Five Quick Questions That Will Show If You Will Be A Successful Businessman In Future.

Do you know how to lie? lets face the fact most successful business owners are successful liars even from childhood some parents start teaching their children to lie about products they sell.

 i was in search of fresh bread one day and i went to Mama Blessing's store to get one. when i got there i saw that Mama Blessing had gone to the market but luckily for me Blessing was around so i selected a loaf of bread and asked her if the bread was fresh and she quickly replied," yes! they just brought it in" so i took the bread despite my doubts but as i was about leaving the shop i saw that the bread truck was just coming to supply them bread for that day. 

meaning the bread she asked me to take was from yesterday's stock, Now what really surprised me about this particular case was the fact that, Blessing even at her early age already knew that being too honest is not good for business and so she have mastered the practice of lie and can now lie without looking back. she will no doubt make a successful businesswoman in future. So the question still stands, Can you lie?

Are You a talkative? Yes being a good talker is good for business, in business you should be able to convince your customers to buy your products and you should also be able to engage your customers in small discussions about their family,life and politics, for example a customer asking for a reduction in price for a particular product you could reply him or her by saying "HABA OGA! for this Buhari Economy, you no hear say everything dun cost, even fowl self dun increase the price of their eggs" in that way you are telling the customer that things are now expensive and that the price is fair.

Do you have an attractive personality and outlook? most customers are looking for people they can trust and as human being they will trust the business man that looks responsible and inviting, no customer will go to somebody that looks suspicious or that is looking angry or sad because nobody want wahala.  I was trying to get a Bus one day and i decided to get recharge card before entering the bus, so i went to the side of the road where some recharge card sellers were seated, immediately they saw me coming they started shouting " recharge card, oga come buy card" as if i did not already know that that was what they were selling, but among them was this young boy who did not even border to raise his voice or stand up to invite me to come and buy, he just sat under his umbrella and was smiling at me as i approached and when i got near enough he shouted " how much own you want buy?" and that was how i bought from him.

How good are you with money? Earlier in life, when i got my first job as a sales representative in a small supermarket in Benin i was always getting overwhelmed by all the money i had to handle, sometimes i sit down for hours counting and recounting bundles of money, while my other more matured co-worker had little issue with handling cash, he could count up to 200,000 naira in 500 notes within seconds and not even bother recounting it because he is sure he is always very careful in counting and he is good at it. Being good with money also means have good financial management skills and you are not a wasteful spender who will eventually bankrupt his or her own business.

Are you married? stay that way. are you single? stay that way. Your relationship status could either positively or negatively affect your business.

 you have no business planning for marriage if you have just started the business on whose growth your source of income depends on as a man, as a woman getting married comes with a lot of changes which may include you needing to move to a different location far from your place of business and you needing to make certain changes in your life that may not go well for your business.

 So giving your business some time to grow and mature before talking about marriage is my advised step to take. as for those that are already married congrats and happy married life but you should know that as a married business person there are challenges that you are bound to face because you now have responsibilities, that is why most businesses on which families depend on rarely expand because you continue taking away from the business and hardly adding to, and owners of such business rarely talk of expansion or attempt to take risks which are good for business, because of the fear of losing their families source of living. 

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list of required documents for registering in the Bank Of Industry YES loan program

Micro Credit

SME/Large Enterprise

1. Formal Letter of Application 2. Photocopy of Certificate of Registration 3. Constitution and Bye-laws of Cooperative Society (only for Cooperative Societies) 4. Business Plan 5. Four (4) passport photographs of the Promoter (business owner) 6. Photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the Promoter. 7. Photocopy of International Passport or Driver’s License or National Identity Card of the Promoter. 8. Bank Statement of the Business Enterprise for a period of one (1) year (for existing business). 9. Sales record for six (6) months and operating expenses. 10. Evidence of availability of Collateral Security (e.g. landed property, Individual Guarantor, etc.).

