The Bank of Industry has been a major flag-bearer in the business of providing long term financial support for various industries in the Nigerian economy. BOI has a mandate of providing financial assistance for the establishment of large, medium and small enterprises as well as the expansion, diversification and modernization of existing ones or rehabilitation […]
Did you know that MSMEs (Micro, Small and Medium Enterprises) make up 84% of total jobs in Nigeria? SMEs in Nigeria are major drivers of innovation and growth in the Nigerian economy. According to the Ministry of Industry, Trade, and Investment, Nigeria has over 37.07 million micro, small and medium-scale enterprises (MSMEs). The ministry claimed […]
According to the DBN, Nigeria has more than 37 million MSMEs but not up to 5% can access credit. When you consider this rate, it easy to see why many of these businesses pack up within a few years. Capital is very important to running any business and credit is one of the chief ways […]
By now you must have heard about the CBN COVID-19 Intervention Fund. It’s been all over the news and on social media. The CBN is making N50 billion Targeted Credit Facility available to SMEs and households hit by COVID-19. Evidently, the new coronavirus has hit all businesses and crippled several SMEs worldwide. This is largely […]
Sales can pose itself as one of the most tasking aspects of entrepreneurship. It is considered nerve-racking by many. Here are some quotes to inspire you as a business owner or a salesperson! 1.“Keep yourself positive, cheerful and goal oriented. Sales success is 80% attitude and 20% aptitude” – Brian Tracy 2. “Never confuse activity […]
At the beginning of an entrepreneurial journey, it is common to re-adjust strategies to attract better customer and make better profits. Successful entrepreneurs of today have gone through this phase at one point or the other in their journey. However, the journey doesn’t come without its pitfalls and mistakes. This is because entrepreneurship has its […]
The global pandemic has led to many new online businesses in Nigeria emerging and making old ones going stronger than ever. With an outbreak that requires less physical contact with people, many brands have pivoted to new ways of doing business, either by offering a new service or product closely related to their brand to […]
Do you feel unchallenged and dissatisfied with work? Do you feel like you don’t fit into the 9-5 work schedule? Are you feeling frustrated with it all? Maybe you have a disruptive idea you know in your heart can impact your society? Just like you, the million-dollar serial entrepreneur, Dan Lok had this to say; […]
Owning your own business would always be a good thing, many times it would have its ups and downs just like some other things in our lives. The truth is that many small business owners at various points are prone to making mistakes. I mean mistakes are part of life, right? That is why materials […]
Let’s begin by stating a very interesting fact about SMEs in Nigeria. Do you know that there were 41.5m MSMEs registered in 2017 NBS/SMEDAN National Survey? There are so many small business ideas running in the minds of potential business owners. However, research shows that some people who start businesses end up frustrated before the […]
