The federal government has partnered with the Bank of Industry (BOI) to support 75,000 micro, small, and medium enterprises (MSMEs).

In a statement on Tuesday, Olusegun Dada, special assistant to President Bola Tinubu on social media, said the application portal is now open for interested applicants across the country.

Dada said the partnership aims to grant eligible MSMEs loans of N1 million each — totalling N75 million — with a single-digit interest rate.

According to a statement on the website dedicated to the application, the initiative is for MSMEs interested in reducing their production costs, creating jobs and enhancing agricultural productivity.

“Our programme is designed to empower Micro, Small, and Medium Enterprises (MSMEs) across Nigeria,” the statement reads.

“Whether you’re looking to reduce production costs, create jobs, enhance agricultural productivity, or contribute to economic growth, this initiative is here to support you.”

Applicants are required to complete an online application form and submit necessary documents to support their claims.

The federal government said the applications will be reviewed, and once approved, funds will be disbursed to the designated accounts.

To apply, interested applicants can visit www.fgnboimsmeinterventionloan.boi.ng.

On September 27, the federal government also partnered with Mastercard to improve digital access to financial services for one million farmers across Nigeria, Kenya, and Tanzania.

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The Federal Government of Nigeria has launched a substantial Public Intervention Fund (PIF), earmarking N200 billion to aid the growth of Micro, Small, and Medium Enterprises (MSMEs) and manufacturers.

The announcement was made in Abuja on April 22, 2024, by the Minister of Industry, Trade and Investment, Doris Uzoka-Anite.

Under this initiative, the government plans to distribute the funds equally, with N75 billion allocated to MSMEs and another N75 billion to manufacturers. The move aims to bolster economic stability and promote sustainable business practices across various sectors.

1. How to Apply for the Fund:

– Prospective applicants are encouraged to submit their applications through the official portal at www.fedgrantandloan.gov.ng.

– For further guidance and information, visiting local Bank of Industry branches is recommended.

2. Eligibility Criteria:

To qualify for the PIF, applicants must meet the following requirements:

– Operate an existing business with at least one year of operations or possess a registered start-up.

– Present valid business registration documents from the Corporate Affairs Commission (CAC).

– Show a company bank statement for existing businesses or a chief promoter’s bank statement for start-ups.

– Meet the required monthly turnover and other specific requirements as stipulated by the bank.

3. Security:
– The program demands applicants provide a personal guarantee

– Agree to a Bank Verification Number (BVN) covenant.

– Adherence to the Global Standing Instruction (GSI) and other securities set by the bank is also required.

4. Repayment Terms:

– Applicants can choose between Working Capital or Asset Financing options.

– The terms include a 5-year repayment period for asset financing, while working capital financing offers a 6-month moratorium on both principal and interest, followed by a 12-month equal instalment repayment plan.

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The National Information Technology Development Agency, (NITDA) in conjunction with the Katsina State Enterprise Development Agency, KASEDA have organised a capacity-building and empowerment programme for 50 indigenes of the state to support the transformative growth of their businesses by leveraging digital technology.

The three-day capacity building aimed to implement digital technology adoption for Micro Small and Medium Enterprises, (MSMEs) in the state. This will help ensure that MSMEs adopt modern and relevant digital technologies to increase efficiency and effectiveness in achieving their business goals.

At the opening ceremony of the event in Katsina, the Deputy Governor, His Excellency, Mallam Farouk Lawal Jobe who declared the event opened, described the commitment of the participants to harness technology to unlock the potential of their businesses as commendable and inspiring urging them to make “proper utilisation of the knowledge they would acquire from the training.”

He said, “In today’s rapidly evolving digital landscape, your decision to embrace innovation will undoubtedly propel your businesses to new heights of success. By leveraging digital tools and strategies, you are not only positioning yourselves for growth but also contributing to the overall advancement of the MSMEs sector.”

While assuring the participants of the state’s support and encouragement for embarking on the transformative journey, the state Deputy Governor enjoined them to unlock the full potential of MSMEs through digital innovations that would pave way for a brighter and prosperous future.

“I encourage you to approach this programme with enthusiasm, an open mind, and willingness to learn and adapt. Please, embrace the knowledge and insights shared, apply them diligently to your business endeavours. Remember, innovation knows no bounds, and with determination and perseverance, you can achieve remarkable results, he advised.

