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Nigeria To Become One Of World's Top 20 Economies

Published by Businessday

March 11th, 2007

Nigeria is sure to realise government's dream of becoming one of the top 20 economies by 2020. This is when entrepreneurship is fully developed, according to Peter Bamkole, general manager Enterprise Development Services (EDS) Lagos Business School.

Bamkole, who spoke to BusinessDay weekend, said certain bottlenecks would need to be removed, which included issues of government policies. He also mentioned entrepreneurship education, which he said EDS was addressing and carrying out researches to detect the real issues that were needed for entrepreneurship activities to blossom in the country. Recently, during a visit to Wharton School in the United States, Bamkole said Nigeria would also need to increasingly globalise education in two key areas, which included information and communications technology, in addition to entrepreneurship.

According to him, President Olusegun Obasanjo had mandated that all university students in Nigeria, regardless of their major, study entrepreneurship.

Bamkole and his colleague, Olayinka David-West, a lecturer in information systems at Lagos Business School, recently spent time with the Wharton Small Business Development Centre, to explore how to set up an entrepreneurship programme in Nigeria. The importance of entrepreneurship education to the Nigerian economy was raised. Bamkole said judging by the figures that were coming out of the education ministry, entrepreneurship was now compulsory.

He said it was probably due the fact that young people who had ventured into business could not handle the attendant challenges of doing business. That informed the Nigerian Investing Commission's decision to introduce entrepreneur development programmes in universities.

Bamkole said: "We are just looking at the basic, simple process, starting from opportunity recognition, idea generation and then taking it all through." He believed that once aspiring entrepreneurs understood the basics of entrepreneurship, they could float a business in any field they choose.

He added: "Let the people begin to think about the process of entrepreneurship as a first step. Then, they can come to centres like mine, and then we can take it to another level."

According to Bamkole, the real constraint of entrepreneurship in Nigeria, based on a research he carried out about two years ago included inaccessibility to markets, poor infrastructure, access to capital for start-ups, financing, e.t.c., he said the two major areas that had driving influence for entrepreneurship in the country were the reforms of the current administration and regulation.

Published Business Articles:
*Foreign Aid Or Debt Trap?  - An Insight For African Youths

* Developing E-Business For Small Businesses In Nigeria


Godwin C. Nwaogwugwu

Is A Syndicated

As Featured On Ezine Articles

* How A Small Organization Can Develop Itís Own Scorecard


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 Financing SMEs is a veritable means of increasing output ó CBN

Published by Businessday

March 11th, 2007

The steps taken by the Central Bank of Nigeria (CBN) to facilitate the financing of Small and Medium scale Enterprises (SMEs) is a veritable means of increasing national output, says John Chukwudifu, Abuja CBNís branch controller.


He says, the step will also increase employment, the Trust Fund model, as Interest Draw Back Scheme of the Agricultural Credit Guarantee Scheme (ACGS) and the Micro Finance Policy launched last year.

Chukwudifu noted that the potentials in financing Small and Medium Enterprises remained largely untapped by banks in spite of the Small and Medium Enterprises Equity Investment Scheme (SMEIES) and, therefore, urged for closer collaboration between banks and entrepreneurs to the development of the sub-sector.

He singled out Union Bank Plc and Fidelity Bank plc for actively participating in the ACGS in the year under review and, therefore, urged "more banks in the zone to follow the examples of the two banks".

He said a total of about 1.12 million financial instruments valued at N2.58 trillion passed through Abuja Clearing House of the Central Bank of Nigeria (CBN) in 2006, representing about 4.6 per cent and 72 per cent increase when compared with the volume of the activities of the Clearing House in the preceding year.

The Abuja Branch Controller of the CBN, John Chukwudifu, disclosed this at the Abuja Bankersí Committee Night, on Wednesday, where he noted that there has been a significant increase in banksí transactions in the Abuja Zone in the year under review.

"In Abuja Clearing Zone, a total of 1,118,783 financial instruments valued at N2.583. 81 billion passed through the clearing House in 2006. This showed an increase of 4.6 per cent and 72 per cent in volume and value of instruments, respectively, when compared to I,069,739 instruments valued at N1.503.56 billion during same period in 2005," he said.

