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Business News

FG launches One-Stop-Shop for Nigerian MSMEs

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In an effort by the Buhari administration to bridge the gap between Micro, Small and Medium Enterprise (MSMEs) and relevant Federal Government regulatory agencies, like National Agency for Food and Drug Administration and Control (NAFDAC), Corporate Affairs Commission (CAC), Standards Organisation of Nigeria (SON), Federal Inland Revenue Service (FIRS),  and ensure that those agencies become facilitators of businesses and not obstacles to business development.; the Federal Government has announced that it has launched a one-stop shop in Plateau State and intends to launch more across the country.

A statement from the Office of the Vice President this week, signed by his media aide, Laolu Akande, said the first one-stop shop was launched in Jos, Plateau State on August 24, 2017 and would be housed by the Plateau State Micro-Finance Development Agency (PLASMEDA).

He further explained that the MSME clinics will provide an on the spot opportunity for entrepreneurs and local producers in the MSME level to interact with regulatory agencies and facilitate smoother government regulations and interface between entrepreneurs and agencies.

The states next in line include Abia, Cross River, Ogun, Akwa Ibom, Kwara, Kano, Benue and the FCT. The One Stop-Shops are expected to be launched in the mentioned states by September and October and more of the one-stop shops are expected to be launched in other states before the end of the year.

The One Stop-Shop will also be a one-stop destination housing representatives of key government agencies under one roof where members of the public, entrepreneurs and potential entrepreneurs, can visit to engage with these agencies, make enquiries, report complaints and receive information that can boost their business plans and ideas.

The agencies to be housed in the One-Stop Shops include the Bank of Industry (BoI), Bank of Agriculture (BoA), CAC, FIRS, SON, NAFDAC, Industrial Training Fund (ITF), Nigerian Export-Import Bank (NEXIM), Nigerian Export Promotion Council (NEPC), and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

“The One-Stop Shop programme is part of the on-going Nationwide Micro, Small and Medium Enterprise Clinics for Viable Enterprises (MSME Clinics) initiated by the Presidency in January 2017, and is aimed at providing a platform for convenient, continuous and easy interactions between regulatory agencies and MSMEs doing business in Nigeria,”said Akande.

 

 

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Christopher B. Pemu has a degree in Political Science from the University of Lagos. He joined Nairametrics in 2014 as News Editor and later as Managing Editor. He currently serves as the General Manager of Nairametrics.He takes pleasure in traveling, enjoys world politics and in sport, he loves watching football and tennis.

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    Real Estate and Construction

    Osborne, Ikoyi residents move against Lekki Gardens over planning laws violation

    The residents accused owners of Lekki Gardens Estate of alleged flagrant and unchecked violation of officially approved building plans.

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    Residents of Osborne Foreshore 2 estate, Ikoyi, have moved against a property development firm, Lekki Gardens/Foreshore Waters Limited for allegedly violating the state’s planning laws; in addition to the violation of the estate’s building plan and the existing plan to stop work forthwith.

    This is as the residents of the estate have appealed to the Lagos State governor, Babajide Sanwo-Olu, to order that works on all approvals for development in the estate be suspended for 3 months because of the ongoing review of the approval order.

    According to a report from Thisday, the appeal is contained in a statement issued by the residents of Osborne Foreshore 2 estate, where they warned that refusal to stop further work might lead to a breakdown of law and order.

    What the residents of Osborne Foreshore 2 estate are saying

    The residents of the estate in their statement said, “We once again invite your Excellency to visit our estate to see for yourself how the activities of Richard Nyong will one day lead to a breakdown of law and order if this brazen disregard of planning laws of Lagos States is allowed to continue.”

    They accused the developer of violating state’s planning laws in its quest to construct multi-storey structures in the expansive residential estate.

    They also accused Richard Nyong, Lekki Gardens Estate and Foreshore Waters Limited of alleged flagrant and unchecked violation of officially approved building plans.

    The estate management pointed out that other developers have since complied with these guidelines whereas Lekki Gardens had allegedly refused to do the same.

    What the Chairperson of Osborne Foreshore Residents Association is saying

    The Chairperson of Osborne Foreshore Residents Association, Mrs Chinwe Ezenwa-Mbah, had recently expressed reservations over the impact of the heavy construction by Lekki Gardens and other developers and how it is affecting the houses of other residents in the estate.

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    She said, “When we got our plots, we were told that the place was designed as a low population residential area. We did not know that a time would come when this area would become a commercial area.

    “When you come into an existing estate and you are doing piling that is breaking your neighbour’s foundations as well as against the approved plan given to you in the name of commercial development, that is not right.”

    What you should know

    • It can be recalled that the relationship between Lekki Gardens and the management of Osborne Foreshore 2 Estate broke down after the latter insisted that the property developer must obey building permit laws given to it by both the Lagos State government and the resident association.
    • Several other landlords and Residents of Osborne Foreshore 11, have also complained about the activities of Lekki Gardens and other developers in the area whom they accused of violating the building permit given to them by the government.
    • The Lagos State Commissioner for Physical Planning and Urban Development, Dr Idris Salako had held a meeting with all the stakeholders in a bid to amicably resolve the existing dispute.
    • The residents made an appeal to the Lagos State government for reversal of the wrongful classification of Osborne Foreshore Phase II from its original master plan as a low-density to a high-density residential estate.

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    Business

    The five-ingredient of a successful startup pitch

    Every great pitch has these 5 ingredients to help you maximize your chances when fundraising for your startup.

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    Startups typically prepare a pitch deck to present to potential investors for funding. A pitch deck is a brief presentation that provides investors with an overview of your business. It typically focuses on showcasing your product and business model. An excellent pitch is highly essential to the success of a startup seeking funding from investors.

    According to Romeen Sheeth, an angel investor who heard 200 companies pitch and invested over $1million last year, every great pitch has these 5 ingredients to help you maximize your chances when fundraising.

    • Problem:  Is this an issue?
    • Solution:  Do you have the fix?
    • Market:   Is this a big enough issue?
    • Business: Can you make money
    • Team:  Do you have the human resources to do it?

    The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.

    Problem

    The problem statement is an explanation of why a set of circumstances is painful for a set of users. There’s one word in that sentence that is most important: painful. If your problem is not painful enough, it’s a vitamin. The best startups are pain killers.

    Solution

    The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction. Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.

    Market

    Sigma Pensions

    In tech, only businesses that have outsized potential get funded. To have outsized potential, you have to either be in a: (a) small, but rapidly growing market or (b) large existing market that can be resegmented. If not, the business is not venture backable.

    Business

    The business model defines how you print cash. What is the key insight you’ve figured out that other people haven’t? You don’t need to reinvent the wheel on everything to be a compelling business. Just explain the secret sauce that helps you capture the value.

    Team

    Everything else is academic if you can’t execute. Ultimately the investor is betting on your team’s ability to bring out the reality in the insights around the problem, solution, market, and business. Communicate why you are the best in the world to build the business.

    Stanbic 728 x 90

    Once you feel good about these 5, think through the connection points. Every topic that comes up in the conversation will be a function of a connection point. For example:

    • Problem-Market = Industry Dynamics
    • Solution-Market = Competition
    • Market-Business = Unit Economics

    Bottom line

    When you pitch, always keep it simple. Understand the 5 core ingredients, think through how they relate to one another, communicate with clarity, and don’t assume investors understand your business.

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