He commended NITDA for its foresight in selecting the state for the programme adding that it would offer the beneficiaries the opportunity to engage in profitable and modern ways of starting businesses that are digitally inclined.

The NITDA Director General, Kashifu Inuwa, CCIE, who was represented by the Director, Digital Economy Development Department, Dr Salisu Kaka noted that Small and Medium Enterprises (SMEs) are essential to the growth of any economy because they have a significant potential to create jobs, advance local technology, diversify output, foster homegrown entrepreneurship, and integrate with large-scale industries.

He said, NITDA has taken definitive steps to fortify MSMEs through strategic interventions and dedicated programs adding that the Agency has championed digital literacy campaigns, delivered capacity-building workshops, and facilitated access to tailored technology-driven solutions.

The NITDA Boss said, “These initiatives are testaments to NITDA’s steadfast dedication to empowering MSMEs to navigate the digital terrain more effectively.”

He disclosed that NITDA has been collaborating with the Office of the Vice President to participate in the National Micro, Small and Medium Enterprises (MSME) Clinics which underscores the Agency’s commitment to supporting MSMEs, equipping them with IT knowledge and guidance.

“As we navigate the complexities of this digital age, let us collectively commit to empowering our MSMEs, the backbone of our economy, with the digital literacy, skills, and tools they need to thrive. By embracing the digital frontier, we will enhance the ease of doing business and foster a more inclusive and resilient economy that benefits all Nigerians,” Inuwa maintained.

While commending both the Federal and Katsina state governments for the funding they have both injected in MSMEs, the Director General noted further that the programme is a “response from NITDA to a call to action as initiated by the Excellencies the President and the Governor of Katsina State.”

In her welcome remarks, the KASEDA Director General, Hajiya Aisha Aminu Malumfashi said the training is dedicated to exploring and transforming the powers of digital innovation in empowering SMEs which are the bedrock of every developing economy.

Describing MSMSs as the backbone of the economies by driving innovation, fostering entrepreneurship, and creating jobs Hajiya Malumfashi maintained that the MSMEs contribute a sizeable portion of the global economy as well assisting in terms of poverty, alleviation, and economic growth and diversification.

On the scope and the modules of the capacity building, the KASEDA boss informed that “throughout the course of this programme, we expect to delve into the various facets of digital innovation and explore practical strategies that will assist the MSMEs to embrace and leverage all these technologies effectively.”

The programme tagged NITDA Digital Empowerment for MSMEs (NDE4M) has as its theme “Leveraging Digital Technology to Improve MSME’s Business” aligns with the Redefined Presidential Priority of reforming the Economy to Deliver Sustained Inclusive Growth and NITDA’s Strategic Roadmap and Action Plan 2.0 pillar on Nurture an Innovative and Entrepreneurial Ecosystem

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In the 21st century, technology assumes the dual role of a blessing and a curse for individuals. However, much like various aspects of life, the responsibility lies on the individual to determine whether they leverage it for good or for bad.

Technology has emerged as the great equaliser in the dynamic business landscape, offering small-scale businesses unprecedented opportunities for growth, efficiency, and competitiveness. Embracing technological solutions can transform how these enterprises operate, opening doors to increased productivity, wider market reach, and enhanced customer experiences.

Hence, in this era of intense competition, utilising technology as a supporting tool to refine business skills and seize opportunities can manifest as an excellent strategy.

Recognising this fact prompted the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Abdullahi, to emphasise the importance of digitalisation in driving sustainable economic growth and enhancing the ease of doing business for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.

Speaking on the theme of the theme: “Digital Nigeria – Leveraging Technology to Improve Ease of Doing Business for MSMEs,” he stated that “MSMEs that have embraced digitalisation and technology tend to fare better, and that underscores a study done in Turkey, which shows that 41.2 per cent of 131 SMEs underwent technological innovations, and this led to the operational efficiency of 96.9 per cent.”

MSMEs, known for their flexibility and ability to adapt quickly, stand at the crossroads where traditional craftsmanship meets the unstoppable advance of technology.

