BUSINESS

AfDB supports ’50million Women Speak’ initiative

Published

7 years ago

October 25, 2017

The African Development Bank (AfDB) is spearheading the development of an innovative networking platform called ‘50 Million Women Speak (50MWS)’, developed within the framework of the programme on Affirmative Finance Action for Women in Africa (AFAWA).

The move aimed at ensuring access to information on financial and non-financial services for women is riding on the back of the bank’s Africa Economic Outlook 2017, which showed that women in the continent are twice more likely to start a business than women elsewhere in the world.

The $24 million project, which is being implemented by three Regional Economic Communities (RECs)- COMESA, covering East and Southern Africa; EAC for East Africa; and ECOWAS, West Africa, is targeting women entrepreneurs, who struggle to access information on financial and non-financial services, and are less likely to have established business networks or mentors that can offer them the much-needed advice and guidance to grow their businesses.

According to a statement by the bank, the online platform, will present important and specific characteristics including the ability to create and shape new women’s markets, to challenge traditional ones and organise new forms of participation based on collecting, processing, and editing large amounts of data that will be collected from the regions.

It will also provide multisided markets with direct interactions between groups of users particularly women and youths. Users of the platform will benefit from network effects, where the value of the service will increase with the number of users.

Meanwhile, the bank has also developed a new initiative called the Technologies for African Agricultural Transformation (TAAT) – a knowledge and innovation-based response to the recognized need to scaling up proven technologies across Africa.

AfDB President, Mr. Akinwumi Adesina, said the initiative will implement 655 carefully considered actions that would result in almost 513 million tons of additional food production and lift nearly 250 million Africans out of poverty by 2025.

He said, “TAAT was born out of this major consultation and brings together global players in agriculture, the Consultative Group on International Agricultural Research, the World Bank, the Food and Agriculture Organization of the United Nations, the International Fund for Agricultural Development, World Food Programme, Bill and Melinda Gates Foundation, Alliance for a Green Revolution in Africa, Rockefeller Foundation and national and regional agricultural research systems.”

“It’s the biggest consolidation of efforts to accelerate agriculture technology uptake in Africa. Technology will address the variability and the new pests and diseases that will surely arise with climate change,” he added.

Also, the platform will not only rely on information and communication technologies that are designed to reach users instantly and effortlessly, but play a key role in digital value creation, notably by capturing significant value through data accumulation from in-country teams in the 36 regional member countries, whilst facilitating new business ventures and creating new strategic dependencies.

With these features, a range of important benefits will be brought to the digital economy particularly for the women and the youth, and facilitate efficiency gains, while acting as a magnet for data-driven innovation in various sectors including trade, agriculture and services in which women are mostly active.

“With this platform, women will exercise their consumer preference rights, thereby contributing to improved competitiveness of industry and enhancing consumer welfare and women’s economic participation.

“Specifically, the platform will improve the ability of women entrepreneurs to network and share information, access financial services including online advertising platforms, marketplaces, search engines, social media and creative content outlets, application distribution platforms, communications services and payment systems for a collaborative and inclusive economy,” the statement read.

The bank noted that the agriculture sector alone employs over 175 million people on the continent, and majority of them are women.

It added that with adequate finance, technology transfer and skills development, agriculture has the potential to end Africa’s food insecurity, youth unemployment and mass migration while safeguarding the environment.

Already, 25 African countries have indicated interest and readiness to participate in initiative, and help transform their agriculture.

It will support AfDB’s food strategy for the continent, thereby eliminate the current massive importation of food, and transform its economies by targeting agriculture as a major source of economic diversification and wealth, as well as a powerful engine for job creation.

– Guardian

BUSINESS

7 Most Profitable Business Ideas In Nigeria

Published

7 days ago

November 11, 2024

Adaeze Okechi

Profitable Business Ideas In Nigeria | fab.ng

Nigeria provides abundant business opportunities for aspiring entrepreneurs. The country’s large population, diverse economy, and rising middle class create a thriving environment for profitable business ideas in Nigeria.

