Economy

Grow your enterprise by applying for the Guaranteed Offtake Stimulus Scheme

11 Feb 2021 By ummiyusuf

Are you a Nigerian National?

Have you registered your business name with CAC?

Are you ready to produce under NAFDAC and SON specifications?

Do you have a verifiable BVN and Bank Account Number?

Do you have upto 2 or more staff members?

If yes,then you are qualified to apply for the Guaranteed Offtake Stimulus Scheme which aims to protect and sustain the incomes of vulnerable MSMEs in this pandemic.

The products captured under the scheme are in two categories; processed foods, and sanitization and cleaning.

To apply for the fund and get more details about the scheme, visit www.survivalfund.gov.ng. Registration is free!!!

Opportunities for Youth at the Federal Ministry of Youth and Sports Development

22 Oct 2020 By ummiyusuf

Have you registered your business with the Federal Ministry of Youths and Sports Development?

Register today and gain access to various business intervention/support programmes including funding.

The Federal Ministry of Youth and Sports Development is the outcome of the merger of the defunct Federal Ministry of Youth Development (FMYD) and the National Sports Commission (NSC) with a mission to provide sustainable framework for the formulation and implementation of policies, programmes and other initiatives which promote and enhance youth and sports development in collaboration with stakeholders.

Some programmes developed by the Ministry aimed to assist youth and youth owned enterprises includes;

  1. National Youth Investment Fund (NYIF)
  2. The Work Experience Program
  3. IBM Digital -Nation Africa training

To register, visit youthandsport.gov.ng or dy.ng

Boost your business by applying for the N60 billion MSME Survival Fund and N15 billion Guaranteed Off-take Scheme

29 Sep 2020 By ummiyusuf

As we adapt to the pandemic, terming the current condition as the ‘new normal’ and as restrictions are gradually being lifted by the Presidential Task Force on Covid-19, MSMEs are still struggling to survive while dealing with increased cost of production, low sales due to increased prices of output, high cost of raw materials, inability to cover the cost of labour and many others. These problems have also led some MSMEs to close down their business thus increasing the unemployment rate in the country.

To further cushion the adverse effects of the pandemic on the growth of MSMEs, the Federal Government has taken another step to introduce the N60 billion MSME Survival Fund and N15 billion Guaranteed Off-take Scheme as part of the Nigerian Economic Sustainability Plan (NESP), to boost the economy by saving existing jobs and creating new job opportunities.

The fund aims to assist MSMEs by providing;

  1. Payroll support to MSMEs in meeting payroll obligations
  2. Free CAC Business registration for 250,000 new businesses
  3. Artisans/Transport support
  4. Grant of N50,000 for 100,000 MSMEs adversely affected by the pandemic
  5. Means for bulk purchase of products for 100,000 MSMEs

Target beneficiaries of the funding schemes include; Registered MSMEs, employees of MSMEs and self-employed individuals.

Registration is on!!!!

For more information and details on registration, visit www.survivalfund.ng

Call for applications for the African Innovation Challenge

11 Sep 2020 By ummiyusuf

The Africa Telecommunication Union in collaboration with Huawei, launched a competition called the ATU Innovation Challenge to identify and support young African innovators who have developed mobile applications useful for the fight to contain Covid-19 and future emergency situations.

Apply and stand a chance to win a cash award of USD5000 to help fund your innovation, gain mentorship and other opportunities.

Registration closes on the 14th of September, 2020.

Visit www.atuuat.africa for more details.

Non-interest loans for farmers and MSMEs

24 Jun 2020 By ummiyusuf

The Central Bank of Nigeria (CBN) is set to establish a policy on non-interest loans which will be integrated in its intervention programmes especially the Anchor Borrowers Programme (ABP) for farmers, and the Targeted Credit Facility for households and Micro, Small and Medium Enterprises (MSMEs) affected by the current pandemic.

The Bank’s Director, Development Finance Department, Yila Yusuf, made these disclosures at a stakeholders’ meeting held in Abuja to review the successes recorded so far under the ABP and the strategies for the 2020 agricultural wet season.

Furthermore, the intervention is expected to create about five million jobs down the agro-commodities value chains stimulate Nigeria’s speedy economic recovery.

So, how can MSMEs, households and farmers gain access to these non-interest loans when it is officially announced by the CBN?

One can begin by applying for the CBN interventions such as the ABP, Targeted Credit Facility, and others, because the the non-interest loans will be integrated with these programs.

To read more about the CBN interventions, visit nmfb.com.ng

CBN introduces intervention scheme and grants for Research and Development in Healthcare

16 Jun 2020 By ummiyusuf

As part of its policy response to the COVID-19 pandemic, the Central Bank of Nigeria has introduced the Healthcare Sector Research and Development Intervention Scheme (HSRDIS) to help strengthen the public healthcare system with innovative financing of research and development (R&D) in new and improved drugs, vaccines and diagnostics of infectious diseases in Nigeria.

