Enteprise

Madesoftlogic Unveils Software For Entrepreneurs

Madesoftlogic Unveils Software For Entrepreneurs

Enteprise, Inside, News, Tech
An indigenous technology company, Madesoftlogic, has unveiled a cloud-based Point of Sale software – ESOPOS, saying that it is a social marketplace solution for retailers, wholesalers and other Small and Medium-scale Enterprises in the country. The Chief Executive Officer, Madesoftlogic, Mrs Faith Imade, said the new solution was part of the company’s enterprise platform and aimed at supporting SMEs. She explained that the software had addressed challenges such as poor power supply, high cost of operations and poor inventory management system faced by small-scale businesses and entrepreneurs. Imade said that the solution helped to manage key business activities and managerial processes such as sales register, product stocks, customer data management and expense management. “We
‘FG Must Enact Policies To Support Small Businesses’

‘FG Must Enact Policies To Support Small Businesses’

Enteprise, Inside, News, Start-ups
The Executive Director, Enterprise Development Centre, Pan-Atlantic University, Mr Peter Bamkole, has stressed the need for the Federal Government to enact new policies that will drive the growth of small and growing businesses in the country. Bamkole, who stated this at the West Africa Regional Conference of the Aspen Network of Development Entrepreneurs in Lagos, described small and growing businesses as the driving force for the economy, contributing 50 per cent of the country’s Gross Domestic Product. He said one of the challenges facing small businesses was the inability of entrepreneurs to access finance to grow their businesses. “However, the story is changing and there is nothing we are looking for in terms of services that we do not have somebody within the ecosystem prov
NACCIMA Lauds FG On 5% Credit Facility To MSMEs

NACCIMA Lauds FG On 5% Credit Facility To MSMEs

Enteprise, Inside, News, Start-ups
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture has commended the Federal Government for its recent decision to establish  a five per cent credit facility for the Micro, Small and Medium Enterprises sector. At the maiden edition of the MSME Award on August 2, the Vice President, Prof Yemi Osinbajo, announced that government would institute a five per cent credit facility for the MSME sector to stimulate the economy. Describing the initiative as a welcome development, NACCIMA expressed support for the scheme, noting that it would further stimulate the productive sectors of the economy, create jobs and provide new opportunities for MSME operators. “This initiative with its single-digit credit facility which we have been clamouring for, if well managed,
DBN, LAPO Microfinance Bank To fund 10,000 MSMEs

DBN, LAPO Microfinance Bank To fund 10,000 MSMEs

Business, Enteprise, Inside, News
Development Bank of Nigeria Plc (DBN), the first wholesale development finance institution in Nigeria, has partnered with LAPO Microfinance Bank Limited, to provide lending to about 10,000 Micro, Small and Medium Scale Enterprises (MSMEs), to alleviate the financial constraints they face. A statement from DBN said: “This is a milestone achievement and I am particularly happy that we are getting a lot of traction on our lending activities with LAPO. The collaboration is encouraging because they were among the first three microfinance banks we commenced our initial pilot lending with in November 2017. On LAPO’s commitment to the development of MSMEs in Nigeria, its Managing Director/Chief Executive, Godwin Ehigiamusoe, said: “We strongly believe in the capacity and potentials of the MS
MSME To Get N10m Collateral-Free Loans–Osinbajo

MSME To Get N10m Collateral-Free Loans–Osinbajo

Business, Enteprise, Inside, News
Acting President, Prof. Yemi Osinbajo, says the Federal Government is working towards providing Micro, Small and Medium Enterprises(MSME) a credit facility of N2 million to N10 million without collateral.Osibanjo made the disclosure on Wednesday at a dinner/ maiden edition of the MSMEs Award 2018 held at the State House Banquet Hall, Abuja. The awards packaged by the Office of the Vice-President and supported by the Federal Ministry of Trade and Investment, got over 300 nominations across the nation. Osinbajo had in 2017 launched the MSME Clinic as part of efforts to encourage the contributions of MSMEs to Nigeria’s economic growth. The acting president said he was delighted to reward and recognise outstanding MSME as they represent remarkable examples of Nigerian entrepreneurship, crea
CAMA Bill Re-Enacted To Protect MSMEs – CAC