Understanding the methods and tools within technology to enhance businesses provides a significant advantage over those who lack awareness of these technological business strategies. Some of these strategies are highlighted below:

Use social media as a useful tool:
Prioritising digital marketing in your growth strategy is essential, given its potential as a formidable long-term growth tactic. This is particularly significant in the current landscape where an increasing number of individuals have unprecedented access to digital content. With the world progressively intertwining through the web and IoT applications, seizing this golden opportunity allows you to engage a global audience effortlessly and transition your business into a global venture.

It’s crucial to use all the digital marketing tools available for optimal growth. However, directing particular focus toward social media is highly advisable. Social media is gaining popularity worldwide and gives a great chance to cultivate a devoted brand following. This strategy not only draws high-quality leads to your social media handles but also leads to more sales. Consequently, over time, reliance on paid advertisements diminishes, and without much effort, long-term customers can be acquired.

Incorporation of automation:
It’s no secret that businesses often have repetitive tasks requiring much time and energy. This is where automation technology comes in to help.

Utilising tools like automated data input, scheduling for social media, and implementing email marketing strategies, businesses can streamline these repetitive tasks and allow more focus on more complex and creative tasks. This can be more efficient and productive, ultimately leading to happier and more satisfied customers.

Utilise video production to enhance your business:
Embracing video production as a strategic tool for business growth opens countless opportunities to engage and captivate your target audience. In the digital age, where visual content holds immense control, videos offer a dynamic way to showcase products, services, and brand personality. From compelling product demonstrations to impactful storytelling, videos have the potential to create a lasting impression and foster a deeper connection with customers. This visual medium not only increases brand visibility but also has a higher potential for shareability, amplifying your reach across various online platforms.

By incorporating video into your marketing strategy, you can effectively communicate your brand’s narrative, values, and unique selling propositions. Whether through informative tutorials, customer testimonials, or creative promotional content, video production allows businesses to convey authenticity and build trust with their audience.

As consumers increasingly seek visual experiences, harnessing the potential of video production becomes a strategic move to not only enhance brand recognition but also foster business growth in the competitive digital landscape.

Utilise data analysis for optimal business insights:
Integrating data analytics into the operations of MSMEs can be a game-changing strategy for sustainable growth. By harnessing the power of data, these enterprises gain valuable insights into customer behaviour, market trends, and operational efficiency. Understanding these measurements enables informed decision-making, allowing MSMEs to tailor their products or services to meet the specific needs and preferences of their target audience, ultimately enhancing customer satisfaction and loyalty.

Data analytics facilitates precise marketing strategies. MSMEs can leverage data-driven insights to craft targeted advertising campaigns, reaching the right audience at the right time.

Consider remote work methods if necessary:
Remote work can significantly reduce operational costs for micro and small-scale businesses. Without the need for physical office spaces, businesses can allocate resources more effectively, redirecting funds towards essential areas such as marketing, and product development.

The adoption of remote work methods not only fosters a culture of flexibility but also positions micro and small-scale businesses to adapt easily to changing market dynamics, ultimately fostering sustainable growth in the ever-evolving business landscape.

Shuaib Shuaib Agaka writes from PRNigeria Centre, Kano.

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TECH DIGEST- Amidst discussions about potential hikes in telecom tariffs, the Nigerian Communications Commission (NCC) is championing a different approach: fostering homegrown content to enhance telecom services and diminish dependency on imports. Prof Umar Danbatta, the Executive Vice Chairman of the NCC, stressed this imperative during the Nigerian Telecommunications Indigenous Content Expo (NTICE 2023), citing the stable nature of telecom tariffs in Nigeria despite rising costs and forex fluctuations.

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Danbatta acknowledged that the stability of tariffs could be sustained if the telecom industry embraced the creation of indigenous content, thus reducing reliance on imported components. He articulated, “Quality of Service and Experience have improved in Nigerian telecommunications, but the key to maintaining this without tariff hikes lies in nurturing local innovation.”

Asserting the NCC’s alignment with the Federal Government’s vision for a robust Nigerian economy, Danbatta highlighted the establishment of the Nigeria Office for Development of Indigenous Telecoms Sector (NODITS) in July 2021. NODITS, operating under the NCC’s aegis, is tasked with driving the National Policy for Promotion of Indigenous Content in the Nigerian Telecommunications Sector.

