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SBC’s Scale-Up Bootcamp: Equipping SMEs For Economic Growth

Published

10 months ago

February 19, 2024

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Small and medium-scale enterprises are projected to contribute 49.5% to Nigeria’s GDP in 2024, which is an indication that Nigerian SMEs are in for another impactful year. In 2023, the sector performed incredibly well, as it contributed 45% to the Gross Domestic Product of the country. That SMEs are the major drivers of economic growth cannot be overstated. However, in developing economies like Nigeria, there remain several clogs in the wheel of growth for players in this sector.While they battle the perennial challenges, experts have observed that most small-sized business owners in the country also lack strategic awareness and acumen to grow their enterprise. To help bridge this knowledge gap, and further unlock the potential of Nigerian SMEs, Seven-Up Bottling Company, in partnership with Zenith Bank and United Nations Industrial Development Organization (UNIDO), recently organised a two-day Scale-Up Bootcamp for budding business owners. The bootcamp, themed “Dream big, Scale Bigger”, was aimed at providing SMEs with practical strategies for scaling.After years with multinational companies growing brands across Asia, the Managing Director Seven-Up Bottling Company, Ziad Maalouf, came to Nigeria, and has spent the last 17 years with the company. He was one of the facilitators at the bootcamp held in Lagos, during which 40 CEOs of small-sized businesses, across different industries, had the rare opportunity of learning from his expertise.SEMs currently employ 90% of the country’s labour force, and according to Maalouf, have immense potential for more. “Scale-Up Bootcamp 1.0 is aimed at giving back to the economy in a way that has an impact. If we empower all the SMEs present here to scale up and grow to become billion-dollar enterprises, within ten years, they will create more employment opportunities for millions of Nigerians,” he said.In his corporate growth strategy session, he outlined ten scaling tips for SMEs: “Companies that must grow must pay attention to these 10 things: the big idea, passion, cash, value, teamwork, strong business acumen, purpose, network, artificial intelligence and business transformation advice,” he said.Drawing from his decades of experience, Maalouf said not all business ideas will scale up. According to him, ideas with the potential for scaling are those with a blend of experience, passion, and value that meets global needs. “Matching these three gives you a sweet spot,” he said. “If your business doesn’t tick the three boxes, I’m afraid, you need a rethink. You might just be in the wrong business.”He also warned businesses priming for growth of pitfalls to avoid and traits to imbibe. “As entrepreneurs, it is normal to want to get involved in everything, but it’s a pitfall you must avoid. Spend more time on ideas to grow the business rather than stalling the growth by trying to micromanage. Learn to delegate tasks. When recruiting, scout for talents and skills you lack, don’t employ people like you.“Do your best to network. Your business won’t scale up until you elevate your relationships. Understand the difference between cash flow and profit. Never spend from your cash flow. It is the oxygen of your business. Lose it and you are gone. Also, alway be on the lookout for technology that improves your business. This is crucial to scaling in today’s market,” he said.In his finance strategy session, GDM Head of Retail Banking at Zenith Bank, Lanre Oladimeji, highlighted the different offerings of the bank, which are suitable for SME scaling. He listed tips on how businesses can boost their chances of accessing loans from financial institutions. According to him, business owners need to be conversant with the five Cs of credit and know that character is key to accessing loans. He said “SMEs must have a business continuity and succession plan and know the type of funding available to businesses in their sector.” He further explained that to access loans, “an applicant needs to help the banker understand the business and explore the options they provide to support the business. Make every effort to service existing loan obligations. If loans go bad, stick with your bank and work out a remediation plan. In this digital era, there is no running away when a loan goes bad,” he said.Speaking at the bootcamp, the National Director, UNIDO, Oluyomi Banjo, stressed that the difference between developed and developing economies is innovation. Banjo emphasised that UNIDO is committed to advancing Sustainable Development Goal Number 9, with Nigerian startups, through the GCPI programme. “The Global Cleantech Innovation Programme is a Global Environment Facility and UNIDO programme that supports entrepreneurs with innovative ideas to transform their cleantech start-ups and SMEs into investment-ready, market-ready, and scalable ventures. Nigeria is one of the selected nations for driving this programme in Africa, ” Banjo siad.He disclosed that funding and global exposure opportunities are available on the UNIDO platform, and called on participants, who own waste recycling businesses, to take advantage of the GCIP, to access business support for scale-up.Advising entrepreneurs in her people management session, Founder, Thrive HR Nigeria, Adeshola Aliogo, said entrepreneurs should set their value standards, then find workers with the same level of enthusiasm and who understand how everything they do ties to the growth of the business. “The cost of not hiring right is more,” she stressed. Aliogo added that entrepreneurs should set their business volume, recruit employees with shared values and endeavour that employees find MAGIC – Meaning, Autonomy, Growth, Impact, and Connection in the business.Former Chief Executive Officer, the Federal Competition and Consumer Protection Agency, Babatunde Irukera, charged entrepreneurs on strict adherence to industry regulations if they want to scale their businesses. Irukera noted that while regulation is an existential threat to businesses worldwide, it also ensures that innovation is rewarded. “Several businesses have been killed by regulatory issues globally. This is why it is important to understand the regulatory scope within your business space. Without regulation, SMEs won’t have a level playing field to survive and scale. Regulation secures everyone. Your businesses won’t grow if there is no regulator to check competition. It is important to keep everyone accountable to certain standards,” he said.The bootcamp was a platform for business owners in attendance to learn, network and leverage global expansion opportunities and funding. With a projected contribution of 45.9% to the GDP in 2024, empowerment workshops like this for SMEs, could go a long way in actualising national economic targets and overall growth of the Nigerian economy.

