Register and attend the Paylink digital MSME bootcamp

Paylink, in partnership with Google, is organising a digital bootcamp to equip micro, small and medium enterprises (MSMEs) with relevant digital skills required to scale their businesses and reposition for growth.

Paylink is an e-commerce platform that empowers businesses to showcase their products and services online and get paid instantly through multiple channels.

The virtual Digital Business Bootcamp is for both online and offline merchants and would take place from 11am to 1pm, in three sessions:

  • Brand Building on March 25 2021
  • Business Growth on April 22 2021
  • Tools for Business Management on May 20 2021

The Digital Business Bootcamp is expected to empower 10,000 MSMEs with digital skills and technology required to enjoy the ease, flexibility and opportunities necessary to thrive as enterprises.

Google has a standing commitment to help 500,000 SMEs grow and digitise their businesses with new tools, financial support, and trainings.

Registration is free!!! To get started, click the link below:

bit.ly/PaylinkBootcamp

Grow your enterprise by applying for the Guaranteed Offtake Stimulus Scheme

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!!!

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

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

FCT One- Stop-Shop: Business regulators under one roof

The FCT MSME One-Stop-Shop was officially commissioned by the Vice President of Nigeria on 6th September, 2018.

The One-Stop-Shop brings together business regulators under one roof with the aim of providing a platform for convenient, continuous and and easy interaction between the government agencies and Nigerian-based MSMEs.

The One-Stop-Shop destination for FCT is the Abuja Enterprise Agency Entrepreneurial Complex, located at Plot 74, Sector Centre ‘A’ Cadastral Zone B15, Jahi District, Abuja.

The building is open to members of the public to visit and access services of various business regulators including;

  • Corporate Affairs Commission (CAC)
  • National Agency for Food and Drug Administration and Control (NAFDAC)
  • Federal Inland Revenue Service (FIRS)
  • Industrial Training Fund (ITF)
  • Nigerian Export Promotion Council (NEPC)
  • Standards Organisation of Nigeria (SON)
  • Nigerian Export-Import Bank (NEXIM)
  • Bank of Industry (BOI)
  • Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
  • Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)
  • National Information Technology Development Agency (NITDA)
  • Abuja Chamber of Commerce and Industry (ACCI)
  • Bank of Agriculture (BOA)
  • FCT Microfinance Bank

You can also follow the One-Stop-Shop on its instagram and facebook pages using the following links: www.instagram.com/ossabuja/ and www.facebook.com/ossabuja/

Non-interest loans for farmers and MSMEs

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

UNION BANK SUPPORTS SMEs

All over the world, the current pandemic has had unthinkable impact on people, Small business owners,communities, companies and economies.

This is why one of Nigeria’s most reliable and trusted banking partner   have come up with #TheRiseChallenge to shine the spotlight on their customers, who are doing all you can to rise above this pandemic. If you are being innovative, charitable, creative and resourceful and the union bank wants to hear your story.

Every week for the next 4 weeks, they will select 10 of the most inspiring stories to share and reward. If your story is selected, you will receive N250,000 Naira from Union Bank to support the work you are doing to RISE above the pandemic.

REBOUND STRATEGY FOR SMES SURVIVAL

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.

 

NAFDAC provides 80% discount on registration for MSMEs

As more palliatives are being rolled out by the Federal Government to protect and sustain MSMEs in the face of the current pandemic, entrepreneurs also need to keep abreast of the environment and identify opportunities they can tap into in order to stay afloat.

One of such opportunities which is also a palliative of the Government, is the discount on online registration of products offered by the National Agency for Food and Drug Administration and Control (NAFDAC) through the Automated Product Administration and Monitoring System (NAPAMS)

MSMEs can now process the registration of their products with NAFDAC from the comfort of their homes, and at an 80% discounted rate over a period of six months. Other palliatives under the platform include; zero tarrifs for the first 200 micro and small businesses to register on the e-platform, and waiver on administrative charges for overdue/late renewal of expired licenses of products for a period of 90 days.

Products that can be registered include Food, Drug and Medical devices, Herbal and Cosmetics, Vaccines and Biologics, Chemicals, Narcotics and Vetinary.

Take advantage of this opportunity by visiting http://www.napams.org

Call for Enrollment for the NIRSAL PLC Agro Geo-Cooperative Formation Process

The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL PLC) is calling on all smallholder farmers, farmer leaders and aggregators to key into its Agro Geo-Cooperative model created for the purpose of sustainable farm/field structuring and governance, to enable sustainable access to finance, quality inputs and structured markets through NIRSAL’s facilitation.

The exercise aims at creating 16,000 Agro Geo-Cooperatives (ranging from 10 hectares to 20,001 hectares and above) on 4 million hectares of farmland and enrolling about 8 million farmers across Nigeria who are expected to produce about 12 million metric tonnes of Grain Product Equivalent (GPE) annually over the medium to long term.

It will also serve as a means of employment and a source of income generation for organised Agro Geo-Cooperatives during this pandemic.

To begin the enrollment process, click the link below:

https://nirsal.com/agrogeocoop/

Ministry of Agriculture and Rural Development inaugurates task force to avert food crisis

A few weeks ago, the Federal Government reduced the price of fertilizer from N5,500 to N5,000, reduced the price of fuel, increased the moratorium period on loans and also reduced the interest rate from 9% to 5%.

These measures were put in place to cushion the adverse effect of the Covid-19 pandemic and reduce some burden on Micro, Small and Medium Scale Enterprises (MSMEs), especially those whose businesses had to be put on hold due to the lockdown.

For the MSMEs in the Agricultural sector and value chain, activities have to carry on in order to prevent food shortages which will further add to the lingering issue of hunger and poverty in the country.

However, farmers and others involved in the Agricultural value chain currently have to deal with;

  • High cost of transportation of farm produce and other goods
  • Inadequate finance for commercial agriculture
  • Theft of farm produce on the transportation routes
  • Restrictions on movement of goods due to the lockdown and many others.

Consequently, the losses posed by the challenges are transferred to the consumers in form of high prices, affordable to some and outside the means of others.

The good news is that, the appropriate Ministries and Agencies have geared up towards tackling these challenges to ease the fears of food insecurity in the country.

Recently, the Minister of Agriculture and Rural Development, Alhaji Muhammad Sabo Nanono inaugurated the joint technical task team on emergency response to COVID-19 with the aim of facilitating free and unhindered movement of food, livestock and agricultural inputs and farmer’s movement across the nation, during the lockdown and the 2020 farming season to avert food crisis.

Therefore, it is safe to say that losses incurred by farmers will lessen soon and the purchasing power of food, livestock and agricultural inputs for every household .

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