From technology-driven services to agriculture and creative industries, there’s a wealth of profitable business ideas in Nigeria that cater to different interests and investment levels.

As more Nigerians embrace online shopping and digital solutions, e-commerce, fintech, and tech startups present great potential.

By exploring these profitable business ideas in Nigeria, entrepreneurs can tap into underserved markets, meet rising consumer demands, and drive sustainable growth.

The key lies in identifying gaps in the market, leveraging innovative approaches, and creating value for customers.

With strategic planning and dedication, turning profitable business ideas in Nigeria into successful enterprises is highly achievable.

1. Agribusiness and Farming

Agriculture remains a cornerstone of Nigeria’s economy. The demand for food and agricultural products is ever-growing, making this sector highly lucrative.

You can venture into crop farming, poultry, fish farming, or agro-processing. With the right investment and market research, you can quickly scale up in this industry.

Agribusiness opportunities like cassava processing, vegetable farming, and organic farming are gaining popularity.

2. E-commerce and Dropshipping

Online retail has skyrocketed in Nigeria due to the increasing number of internet users. E-commerce platforms allow businesses to sell products directly to customers without the need for a physical store.

Dropshipping is a popular model where you don’t have to manage inventory or shipping—simply act as a middleman between suppliers and customers.

Platforms like Jumia and Konga have shown the potential for growth in this market. If you’re tech-savvy, consider creating a niche online store.

3. Renewable Energy Solutions

The energy crisis in Nigeria has spurred the demand for alternative power sources. Starting a business focused on solar panel installations or selling renewable energy products is a great way to tap into this market.

Given the country’s frequent power outages, Nigerians are looking for reliable solutions. By offering solar products, inverters, or energy consulting, you can build a profitable enterprise.

4. Real Estate and Property Development

The real estate sector is booming in urban areas like Lagos, Abuja, and Port Harcourt. As the population grows, so does the need for housing and commercial spaces.

Starting a real estate business, whether it’s property development, rental services, or property management, can yield substantial profits.

This sector requires significant capital, but the returns on investment can be impressive if approached strategically.

5. Information Technology Services

Technology-driven businesses are flourishing in Nigeria, especially in cities where digital transformation is taking off. IT services such as software development, cybersecurity, and digital marketing are in high demand.

Additionally, creating apps, providing website design, or IT consulting services are promising areas to explore. With the growth of tech hubs in Lagos, the potential for tech startups is expanding rapidly.

6. Food Processing and Catering

The food industry is always a safe bet in Nigeria due to its growing population and love for diverse cuisines. You can establish a catering service, a food truck, or a small restaurant focusing on traditional or continental dishes.

Food processing, like producing packaged snacks, spices, or beverages, can also be lucrative. As people become more health-conscious, there’s also room for businesses that offer healthy, organic, or vegan food options.

7. Educational Services and Online Tutoring

Education is a priority for many Nigerian families, and the demand for tutoring and skill development is on the rise. Starting an educational service business, like tutoring, vocational training, or online courses, can be highly profitable.

You can focus on providing services in areas like coding, languages, exam preparation, or even soft skills like public speaking. Online platforms make it easier to reach a wider audience, reducing overhead costs.

Tips for Starting a Business in Nigeria

1. Market Research: Before diving into any business, conduct thorough market research to understand customer needs and competition.
2. Leverage Technology: Use digital platforms for marketing, sales, and customer engagement to reach a broader audience.
3. Financial Planning: Create a solid business plan to guide your finances, especially if you’re considering funding from investors.
4. Stay Compliant: Ensure your business adheres to local regulations, tax requirements, and industry standards.

These business ideas align with current market trends in Nigeria and have shown profitability potential.