The main objective of the scheme is to provide grants for Research and Development in the Healthcare system, whereby researchers and local manufacturers can come up with vaccines, drugs and herbal medicines towards the treatment and prevention of communicable and non-communicable diseases, including the Corona virus.

The Scheme also aims to boost domestic manufacturing of critical drugs and vaccines to ensure their sustainable domestic supply and reduce the bulk manufacturing costs.

The Scheme, which will be funded from the Developmental Component of the Micro, Small and Medium Enterprise Development Fund (MSMEDF), enables access to grant of up to N50 Million for research activities and a maximum of N500 Million for Development/Manufacturing activities.

For detailed guidelines and eligibility to access the scheme, click the link below:

https://www.cbn.gov.ng/Out/2020/CCD/Healthcare%20RnD%20intervention%20guidelines.pdf

FG TO DISTRIBUTE AGRICULTURAL INPUTS TO FARMERS

13 Jun 2020 By halimafarouk

An endeavor has been made by the Federal Government to alleviate the effect of the COVID-19 pandemic on food production in Nigeria, the government started the dissemination of agricultural inputs to farmers nationwide.

According to the Federal Ministry of Agriculture and Rural Development, the move would enhance agricultural production and avert food scarcity in 2021.

It said in a statement issued in Abuja on Monday that the inputs distributed to smallholder farmers included various varieties of seeds of rice, maize, wheat and palm seedlings.

The Minister of Agriculture and Rural Development, Sabo Nanono, inaugurated the distribution exercise in Kaduna.

He stated, “The Federal Government will continue to support smallholder farmers with relevant inputs through associations and cooperatives to ensure that the country does not experience food shortages as a result of the pandemic.

“Rice farmers through the Rice Farmers Association of Nigeria will receive support worth about 270 metric tonnes and 300MT of certified seeds of FARO 66 and 300MT of foundation seeds of flood- tolerant rice varieties of FARO 66 and FARO 67.”

He added, “The ministry is also distributing 26MT of certified wheat seeds to wheat farmers, 1,350 maize production kits and 18,517Kg of Aflasafe to ensure that the maize produced is aflatoxin-free.”

Nanono said the association was expected to distribute the seeds to its members nationwide for the 2020 cropping season.

Source: https://punchng.com/fg-distributes-agricultural-inputs/

REBOUND STRATEGY FOR SMES SURVIVAL

08 Jun 2020 By halimafarouk

SMEs in Nigeria (like in some countries) are now feeling firsthand the impact of COVID-19 paired with the deflation of the Naira an aftermath of the oil price war between Russia and Saudi Arabia, that has resulted in the drop in oil prices (less than $25 per barrel, a record low since 2002).With the probabilities really slanted against the country, Its hard not to wonder how many small businesses will survive these times. Surviving will be contingent on the REBOUND STRATEGY. Life for small businesses as we all know it, will change. Once the white flag is up, it is persistence of the fittest, you will need to think on your feet if you want to remain in the market.

 Few tips small businesses may need to consider when planning their rebound strategy

 Tap into resources provided by government and financial institutions 

Governments around the world are already putting together initiatives to support small business owners, and this is something that is evolving on a daily basis. Be up to date with how your governments can help cut costs, as well as other important institutions, such as banks who also have a social responsibility. If you’re registered in more than one market, explore support options in both markets.

Upskill your staff

Wherever possible, try your best to keep your staff– they rely on you, and if you have managed a good team, they should be supporting you. You could train your existing staff on additional skills, which could make them more productive and efficient, rather than hiring more staff. There’s plenty of online courses that are very affordable, and these will allow them to focus on other areas of the business when their department is down for instance, your sales team could perhaps also help out the marketing team. 

Refurbish Branding Materials

Nothing tells the story of a business as much as its brand materials. Beyond the promise and messaging, other elements that make up a brand including the materials. While speaking with some businesses, there were conversations about wanting to update some brading elements but due to busy schedules, these could not happen. Fortunately, or unfortunately, businesses now have some time to work on this so that it reflects the image you want the brand to have. These materials include brand logo, message fonts, colours, design layouts, tagline, color palette, and all the marketing and promotional materials, letterheads, signage, etc. These, as we know amongst other things, will aid in giving your company an appeal in a very attractive way.  With adequate feedback through communication with customers and your team, you can birth something that will keep your target audience glued to your brand.

Build Social Presence 

The use of digital platforms have been on the increase during this period and very rightly. Businesses are trying to gain market share and are competing for audience attention. Beyond ensuring that you have an active online presence, what is key is focusing on the platform that targets your audience. As a small business, you cannot be everywhere because you most likely do not have the resources (finance and manpower), so what is advisable is to go all out. Find out what platform(s) your audience congregate and create high engaging content and begin to build human interaction. The trends of events have shown that there is so much to be gained from active involvement on these platforms.