1. Formal Letter of Application 2. Photocopies of Certificate of Incorporation and Certified True Copy of Memorandum and Articles of Association of the Company. 3. Photocopies of the Certified True Copy of Forms C02 and C07. 4. Business Plan. 5. Photocopy of title documents to project site (Statutory Certificate of Occupancy or Deed of Assignment). 6. Photocopy of Title Documents (Statutory Certificate of Occupancy or Deed of Assignment) to the Collateral Security. (This must be a landed property in an urban center). 7. Approved Building Plan (If new building). 8. Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building. 9. Valuation Reports on Factory Building(s) (for existing projects) and property offered as Collateral Security. 10. Quotations for items of plant and machinery (at least 3 quotations from different sources). 11. Three (3) years most recent Audited Accounts of the company (for existing company). 12. Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors. 13. Four (4) recent passport photographs of each of the two Directors and the Company Secretary. 14. Evidence of appointment of a Company

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list of SME product clusters that Bank of Industry supports in its YES program.

1. Adire (Tie and Dye)/Aso Oke
2. Animal Feeds
3. Aquaculture
4. Bakery
5. Blocks and Interlocking Stones
6. Bottled Water
7. Ceramics & Tiles
8. Chemicals and Paints
9. Cosmetics/Hair Products
10. Dairy
11. Digital Printing/Multimedia Publishing
12. Doors and Window Frames
13. E-Commerce/Information & Communications Technology (ICT)
14. Fashion/Garmenting
15. Fish Smoking/Drying
16. Food Processing (comprising processing of agricultural products)
17. Foundries/Metal Fabrication/3-D Printing
18. Fruit Juice
19. Furniture/Wood Processing
20. Gemstones
21. Greenhouses
22. Laundry and Dry Cleaning
23. Leather/Footwear
24. Liquefied Petroleum Gas/Compressed Natural Gas
25. Meat Processing
26. Mechatronics
27. Health Care (Medical Diagnostics)
28. Laboratory/Orthodontist/Ophthalmology/Physiotherapy)
29. Movie Production (Nollywood)
30. Plastics
31. Quick Service Restaurants
32. Quarries
33. Recycling
34. Roofing Sheets
35. Soaps and Detergents
36. Solar (off grid)
37. Technical/Vocational Schools (Offering City & Guild Certificate)
38. Theme Parks
39. Water Transportation Riverine
40. Light Manufacturing (Paper, Roofing Sheets, lube blending, Paints etc)
41. Grocery packaging

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Can you be an entrepreneur?

There are people who are happy with being a worker till they retire, and there are some who likes to be their own chairperson and starts up a business. Though, it does not mean that one person trumps the other, there are lots of personality differences between the two. Really, there are personality tests available online that one can take to identify their personality characteristics and learn whether or not you have what it takes to be an entrepreneur.

Though lots of entrepreneurs differ in their style and perspective, there are some common traits that make one a successful businessman.

1. Hard working

this is a characteristic that every entrepreneur should have. Having non-stop energy to do a large amount of work and multitasking while a pile tasks here and there should be done to achieve your goals. If it suggests, work double time? Then, do work double time!

2. Positive attitude

it isn't assured that when you are into a business you'll always be good and no Problems will come, there will be issues and complications and these things are the ones that are going to shape you up to be a successful entrepreneur. Being pessimistic? There's no room for that! You want to know the way to deal with even the darkest times of your life for it would occur again.

3. Sense of commitment

Whatever you do, you should be committed to doing the absolute best you can and achieve what is predicted of you and for the business. It is tantamount to sense of professionalism, which is quite significant when you go to the outside world.

4. Goal-oriented

what good a business is, if there are no goals to live from? It is as if going out in battle without knowing what to do next. Setting up goals for your business is crucial since all of the activities revolved around the goals.

5. Passionate about reaching such goals

what good goals are if not achieved? Be sure that when you set targets, it's realistic and doable. You need be obsessed about what you do and have a thrust to keep you pushing forward to reach your goals.

6. Perseverance

Business includes lots of challenges. It's very likely that you're going to fail first time, even 2nd time, and sometimes even third time. Perseverance is the key to success here. Successful entrepreneurs try to benefit from their mistakes and never give up. Learn from PMB's struggle to be the president of Nigeria. 

To be an entrepreneur you also must have a business idea, a clear appreciation of a difficulty you are trying to solve and some system in mind how you'll take it to the market. Just having above discussed traits doesn't guarantee that you are going to be a successful entrepreneur but certainly sets you aside from others, help you face difficult challenges, and save you from falling down on your face.