By focusing on sectors like technology, agriculture, or renewable energy, entrepreneurs can not only achieve financial success but also contribute to the country’s economic development.

Starting a business in Nigeria can be a profitable venture if approached with the right strategy and mindset.

Whether you choose to invest in agribusiness, tech services, or e-commerce, understanding the local market and leveraging digital tools will significantly enhance your success.

Get more business updates here.

BUSINESS

Telecom Entrepreneurs Raise Concerns Over Borrow-Me-Credit Scheme

Published

2 weeks ago

November 6, 2024

Reporter

Telecom entrepreneurs on borrow-me-credit scheme | fab.ng

The Association of Telecom Entrepreneurs has urged a review of the “borrow-me-credit” scheme offered by certain telecom operators. This raises concerns about monopoly practices, foreign exchange leakages, and tax impacts.

Representing Nigerian businesses in the airtime distribution sector, the association highlights issues around the ownership structure of these credit-providing services. It also points out the exclusion of Nigerian banks and credit institutions from participating.

The association argues that the exclusive partnerships between major telecom operators and a single provider create an imbalance. This restricts competition and limits opportunities for local businesses.

They emphasize that Nigerian banks and other credit-lending institutions should be involved in offering this service. Further, their inclusion would enhance fairness and encourage broader economic participation.

Additionally, the group warns that foreign exchange leakages could affect Nigeria’s economy. Consequently, profits from these services often flow out of the country.

By addressing these concerns, they believe the industry can create a more balanced and inclusive telecom credit system that benefits both the Nigerian economy and its local businesses.

“We are seeking clarity on these matters to ensure that the borrow-me-credit scheme benefits Nigerian consumers, businesses, and the economy,” said a spokesperson for the association.

The association has raised concerns about several issues, including:

Service providers using dollar-denominated contracts for services within Nigeria, which violates Central Bank regulations.
The potential for foreign exchange leakage and negative impacts on the naira exchange rate.
Increased costs to ordinary Nigerians due to monopolistic practices.
The revenue and profitability of service providers.
The tax implications of dollar-denominated contracts.

The association has called on regulatory agencies like the NCC, EFCC, FCCPC, and FIRS to investigate these matters.

“We want to ensure that the borrow-me-credit scheme operates in a transparent, competitive, and affordable manner,” the spokesperson added.

Finally, the growing concerns over the impact of monopoly practices on Nigerian consumers and the economy drive the association’s call for a review.

Check out more business updates here.

BUSINESS

Top 10 Best Cities To Start A Business In Nigeria

Published

2 weeks ago

November 4, 2024

Adaeze Okechi

Best Cities To Start A Business In Nigeria | fab.ng

Discovering the best cities to start a business in Nigeria requires careful consideration of the country’s unique advantages. Nigeria’s massive population of over 225 million people creates an expansive consumer market, while its position as one of Africa’s fastest-growing economies generates diverse business opportunities.

The country’s abundant natural resources fuel various industries, from oil and gas to minerals and agriculture, making many cities attractive for entrepreneurs. Government initiatives actively support new businesses through targeted programs and incentives, creating a more conducive environment for startups.

When evaluating the best cities to start a business in Nigeria, entrepreneurs must consider crucial factors like population density, economic vibrancy, infrastructure quality, and living costs. Each city offers distinct advantages, from established commercial hubs to emerging markets with untapped potential.

Our comprehensive analysis of the best cities to start a business in Nigeria examines key metrics including market access, workforce availability, and business support systems. These insights help entrepreneurs identify optimal locations for their ventures.

We’ve thoroughly assessed multiple urban centres to identify the best cities to start a business in Nigeria, ranking the top 10 locations based on current market conditions and growth potential. This detailed evaluation will guide you in selecting the ideal city for your business venture.

