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CBN Governor Reveals Its Policy Focus For 2022

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Godwin Emefiele, Central Bank of Nigeria (CBN) Governor has revealed the focus of the apex bank for the year 2022.

CBN will focus on. improving access to finance and credit for households, small and medium-sized enterprises (SMEs) in 2022.

Emefiele revealed this in Lagos while urging all stakeholders to build a more resilient economy that will contain external shocks as well as supporting growth and wealth creation in key sectors of the economy.

Emefiele said, “The policy focus of the bank for 2022 is with a pledge to sustain improved access to finance and credit for households and businesses, mobilise investment to boost domestic productivity, enable faster growth of non-oil exports, and support employment generating activities.”

The CBN governor disclosed that one of the vital lessons learned from the COVID-19 outbreak was the need to make conscious measures to diversify Nigeria’s economic base.

He cautioned that the country must do all that is necessary to decrease the importation of goods.

The CBN boss added that “Proactive steps on the part of stakeholders in the private sector, in collaboration with the government in supporting the growth of sectors such as manufacturing, ICT, and infrastructure, will strengthen our ability to deal with the challenges of COVID-19 and stimulate further growth of our economy.”

Commenting on the importance of creating an efficient infrastructure ecosystem in Nigeria, he stressed that all necessary approvals had been obtained for the Infrastructure Corporation of Nigeria (InfraCo) to begin operations in early 2022.

Emefiele said recently that the Federal Government would toll the Lagos-Ibadan expressway, Abuja-Kano road, and the second Niger Bridge to repay loans used to fund the project

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Meet Kingsley Adonu

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In the dynamic world of entrepreneurship, there are visionaries who not only navigate the business landscape but redefine it. Meet Kingsley Adonu, the Founder and Chief Executive Officer of the SMobile Group, a conglomerate that stands as a beacon of excellence and diversity in the global business arena.

Kingsley Adonu is a visionary entrepreneur and the Founder of the SMobile Group, a conglomerate synonymous with excellence and diversity. As the Chief Executive Officer, he has steered the group to remarkable heights, overseeing a spectrum of businesses that span across Telecommunications, Oil and Gas, Real Estate, Hospitality, Water Production, Agriculture, Technology, E-commerce, Energy, Sports, Entertainment, Education, Health, Logistics and Financial Services, with branches extending globally to UK, USA, China, South Africa, and Canada.

Under Kingsley’s astute leadership, SMobile Group has emerged as a major partner for MTN, evident in the impactful presence of the SMobile brand in the telecommunications landscape. His strategic insights and forward-thinking approach have positioned the group as a dynamic player in multiple industries.

Beyond the boardroom, Kingsley Adonu is a dedicated philanthropist, committed to making a positive impact in communities. His philanthropic efforts extend beyond business, reflecting a deep-seated belief in the responsibility of successful individuals to contribute meaningfully to society.

Kingsley’s influence is not confined to national borders; he has actively participated in numerous international telecom conferences, further enriching his understanding of global industry trends and fostering valuable connections with industry leaders worldwide.

With an unwavering commitment to excellence, Kingsley Adonu continues to inspire and lead the SMobile Group towards new horizons, blending business acumen with a passion for positive societal change.

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MyShopLauncher (MSL) Launches to Empower African SMEs with Revolutionary E-Commerce Platform, Unparalleled Support

Reporter: SANDRA ANI

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MyShopLauncher
MyShopLauncher team at the launch of the eCommerce platform for startups and SMEs in Nigeria.

Today marks a significant milestone as MyShopLauncher proudly announces its official launch, bringing forth a groundbreaking e-commerce platform designed to redefine the landscape for small and medium-sized enterprises (SMEs) in Africa. 

According to statista, the revenue in the E-commerce market in Africa was forecast to continuously increase between 2024 and 2028 by in total 15 billion U.S. dollars (+48.88 percent).  

After the sixth consecutive increasing year, the indicator is estimated to reach 45.72 billion U.S. dollars and therefore a new peak in 2028. 

MyShopLauncher
L-r: Akintunde Opawole, head of Product; Tochukwu Udunwa, Product Marketing Manager, and Susan Agbor, Head of Marketing, all from MyShopLauncher, during the launch of eCommerce platform for startups and SMEs in Nigeria.

A Vision Fueled by Empathy 

Founded two years ago, MSL’s inception was rooted in the recognition of the struggles faced by African merchants managing their businesses manually.  

The MSL team embarked on a journey that involved extensive conversations with entrepreneurs, surveys, and rigorous testing of theories.  

This painstaking process led to the development of a product that not only offers a no-code e-commerce storefront free of charge but also reflects a genuine commitment to the welfare and growth of SMEs. 

More Than a Platform: A Caring Community 

At the heart of MSL’s mission is a desire to forge connections that extend beyond business transactions. Beyond providing no-cost storefronts, MSL is dedicated to creating real bonds with business owners, offering support, guidance, and the tools needed for success.  

This commitment goes beyond the conventional, embodying a genuine care and concern for the thriving of SMEs in Africa. 

