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Small Business Grant Opportunities In Nigeria

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Small Business Grant Opportunities In Nigeria

Unarguably, small business is a major catalyst for development in most countries. This is because of its enormous impacts on the economy, which includes boosting employment rates and giving sustainable growth to tax development. In spite of these positive contributions, it cannot achieve anything without the required financial instruments.

Unlike before when a small business owner could head to a bank and secure the required credit facility to start or grow their ventures, it is no longer easy to get the interest of financial institutions in doing this. This can be blamed on unfavourable regulation, lesser profits on small loans, amongst other factors.

However, while entrepreneurs are committed to floating and sustaining their ventures irrespective of the existing challenge of lack of funding, Newsrand presents below business grant opportunities they can explore.

TEF Entrepreneurship Programme

Launched in 2015, the Tony Elumelu Foundation (TEF) has committed to helping entrepreneurs across Africa, including Nigeria to develop their ideas and make their dreams a reality.

The foundation that boasts of thousands of African beneficiaries, has a 10-year plan. During this period, no less than $100 million business grant will be disbursed to 10,000 African entrepreneurs.

Amongst other things, the fund will help Africa in creating one million jobs, and adding about $10 billion to the continent’s economy.

Each year, one thousand entrepreneurs are selected across Africa. Although the figure increased this year. “As an entrepreneur myself, I understand what it feels like to yearn for a lifeline, to hope for a ‘big break’, to look forward to enjoying some luck,” Tony O. Elumelu, the foundation founder, was quoted to have said when he spoke about what motivated him to float this initiative.

African Development Foundation‘s

The U.S. African Development Foundation supports African entrepreneurs by providing seed capital for their businesses. The foundation gives technical support to agriculture, energy, and youth-led enterprises.

In addition to giving out seeds and funds, the foundation trains and monitors the progress and growth of businesses. They assist in different phases of the project and offer mentorship platforms for the entrepreneurs.

BoI’s Graduate Entrepreneurship Fund

Members of the National Youth Service Corps (NYSC) are often advised to submit their business ideas to be considered for this scheme, as the Bank of Industry (BoI) offers between N500,000 and N2 million for successful applicants. 

BoI is a destination for most entrepreneurs in the country, as the financial institution is known for funding businesses. 

For anyone interested but not a member of NYSC, the BoI has other funds designed for them to take advantage of. Some of the financial instruments include -Cottage Agro Processing (CAP) Fund, and Nolly Fund (for investors in the Nollywood industry).

GroFinFUND

This is a development financier institution that supports and finances growing businesses in Africa and the Middle East. 

Since its launch in 2015, the organisation has committed about $500 million business grant to fund small businesses in Nigeria through its programmes, which are -Aspire Small Business Fund, Growth Africa Fund, Aspire Growth Fund, Small Growing Business Fund, and Aspire Nigeria Fund.

Lagos State Employment Trust Fund

Founded by former Governor Akinwunmi Ambode of Lagos in 2016, the fund was designed to support residents in the state for the creation of more job opportunities, and the encouragement of innovation. 

Aside from the mandate to invest N25 billion to grow businesses for entrepreneurs, the fund also seeks to train youths in the acquisition of skills.

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Illegal Oil Refinery Operators Arrested In Lagos

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Illegal Oil Refinery Operators Arrested In Lagos

No less than five illegal oil refinery operators in Oregun, Ikeja area of Lagos State, have been arrested.

The arrest was as men of the Nigerian Army uncovered an illegal oil bunkering depot, where siphoned crude oil was refined and transported to different filling stations within the Southwest region of the country.

During a raid on the refinery site, amongst other things, soldiers recovered refined crude oil valued at N300 million.

Briefing journalists on the arrest, the Operation Officer, 9 Brigade of the Nigerian Army, Ikeja Cantonment, Major Tarela Emuren said the arrest and recovery were made by troops of Operation AWATSE.

According to Emuren, the soldiers arrested the illegal oil refinery operators on Wednesday, January 12, 2022, after an eight-hour raid operation at the Oregun illegal refinery site.

His words: “The scale of economic sabotages orchestrated by this unscrupulous act is estimated to be worth about N300 million. Regrettably, these activities have been ongoing for quite some time without the knowledge of relevant government agencies.

The five Ford vans have been specially modified, without due recourse to safety, to accommodate locally fabricated tanks for storage of stolen petroleum products. Additionally, four tankers were also recovered at the illegal depot laden with suspected stolen products as well as several drums, hoses, and other equipment used by these economic saboteurs.

Besides the economic loss occasioned by the activities of these criminals, the safety concern is also worrisome. The location constitutes serious dangers to other law-abiding residents within the community while their activities result in environmental degradation, pollution and heighten the risk of fire outbreak. Also, the crude modification of vehicles used in conveying these highly inflammable products constitutes even greater dangers to other unsuspecting road users in Lagos and other places the products may be transported to.