Now, let’s explore these top 10 best cities to start a business in Nigeria…

Here’s a detailed exploration of the best cities to start a business in Nigeria:

1. Lagos

Lagos stands as Nigeria’s pulsating economic powerhouse, drawing entrepreneurs with its massive consumer market of over 20 million people. International corporations, from Google to Microsoft, have chosen Lagos as their Nigerian headquarters, creating a thriving ecosystem for startups.

The city’s diverse talent pool, spanning technology, finance, and creative industries, provides businesses with skilled workforce access. While operating costs run higher than other cities, Lagos’s robust infrastructure and established business networks offer unparalleled growth opportunities.

Entrepreneurs must develop comprehensive business strategies to navigate the competitive landscape effectively.

2. Abuja

As Nigeria’s carefully planned capital city, Abuja attracts substantial government and private sector investments. The city’s modern infrastructure, political stability, and growing middle-class population create ideal conditions for businesses targeting government contracts or high-end consumers.

International organizations and diplomatic missions contribute to a sophisticated market for premium services and products. Abuja’s central location makes it one of the best cities to start a business in Nigeria, particularly for companies seeking nationwide distribution capabilities.

3. Ibadan

Ibadan combines historical significance with modern business opportunities, housing over 6 million residents. The city’s lower operational costs compared to Lagos make it attractive for manufacturing and agriculture ventures.

Multiple universities, including the University of Ibadan, create a steady demand for student-focused businesses. The city’s improving infrastructure and proximity to Lagos position it perfectly for businesses seeking cost-effective operations while maintaining access to major markets.

4. Kano

As northern Nigeria’s commercial hub, Kano serves as a gateway to markets across the Sahel region. The city’s ancient trading heritage continues today through its massive markets and industrial zones.

Manufacturing businesses benefit from lower labour costs and established distribution networks reaching into neighbouring countries. Kano’s agricultural processing sector offers particular promise for entrepreneurs in food processing and distribution.

5. Rivers

Port Harcourt drives Nigeria’s oil and gas sector, creating numerous opportunities in support services. The city’s deep-water port facilitates international trade, while its energy sector attracts substantial foreign investment.

Businesses in logistics, engineering, and environmental services find fertile ground here. The city’s growing middle class also supports retail and service sector expansion.

6. Onitsha

Known as one of the best cities to start a business in Nigeria for trade, Onitsha hosts West Africa’s largest market. The city’s strategic location on the Niger River enables efficient distribution across Nigeria’s eastern region.

Entrepreneurs can tap into established trading networks and benefit from the city’s experienced merchant community. The manufacturing sector, particularly in consumer goods, continues to grow rapidly.

7. Aba

Aba’s reputation as Nigeria’s manufacturing powerhouse stems from its skilled artisan community and entrepreneurial spirit. The city specializes in leather works, garments, and consumer goods production.

Local manufacturers export products across West Africa, benefiting from well-established distribution networks. The city’s lower operating costs attract businesses seeking manufacturing bases.

8. Benin City

Benin City’s rich cultural heritage meets modern business opportunities. The city’s strategic location between Lagos and Port Harcourt creates excellent distribution advantages.

Growing industries include agriculture processing, education, and technology services. The city’s young population provides a ready workforce and consumer market.

9. Warri

Warri’s business landscape is defined by energy sector dominance, which creates opportunities in related services. The city’s port facilities support international trade, while its industrial zones attract manufacturing investments. Engineering, environmental services, and logistics businesses find particularly favourable conditions here.

10. Jos

Jos’s temperate climate and rich agricultural land create unique business opportunities. The city ranks among the best cities to start a business in Nigeria, particularly in the agriculture and tourism sectors. Its mining heritage provides opportunities in mineral processing and export.

The growing tourism sector supports hospitality and service businesses, while the agricultural sector offers potential in food processing and distribution.

When selecting your ideal location, consider factors beyond basic infrastructure – examine market access, workforce availability, competitive landscape, and sector-specific advantages. Each city has unique benefits and challenges, requiring careful evaluation of your business model and long-term objectives.