Is entrepreneurship for you? I don't know. You've got to answer that for yourself. Ask yourself whether you some who likes to follow or who likes to guide, whether you like to do things your way or you mostly need guidance, whether you want to be managed or you are self-motivated. There are many such self-evaluations you can do yourself. But definitely, if you're a sort of person who likes new challenges each day, can fly in thin air, and lead without any direction; then you've a greater chance of succeeding as an entrepreneur. If you've got a business idea lurking deep within you, it's high time to try it out because that's the first thing an entrepreneur would say lets try it, let's do it.

Culled from here:http://www.nairaland.com/3116423/entrepreneurship-it

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Bank Of Industry to Provide loan for more Graduate under its YES program.

Following the turnout of applicants for its N10 billion facility earmarked for on-lending to small businesses under the Youth Entrepreneurship Support (YES) programme, the Bank of Industry (BoI) has concluded plans to expand the fund size as well as accommodate more candidates under the scheme.

Specifically, the bank noted that due to the high rate of applications received for the YES initiative, it would increase the size of the fund from the initial N10 billion, while considering an increase in the number of would-be loan beneficiaries from 1,200 yearly to 4,000 candidates.

Speaking at the assessment exercise of the initiative and inauguration of a seven-man panel to serve on the application screening committee in Lagos, BoI’s Acting Managing Director, Waheed Olagunju, noted that out of the 40,000 applications received, 15,000 or 37.5 per cent were properly completed and thus qualify for consideration for the first segment of the entrepreneurship capacity building programme which is the eight weeks online training component.

“This programme was launched in response to the alarming unemployment problem among Nigerian youths. Having noticed the huge volume of registration on the online portal of 40,000 which has far outstripped the 10,000 entries earlier envisaged by 300 per cent over the six-week period, we have come to the realisation that Nigerian youths have enormous entrepreneurial appetite waiting to be unleashed on the nation’s economy in a positive sense.

“We have therefore come to the conclusion that we should provide more opportunities for the youth by increasing the number of would-be loan beneficiaries from 1200 to 4000. Efforts would be made to ensure a fair distribution of the beneficiaries in consonance with the proportion of entries received from the six geopolitical zones”, Olagunju added.

Minister of Industry, Trade and Investment, Dr. Okechukwu E. Enelamah, while inaugurating the committee, commended the bank for the initiative, saying, “I am quite satisfied with the implementation of the YES-Programme thus far, considering the calibre and quality of the facilitating institutions. The candidates’ screening and evaluation process are transparent, merit-based and in line with global best practices.

“The synergy created by the consultants working in concert with BoI’s in-house team, will undoubtedly manifest in the quality of young entrepreneurs that will be produced under the programme.

“The import of the overwhelming response by our youths to the YES-Progammes is a manifestation of their desire to take control of their destinies via the entrepreneurial route by being self –employed. It is therefore apparent that the earlier envisaged 1,200 would-be loan beneficiaries would fall far short of the yearnings of the aspiring young entrepreneurs.

“I would like to assure our youths of Federal Government’s absolute commitment to its financial inclusion programme. Government will endeavour to meet the aspirations of youths by providing the support needed by BoI to successfully implement the YES-programmes”.

Members of the application screening committee include the Acting Managing Director, Waheed Olagunju, Executive Director, Financial Inclusion, Mrs. Toyin Adeniji, Divisional Head, SME (North), Abdul-Ganiyu Mohammed, Divisional Head, SME (South), Umar Shekarau, and three other eminent members made up of successful entrepreneurs, professionals, retired bankers, SME consultants.

We talked about this YES program when it was launched last year, I believe this of us that have applied for it are now happy to know that it would accommodate more beneficiaries 

Bank of Industry launches loan program for small businesses

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Nigerian Graduates will have to sacrifice their certificates to get access to CBN small Business loan.

Good news! the central bank of Nigeria have just come up with a loan program for those interested in setting up small and medium businesses in Nigeria, the news is a welcomed one but it has its conditions which is, only those who are in possession of some form of certificate from recognized Nigerian tertiary institutions and those who have a "O" level certificate can benefit from this program.

these are the conditions for getting the Loan as stated by CBN:

The central bank recently came up with a Micro, Small, and Medium Enterprises fund to allow for new businesses to borrow from the fund as start-ups in a bid to create new jobs and curb unemployment.