NODITS is advancing across four pivotal realms: Manufacturing, Human Capacity, Research and Development (R&D), and Software and Services Development. The EVC emphasized, “NTICE stands as an embodiment of NCC’s accomplishments through NODITS, fostering not only strategic partnering but also emerging as the industry’s premier indigenous content event.”

Furthermore, NCC’s initiatives have culminated in fostering local manufacturing capabilities. An example is the Corrugated Optical Duct (COD), designed to shield fiber infrastructure from persistent damages, thus contributing to the overall robustness of the network.

Danbatta’s comprehensive address underscored the NCC’s commitment to fortifying the Micro, Small, and Medium Enterprises (MSMEs) landscape, nurturing young talents and innovations, and catalyzing investment. Additionally, NCC’s ban on importing whole-body SIM cards, introduced at the inaugural NTICE, has not only alleviated foreign exchange pressures but also fostered a local industry worth over N55 billion. The tangible outcome: job creation and economic growth.

In the midst of escalating costs, Nigerian telecom operators have been advocating for tariff increases. However, the regulatory stance of the NCC has thus far halted such increments, citing a lack of compelling justification. As discussions continue, the NCC’s proactive approach highlights the transformative potential of homegrown content in not only stabilizing tariffs but also nurturing innovation and bolstering the nation’s digital landscape.

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TECH DIGEST- The Nigerian Communications Commission will launch historic broadband projects on Thursday, November 24, 2022, in Abuja under the direction of the Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami (NCC). The measures would hasten the adoption of broadband in Nigeria and boost plans for the development of the country’s digital economy.

Contracts for the installation of broadband infrastructure for Micro, Small, and Medium-Sized Enterprises (MSME), as well as for tertiary and higher institutions of learning throughout the six geopolitical zones of the nation, will be awarded at the event.

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SKILLS RATHER THAN JUST DEGREES, a book published by Pantami with a foreword by Brad Smith, President of Microsoft Corporation, is also scheduled to be presented by Pantami. Following a presentation by the Minister, the Federal Executive Council (FEC) recently approved the list of projects for the several geopolitical zones that are scheduled to commence. The projects are anticipated to be finished within six months after the award date.

For the implementation of strategic initiatives, the NCC engaged well-known tech companies through an open procurement procedure. The event is anticipated to draw a variety of stakeholders from academia and technology enthusiasts, including potential start-up businesses, fintech organizations, and other interested sectors. These stakeholders’ activities are expected to energize the National Digital Economy Policy and Strategy (NDEPS) 2020–2030.

According to a press release from the NCC and signed by Reuben Muoka, director of public affairs, the provision of broadband infrastructure for MSMEs in Nigeria and for tertiary institutions throughout the six geopolitical zones of the nation will add the necessary impetus to achieving the main goals outlined in the NDEPS 2020–2030.

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TECHDIGEST – President William Ruto has announced that Kenya is set to manufacture the cheapest smartphone in Africa within a year, whose cost will be less than five thousand shillings (about US$41), Capital News reports.

President Ruto speaking at a Micro, Small and Medium Enterprises (MSMEs) roundtable forum Thursday morning said that having a cheap smartphone will ensure that all Kenyans can access digital platforms for business and accessing government services.

The President noted that they are already working with the telecommunication sector so as to come up with a cheaper gadget which is capable of doing everything.

“Today the cheapest smartphone is between sh10,000 and sh15,000, we want to see. I want to promise the country that in the next 8 to 12 months we will have the cheapest smartphone in Africa, manufactured in Kenya,” President Ruto stated.

The Head of State also announced that his administration is working towards moving about 90 per cent of government services to digital platforms between a period of six months to one year.

The President noted that digitization of government services will ensure that citizens access services at the comfort of their homes.

The President also has underscored the importance of technology in upscaling trade in the MSEMs sector.

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“We have about 15 per cent of government services in the digital platform, and we want to ensure that between six and 12 months we will have moved 90 per cent of goverment services to the digital platform,” he stated.

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TECH DIGEST- A Google Hustle Academy Bootcamp, 2022, has been developed by the National Information Technology Development Agency (NITDA) and Google Nigeria to offer free online training for micro, small, and medium-sized businesses (MSMEs). The program will support career development and enhance company processes, assisting MSMEs in realigning and boosting their revenue-generating.