According to the BC, transactions in the zone, however, represented only 16.8 per cent of total deposits in the nationís banking industry and a mere 4.6 per cent of total loans in the economy while Lagos State alone accounted for 48 per cent of deposits and 69.96 per cent of total loans.

Business Plan: A Must For Entrepreneurs

Olufemi Olufusi,

Saturday Indpendent

10th March

Success in business is more than money; it involves oneís ability to properly manage all the resources involved in the business. No one goes into business to make a loss. In order to succeed, you require skills as an entrepreneur that will enhance your performance.

The above statement of fact was credited to Dr. Adebola Olubanjo, managing partner, Adebola Sobanjo and Co in a recent press chat.

The seasoned chartered accountant and national president, Entrepreneurship Promotions Academy further revealed the need for proper planning and efficient management in running any enterprise thus:

"To construct a 10 story building you need an approved plan and bill of quantity and engineering drawings. No matter the amount of money available, if you donít have an approved plan, your building may collapse at any time.

"Aside from that, the building will be pulled down by the government authorities. In the same way, any business that has no business plan will collapse no matter the amount of money available. Money is important but it is not the most critical factor. If other things (including preparation of a business plan) are in order, money is very easy to access."

I decided to quote Dr. Olubanjo copiously because of his impressive track record in the SME sector and the need to emphasise the overriding importance of business plan to entrepreneurs.

In actual fact, the availability of a well-packaged business plan does not guarantee success, but the absence of it will expose the promoter to much problems and difficulties.

After conceptualising your business idea and registration with Corporate Affairs Commission, the first thing to attend to is the drawing up or preparation of a feasibility plan for the venture.

An ideal business plan comes in different parts of a big whole. The various parts are: the marketing plan, financial plan, human resources plan, and the last, which contains the operations, executive summary and conclusion.

It is the practice of many aspiring entrepreneurs to contract the writing of their plan to consultants who did not conceptualise the business idea. This is wrong; rather a business plan should be drawn by the entrepreneur with the guidance and supervision of a consultant; or a consultant doing the job with the active participation of the business owner. Any of these options will result in a document that the promoter can interprete, implement and use as a guide.

A business plan (that is the financial plan section) must not indicate a profitable venture at all course. Some so-called consultants always want to paint a beautiful picture when asked to draw up a plan. No, this should not be. The entrepreneur should be presented with the facts and the risks involved and be counselled to weigh the odds against the opportunities before investing a dime.

You can back off from a project if the plan you draw up or done with a consultant reveal a bleak market/future for the business and try out something else.

Conversely, if your business plan indicated a viable project go ahead with the project but keep fine-tuning your plan in relation to changing circumstances whether negative or positive.


Nigeria achieves 5.63 per cent GDP growth in 2006, says report

The Guardian

NIGERIA achieved a 5.63 per cent growth in the Gross Domestic Product (GDP) in 2006, the National Planning Commission (NPC) has reported.

Official statistics released by the commission yesterday, indicated that the figure represented a marginal drop from the 6. 23 per cent growth rate recorded in 2005.

The Federal Government intends to achieve a 10 per cent GDP growth rate over the next 10 years to record sustainable economic development in the country, according to its National Economic and Empowerment Strategy (NEEDS) document.

Reporting on some achievements of the economic reform programme under the NEEDS document, the NPC statistics showed that the 5.63 per cent growth rate achieved in 2006, was a substantial increase over the 1.19 GDP growth rate recorded at . inception of this administration in 1999.

The report also said that 8.93 per cent growth was recorded in the non-oil sector in 2006, as against 8.21 per cent achieved in 2005. This, it said, represented a substantial growth from the 4.37 per cent recorded in the sector in 1999.

It said that the country's external reserves stood at about $42.00 billion by the end of last year against the $28.608 billion recorded by the end of 2005 and the $7.686 billion recorded in 1999.

The NPC listed some other achievements recorded by the current administration to include the licensing of the GSM operators in 2001, and the establishment of the National Communication Commission as the regulator of the sector.

Others are the licensing of the second national carrier, spectacular growth in the ICT beyond all projections, the privatisation of NITEL and ICT next generation broadband growth explosion.

The NPC said that government's strong revenue management had shielded the economy from future oil price shocks, adding that Nigeria had also received favourable international ratings over its performance in the economic sector

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