"this is a new and recent development as it is targeted at the teeming number of unemployed young Nigerians, in the past to get access to such a loan you would need to already have an existing business but however the new guideline released by the Nigerian apex bank CBN have removed this limitation.


   “PFIs are expected to accept charge on fixed and floating assets of the financed projects as collateral for start-ups. Collateral requirement from start-ups by PFIs (DMBs and DFIs) shall be educational certificates such as SSCE, National Diploma (ND), National Certificate of Education (NCE), National Business and Technical Examination Board (NABTEB), Higher National Diploma (HND), University degree (NYSC Certificate where applicable) and a guarantor. "


“The start-ups to access the MSMEDF must present their Bank Verification Number (BVN). Venture Capital Firms (VCFs) that wish to finance start-ups in form of equity participation shall be eligible to access the MSMEDF at 2.0 percent for investment in start-up projects. The collateral for such facility to the VCF shall be bank guarantee. “Incentive shall be offered to PFIs that repay loans as at when due. a) Start-Ups (i) DMBs/DFIs playing in this space, shall access MSMEDF facility at zero percent interest for on-lending at 9.0 percent (all-inclusive) to start-ups. (ii) The PFIs shall qualify for a 50 percent risk shared on the net outstanding balance in the case of default. b) Other Incentives Microfinance Banks with PAR of 10 percent and below shall be exempted from providing financial assets as collateral to access facility under the MSMEDF.”


you ask me steve what do you think? should i use my Certificate as a collateral for a loan? what if my business idea does not work?

well what i think is, if you cannot responsibly manage your business and repay the loan given to you for start up then you have no business looking for a job in another man's Business.

we actually announced last year that the CBN governor was saying something about small business loan during the 7th annual bankers retreat, well this is the much awaited program it is a very attractive loan scheme if you ask me but na only few die hard enterpreneurs like me go fit get mind drop certificate for ground use carry loan enter business.

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Mylastkobo.com to Organise an intensive skill acquisition training exercise for students of the university of Benin.

In line with my commitment to enlightening young Nigerians on the benefits of gaining "sellable" skill before going out into the labour market in search of jobs which are not necessarily always available I will be hosting a one day intensive skill acquisition program in the university of Benin for members of the faculty of arts students association to help them acquire basic knowledge of certain skills that would help put them in a better position in the society when they graduate. 

        The program is taking place on the 14th of May this year and is being organised with the support of the office of the FASA president. Skills to be taught under this program are: 

* web design 

* Blogging

* Events management and interior decor

* Production of Cosmetic products

* Production of ice cream

* Production and design of Ankara products

* Pop corn making

* Make up artistry 

* Network marketing 

* Juice making( shappman) 

* Laundary

These packages will be taught by experts in these fields and it would also be a practical hands on training program where every participating student would be sure to gain the basic knowledge that he or she would need to set up on this fields.

Handouts are going to be available and each participating student is encouraged to take advantage of them as they will serve as a manual for future references.

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BOI launches a graduate entrepreneurs investment program to provide employment.

