such as Lagos, Ogun state and Rivers is rapidly on the rise thereby resulting in the congestion of roads. Since the roads are becoming heavily congested; the next means of transportation the inhabitants of these heavily populated states will resort to is water transport. With proper planning, a good management team and adequate funding, you can break into this untapped industry and carve a niche for your business.
- Haulage and logistics: Haulage and logistics is another fastest growing business opportunity in Nigeria. Though it’s considered a risky business; you can breakthrough if you have a strategic business management team on ground. Good management is the key to surviving in the business of haulage and logistics.
- Outsourced bus service: This is similar to haulage and logistics but the cargo in this case is humans. we are not talking about the regular road transport bus service; in fact, we don’t think we have seen the idea for this business been utilized yet.
Now in this case, you are providing transportation services to firms and corporate entities. Some corporate organizations can’t afford an in-house transport system for its executives and staff, so this is where you come in. You provide the cars or buses, provide the drivers and you are paid on a monthly bases or contract bases for the use of your transport services
Another area of target is schools. Most schools would like to provide transport facilities for their students but they can’t afford it and this is where you come in. You provide a bus service system and send out a proposal to schools to use your bus services. Just imagine 20 or more young schools jointly using your student bus service system and you will catch the vision of this idea.
- Information and Communication Technology: When it comes to ICT, we will be right to say Nigeria is lagging behind when compared to the western world. It may sound like bad news to you but to entrepreneurs and investors, it is good news. ICT is still an emerging trend that hasn’t reached its peak so a lot of opportunities exist for both local and foreign investors. We won’t go into the capital intensive business opportunities that exist in the ICT sector; rather, we will stick with small and medium scale business opportunities, such as:
a. Cyber Café
The demand to stay connected to the rest of the world is rapidly on the increase and the cost of internet connection is still on the high side when compared to what is obtainable in the western world, thereby making cyber café an alternative for internet users; and an investment opportunity for entrepreneurs. This business can be started either on a small, medium or large scale but I will prefer a large scale because size can be a competitive edge for you in this business as customers won’t like to be kept waiting.
Customers of this industry want speed and efficient service and most importantly; they want to be sure to find a vacant computer system anytime they want to surf the web without having to wait in line. If you can get a good location; provide speedy internet access and provide complementary services; you are in for a breakthrough.
Just as the world is going e-crazy; so also is Nigeria catching up with the trend. E-services provision is still a virgin business opportunity that hasn’t fully been tapped. Under the umbrella of providing e-services; you can find the following fast growing business opportunities: E-payment, Bulk Sms services, Website Design and and hosting, database management services, e-portal management, etc.
- Sale of Furniture: Buying and selling of Locally make furniture is a goldmine. You don’t need to be a carpenter to do this, just arrange for regular supply from reliable Carpenters while you display and sale in your showroom. It is a very big business in Nigeria as only few can afford the imported designers.
- Snail Rearing: Snail farming is one of the choice Animal farming for many reasons. It is a low capital investment with high yield and the market is big. There are few people currently doing this – and most of them are doing it in a very low scale. If someone invest heavily in Snail farming, he is sure to make good money in Millions within a year.
- Rice Farming: Rice remains the most consumed food staple in Nigeria and Billions of dollars goes into importation of this product yearly from China and Thailand because the local farmer are unable to meet up the demand due to poor funding and limited knowledge. Anyone who have a million dollar to invest should get in touch and partner with me with 100% return. $1,000,000 = $2,000,000 guaranteed
- Making of Fruit Juice: Nigerians drink fruit juice more than any other people. That’s why companies like La Carcella and Chivita who came into the country as nobody are today making billions of naira annually. This business in capital intensive but if you can afford it, it’s well worth it.
- Pure Water Production: You know how popular this is in Nigeria and how many that are dispensed daily. Though this business is capital intensive but well worth investing into, especially if you can manage it properly with professionalism.
- Oil and Gas Business: We are blessed and cursed with huge deposit of oil in our land which presents some of the finest business opportunity for Nigerians and Foreigners over the years. Owning a Petrol Filling Station, Supplying of Diesel, and Distribution of Kerosene are some the areas you can invest easily and make good money for yourself.
- Haulage Services: The cost of taking a truck from one place to the other in Nigeria is between N20,000 to N200,000 per trip. Due to poor rail transport system, most of the Nigerian goods are transported through the road, making haulage business in Nigeria a viable one.
- Hotel Business:This is probably the coolest money making opportunity in Nigeria. Invest in small scale hotel of just 10 suites and watch as the money flows in. This has nothing to do with tourism boom of any kind; there is just something in Nigerians system that make this business very lucrative – Nigerians are jolly people!
- Fast Food Eatery: Eatery business is another goldmine though poor management can kill it death! If you wish to go into this business, be sure to get everything right and don’t forget it’s a bit capital intensive and requires good management skills. But if you get everything right, free money is yours.
- Importation of Tokunbo Spare Parts: If you are in USA, this business is good for you. Don’t just keep importing exotic cars, gather tokunbo spare parts in containers and ship down here. There is huge market for it in Nigeria.
- Investing in Property: Property appreciate everyday in Nigeria. Right now, Nigeria is one the countries in the world where landed property is most expensive. If you buy land now anywhere in Lagos, you are sure to make 100% profit within two years. You can buy and quickly resell and make profit. Or you buy keep and sell later.
- Dry Cleaning: Professional dry cleaners at affordable prices are scarce in Nigeria. What we have are professional Dry Cleaners whose service fees are extremely high or mediocre dry cleaners who can never keep with time. Give them cloths today and meet it unwashed after one week. This business is a money maker if you balance it up.
- Professional Car Wash: This business is good if you can set it up in a strategic location in a place like Lagos where there are good number of cars. You.
- Sales of Building Materials: The rate at which new houses are springing up in Nigeria, you get to wonder why many people still complain of housing problem. Investing in building material is a good business and I can count some guys who are making millions almost daily in this business.
- Transport Business: What we have in this sector are transport companies that are badly managed by local chiefs and touts. Invest in this business with good management and you will be wondering what hits you with bags of money.
- Nursery and Primary School: School business has no rival among it’s mate. My little kids school fees take away close to a million naira per term just to learn ABC!
- Investing in Internet Companies: This is a new crop of powerful investment opportunity that is creating Billionaires around the world including Nigeria. It’s simple! You don’t have to be a Tech person, all you need is to look for creative online startups with good ideas and invest in. Within 1 to 2 years you will be counting your profits in dollars.
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