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Watch! Mitsubishi Motors Presents Drive Your Ambition – Under 40 CEOs Featuring Adebola Williams

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It is time to take a seat, fasten your seat belts and take a ride with us into our 8th week on Under 40 CEOs – Drive Your Ambition brought to you by Mitsubishi Motors. On the show we pick up one of your favourite young CEOs and drive them to work as they have a conversation with Mr FAB. Guess who will be riding with us in the Mitsubishi Pajero Sport this week? Please read on and then watch afterwards.

Adebola Williams is a Nigerian media entrepreneur, journalist, political activist and motivational speaker. He is the Group CEO of Red. He co-founded and runs Red Africa, Africa’s largest portfolio of youth media brands which include Red Media Africa, StateCraft Inc, The Future Awards Africa and YNaija.com.

His career in media and television began at the Nigerian Television Authority (NTA) with advocacy for youth and eventually good governance. Described as “the man with the golden touch” by Ghanaian President Nana Akufo-Addo, he was profiled by Forbes as the man who helped elect a trifecta of Presidents in Africa.

Watch;


More About Massilia Motors
Massilia Motors is the joint venture of the CFAO group and the Chanrai group uniting forces to deliver customer satisfaction. With operations run by the CFAO group, Massilia Motors is the sole distributor of Mitsubishi Motors in Nigeria.
The Nigerian Line-up includes: ASX, Eclipse Cross, Outlander, Pajero, Pajero Sport and the L200 pick-up.
http://www.mitsubishi-motors.com.ng/

More About Under 40 CEOs
Under 40 CEOs launched on TVC Entertainment and TVC News on the 9th of October, 2015 and subsequently launched on Silverbird Television Network on the 13th of January, 2016 and has spotlighted inspiring young business leaders aged 40 and under from Nigeria, Ghana, Rwanda and South Africa. Business

leaders that have been featured on the show include Adebola Williams of Red Media; Audu Maikori of Chocolate City Group; Noble Igwe of 360 Group; Bola Ray of EIB Networks; Alex Brahm of SMSGH; Oluyomi Ojo of Printivo whilst discovering inspiring CEOs like lawyer Aderemi Oguntoye of Oguntoye and Oguntoye; Senyo Hosi of Ghana Chambers of Bulk Oil Distributors;Farida Bedwei of Logiciel; Ukinebo Dare of Poise; Abiola Adekoya of RMB Stockbrokers; Ran Neu-Ner, Co-CEO at The Creative Counsel; Shukri Toefy, CEO at creative adverting agency, Fort and Ade Adegoke of Oando Foundation amongst others.
With over 100 episodes till date, and serial entrepreneur, Familusi Akin Babajide, Mr FAB as the host, Under 40 CEOs has since gone on to inspire and motivate millions of would-be young business leaders across Africa to take action and join in the rebuilding and re-shaping of the African continent. Under 40 CEOs currently reaches an odd 875,000 viewers every week with a social media following of over 170,000 and growing with a cumulative social media content reach of over 9million.

Follow Massilia Motors on social media:
Instagram: @mitsubishi_motors_nigeria
Facebook: Mitsubishi Motors Nigeria
LinkedIn: Mitsubishi Motors Nigeria
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Follow Under 40 CEOs on social media:
Facebook: @under40ceosafrica
Instagram: @under40ceos
Twitter: @under40ceosng

BUSINESS

6 Things To Consider Before Starting A Business In Nigeria

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Starting A Business In Nigeria: 6 Things To Consider | fab.ng

Starting a business in Nigeria can be an exciting yet challenging endeavour. With a rapidly growing economy, a youthful population, and increasing opportunities across various industries, the country offers immense potential for entrepreneurs.

However, it’s essential to approach business planning carefully to navigate the challenges of this dynamic environment. Here are six key factors to consider before starting your business in Nigeria.

1. The Regulatory Environment

Nigeria has a complex regulatory landscape that can impact your business operations. Before setting up, familiarize yourself with the necessary legal requirements:

  • Company Registration: Registering your business with the Corporate Affairs Commission (CAC) is a crucial first step. This process ensures your company is legally recognized, allowing you to access contracts, bank accounts, and government incentives.
  • Business Permits and Licenses: Depending on your industry, you may need specific permits, licenses, or certifications to operate legally. For example, businesses in sectors like healthcare, telecommunications, or food production have additional regulatory requirements.
  • Tax Compliance: Understanding Nigeria’s tax system is vital. Ensure you register for the necessary taxes, such as the Value Added Tax (VAT) and company Income Tax (CIT), and Pay As You Earn (PAYE) for employees. Compliance with tax laws helps avoid penalties and keeps your business running smoothly.

