Excited to share that on Saturday, I will keynote this year’s gathering of the Association of Nigerian Scholars in America. The theme of the event is “Translating Academic Research into Industrial Processes and Products: Benefits, Challenges, and Opportunities”  and I will speak on a topic I have titled “The Knowledge of Nations and Translation into Innovation Societies”. It would be a huge dose of economic history, technology roadmap and playbook for the future.

• 81% of SMEs in Nigeria are optimistic about the next 12 months compared to a regional Sub-Saharan average of 74% SME Confidence Index
• Research identified key areas with the greatest potential for growth with 1 in 2 SMEs projecting an increase in revenues in the next 12 months

After facing unprecedented changes in the wake of the COVID-19 pandemic, Small and Medium Enterprise (SME) confidence in Nigeria is on the rise, according to the latest research by payments technology leader Mastercard.

The inaugural Mastercard Middle East and Africa (MEA) SME Confidence Index found 81% of SMEs in Nigeria are optimistic about the next 12 months, compared to the regional average of 74% in Sub-Saharan Africa. Looking ahead, 78% of SMEs in Nigeria are projecting revenues that will either grow or hold steady. Over half (56%) are projecting an increase.

Access to credit, and acceptance of digital payments for future growth

As many regional economies gradually enter the normalization and growth phase, and social restrictions continue to ease, small and medium sized businesses in Nigeria have identified accepting digital payments (75%), easier access to credit (72%), and doing business internationally and digitizing business operations (72%) as the top three drivers for growth.  This highlights the opportunities for small businesses that arise from both internal transformation as well as industry regulations and trends.

Making sure that SMEs have all the support they need to go digital and grow digital is a key focus for Mastercard. The company works closely with various stakeholders including the government and banking institutions to create opportunities for Nigeria’s 41 million MSMEs. Collectively, they contribute about 50% to the national GDP, although this share could grow given that only 23% of females operate formal SME businesses in Nigeria.

Mastercard has pledged $250 million and committed to connect 50 million micro, small and medium size businesses to the digital economy by 2025 using its technology, network, expertise and resources in support of the company’s goal of building a more sustainable and inclusive digital economy. As part of these efforts, Mastercard is focused on connecting 25 million women entrepreneurs. For many small businesses, reducing their dependence on cash through digital payments acceptance, has played a major factor in being able to get paid and maintain revenues.

“Small businesses have faced big challenges over the past year, but one of the most important things they can do for their own growth and in terms of future-proofing their business, is to prioritize digital payments acceptance. It is extremely encouraging to see that Nigerian businesses are recognizing this and understanding the role that safe, secure and simple digital payments can play as they tackle the year and decade ahead with renewed optimism. At Mastercard, we are committed to keep SMEs connected to the tools they need to create new connections and sustainably grow commerce,” said Ebehijie Momoh, Area Business Head, West Africa, Mastercard.

The cost of business a key concern, whilst public and private partnerships seen as engine for growth

When asked about the main thing that keeps them up at night, 54% of SMEs in Nigeria mentioned the challenge to maintain and grow their business was their top issue. Looking at concerns over the next 12 months, 55% identified the rising cost of doing business, while 53% cited the need for easier access to capital and funding. Private sector partnerships (50%) and government-led initiatives (52%) were identified as having the biggest potential to positively impact SMEs and the wider Nigerian.

As consumer trends evolve in a post-pandemic world, businesses must adapt and prepare for the future. Mastercard’s Economic Outlook 2021 estimated that 20-30% of the Covid-19 related surge in e-commerce would be a permanent trend in share of overall retail spending globally. Furthermore, recent studies from Mastercard showed that over three in four Nigerian consumers (84%) say that they would shop at small businesses, if they offered more payment options, and 81% noted being more excited to shop at retailers that can offer the latest payment methods, and an equal proportion (81%) said they would be more loyal to retailers who offered multiple payment options.

I have the best products (Tekedia Mini-MBA, our portfolio firms, etc) in the world. If I do not tell people about them, that makes me a really uncaring person. So, I do not advertise things, and when you see my posts trumpeting my products, understand that my global obligation to be fair and caring to you is a requirement that I let you know they exist. It would be pure wickedness from a service angle if you do not know that my products exist. So, to avoid that, you get to be learning about them!

I never advertise. My promotion of my products is a social good. I do not want to deny people their rights to use the best products in the world.

See sales differently and flip the motivation in the minds of your team. Why deny the world the best product if you think you have it? At Tekedia Institute, we are changing how people think about business and the path to success!

The best feature of an online platform is Demand (yes, many users). As you develop your playbook, do not forget that irrespective of all the styling and coding, if you do not have users, the utility of the products will drop. Perfect the Inversibility Construct.

For the Inversibility Construct, you need to turn a typical frustration in the meatspace into strength in the digital space. That means, you need to INVERSE the experiences of people, so that what annoys them in the physical becomes strength in the digital space. I provide some examples:

• People hate crowded shopping malls; make people to like crowded shopping malls via your products (Amazon, Konga)
• People hate crowded classrooms; make a classroom where everyone is happy when it is crowded (Udacity, Facyber)
• People hate crowded bank halls; make products where everyone enjoys the service when the bank hall is crowded (Paypal, Paystack)
• People hate crowded motor parks with passenger hailers; make a hailer which people like because it is crowding many people together (Uber. Little Cab)

Improve demand acquisition playbook!

Good People, join me to welcome Mecho Autotech to Tekedia Capital. Mecho is a robust and fully interactive technology platform that delivers seamless vehicle maintenance, inspection, and repair services via a robust network of certified mechanics and automobile technicians. It has the largest database of mechanics and was just accepted into the prestigious Y Combinator.

As a category king, Mecho can help you maintain a fleet of vehicles, help insurers manage claim/repair processes, and do many amazing things for corporates and individuals. It has the best technology in its domain and it is super-amazing!

Tekedia Capital expects to invest at least $10 million by December 2021 in startups for NEXT Africa. We are excited to join hands with Mecho Autotech and will be here to celebrate this innovator.

It was just 3 weeks old when we got in. And I am happy we’re extending that party. Mecho has resources to support any scale of business in Nigeria. Vetted mechanics – checked. Original spare parts…loading.

CEO Olusegun Owoade and COO Ayoola Akinkunmi, let us go all the way: welcome to Tekedia Capital.

To learn more about Tekedia Capital, visit here . We strike smartly!