Many people dream of owning an SME in Nigeria and it’s not a bad idea to aspire to, considering that there are over 37 million SMEs in Nigeria. The truth is that the idea of starting a new business can be daunting. But by splitting the process into steps, it becomes easier to take the […]
There are two major ways businesses get funding, equity and loans. The Federal Government of Nigeria has made efforts to create a favourable climate for SMEs in Nigeria. It is doing this through several Government SME intervention funds. From Federal Government loans for small businesses in Nigeria to CBN intervention funds, the government has set […]
Many business owners in Nigeria don’t know that they are more than just entrepreneurs. Every entrepreneur doubles as an investor. This means that since we have more than 37.07 million SMEs in Nigeria, we have about the same number of small business investors. Imagine that this number of SME owners understood how to invest in […]
For most SMEs in Nigeria, the issue of finance is one of the most important aspects. Not only is it important, but it can also be a very challenging one. To finance your small business in Nigeria, the first option that might come to mind will most likely be loans. However, this is not the […]
At every single stage of a business, adequate capital is required to foster growth. Where capital isn’t available or inadequate, businesses die. This in return is really harmful for the development of the economy. In a bid to curb the lack of access to required capital for small and medium businesses (SME), The DBN loan […]
Research has shown that one of the major causes of failures for SMEs is lack of funding. Many entrepreneurs are being faced with financial challenges in the early phase of their businesses; this is why different intervention funds in Nigeria have been set up. Most of these intervention funds in Nigeria are granted to the […]
The Bank of Industry has been a major flag-bearer in the business of providing long term financial support for various industries in the Nigerian economy. BOI has a mandate of providing financial assistance for the establishment of large, medium and small enterprises as well as the expansion, diversification and modernization of existing ones or rehabilitation […]
Did you know that MSMEs (Micro, Small and Medium Enterprises) make up 84% of total jobs in Nigeria? SMEs in Nigeria are major drivers of innovation and growth in the Nigerian economy. According to the Ministry of Industry, Trade, and Investment, Nigeria has over 37.07 million micro, small and medium-scale enterprises (MSMEs). The ministry claimed […]
According to the DBN, Nigeria has more than 37 million MSMEs but not up to 5% can access credit. When you consider this rate, it easy to see why many of these businesses pack up within a few years. Capital is very important to running any business and credit is one of the chief ways […]
By now you must have heard about the CBN COVID-19 Intervention Fund. It’s been all over the news and on social media. The CBN is making N50 billion Targeted Credit Facility available to SMEs and households hit by COVID-19. Evidently, the new coronavirus has hit all businesses and crippled several SMEs worldwide. This is largely […]