CAMA Bill Re-Enacted To Protect MSMEs – CAC

Enteprise, Inside, News
The Corporate Affairs Commission said that the recent repeal and re-enactment of the Companies and Allied Matters Act was done with the aim of protecting the Micro, Small and Medium Enterprise sector of the economy. The Acting Registrar General, CAC, Azuka Obiageli, stated this on Thursday at the Lagos Chamber of Commerce and Industry stakeholders’ forum. Obiageli, who was represented by the Head, CAC Lagos Island, Mr Tolulope Sonaike, said that the aim was to ensure a more appropriate regulation for the MSMEs that account for over 50 per cent of employment in Nigeria and believed by analysts to drive the economy. She said, “Because of this factor, we decided that for the Act to have any meaningful impact on the MSME sector, it (MSME) should be represented on the committee and be par
Poor Financial Literacy Threatens MSMEs’ Growth – Minister

Poor Financial Literacy Threatens MSMEs’ Growth – Minister

Business, Enteprise, Inside, News
The Minister of State for Industry, Trade and Investment, Aisha Abubakar, on Thursday said there was a need to urgently address the poor level of financial literacy among operators of Micro, Small and Medium Enterprises in the country. Abubakar, who said this in Abuja at the FATE Foundation 4th Policy Dialogue Series on Entrepreneurship, noted that if left unchecked, the poor level of financial literacy among small business owners could threaten the growth of the MSME sector. The event had as its theme, ‘Building sustainable businesses: The case for deepening financial literacy’. The minister said while the MSME sector was the engine of economic growth, its impact on the Nigerian economy was being constrained as a result of financial literacy issues. She stated, “Nigeria is ble
Diamond Bank Spends N40m to Empower Entrepreneurs

Diamond Bank Spends N40m to Empower Entrepreneurs

Enteprise, Inside, News
Diamond Bank Plc says it has spent N40m on its empowerment programme, tagged ‘Building Entrepreneurs Today’. The Head, Corporate Communications, Diamond Bank, Chioma Afe, while speaking at the BET7 dinner and award ceremony in Lagos, said the bank committed the N40m as funds to the Entrepreneurial Development Centre, Pan-Atlantic University, to train and mentor entrepreneurs for about six months under its BET programme. She stated that N3m was also given in cash to five entrepreneurs to support their businesses. Afe said, “Beyond the cash aspect, we also connect these entrepreneurs to grants that will be suitable for them. We have partnerships with Women’s World Banking and the Cherie Blair Foundation to cater for that aspect. “In terms of human resources and engagement, we also
World MSMES Day: SEEDI Seeks Better Funding For Sector

World MSMES Day: SEEDI Seeks Better Funding For Sector

Enteprise, Inside, Start-ups
The Sustainable Entrepreneurship and Economic Development Initiative (SEEDI) at the commemoration of World Micro Small and Medium Enterprise Day (MSMEs) has called on the Federal Government and other stakeholders to address concerns confronting the sector. Some of the concerns the group raised confronting the sector include near absence of non-financial services for MSMEs, continued bottlenecks in accessing government sponsored financial interventions. Celestine Okeke, lead partner of SEEDI, said in a statement on Tuesday that the Federal Government must be determined to confront the problems impeding the sector, to improve the economy. In the statement, the lead partner said the Federal Government must ensure the MSMEs were allowed access to quality farm inputs and seed for smallhold
Nigeria to Drive Youth Entrepreneurship With Technology

Nigeria to Drive Youth Entrepreneurship With Technology

Enteprise, News, Technology, Youth
In a bid to achieve a knowledge-based economy in the near future, the federal government has unveiled plans to drive and support youth entrepreneurs in the country deploying the use of technology. The Vice President, Yemi Osinbajo, stated that the federal government has concluded plans to build technological hubs in the six geopolitical zones, pointing out that it is the way to shape the future of the country. The Vice President at the Student Innovation Challenge (SIC) South West regional demo day held at the University of Lagos, said “The best of technological companies started from the universities and this is why we have decided to build technology hubs in the six geopolitical zones starting at the University of Lagos. “Everybody knows where the smart money is looking and we a