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 […]
Thinking of getting a loan can be very exciting until you begin to know the requirements involved. Many business owners avoid this path due to how tasking it can be. Let me start by mentioning that loans are one of the ways to fund your business. A lot of organizations big and small collect bank […]
“Lazy Nigerian youths”, this phrase was taken in very bad taste by the youths in Nigeria last year. They argued vehemently insisting that it was the lack of job opportunities, lack of empowerment, corruption etc. I am a Nigerian youth as well and I empathize with you on the situation of our country. However, we […]
Are you a business owner looking to fund your business? Or are you an entrepreneur with a brilliant idea waiting to happen? One of the major challenges you may face as an entrepreneur or business owner is a way to access finances for the actualization and operation of your business. Finances are the lifeblood of […]
Raising capital is not always easy. The current situation of things places businesses in a tight corner where raising capital is concerned. We are stared in the face by the unavoidable changes that will occur in the business environment as a result of COVID-19. One way to mitigate the impending challenges regarding business capital is […]
The importance of loans to small businesses cannot be overemphasized. A small business is one with less than 500 employees. So if your business falls into this category, getting a loan at some point might be helpful. There are several reasons why you need loans. From raising working capital to expansion, inventory to cash flow. […]
Okay, let’s get this out of the way. I am not an accountant, neither am I a financial expert. I am just a guy by virtue of the industry I work, had to learn these concepts and many more. Before I proceed, please note that if you really want to succeed as an entrepreneur, there […]