“We are excited about this partnership with Google Nigeria, in line with our initiative of building the capacity of one million software developers by the end of 2023. The programme will assist small businesses grow by increasing revenue, positioning for investment, and building sustainable businesses for the future,” said Director General/CEO of NITDA, Kashifu Inuwa Abdullahi.

“We are excited to collaborate with NITDA to empower MSMEs to plan their digital marketing strategies, create business growth plans, identify new markets, access funding opportunities and pitch success,” said the Head of Brand Reputation, Google Nigeria, Mr. Mojolaoluwa Aderemi-Makinde.

READ ALSO: WAEC Launches Digital Certificate Platform 

An economy’s ability to thrive and provide a significant amount of jobs depends on the MSME sector. The National Bureau of Statistics estimates that during the past five years, SMEs have contributed around 48% of Nigeria’s GDP.

Nevertheless, despite its important contribution to the economy of Nigeria, obstacles still stand in the way of the sector’s expansion and advancement. These include a lack of knowledge on how to use digital tools to expand a firm and poor planning and management abilities. To combat these issues, NITDA has launched a number of programmes to reskill and upskill Nigerians from various socioeconomic backgrounds in keeping with the country’s objective for a digital economy, the National Digital Economy Policy and Strategy for a Digital Nigeria (NDEPS).

NITDA has begun an ambitious endeavour to train one million software developers across the nation as part of its mission to expand employment prospects for those with digital capabilities. The NITDA-Google Hustle Academy Bootcamp will therefore give MSMEs the opportunity to realise their full potential and seize available chances for socioeconomic development.

The following eligibility requirements for entry into the Bootcamp are established in order to ensure a smooth and successful programme implementation:

1. Business Maturity: MSMEs with an existing business plan, with defined product/service offering and willing to scale up;
2. Size of Operations: Businesses that have at least two full time employees and have been operating for over twelve months; and
3. Revenue generated: Businesses that have generated profit in the last 12 months or 1-3 months away from break even.

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TECHDIGEST – The National Information Technology Development Agency (NITDA) in collaboration with Google Nigeria is announcing the launch of a Google Hustle Academy Bootcamp, 2022. The Bootcamp is aimed at providing free online training for Micro, Small and Medium Enterprises (MSMEs) to promote career skills and improving business operations, thereby helping small businesses to be repositioned and increase their revenue generation.

“We are excited about this partnership with Google Nigeria, in line with our initiative of building the capacity of one million software developers by the end of 2023,” said Kashifu Inuwa, CCIE, Director General/CEO of NITDA. “The programme will assist small businesses grow by increasing revenue, positioning for investment, and building sustainable businesses for the future.”

Similarly, the Head of Brand Reputation, Google Nigeria, Mr. Mojolaoluwa Aderemi-Makinde, said, “We are excited to collaborate with NITDA to empower MSMEs to plan their digital marketing strategies, create business growth plans, identify new markets, access funding opportunities and pitch success”.

The Micro, Small and Medium Enterprises sector is a backbone for economic growth and a major provider of employment opportunities in a country. According to the National Bureau for Statistics, SMEs have contributed about 48% to Nigeria’s GDP in the last five years. However, despite this significant contribution to Nigeria’s economy, challenges persist that hinder the growth and development of the sector. These include inadequate understanding on how to leverage digital tools for business growth, poor planning and management skills. To address these challenges, NITDA has embarked on several initiatives to upskill and reskill Nigerians across all walks of life in line with the national agenda for a digital economy – the National Digital Economy Policy and Strategy for a Digital Nigeria (NDEPS).

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In furtherance to provide massive employment opportunities through digital skills, NITDA has kick started an ambitious project to train one million software developers in the country. Therefore, the NITDA-Google Hustle Academy Bootcamp will enable MSMEs to maximize their potentials and key into existing opportunities for socio-economic development.