MSL’s Unique Selling Propositions (USPs) – A Platform with Heart: 

  • No-Cost Storefront: MSL offers a no-code e-commerce storefront, empowering merchants without any upfront charges. 
  • Customer Centricity: Beyond transactions, MSL is driven by a deep commitment to understanding and meeting the unique needs of each business owner. 
  • Educational Support: MSL provides free access to educational resources and coaching to accelerate the growth and development of SMEs. 
  • Real Connections: MSL fosters genuine connections, creating a community where business owners are not just clients but valued partners on the path to success. 

In an era where commerce often feels transactional, MSL stands apart as a platform with heart, a platform driven by the vision to uplift, empower, and support African SMEs. As we launch, we invite entrepreneurs to experience not just a product but a community—a community that cares deeply about their success. 

“At MSL, we believe that the success of SMEs is not just about transactions; it’s about building relationships, understanding aspirations, and providing unwavering support. Our platform is not just a tool; it’s an extension of our commitment to the dreams and growth of African business owners.” — Akintunde Opawole , Head of Product of MyShopLauncher. 

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KADE KEYO Small Business Innovation Challenge (SBIC) winner Emerges

Five small business owners pitched their business models to the delight of the investors, writes SANDRA ANI

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SBIC
R-L: Tanho Attah, the convener of SBIC, and Amidu Mohammed, the winner

Amidu Mohammed, founder of Plastibuild Creative Solutions, has emerged the winner of the Small Business Innovation Challenge (SBIC) organized by KADE KEYO.

The winner was unveiled on Friday, August 25, 2023, at the EridanSpace events hall, Ikeja Lagos, according to Techeconomy report.

Five small business owners pitched their business models to the delight of the audience and after a thorough scrutiny, Amidu Mohammed emerged winner of the 50,000 naira cash prize.

Small-Business-Innovation-Challenge- SBIC
SMB owners who participated at the inaugural SBIC

Plastibuild Creative Solutions leverages innovative upcycling processes to bridge the gap in sustainable products by delivering eco-friendly and affordable consumer products that combine quality and performance and durability at its core.

According to Amidu, “We believe that there is no waste, we rather consider every waste as a resource yet to be explored.”

During the pitch presentation, he displayed foot wears made from discarded vehicle tires. As explained by him, these foot wears are made for children and market women who go around bare-footed.

Amidu added that these discarded tires are also used in making furniture for household and office use.

The other four small business owners who pitched at the SBIC are:

  • Ruth Sampson (Queen Gbeja Enterprise) – This enterprise makes healthy natural healthy drinks and snacks
  • Tola Mobuse (Lushylosh Concepts) – Tola creates customized designs
  • Chidinma Echenim (KIA KIA) – This web solution converts excess airtime to cash
  • Khadijah (Olive Field Eduservices – Khadijah helps people speak the English language with good diction and phonics

The SBIC is championed by Kade Keyo, a champion for the growth of society through Business Development at all levels, for two decades.

This is the SBIC inaugural edition of the project created to drive business development within the small and micro small business community by offering cash grants to the winning pitches, business clinics and interactive networking opportunities for business owners to foster collaboration.

Delivering the opening remarks at the pitch event,  Tanho Attah, the convener, commented on why he decided to create the SBIC project.

According to him, much of the society focuses its direction on large businesses, and a lot of investment globally goes into funding large corporations.

“This is quite personal to us, so we went into the archive, trying to figure out how we can help small businesses, because in the end all large corporations rely on them for distribution, access to the market and cash flow.”

Explaining further,  Tanho  said, “Why I created this was to help members of the small business community with the infrastructure and support they may be lacking, which is why one of the qualities of the SBIC is the business clinic, created to help small businesses in what they could do to improve their processes and practices to make them either be sustainable businesses or large businesses of tomorrow that understands what it means to start small and grow. That’s essentially the vision for the project”.

Tanho Attah, the convener
Tanho Attah, the convener

During the course of the event, he also gave a short business session, where he gave a reorientation about why business owners must drop the belief of knowing it all.

According to him, every business owner starts out with the idea of what they want to create and why they want to create it. Then with campaigns, marketing, and all necessary things for the business to survive that you need to survive as a business.

Explaining further, the most important thing a business owner needs is customers. “Your customers are your clients, the people who buy your business are your investors, the people that you said is that are the ones that will give you the credibility, to be a business”

“If you have 10 customers, every week, you have a business. If your customers come to you every week, you have a consistent business. If your customers talk to their friends and community members about your business, you have a sustainable business.”

At the close of the pitch,  Tanho Attah hinted that Amidu emerged the winner because he communicated his idea seamlessly and demonstrated business profitability.

SBIC 2023 edition also provided opportunity for partnerships and potential deals also discussed as the goal is also to encourage small business owners to support one another.

Speaking on his emergence as the winner of the SBIC inaugural edition, Amidu expressed his gratitude and what lies ahead.

“I am very grateful for this opportunity by SBIC and I promise that this fund will be deployed for the tools I mentioned during the pitch session. As an entrepreneur, the terrain is rough, we are always on the lookout for investment, grants, equity and pitches to help us scale further because this is never going to be enough, we will always need more money to grow our business, reach more people and create more impact”, Amidu closed.

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