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MultiChoice Talent Factory West Africa Celebrates the Next Generation of Storytellers at the 2024 Graduation Ceremony.

Published

1 day ago

December 8, 2024

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MultiChoice Talent Factory (MTF) West Africa, the pioneering initiative established to nurture emerging African filmmakers and storytellers celebrated the achievements of its 2024 cohort at its graduation ceremony on December 6 in Lagos. This is the fifth graduation ceremony by the MTF. The occasion signposts another successful year of empowering young filmmakers in Africa. Each year, the MTF programme trains 60 young filmmakers across its various academies through a comprehensive, fully funded cinematography course. The programme equips participants with the technical and creative skills necessary to craft compelling stories that highlight Africa’s cultural wealth to worldwide audiences.During her congratulatory message, Executive Head of Content and Channels, West Africa, MultiChoice, Dr Busola Tejumola stated that the graduation ceremony is a time of celebrate creativity, dedication and the exceptional achievements of the grandaunts.“This ceremony is more than just an acknowledgment of academic journey; it is a physical mark of the graduation into an elite class of the MTF Alumni Network, a family whose contributions continue to shape the narrative of African storytelling globally.”Dr Tejumola also stated that in just one year, the students have made great strides including the selection of Non Cras by Elma Baisie at the Life-Off Global Network and Get Out of Your head by Oluwayanmife Arogundade and Winner Achimugu at the Afropolis Lagos 2024.Atinuke Babatunde, Academy Director of MultiChoice Talent Factory (MTF) West Africa, noted that the sub-region is crucial to the continent’s film and television industry.”West Africa is a hub of cultural richness and vibrant storytelling, which has been the foundation of its thriving film and TV industry. Through the MultiChoice Talent Factory, we have consistently supported the development of exceptional talents, who are capable of elevating this heritage to global standards. The 2024 cohort has been phenomenal, and we are excited to celebrate their achievements as they graduate,” Babatunde said.During the event, the three best graduating students won one-year scholarships to international film schools. Winner Achimugu and Anjoluwa Aluko won scholarships to the New York Film Academy and Zee World, India respectively while Adejo Edebo Emmanuel won a scholarship to learn at MNET Production in South AfricaThis year, MTF West Africa collaborated with the Earthshot Prize initiative, producing projects focused on environmental sustainability. Among these are “Revive the Ocean,” which explores innovative solutions for ocean preservation; “Racing Against Time,” a mini documentary addressing the dangers of plastic waste; and “2070,” a thought-provoking short film envisioning future environmental challenges. Students of the Academy fully conceptualised, shot, and produced these projects, demonstrating their ability to create compelling stories. Additionally, Rekiya, a short film by the class of 2023 has been selected at AFRIFF 2024 and Poached, directed Adeola Andrea Peregrino, earned accolades including 1st Prize in the LEAP Africa USAID Film Contest, 2nd Prize at the IOM Film Contest and was an official selection at AFRIFF 2024 and at Edo State Festival. Love from Bayelsa, written by alumnus Gabrie Odigiri won Best Short Film of the Year at the Imo International Film Festival. The graduation of the 2024 cohort represents yet another milestone in MTF’s ongoing commitment to upskilling exceptional storytellers, who continue to redefine the African narrative on a global stage.