Worried by the rising number of unemployed youths across the country, the Bank of Industry (BoI) has expressed its desire to reduce the rate to single digit.
Acting Managing Director of BoI, Mr. Waheed Olagunju, stated this in Lagos yesterday at the Youth Entrepreneurship Support (YES) programme Memorandum of Understanding (MoU) signing ceremony with entrepreneurship capacity building facilitators in Lagos yesterday.
Olagunju said BoI was determined to reduce the 25 per cent unemployment rate to single digit, adding that youths account for more than 60 per cent of the country’s population figure, a development he said remained unacceptable to the bank.
The acting MD said for every N1 billion invested in Micro Small and Medium Enterprises (MSMEs), about 4,500 jobs were being created.
And to achieve the target of massive job creation, he said the Federal Government has expressed its willingness to support every initiative of the bank targeted at reducing the number of unemployed youths in the country.
He explained that the YES-Programme is another initiative of BoI designed to address youth unemployment in Nigeria with the first being the Graduate Entrepreneurship Fund (GEF) programme organised for serving members of the National Youth Service Corps (NYSC) launched in October 2015.
“The YES-Programme entails building the capacity of the youths by equipping them with the requisite entrepreneurial knowledge and skills as well as funding their business plans, which would enable them to be self-employed and manage their businesses,” he said.
According to him, participants would be drawn from young aspiring entrepreneurs between the ages of 18 and 35 years, with innovative ideas who must have a minimum educational qualification of an Ordinary National Diploma (OND) or its equivalent.
He explained that 10,000 online applications would be solicited nationwide, out of which 2,000 would be selected for the online component of the YES-Programme.
“Applicants will register online and will be expected to provide accurate answers to questions. Such answers count towards determining the suitability of the applicants for the training programme. Only the top 1,200 online participants will qualify for the in-class training programme annually.
“The in-class training will be delivered by BoI accredited partner training institutions and shall take place on a bi-annual basis at selected centres across the six geo-political zones of the country, including Lagos and Abuja. Consequently, 600 participants shall be trained at the designated locations twice in a year,” he stated.
On the components of YES, he said the programme involves eight weeks extensive online entrepreneurship and business management training, which has the ability to test participants’ understanding and track their progress.
Others are the Business Idea (value proposition and competition analysis), Business Model (how will the business make money), Sales and Marketing, Running a Successful Business (ethics, compliance, operations), Financial Plan.
The initiative, he said, will also involve technical skill training in partnership with the various technical training and vocational institutions in the country while financing of the businesses will be borne by BoI under its Small and Medium Enterprises (SMEs) cluster initiative in consonance with the United Nations Economic Commission for Africa’s Commodity-based Industrialisation Strategy.

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Relief For Small Business As CBN Allow New Business To Borrow From N220bn MSME Fund

Under the directive of  the Governor of the Central Bank Of Nigeria, Godwin Emefiele the CBN has issued out its Revised Micro, Small and Medium Enterprises Development Fund (MSMEDF) Guidelines the guidelines were issued yesterday by the Development Finance department of the CBN in the guideline the CBN  said that banks and other finance institutions that lends to business start-ups under the fund will be allowed to access the fund at zero interest rate.

The fund was opened to existing businesses alone before but the new guideline have removed this limitation stating, “Participating Financial Institutions (PFIs) are required to fund start-up projects under the MSMEDF. To encourage Deposit Money Banks (DMBs) and Development Finance Institutions (DFIs), some incentives shall apply.

“PFIs are expected to accept charge on fixed and floating assets of the financed projects as collateral for start-ups. Collateral requirement from start-ups by PFIs (DMBs and DFIs) shall be educational certificates such as SSCE, National Diploma (ND), National Certificate of Education (NCE), National Business and Technical Examination Board (NABTEB), Higher National Diploma (HND), University degree (NYSC Certificate where applicable) and a guarantor.

The start-ups to access the MSMEDF must present their Bank Verification Number (BVN). Venture Capital Firms (VCFs) that wish to finance start-ups in form of equity participation shall be eligible to access the MSMEDF at 2.0 percent for investment in start-up projects. The collateral for such facility to the VCF shall be bank guarantee.
“Incentive shall be offered to PFIs that repay loans as at when due. a) Start-Ups (i) DMBs/DFIs playing in this space, shall access MSMEDF facility at zero percent interest for on-lending at 9.0 percent (all-inclusive) to start-ups. (ii) The PFIs shall qualify for a 50 percent risk shared on the net outstanding balance in the case of default. b) Other Incentives Microfinance Banks with PAR of 10 percent and below shall be exempted from providing financial assets as collateral to access facility under the MSMEDF.”

The CBN also reduced the interest rate it charges PFI's accessing the loan from 3.0 percent to 2.0 percent. It stated, “Interest Rates All PFIs shall access funds at an interest rate of 2.0 percent per annum and on lend at 9.0 percent per annum inclusive of all charges. The interest rate chargeable under the MSMEDF may be reviewed by the Central Bank of Nigeria from time to time.”
The decision to allow business start-ups borrow from the fund is aimed at boosting graduate employment by encouraging banks to lend to graduates intending to set up businesses.

