Doing Business in Lagos Part 2 by Don Abiodun Odedeyi

THROWING MONEY IN THE DRAIN, The African way

Continuous exportation of raw materials, importation of finished goods into Nigeria or any periphery countries, irrespective of balance of trade will continue to underdevelop the later so far this action remain in practice.

One of the critical panaceas that I have come to accept (as reason for poverty and solution) is the Structural Development which advocate for delink/break-of-ties (with the core countries) and rigorous homegrown import substitution industries.

This decision did not come from the bin.

The Chinese example is living right with us as it denied twitter a chance to make entry into it country instead released its own microblog version, weibo, in 2009. 

With the world’s population at 7.5 billion and China’s population at 1.379 billion (that’s 18.4% of the world’s population), China remain the largest market among the Developing countries. The decision to shut out twitter and embrace local substitute, Weibo, has interpreted to $11.3 billion in value, about $200 million more than Twitter (Source: money.cnn.com).

READ THIS before you submit your next loan request by Don Abiodun Odedeyi

The agricultural sector remain Nigeria's biggest joker in it drive to achieve economy sustainability. it is so funny that Nigerians appetite for white-colar related jobs keep pushing the agricultural sector into dark spot of neglect and dearth. 

Those who triggered their risk underestimated the amount of resources, investment, training, market survey capital etc needed before going into the sector... they dip into the business with nothing but hoe and cutlass.

My father is one of these people.

Doing Business In Lagos #Part 1

"Good evening Abiodun. My name is Kazeem (name changed), I have a LPO from a fast growing eatery in Lagos Nigeria and I need the sum of N5,000,000 between now and tomorrow".

The time was 2:34pm and I sat with this middle-aged man looking all sweat in an air-conditioned office, my office.

This is one of the many request I face everyday from total strangers who approach  my financial institution when in  need of funds to argument their business.

Kazeem supply eggs to wholesalers within Lagos Metropolis, his sojourn pitched him with a contact and after few discussion, he was given an appointment and the outcome of the meeting was a LPO for the supply of 6,800 crates of egg.


That day was the first day I met Kazeem, I can't describe or point to his business, his account or transaction is not with my bank.

How do I help Kazeem achieved his objective?

Diversify Your Income Sources Not Just Your Investments and Assets

Everyone talks about diversifying your investments but few people seem to talk about the equally-as-important job of diversifying your income sources to create passive income. 

If you want to enjoy financial independence, this should be on the top of your list.  It's closely related to a concept called The Berkshire Hathaway Model - taking a two-bucket approach to your personal finances and not something you should brush off.

FROM SMEs to BLUE-CHIPS… Here is how By Odedeyi Abiodun

The best of business widely found in developing countries are sales of finished products.

These products, irrespective of their origin of manufacture, are becoming a mainstay of economies of these countries.

These transactions affect GDP, international trade balance, international politics, among others.

But when the difference in value between a country's imports and exports, regarded as balance of trade is not favorable to you and your country (trade deficit), there is a gap of either an opportunity or problem.

BREAKDOWN of Balance of Trade

A country that imports more goods and services than it exports has a trade deficit. Conversely, a country exports more goods and services than it imports has a trade surplus. The simple formula for having the upper hand (trade surplus) is to export more than import.

Not that developing countries are not producing at all but narrow range of primary products and few export markets cannot sustain the chuck of raw cash huge importation is draining from their economy.

In the face of recession, cash straps, technical know-how, a vital ingredients to achieving this giant height is fearfully edging to the cliff.

How then can the balance of trade reflect positive?

BoI, RUFIN seal pact on soft loans for 100,000 new small businesses

The Bank of Industry, executor of MarketMoni, one of Federal Government’s social intervention programmes, has sealed a pact with the Rural Finance Institution Building Programme (RUFIN), an initiative of the Federal Ministry of Agriculture and Rural Development (FMARD), to provide access to soft loans to 100,000 small businesses.

The partnership is part of the Federal Government’s activities to stimulate the Nigerian economy and deepen financial inclusion for the economically active rural poor.

The partnership also signals the commencement of events by BOI to reach 100,000 new beneficiaries of MarketMoni through RUFIN across Nigeria’s six geopolitical zones within the second quarter of 2017, as accredited individuals will have direct access to quick, easy and interest-free loans of between N10,000 to N100,000 for up to six months at no other costs except a one-time five per cent administrative fee.

LAGOS, it intervention fund and you by Don Abiodun Odedeyi

Today, the protocol of writing formally went through the window before I open my computer

Introduction

The LSETF is the Lagos State Employment Trust Fund, a N25billion set aside simply for the growth of smes, creation of business, making dreams come true.

Why should I dwell on why Lagosians seems to miss out in benefits when we've not yet touched why you are here (How you can participate).

But really, where have you been before now… where have you been when others are already getting theirs? Anyway, let's skip that and go to the business of the day.

Screenshot of application page and requirement on lsetf web page

The LSETF is not for established businesses alone but also for business idea that need fund to become reality.  The bottom-line is simple – create/empower self-employed, sme so that they become companies that fend for themselves and employ people.