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Tips, information and tools for Nigerian Startups, Micro, Small & Medium Scale Businesses

On this Episode of Everyday Money Matters, Tunji and Ugo answer several questions on tax payments, pension and insurance, as well as how an artisan can grow his business without compromising quality. Question: My business has been operating for 4 years, how do i get a tax clearance certificate ? Answer:...
It has become a common fact in the business world that most businesses fail before they even have the time to kick off. Within a month or three, most entrepreneurs are out of business. A lot of analysts have come up with many things that could be the reasons...
Unemployment has currently become a trend, not by choice but because of the turn of economic events in the country. Living without a job is a horror to imagine especially with the now high cost of living. There are so many businesses one could venture into but lack of capital...
There probably isn’t any success tip in the world that you haven’t heard. Truth is, there just isn’t enough. To succeed in business you have to have these things ingrained in your mind. Consider your mind to be a store house that never runs dry and never fills up...
The business world is a tough world that is meant only for the tough and courageous ones. Unfortunately, it is a place that will swallow the feeble minded ones up whole. That said, one must be duly armed for this world. While soldiers take up arms and writers take...
Mr. Emeka Oparah, the Vice President, Corporate Communications/CSR Director Airtel, during the inaugural webinar of TheNewsGuru.com themed ‘Digital Media Gurus Speak: How to monetize online media opportunities online’, said that brands all over the world are willing to invest and partner with credible, industrious and libel free media. Oparah went...
Again, let me say, I don’t like jargons, but the word “Pivot” is some word we can’t avoid in this tech business. When a business model is not working, sub-optimal or not gaining sufficient traction, the CEO and the team pivot to a plan B. Essentially, pivoting is jettisoning...
Success stems from a combination of effort and mentality. It is rare to successfully create and manage a business without having the ‘I can’ mindset. The thoughts that run through your mind about a project reflect heavily on the effort you put into said project. It is for this...
Finding a job in Nigeria is no easy feat – and it's often hindered by limited experience and high competition, particularly for recent graduates. While a fortunate few are able to get jobs that align with their career goals, a vast majority of people are forced to take up...
Stamp Duties are taxes paid to the Federal or State Government on documents such as Conveyances on sale, Bills of Exchange, Promissory notes, Agreements, Contracts, or even documents such as Letters and certificates of admission, Instruments of Apprenticeship, Insurance Policies etc. Any written document that is not stamped is not...
One thing most startups normally don’t realize is the magnitude of competition that they are up against. The greatest challenge that you could face while starting up a business is to underestimate the competition. You need all the tools at your disposal to stay ahead of the competition. If you’re...
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),...
Time and time again, we hear of ‘what to do’ for small businesses, how to make your business grow, how to network, and the likes. Small business owners go online and they are overwhelmed with all the things they ‘have to do’ and most times give up before they...
Congratulations on closing your funding round. Sure, it was a long and hectic process… Finally, you are here… You are funded for the next 18 months. Some of your fellow “startuppers” are still trying to convince the Angel Network, Accelerators, Incubators, VCs… but you have passed that stage. Maybe...
I am excited to be writing my first post on this platform. I have had this thought in my head for some time now but have just been lazy to put it down… However, just yesterday, while at my office, I stumbled on a CD titled “How to Start...
The Lagos State Government has so far disbursed N4.5 billion to over 5000 Micro, Small and Medium Enterprises (MSMEs) in one year. Secretary to the State Government Olatunji Bello disclosed this at an event in Lagos recently. The funds were disbursed through the Lagos State Employment Trust Fund (LSETF)...
For many startups, the thought of not having Internet presence in the form of a website is not conceivable. Thus, as soon as they start to implement their one big idea, the first step is setting up a website to ‘attract’ people to their brand. However, especially for service-based...
In the thick, densely populated world of real estate management in Nigeria, it’s almost impossible to stand out. With limitations existing at every corner, many are resigned to doing what every other person is doing and getting similar, if not spectacular results. Even social media marketing of real estate is...
One of the major highlights of last week was an in-depth interview Africa’s richest man, Aliko Dangote had with Bloomberg correspondent, Francine Lacqua. In the interview, Dangote revealed much about his personal life as well as business journey so far. While many are harping on the surprising revelations that...
The Joint Tax Board (JTB) recently issued a public notice (the Notice) on the perceived abuse of voluntary pension contribution (VPC) scheme by employees as a means of avoiding personal income tax. This Notice is intended to address the seeming ambiguity created by Section 10(4) of the Pension Reforms Act...
Leadership is one of the hot topics in the business world today as people are searching for more effective ways to drive their ideas and businesses forward. To move a business in the right direction, there are numerous tasks that need to be completed at just the right time...
In a bid to take advantage of the Federal Government’s efforts to boost agricultural output, a Nigerian Start-up, Integrated Produce City Ltd is set to launch the first agricultural commodities exchange in the country. According to the Chief Executive Officer Prof.Pat Utomi, the exchange will be located near southern...
In continuation of the previous article published on government policies that affect SMEs, we will be exploring another key policy. Another important economic policy that you need to be aware of is the monetary policy. This will help you position your business in a way that harnesses its benefits towards...
Introduction Yesterday (17 August 2017), Nigeria became a signatory to two major international multilateral instruments to address tax avoidance and evasion. These are the OECD’s Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) and the Multilateral Competent Authority...
Starting your own business in the country is the new in-thing and considering the opportunities that exist from the current economic situation, it is not a surprise that many people are looking in mthat direction. However, while many people have lovely ideas for starting their own gig, only a...
It has been a few years since students in Nigerians had to deal with long-term strikes; and just at the moment we thought the era of students having to stay an extra 2 to 3 years in school due to unnecessary strikes by championed by the Academic Staff Union...
Most small businesses and startups have found it increasingly difficult to relate with their Boards of Directors and to a large extent, most their investors. Some board members that we have spoken to have often aired a measure of discontent with their management team over issues ranging from cash...
The last two editions of our InsideTax publication have focused on tackling tax leakages in the 21st century.  Without doubt, the need for revenue authorities to develop awareness of possible sources of tax leakages in this era and evaluate tenable approaches at combating the problem cannot be over-emphasized. Specifically,...
The Federal Government during the week announced that it had included a list of 27 industries as eligible for pioneer status, bringing the total number to 71. This is a welcome development as it means more and especially smaller industries can now benefit from tax breaks for new businesses,...
Bootstrapping is a common term in the business world. However, for the sake of our green horn entrepreneurs, we look at what bootstrapping is, how it can help grow small businesses and how entrepreneurs can practice it right. What does it mean to bootstrap your business? Simply put, bootstrapping your business...