You could recall the CBN governor recently said that the apex bank would soon introduce measures to generate one million graduate employments while addressing bankers at the 7th annual bankers retreat He said, “In 2016, the CBN is contemplating a programme that would support SMEs at concessionary pricing to our young graduates. We need to get more people to be employed. The central bank would over the next few weeks work out the initiative to create employment for at least one million graduates in Nigeria in 2016. That would entail the support from Nigerian banks and our development partners.”

download the  Revised Micro, Small and Medium Enterprises Development Fund (MSMEDF) Guidelines PDF

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Factors affecting the contributions of SME's to the Nigerian economy.

When we say small businesses are important to a nation's economy, just how important do we think they are? and in what ways do we think they serve this importance?

In a Nation where the Government does not pay attention to small businesses and produce few policies that will help protect and build its small businesses the small businesses in that country will end up contributing less to the nation's economy, why?

Poor policy making: SME's are supposed to bring about substantial local capital formation, they are supposed bring about an increase in rural and urban development but in the situation wereby a nation keep introducing policies that are inimical to the growth and development of its Small Businesses, that nation's small businesses will suffer and they will end up contributing less to the nation's economy.

Poor SME supporting infrastructures:In a place like Nigeria where most small businesses rely on private generators for electricity, the contributions of small businesses to the nations economy in the area of electricity revenue will be substantially reduced, SME's are supposed to be among the top customers of electric power distribution companies but due to poor electricity the distribution companies are being neglected by some businesses who would rather run on generators. If there is a good system of transportation in the country e.g railway, waterway and cheap air travel fairs, small businesses will greaty utilize them instead on relying on private transport to move goods and services around the country, this will not only increase the contribution of small businesses to the nations economy it will also help small business owners to carry out their business in an atmosphere of affordable comfort.

Access to low interest loans and other business grants: access to loan and other forms of funds is also one of the factors that would help small businesses perform better putting them in a better position to contribute to the nation's economy.


Illegal business practices: SME's operating outside the nations economy and legal structure will do little for the nations economy e.g SME's operating on banned products and services, tax evasion e.t.c this Businesses will do more harm than good to the nation.

Poor Taxation system: If a nation is unable to come up with an effective taxation system for the effective taxation of businesses within its borders, then it should be ready to accept less contribution from businesses within it to it's economy.

Indifference to changing trends: When small businesses in a country refuse to structure their business in such a way that it would reflect compliance to changing global and domestic trends, trends and mode of operation that would suit the national economy, such businesses may end up contributing less to the nation's economic growth.

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CBN To Focus on Strategies to develop Nigeria's Small Businesses

the Governor of the Central Bank of Nigeria, Godwin Emefiele said it will focus on strategies to address current constraints to the growth of SMEs he said this At the opening ceremony of the  2015 retreat of the bankers community which took place at Eko Hotel and Suites in Victoria Island, Lagos Thursday, December 10, 2015. The retreat which is the 7th in its series has the theme: Creating an Enabling Environment for SME Growth'. 

Emefiele who is also the Chairman of the Bankers Community added that the retreat will focus on the key infrastructures needed for SME growth in the country such as the issue of power and transportation, he talked about the opportunities in sectors like Agriculture, manufacturing and solid minerals.

Dignitaries present at the opening ceremony are:

the executive Governor of Lagos State, Mr. Akinwunmi Ambode; the Minister of Finance, Mrs. Kemi Adeosun; and the Minister of Transportation, Hon. Chibuike Rotimi Amaechi. Also present were Deputy Governors and Directors of the Central Bank of Nigeria as well as Managing Directors and Chief Executive Officers of deposit money banks, among many others.

The following persons are expected to make presentations at the retreat: 

Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola; the Minister of Agriculture, Chief Audu Ogbeh; and the Minister of Solid Minerals, Dr. Kayode Fayemi.

Personally I think it is a good thing at this time that the Nigerian bankers community is holding a retreat where issues that affect Nigeria's SME's will be among the subjects of discussions.

