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That One Vote Can Change A Nation

By
Ndubuisi Ekekwe
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Congratulations Labour Party, you are set now, just as PDP. We’re getting closer to phase two. We hope APC will conclude its own process very soon with the definitive vice presidential aspirant. I expect Obi & Ahmed to make its case just as Atiku & Okowa will do. When Tinubu announces his running mate, we will welcome the duo also.

As that happens, I have a message to all young people: show civility and look unto the future and make the right call. I can promise you that whoever becomes the President of Nigeria will have zero impact in my life and those of my generation; Nigeria settled us very well. But at your time, Nigeria is weak, dysfunctional and largely lost. But there is an opportunity for a new beginning; you all can architect that future.

To get that future, avoid the tribalization of this important national mission. The politicians are seeding problems with some devilish statements. That an Umuahia boy is excited about Obi does not mean he is doing so because Obi is from the Southeast. He is a fan of Obi because he finds vision in Obi. If a Yoruba boy is excited about Tinubu, respect that. I expect you to respect Atiku’s supporters also. Understand that Nigeria’s challenges are not tribalized or regionalized; everyone’s a victim. But we can all be winners if we make the right decisions.

More than 70% of your senior political leaders do not use the Nigerian healthcare system. And their children do not attend our universities. And when they graduate, they now import them into CBN, LNG, etc which have “dollarized” certificates – yes, foreign degrees are superior and they cut you out! Sure – I get those privileges myself and that is the revealing aspect. Get your PVC so that when the election time comes, you will be ready to  change the future. 

See this election as destiny-reshaping. You are all smart young people; I expect you all to get your PVC and make the right call. A few years ago, I went to my former school’s hospital and saw a sitting Nigerian president in the waiting room; possibly he came for a routine check and was waiting for a nurse.

Get your PVC, you cannot miss the 2023 project!

SMEs – The Backbone of Nigeria Economy

By
Ojukwu Emmanuel
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0

The United Nations industrial development organization (UNIDO) recently disclosed that small and medium-scale enterprises account for 96 percent of all business activities in Nigeria.

The regional director of UNIDO, Mr. Jean Bakole disclosed that the MSME sector in Nigeria currently contributes about 50 percent of the GDP, and has provided over 48 percent of all employment opportunities in the country.

Unfortunately, despite the major roles these SMEs play in the country’s economy, they are still faced with a myriad of challenges that stifles their growth. Nigeria is home to approximately 40 million MSMEs that are employing 87.9 percent of the labor force.

Small and Medium enterprises play major roles in most economies, most especially in developing countries. They account for the majority of businesses globally and are major contributors to job creation and global economic development.

According to an estimation by Worldbank, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which is why SMEs development should be a top priority for many governments around the world. In most emerging markets, most formal jobs are generated by SMEs which see them create 7 out of 10 jobs.

However, the operation of SMEs in most countries, with Nigeria inclusive, is not usually smooth. One major challenge these SMEs face is lack of access to finance to grow their business.

Among other problems are stiff competition from larger companies, low capacity utilization, lack of management strategies, difficulties in sourcing raw materials, etc. Due to these tons of problems that are currently ravaging the SMEs ecosystem, most of them in Nigeria die within their first five years of existence, while only about five to ten percent survive, thrive, and grow to maturity.

No doubt the unstable policies of the government has also caused some of these SMEs to crumble, also not forgetting multiple taxations that have been a problem, especially given the role of tax consultants and agents hired by the local governments.

They tax these SMEs on everything in their bid to generate revenue without considering its adverse effects on these businesses. The government must understand that the growth of SMEs is very pivotal to the growth of the economy, therefore they should be given a conducive environment to run their businesses, as anything that stifles or poses a challenge to their growth should be jettisoned.

In every economy in the world, it is an established fact globally that SMEs play a very vital role in economies which is why they are often referred to as the engine of economies. Since one major problem of these SMEs is access to finance, therefore there is a strong need for the government to intervene in funding these businesses by making credit facilities available to all sectors of SMEs.

These SMEs have for years called on the government for support, and it is ideal that the government heed to their call. The government keeps talking about tackling the high unemployment rate in the country which rose from 27.1 percent to 33 percent in the second quarter of 2020.

One thing they must understand is that once these SMEs are properly funded, the issue of unemployment among youths will be drastically reduced, because these SMEs in Nigeria account for 84 percent of employment in the country.

Also, as much as the government is saddled with the responsibility of creating an enabling environment for SMEs with financial support, big organizations can also play a role by supporting these SMEs either through funds or partnership. Once problems challenging these SMEs are tackled, Nigeria’s economy will no doubt experience a massive turn around.