To ensure smooth and successful programme implementation, the following eligibility criteria for entry into the Bootcamp are set out:

1. Business Maturity: MSMEs with an existing business plan, with defined product/service offering and willing to scale up;

2. Size of Operations: Businesses that have at least two full time employees and have been operating for over twelve months; and

3. Revenue generated: Businesses that have generated profit in the last 12 months or 1-3 months away from break even.

About NITDA

The National Information Technology Development Agency (NITDA) is committed to implementing the National Digital economy policy for digital Nigeria.

Their mandate is to create a framework for the planning, research, development, standardization, application, coordination, monitoring, evaluation and regulation of Information Technology practices in Nigeria.

The priorities of the Agency as outlined in the Agency’s Strategic Roadmap and Action Plan are Developmental Regulation, Digital Literacy and Skills, Digital Transformation, Digital Innovation and Entrepreneurship, Cybersecurity, Emerging Technologies and Promotion of Indigenous Content.

About Google

Google Incorporation is an American multinational technology company specializing in Internet-related services and products. These include online advertising technologies, search cloud computing and software. Google is a giant-Tech Company that hires people with broad set of technical skills to solve technology’s greatest challenges and make an impact on several millions of users.

Google Hustle Academy is an initiative under Grow with Google ideals which provides free training, tools and resources to promote skills, career and business growth. The Hustle Academy currently operate in Nigeria, Kenya and South Africa to train MSMEs through live workshops, peer networking sessions and mentoring sessions.

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TECHDIGEST – Nigerian fintech start-up, Kippa launches Kippa Start, a business registration platform to help Nigerian MSMEs scale through their businesses.

In this period of growing entrepreneurship across Africa, creating efficient solutions to make business operations upscale is more prominent than ever. With the increasing growth opportunities for businesses, it’s crucial that they operate within the country’s legal requirements.

Kippa, the fast-growing financial management and payments platform for small businesses in Africa, has launched Kippa Start, its business name and company registration platform for business owners to register their companies with the Corporate Affairs Commission.

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Many Nigerian merchants are often frustrated by the tedious and time-consuming process of registering their businesses. This contributes to their apathy towards the whole process. Without a business name or company registration, businesses are limited and excluded from several business opportunities including opening a business bank account.

Kippa Start is the go-to business registration platform for SMEs.

Kippa Start is committed to simplifying the business registration process by removing all the possible barriers business owners face while registering their businesses, including delayed response times. Business owners can now register their business names and get their CAC certificates in 5 days.

“It is an exciting time to build for small businesses in Africa. The growing need for business solutions due to more exposure to the global market and the fast adoption of technology across this segment means that we would experience scale that causes many businesses to move from micro to small, medium, and eventually large.

However, scale is impossible without meeting regulatory requirements. Today, we have taken away the complexities of business registration for thousands of Nigerian merchants by making business registration accessible and affordable. Our ultimate goal is to replicate similar values to business owners across the entire continent.” says Duke Ekezie, Co-founder and President of Kippa.

To accelerate business growth across Africa, Kippa Start will offer company corporation services to Nigerians and expand to Ghana in September. There is an opportunity for a strategic product like Kippa Start to solve the challenges Ghanian merchants encounter while registering their businesses.

Moreso, Kippa continuously educates business owners about the need to register their businesses. Many business owners are unaware of numerous business growth, and financial opportunities left untapped without a registered business. Some of them include but are not limited to grants and loan access, secured business names, business accounts, etc.

With Kippa’s in-app support system, response time is faster, customers have carried along throughout the process, and they’re made to feel more confident in the product.

For more information, please contact: media@kippa.africa

About Kippa

Founded in June 2021, Kippa is a disruptive fintech start-up based in Nigeria. The team is on a mission to unlock socio-economic prosperity in sub-Saharan Africa by helping SMEs grow their business and embrace financial inclusion. The company provides digital business and financial management solutions for African SMEs, starting with a simple-to-use mobile bookkeeping app, which helps African SMEs keep track of their daily revenue and spending transactions, create invoices and receipts, manage inventory, and see how their companies fluctuate over time recover; ultimately helping merchants to recover debts three times faster.

Kippa has been on a steep growth trajectory under the leadership of Co-Founders Kennedy Ekezie-Joseph (CEO) and Duke Ekezie-Joseph (President) who have a history of working together over the last six years, and strong experience launching products for the African market. To date, Kippa has 70 employees across 3 countries and over 500,000 SMEs in its network.

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