Pandemic

FATE Foundation’s Business Recovery Program for Young Entrepreneurs

26 Feb 2021 By ummiyusuf

FATE Foundation has launched the Business Recovery Programme (for youth) to support young Nigerian entrepreneurs hit by the economic impact of covid-19.

The Foundation in collaboration with  Standard Chartered Foundation, aims to support 2000 young entrepreneurs through the program which will be run throughout the year 2021.

FATE Foundation will provide a holistic package of support including Digital Transformation Workshop, Resilience Building Series, and Remote Consulting & Advisory services to be delivered virtually to 2000 entrepreneurs across Nigeria.

The key target segments are:

  • Young entrepreneurs (between the ages of 18-35)
  • Female entrepreneurs (a minimum of 50% will be targeted)
  • Micro-entrepreneurs (as defined by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) – businesses that have less than 10 employees and are valued at less than 5 million Naira).

Visit www.fatefoundation. org for more information or click on the link below to apply. Application is free!!!

https://www.fatefoundation.org/project/youth/

UNION BANK SUPPORTS SMEs

11 Jun 2020 By halimafarouk

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

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.

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

25 Apr 2020 By ummiyusuf

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 .

Covid-19 Stimulus Package: Stabilizing the economy amidst the pandemic

08 Apr 2020 By ummiyusuf

The Corona virus pandemic remains the top headline in all media channels, affecting the old and young and causing a downturn in economic activities around the World.

However, to reduce the spread of the virus and track those that might be carrying the virus in Nigeria, the Federal Government imposed a 14-day lockdown in few states including the FCT, which began on the 30th of March 2020.

Consequently, the lockdown has taken a toll on the activities of Micro, Small and Medium Enterprises (MSMEs) as consumption habits have changed and only certain categories of businesses are allowed to carry on their activities. Thus, people may ask questions such as; what happens to the businesses on lockdown, how will they survive, how will they provide for their families and what is the government doing to ease their plight.

In its proactive measures to provide answers to the questions above, the Federal Government through the CBN, introduced a Covid-19 stimulus package to help households and small businesses hardest hit by the adverse impact of the coronavirus pandemic.

These packages come in the form of food packs and credit facilities and can be assessed via nmfb.com.ng which is the Nirsal Microfinance bank website.

As the Federal government gradually continues to make provisions for all categories of businesses under the Covid-19 stimulus package, we must ensure to take the necessary precautions to prevent the disease and stay healthy, as the saying goes: “where there is life, there is hope”

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