What is your business friction? Send to Tekedia Institute

By
Ndubuisi Ekekwe
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0

What is your business friction? Can you engage learners at Tekedia Institute to help you? By doing that, you give young people the opportunity to work on real business cases over hypothetical or post ones. We unveiled “DesignLab for Companies by Tekedia Learners” to bring a new domain on how to prepare and master the mechanics of entrepreneurial capitalism.

Our community likes it. Send us your business friction, and experience quality from our learners who are already exposed to cutting-edge business models, frameworks and systems which are redesigning the ordinances of markets and global economies.  They will provide world-class solutions and help your mission.

Begin here

Join Me At Blockchain Vibes tomorrow in Lagos

By
Ndubuisi Ekekwe
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0

Join me at Blockchain Vibes tomorrow (July 9) as I keynote the largest blockchain-themed summit in Africa. My keynote is scheduled at 10am WAT. The venue is Glover Memorial Hall, Marina, Lagos Nigeria. The summit theme is Demystifying Decentralized Finance (DeFi) and Web 3.0.

In my keynote, I will connect from how my JS3 math teacher (Mr Bukar, ABU Zaria Mech Eng), SS1 (Mr Aham, UNN Mech Eng), SS2 (Mr Alaohuru, UNN Math) and SS 3 (Mr Onyezewe, UNN Mech Eng) connected the fundamental element of everything we’re discussing today. Simply, winning the future of finance and web 30.0 is numbers.

 Go here and learn more about this event –internationalblockchainsummit.org

Nigeria And The EU Partner For Innovative Modern Agriculture

By
Ojukwu Emmanuel
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0

The European Union is investing €1.3 billion in the Nigerian agricultural sector. This was disclosed in Lagos by the head of the European Union Delegation to Nigeria and the Economic Community Of West African States (ECOWAS), ambassador Isamuela Isopi, during the official launch of team Europe.

The launch was disclosed to be part of the activities that marked the 8th edition of EU-Nigeria Business Forum that was held in Lagos between June 30 and July 1st, 2022, with the theme ‘Nigeria and the New Economy’.

The TEI- Green economy would put forward innovative, modern solutions to established sectors like agriculture as a new growth engine. According to ambassador Isamuela Isopi, she disclosed that the launch of the TEI-Green economy will bring together projects that would create jobs for unemployed youths and accelerate economic growth in the country.

In her words, “We launch the TEI-Green Economy, which brings together projects and measures of access to finance, promoted and funded by the EU, the EU member states and EU Development finance institution with the objective to achieve low carbon, resource-efficient and climate-resilient development that would create jobs for the youth and accelerate economic growth through the development of climate-smart agriculture, as well as the circular digital economy”. 

The aim of this objective is built on three (3) pillars, which are, the expansion of renewable smart energy, the development of climate-smart agriculture, and the sustainable transformation of Agri-SMEs in selected value chains.

Through the implementation of the TEI-Green economy, it is expected to yield the emergence of new, and existing growth in Agribusiness to achieve improved growth in production and exportation, as well as the improvement of smallholder livelihood through capacity building and investments.

The TEI-Green economy is also expected to reduce the loss of livestock and crop, as well as the improvement of food security. Indeed this partnership is loaded with so many benefits. Looking at the list of development that the TEI-Green economy will bring in the Agricultural sector, it will no doubt positively impact Nigeria’s economy.

Despite the fact that the agricultural sector in Nigeria has received few fundings from the government of Nigeria, it is still faced with a myriad of problems. With the Russian-Ukraine war that has led to severe famine in most countries in the African region, which is the worst hit, African countries need to revamp their agricultural sector so that they can start producing their food and quit the heavy reliance on foreign countries for food aid.

In Nigeria, the country has been ravaged by heavy reliance on the importation of food commodities which is affecting the economy. Hopefully, this partnership with the EU will improve the production scale of Agricultural commodities in the country as well as ensure that there is food security.

Also, looking at the high percentage of unemployed youths, the project will enhance the employability of Nigerian youth and women. This TEI program has been disclosed to run till 2027, hopefully before it elapses, a lot of transformation  would have happened in the agricultural sector.

The EU, having observed Nigeria, identified agriculture as one of the backbone of the Nigerian economy, which was revealed to be providing the main source of livelihood for most Nigerians and contributing about 22 percent to the nominal GDP of the country.

Unfortunately, the country continues to rely on oil with so much dependence on the mineral resource. A nation cannot grow without the diversification of its economy. The EU, therefore, disclosed that its reason to invest in the agricultural sector, is to diversify it as well as help Nigeria attain the SDGs and put the country on a sustainable development path.

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