Consider hiring a legal advisor or consultant to help you navigate the regulatory requirements efficiently.

2. The Market Demand

Before launching any business, conducting thorough market research is crucial. Nigeria’s market is diverse, with varying consumer preferences and behaviors across different regions.

  • Identify Your Target Audience: Determine the demographics, purchasing power, and needs of your potential customers. This will help you create products or services that are tailored to their preferences.
  • Competitive Analysis: Study your competitors to understand their strengths, weaknesses, and market strategies. Identifying gaps in the market can give your business a competitive edge.
  • Location Matters: Nigeria has significant regional differences in terms of economic activities. For instance, Lagos is known for its vibrant commercial hub, while Abuja is the centre for government contracts. Choose a location that aligns with your business goals.

Use surveys, focus groups, and social media insights to gather valuable data on your target market.

3. Infrastructure Challenges

Nigeria faces several infrastructure challenges that can impact business operations, including electricity shortages, poor road networks, and unreliable internet connectivity.

  • Power Supply: Frequent power outages are a common issue. Investing in a backup power solution, like a generator or solar system, can help mitigate the impact on your business.
  • Transportation and Logistics: Poor road infrastructure can affect the movement of goods and services. If your business relies heavily on logistics, plan for potential delays and increased transportation costs.
  • Digital Infrastructure: Access to reliable internet and telecommunications is crucial for businesses today. Ensure you choose a location with stable connectivity, especially if your operations are tech-dependent.

Incorporate contingency plans to address infrastructure challenges, such as partnerships with reliable logistics providers or investing in alternative energy sources.

4. Secure Funding and Capital

Accessing capital can be one of the biggest challenges for startups in Nigeria. Understanding the available funding options is key to getting your business off the ground.

  • Personal Savings and Family Support: Many Nigerian entrepreneurs start with personal funds or financial support from family and friends. This can be a good initial step but may not be sufficient for scaling.
  • Bank Loans and Microfinance Institutions: Traditional banks and microfinance institutions offer loans, but they often require collateral and have high interest rates. It’s essential to have a solid business plan to convince lenders of your business viability.
  • Grants and Government Programs: Explore government initiatives like the NIRSAL Microfinance Bank or programs under the Bank of Industry (BOI), which provide funding to small and medium enterprises (SMEs).
  • Venture Capital and Angel Investors: If you have a scalable business idea, consider pitching to venture capitalists or angel investors who are increasingly interested in Nigeria’s growing tech and startup ecosystem.

Diversify your funding sources to reduce financial risks and ensure your business remains sustainable.

5. Strong Network and Partnerships

In Nigeria, relationships and networking play a crucial role in business success. Establishing strong connections with key stakeholders can open doors to opportunities, partnerships, and resources.

  • Leverage Business Associations: Joining industry associations, chambers of commerce, or networking groups can help you meet potential partners and clients.
  • Focus on Local Relationships: Building rapport with local communities and government agencies can be beneficial, especially if you’re operating in sectors like agriculture, real estate, or construction.
  • Mentorship: Seek out experienced entrepreneurs or mentors who can provide valuable advice and guidance as you navigate the Nigerian business landscape.

Attend industry events, trade fairs, and conferences to expand your network and gain visibility for your business.

6. Technology and Innovation

To stay competitive, Nigerian businesses must leverage technology and innovation. With a rapidly digitizing economy, adopting modern tools can give you an edge.

  • Digital Marketing: Utilize social media platforms like Instagram, Facebook, and LinkedIn to promote your business and reach a wider audience. Nigerian consumers are highly active on social media, making it a valuable channel for customer engagement.
  • E-commerce Solutions: If you’re in retail, consider setting up an online store or partnering with local e-commerce platforms like Jumia or Konga to expand your reach.
  • Automation and Efficiency: Invest in software tools that streamline your operations, such as accounting software, customer relationship management (CRM) systems, and inventory management tools.

Keep up with tech trends and continuously explore ways to integrate technology into your business processes for efficiency and growth.

Starting a business in Nigeria comes with its unique set of challenges and rewards.

By carefully considering the regulatory landscape, market demand, infrastructure issues, funding options, networking opportunities, and technological advancements, you can position your business for success.

Nigeria’s dynamic market presents tremendous opportunities for entrepreneurs who are prepared, resourceful, and adaptable.

Check here for more business tips.

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BUSINESS

7 Most Profitable Business Ideas In Nigeria

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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.

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BUSINESS

Telecom Entrepreneurs Raise Concerns Over Borrow-Me-Credit Scheme

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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.

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