BUSINESS

6 Things To Consider Before Starting A Business In Nigeria

Published

5 months ago

November 18, 2024

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

Samsung Galaxy S25 Series Sets The Standard Of AI Phones As A True AI Companion

Published

3 months ago

January 31, 2025

Adaeze Okechi

Samsung Galaxy S25 series sets the standard of AI phones as a true AI companion

…Pioneering the multimodal era with the most context-aware and personalized mobile experience

Lagos, Nigeria – January 23, 2025 – Samsung Electronics Co., Ltd. has announced the Samsung Galaxy S25 series: Galaxy S25 Ultra, Galaxy S25+ and Galaxy S25, setting a new standard as a true AI companion with the most natural and context-aware mobile experiences ever created. Introducing multimodal AI agents, the Galaxy S25 series is the first step in Samsung’s vision to change the way users interact with their phone – and with their world.

A first-of-its-kind customized Snapdragon® 8 Elite Mobile Platform for Galaxy chipset delivers greater on-device processing power for Galaxy AI and superior camera range and control with Galaxy’s next-gen ProVisual Engine.

Samsung Galaxy S25 series sets the standard of AI phones | fab.ng

Galaxy S25 Ultra

With One UI 7, the Galaxy S25 series is a true AI companion that understands the context of your needs and preferences and provides personalized AI experiences with privacy assured at every turn.

It’s the starting point of a shared vision with Google to imagine Android with AI at the core, bringing together developers and partners from around the world.

AI agents with multimodal capabilities enable Galaxy S25 to interpret text, speech, images and videos for interactions that feel natural. Upgrades to Google’s Circle to Search make searching your phone screen more helpful, fast and contextual. Circle to Search now quickly recognizes phone numbers, email and URLs on your screen, letting you call, email or visit a website with a single tap.

With Galaxy S25 series, you can also perform actionable searches with context-aware suggestions for next steps. Plus, Galaxy S25 makes it frictionless to switch between apps for quick follow-up actions, like sharing a GIF or saving event details.

Galaxy S25 represents a breakthrough in natural language understanding, making everyday interactions easier. Simply ask and intuitively find a specific photo in Samsung Gallery or adjust the size of display fonts in Settings.

In the era of AI, personalization goes hand in hand with privacy. On the Galaxy S25, the Personal Data Engine powers personalized AI features by safely analyzing your data on-device to deliver highly tailored experiences that reflect your preferences and usage patterns.

These insights enable tailored experiences, such as using natural language to search for an old photo in the Gallery or being guided through the day with Now Brief, which proactively offers suggestions accessible via Now Bar on the lock screen. Knox Vault keeps all personalized data private and secure.

Combined with enhanced on-device processing capabilities, this creates a powerful, protected AI experience that is unique to Galaxy.

Galaxy S25+

Galaxy’s Most Powerful Performance Ever

The Galaxy S25 series is powered by the Snapdragon® 8 Elite for Galaxy. With unique customizations by Galaxy, this is the most powerful processor ever on the Galaxy S series. Further delivering a performance boost of 40% in NPU, 37% in CPU and 30% in GPU. This is compared to the previous generation.

This power fuels the Galaxy S25 series’ ability to process more AI experiences on-device without compromise, including previously cloud-based AI tasks such as Generative Edit.

10-bit HDR recording is now applied by default, offering four times richer color expression compared to 8-bit. Galaxy S25 can thus capture details in any lighting conditions. Plus, low-light videos have never been clearer than with Galaxy S25.

Based on powerful processor, Galaxy S25 analyzes movement and time to reduce noise more effectively. This integration allows detecting both moving and static objects with greater precision, ensuring sharper, cleaner footage in any scenario.

Galaxy S25 also introduces a range of tools once limited to specialized software, making advanced editing accessible for all. Now anyone can be a pro at editing photos and videos. Audio Eraser simplifies the removal of unwanted noise in videos. By isolating categories of sounds – including voices, music, wind, nature, crowd and noise – you can control what to tone down or eliminate entirely.

Galaxy S25 Series

Durable Design Embracing a More Circular Approach

The Galaxy S25 series builds upon Galaxy’s ‘Essential Design’ grounded in ‘Simple, Impactful and Emotive’ elements.