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Tourism Drive: Governor AbdulRazaq intensifies efforts to rebuild Patigi Regatta Motel

Published

4 days ago

December 6, 2024

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•eyes global recognition for Patigi Regatta Kwara State Governor Abdulrahman Abdulrazaq is intensifying efforts to rebuild the long-abandoned Patigi Regatta Motel located in Patigi local government area of the state.The reconstruction of the Patigi Regatta Motel was started few months ago and will be delivered with classic rooms, VIP suites, a conference hall, a restaurant, courtyards, shopping areas, expansive parking space and more.Located along Kpada Road (Federal Road) and 1500m from Kusogi Park in Patigi town, the completion of the iconic Motel will help solve the problem of accommodation during the historical Patigi Regatta Festival in the town.Founded in 1949, the Patigi Regatta Festival is a boating event featuring boating races, fishing and swimming. The festival is attended by tourism enthusiasts within and outside the State and country. However, the issue of accommodation during the festivity calls for concern. With the ongoing efforts to rebuild the Motel, Governor Abdulrazaq aims to provide quality accommodation for visitors, enhance the overall tourist experience, create jobs and boost the State’s internally generated revenue.Additionally, the Governor aims to restore a sense of pride and heritage in the State and put the Patigi Regatta Festival on the global map just like other cultural and traditional festivals in the state.

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Development Bank of Nigeria Plc Wins Financial Inclusion Leadership Award

Published

4 days ago

December 5, 2024

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The Development Bank of Nigeria Plc (DBN) has emerged winner of the Financial Inclusion Leadership Award. This is in recognition of the Bank’s unwavering commitment to fostering access to financing for the Nigerian micro, small and medium enterprises (MSMEs). The award was bestowed on DBN at the “Champions of Inclusion Nigeria Financial Inclusion Awards” during the recently-concluded International Financial Inclusion Conference (IFIC) 2024, organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders. Commenting on the prestigious award, DBN’s Managing Director/CEO, Dr Tony Okpanachi, said winning the Financial Inclusion Leadership Award was a testament to the Bank’s unrelenting efforts in expanding access to financial services for MSMEs in Nigeria. “We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs,” he stated. Dr Okpanachi added: “Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services.”The Chief Operating Officer of the Bank, Mr Bonaventure Okhaimo, while receiving the award on behalf of DBN, expressed gratitude to the organisers for the recognition, describing it as a significant milestone. “The Financial Inclusion Leadership Award is a significant milestone for our Bank, demonstrating our dedication to driving financial inclusion and economic growth in Nigeria. This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said. The COO stated further, “This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact. We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard.” He emphasized. The Financial Inclusion Leadership Award is a key highlight of the International Financial Inclusion Conference (IFIC) and celebrates exceptional contributions to actions aimed at achieving the goals outlined in Nigeria’s National Financial Inclusion Strategy 3.0.The awards recognize organizations and individuals across various sectors who are driving meaningful dialogue, and broadening access to financial services for low-income excluded priority segments, including the MSMES sector, with inadequate funding being one of the challenges that inhibit the growth of small businesses in the country.