 

Apply for the 3rd National MSME Awards (Virtual Edition)

08 Jun 2020 By ummiyusuf

Entrepreneurs are encouraged to apply for the Virtual Edition of the National MSME Awards and stand a chance to win cash and other valuable prizes.

The Award Program is an initiative of the Federal Government under the National MSME Clinics Platform and it aims to support and appreciate the efforts of entrepreneurs towards the development of the economy.

The Presidency is working diligently to ensure MSMEs survival during these turbulent times and has not allowed the pandemic to deter it from showing appreciation to outstanding MSMEs.

Award Categories include; Agriculture, Fashion, Manufacturing, Creative Arts, Leather Works, Woodworks, Technology Innovation and many more.

Registration is ongoing and will end on 30th June 2020. Apply today by visiting www.msmeclinics.com.ng

ABUJA MASK-UP COMPETITION

27 May 2020 By halimafarouk

The Abuja Enterprise Agency being the drivers of entrepreneurial growth held a mask up competition in conjunction with its partners in the fashion industry, the competition was designed to give participants the opportunity to bring their ideas and concepts into actualization in the fashion industry.

With the given realities of the COVID-19 pandemic that has put the whole world to a stop, the Agency brought about this competition to engage the MSMEs in the fashion industry in the FCT. The Agency and its partners hope to help by making the face mask very much available to everyone and lift up the economy and health status of Nigerians.

The competition was focused on 5 major categories which are Best use of innovation, growth, social impact, the use of ICT, climate and environmental impact as well as privacy and data protection.  The competition recorded 929 entries and 221 videos. Finalists of the competition went through a very rigorous screening process were 10 companies met the criteria. 

The 10 Finalists Pitched their business ideas to the Panel of Judges who are eminently qualified and accomplished in the Fashion Industry, the Medical space as well as the Entrepreneurial Ecosystem. Dr. Joe Abah (the former DG, Bureau for Public Service Reforms), who is well respected Nationally for his personal and National Principles for Truth, Transparency, and Growth, as the Chief Judge for this competition, Other Judges are; Dr. Ejike Ojih (a Medical Practitioner of over 30 decades and the Chairman of the Medical Sub Committee of the Ministerial Advisory Team  for the FCT COVID.19 Response), Mrs Aisha Abubakar Falke (CEO, Falke Fashion/Northern Hibiscus Initiatives), Mr. Seyi Adekunle (CEO, Vodi Group), Barr.Chioma Ibokwe (CEO, West n Couture).

They used their versed experience acquired over the years to determine the Best 3 Finalists who went home with cash prizes of N500,000, N300,000, and N200,000 respectively. There is in place other consolation prizes for the other winners such as free trainings in the Industry to be provided by both AEA and Messrs.’ Vodi Group, Business Advisory Services, Mentorship sessions, Market linkages, and access to facility from the our own FCT MFB. In addition to the prize for the top winner, the Company was given a shop space at the SilverBird Shopping Mall for a month free to display and sell the Face Masks.

Speaking at the pitching event was the MD/CEO of the Abuja Enterprise Agency Arabi Mohammad Tukur who said 

“We wish to convey our profound appreciation to the Panel of Judges for their dedication, time and commitment. I have implicit confidence in the ability of the judges to provide a credible assessment for today’s Final Business Pitch.

Our Collaboration with critical partners such as Columbia, Honorary Consulate in Nigeria, Vodi Group, and ThreeM Plus is borne out of the FCT Administration’s vision of providing an enabling environment, particularly for youths to become leaders in the entrepreneurial world and provide solutions to the various challenges we face as a Nation.

 The Agency wish to also appreciate all our partners for being part of the success we are witnessing today. Of particular note are the contributions of Her Excellency, Mrs Mericel R. Jammal (Honorary Consul of Columbia to Nigeria),  Mr. Mohammed Jammal (CEO, ThreeM Plus), and Mr. Seyi Adekunle (CEO, Vodi Group) who remained focused and dogged in getting the competition to hold despite the huge challenges of COVID.19. We in the Abuja Enterprise Agency remain ever grateful to you and your Teams for beaming the lights of the Agency further. Thank you most sincerely.”

He concluded his speech by expressing sincere appreciation to the FCT Administration under the leadership of the Honorable Minister FCT, Malam Muhammad Musa Bello for making this event possible and showing great interest, dedication and commitment in developing the youths of the FCT. He also adviced the participants that “ the potentials for success lie in you; I urge you to be the business leaders of tomorrow by inculcating these 3 tips to become successful entrepreneurs, “be Innovative, be Creative and lead with Integrity”.

One of the participants miss Fatima Ibrahim Tauheeda said the competition gave her the opportunity to come to different ideas and designs of facemasks and also publicity to arket her products. She also thanked the Abuja Enterprise Agency/FCTA for the opportunity.

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