Galaxy S25 Ultra refines this essence into the slimmest, lightest and most durable Galaxy S series yet. This is with a rounded edge for a comfortable grip that complements the series’ aesthetic identity.

Galaxy S25 Ultra features durable titanium and the new Corning® Gorilla® Armor 2, a first-of-its-kind material that is more durable than glass. It combines Corning’s glass-ceramic with a proprietary anti-reflective surface treatment. This helps to ensure advanced drop protection alongside anti-reflection surface treatment and scratch resistance.

Combined with seven generations of OS upgrades and seven years of security updates, the Galaxy S25 series ensures a reliable and optimized performance over a longer lifespan.

For greater peace of mind, Samsung Care+ offers comprehensive coverage for accidental damage, repairs, and replacements, ensuring peace of mind for Galaxy users.

The Galaxy S25 series is available to order. Galaxy S25 Ultra will be available in Titanium Silverblue, Titanium Black, Titanium Whitesilver and Titanium Gray. Galaxy S25 and Galaxy S25+ will be available in Navy, Silver Shadow, Icyblue and Mint.

For more information about the Galaxy S25 series, please visit: Samsung Newsroom, SamsungMobilePress.com or Samsung.com.

BUSINESS

5 Success Tips For Start-Up Businesses In Nigeria

Published

4 months ago

December 23, 2024

wpadminee

5 Success Tips For Start-Up Businesses In Nigeria | fab.ng

Nigeria’s entrepreneurial landscape is vibrant yet demanding, and success tips for start-up businesses in Nigeria are essential for navigating its challenges.

Achieving business success requires a combination of strategic planning, resilience, and a clear understanding of the market.

For start-ups, mastering these success tips for start-up businesses in Nigeria can help transform obstacles into opportunities and turn ideas into thriving ventures.

By adopting the right strategies, entrepreneurs can effectively launch and scale their businesses in Nigeria’s competitive environment.

These success tips for start-up businesses in Nigeria offer crucial insights into overcoming challenges, seizing opportunities, and building sustainable growth.

1. Develop a Robust Business Plan

Crafting a comprehensive business plan is fundamental for start-ups in Nigeria. Successful entrepreneurs recognise that a well-structured plan serves as a roadmap for growth. Your business strategy should include:

Detailed market research
Clear financial projections
Competitive analysis
Realistic operational strategies

Success tips for business always emphasise the importance of thorough planning. Nigerian start-ups must create flexible plans that can adapt to the dynamic economic environment.

2. Leverage Technology and Digital Platforms

Digital transformation is crucial for modern start-ups in Nigeria. Embracing technological solutions can significantly enhance business efficiency and market reach. Success tips for business in the digital age include:

Utilising cloud computing
Implementing robust cybersecurity measures
Exploring e-commerce platforms
Developing mobile-friendly interfaces

Start-ups in Nigeria must invest in technological infrastructure to remain competitive and innovative.

3. Build a Strong Network and Partnerships

Networking is a critical success tip for business growth in Nigeria. Building strategic relationships can open doors to opportunities, funding, and mentorship. Entrepreneurs should:

Attend industry conferences
Join professional associations
Engage with local and international business communities
Seek mentorship from experienced entrepreneurs

Successful start-ups in Nigeria understand that connections are as valuable as capital.

4. Secure Adequate Funding and Financial Management

Financial stability is paramount for start-ups in Nigeria. Success tips for business include:

Exploring multiple funding sources
Maintaining transparent financial records
Understanding government grants and initiatives
Developing sound financial management strategies

Nigerian entrepreneurs must be creative in securing and managing their financial resources.

5. Prioritise Customer Experience and Market Adaptation

Customer-centric approaches distinguish successful start-ups in Nigeria. Entrepreneurs should:

Conduct regular market research
Gather and implement customer feedback
Stay agile and responsive to market changes
Develop unique value propositions

Success tips for business always highlight the importance of understanding and serving customer needs effectively.

Additional Considerations for Nigerian Start-ups

Beyond these core strategies, start-ups in Nigeria must also:

Navigate regulatory environments
Understand local business cultures
Develop resilience against economic fluctuations
Continuously learn and upgrade skills

Conclusion

Success tips for business are not one-size-fits-all solutions. Start-ups in Nigeria must combine strategic planning, technological innovation, strong networks, financial acumen, and customer focus to thrive.