The Army operation officer, therefore, warned illegal oil refiners in the state to desist forthwith, saying that Op AWATSE would not rest on its oars till they were brought to book.

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Things To Look Out For When Buying Used Cars In Nigeria

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Things To Look Out For When Buying Used Cars In Nigeria
Image used for illustrative purpose

A large percentage of people would rather settle for used cars compared to brand new ones. For many reasons, which include prices, this has been the situation for most people in the country. According to Suomobroto Ganguly, the Chief Executive Officer (CEO) of Cars45, used cars in Nigeria constitute 95% of the country’s auto market.

With this, Newsrand understands that nine out of 10 Nigerians are driving used cars; it is in this light that this publication presents below the basic things to look out for before considering an automobile purchase…

Review your budget: This is a very vital part to consider when buying a fairly used car. It is important for you to define a budget and stick with it. Sometimes after paying for the car, additional expenses might arise. For example, you might need to rewrap the interior or change the tyre as well as do some mechanical/electrical maintenance, all these will mean extra spending. You should decide how much you are willing to spend on the car.

Compare prices: Having an idea of what the price of your car choice should be will help your bargaining process. To do this, you can search the internet for your automobile choice, which would enable you to see the prices. It is advisable you do this before initiating a meeting with your car dealer.

Define your car taste and choice: Clearly knowing what you want is an advantage that will help you make smart decisions, and the interesting part of this is that it will make your buying process seamless. In Nigeria, people use more Toyota, Lexus, and Honda for reasons best known to them. So, it is safer to have more than one proposed car brand.

Confirm the mileage: What this means is the total distance a car has travelled since it was manufactured. When buying used cars in Nigeria, the mileage may be a dealbreaker because experts are of the opinion that the average annual mileage of every automobile product should be 12,000.

The mileage is how you will get to know how long the car has been used, how long it has run, which can influence how much it should be sold for.

Be sure of the spare parts’ availability: This is one of the most integral processes of buying used cars in Nigeria. Sometimes, an automobile product might thick all the aforementioned boxes, but when the spare parts are not readily-available, we are sure you don’t even want to be near such a car. So, it is strongly advisable you take out time to research the used cars in Nigeria that you are considering as their spare parts readily available for purchase in the markets. This is because all cars are prone to have issues that should be fixed at one point or the other.

Have a pre-purchase inspection: You need to engage a mechanic and other professionals in the automobile industry, like rewire, to check the functionality of your car choice. Inspecting the car will uncover what is not working well, or not working at all in the car.

It is in the course of this process that you will confirm the engine’s strength, amongst other things.

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PAPSS: Dangote Charges African Leaders On Improved Trade

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PAPSS: Dangote Charges African Leaders On Improved Trade

Business tycoon, Aliko Dangote has charged African leaders at the Pan-African Payment and Settlement System (PAPSS) on improved trade relations within the continent.

Disclosing this at the PAPSS formal launching, stated that the trade will help promote African intrinsic greatness.

The Pan-African Payment and Settlement System is a centralized payment and settlement infrastructure platform for intra-African trade and commerce payments.

READ ALSO: APC Governors Want National Convention To Hold In February

The continent’s richest man urged Africans to close ranks to propel the continent towards charting her own course, becoming the master of her destiny, and maintaining her rightful position on the globe.

Dangote, who was represented by Group Managing Director of Dangote Industries Limited (DIL), Olakunle Alake, lauded the African Union, under the auspices of Afreximbank, for the launch of PAPSS, which he noted was aimed at facilitating payments across the continent.

He asserted that improved trade relations would greatly enhance the speed of recovery across Africa, noting that it has the potential to boost the level of economic activities through intra-Africa trade. He also remarked that the advent of PAPSS would greatly address challenges such as; high-cost, lengthy correspondent banking relationships, delays, among many others, and therefore ease transactions among businesses across Africa.

He equally expressed optimism that PAPSS would enhance the volume of trade among countries, which were hitherto not recorded or were overlooked because of the informal approach towards these transactions. According to him, these were now captured to reflect the corrector, at least, close to the appropriate position of trading activities within the continent, while also boosting the level of economic activities across the continent.

Dangote noted the enormous potential and benefits of PAPSS but nevertheless warned that such projects have teething issues. He, therefore, urged regulators and participants across the continent to look beyond such operational challenges and ensure the successful implementation of PAPSS.

While thanking member countries and organizations that contributed to the success of PAPSS by playing key roles leading to the launch of the project, he invoked the words of Ghana’s first President and Prime Minister, and renown promoter of Pan Africanism, Kwame Nkrumah, stressing: “The forces that unite us are intrinsic and greater…”

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