By implementing these strategies, Nigerian entrepreneurs can transform challenges into opportunities and build sustainable, successful businesses in an increasingly competitive global marketplace.

If you found this article helpful, continue reading here.

BUSINESS

5 Myths About The Job Market And Their Solutions

Published

5 months ago

December 8, 2024

wpadminee

5 Myths About The Job Market And Their Solutions | fab.ng

Myths about the job market can mislead job seekers and professionals navigating career transitions. Many individuals fall prey to outdated beliefs that no longer reflect the dynamic employment landscape.

Myths about the job market often include misconceptions about required qualifications, salary expectations, and career progression.

One prevalent myth suggests that a traditional four-year degree guarantees immediate employment when in reality, skills, adaptability, and networking play crucial roles.

Another widespread misconception is that changing careers is impossible after a certain age, which undermines the potential of experienced professionals seeking transformation.

Myths about the job market also perpetuate the idea that stability means staying in one role for decades. Modern career paths are increasingly non-linear, with professionals expecting to change jobs multiple times.

The solution lies in continuous learning, developing transferable skills, embracing technological advancements, and maintaining a flexible, growth-orientated mindset.

Myths about the job market can be debunked through proactive research, upskilling, and understanding emerging industry trends.

Let’s take a quick look at these myths and how to solve them below.

Myth 1: You Need a Four-Year Degree to Succeed

While a college degree can open doors, it’s not the only path to a fulfilling career. Many successful professionals have built thriving careers without a traditional degree.

Solution:

Skill-Based Learning: Focus on developing in-demand skills through online courses, boot camps, or certifications.
Networking: Build relationships with professionals in your desired field, regardless of their educational background.
Freelancing and Gig Work: Gain experience and build a portfolio through freelance projects.

Myth 2: The Job Market is Saturated

It’s true that competition can be fierce, but there are still plenty of opportunities for skilled individuals. The key is to identify niche markets and unique value propositions.

Solution:

Niche Down: Specialise in a specific area within your industry to stand out from the crowd.
Continuous Learning: Stay updated on industry trends and emerging technologies to remain competitive.
Personal Branding: Build a strong personal brand to attract potential employers and clients.

Myth 3: You Should Only Apply to Job Postings

While applying to job postings is a traditional approach, it’s not the only way to land a job. Proactive job hunting can yield better results.

Solution:

Networking: Connect with people in your industry and let them know you’re looking for opportunities.
Informational Interviews: Schedule informational interviews to learn about potential job openings and company culture.
Cold Emailing: Reach out to hiring managers directly to express your interest in a position.

Myth 4: You Should Stay in a Job You Hate

Staying in a job you despise can negatively impact your mental health and career progression. It’s essential to prioritise your well-being and seek new opportunities.

Solution:

Set Career Goals: Define your long-term career aspirations and create a plan to achieve them.
Upskill and Reskill: Invest in your professional development to enhance your job prospects.
Network Strategically: Build relationships with people who can help you find new opportunities.

Myth 5: The Job Market is Only for Young People

Age discrimination is a real issue, but it doesn’t mean older workers can’t find fulfilling careers. Experience and wisdom are valuable assets in the job market.

Solution:

Highlight Your Experience: Emphasise your skills and accomplishments, focusing on how they can benefit your potential employer.
Adapt to Change: Stay updated on technological advancements and industry trends.
Mentor Younger Professionals: Sharing your knowledge and experience can boost your credibility and open doors to new opportunities.

Remember, the job market is constantly evolving. By debunking these myths and taking proactive steps, you can increase your chances of finding a fulfilling career.

So, don’t let these misconceptions hold you back. Keep learning, keep networking, and keep believing in yourself.

Key takeaways:

Myths about the job market can hinder your job search.
A four-year degree is not always necessary to succeed.
Skill-based learning and networking can help you land a job.
The job market is not saturated, but you need to niche down and continuously learn.
Applying to job postings is not the only way to find a job.
You should not stay in a job you hate.
The job market is not only for young people.
Older workers can still find fulfilling careers by highlighting their experience and adapting to change.

By understanding these myths and implementing the suggested solutions, you can empower yourself to navigate the job market with confidence and achieve your career goals.

Check out more updates here.