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SMEDAN Promise to Seek Finance for Brilliant Business Ideas and Bankable Business Plan

SMEDAN is notifying people with brilliant and innovative business ideas with a reliable business plan to contact them for financing. this information was placed in their website at http://www.smedan.gov.ng/

this was exactly how the Notification went:

  This is a special announcement from SMEDAN

 Do you have a good business idea?
 Have you a bankable business plan supporting the idea(s)?
 Do you also belong to a registered and functioning Cooperative society with feasible businesses?
 SMEDAN will provide you access to business finance through our partners.
 For more information, contact us at No 35 Port Harcourt Crescent off Gimbiya Street Garki Abuja or at SMEDAN Zonal offices across the six geo-political zones.

You can also visit our state offices throughout the federation or info@smedan.gov.ng

Remember, a good business plan is an essential roadmap for business success.

I think it would cause no harm to try this one oya make una start  write business plan make we see either this people go favor us.

 SMEDAN(Small and Medium Enterprises Development Agency Of Nigeria) is the agency estabished in 2003, to promote and develop an efficient structure through which Nigerian SME's can contribute to the Nations economy.

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See How Important Your Small Business Is To The Nigerian Economy.

According to the Central Bank Of Nigeria in its monetary policy circular  No 22 of 1988 it defined SME's( small medium enterprises) as business having a turnover not exceeding 500,000 Naira, also in 1990 Nigerian Commercial Banks defined SME's as companies with not exceeding 500,000 as total income.

Running your small business without getting any attention or support from government you may begin to question the importance of your business to the Nations overall economy but that is not always the case, small businesses are the bedrock of any Nations Economy. The SME sector is responsible for about 70% of the total industrial employment in Nigeria and between 10-15% of the manufacturing output, even the Nigerian Agricutural sector is comprised mainly of SME's and it is the sector promoting indegenous technology and innovative use of local raw materials. your small business is the greatest hope for the Nigerian Economy.

Small businesses like your own are very important for rural and urban development, The 2012 enterprise baseline survey revealed that there are about 17 million Small and Medium Scale Enterprise in Nigeria employing about 32.41million persons and contributing about 46.54% to the Nations GDP.

Small businesses are vital to any Nations Economy and this is the reason why Government of Nations always provide policies that serves to protect and develop their SME's.

SMEDAN(Small and Medium Enterprises Development Agency Of Nigeria) is the agency estabished in 2003, to promote and develop an efficient structure through which Nigerian SME's can contribute to the Nations economy.

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Factors Affecting The Cost Of Setting Up A Business In Nigeria

Doing Business in Nigeria is not easy and it may even get harder considering recent events, the devaluation of the nations currency, the gradual drop in crude oil price which is greatly affecting the nations economy, and the incoherent policy of the present administration towards the development of SME's in the country, this article will try to explain the factors that influence the start-up capitals of small businesses in Nigeria.

1.National Economy: Businesses operating within a Nation will be affected by the nations economy, if inflation is high in the nation then the cost of doing business in that country will increase because with high inflation comes an increase in the cost of raw materials that is needed by small businesses. just like other developing Nations Nigeria inflation rate is high rising from 6.8% in January to 8.7% in October 2015. This mean that SME owners will have to pay more for raw materials in order to keep their business going. When running business in a country where there is rising inflation business owners are faced with the uncomfortable dilemma of either increasing the cost of their product and services or accepting a reduction in profit and interest from sales.

2.Lack of Infrastructure: The lack of good roads, electricity, water, communication, internet facility and other basic infrastructure. Every business needs at least one or all of this infrastructures to function properly so in a situation where this is not readily available in the country or at your business location you may have to expand your business start-up capital to make provisions for this basic infrastructures, take for example if you were not planning on buying a generator set before you may need to make arrangement for that when planning to set up your business in Nigeria because of the very poor electricity distribution in the country. If you are setting up a business that is reliant on constant supply of water you may have to make private provisions for that too, and of course if your business will need the use of internet connection then you will have to make private plans for that while calculating your start-up capital.

3.The legal factors: The laws of Nigeria affects all businesses within Nigeria, and this includes the laws guiding taxation, payment of necessary bills and the law guiding the registration of companies as executed by the Nigerian Corporate Affairs Commission (CAC) the Agency in charge of the registration of companies in Nigeria. you cannot do business comfortably or successfully in Nigeria without first obeying the rules and principles of the country. for one to have his or her business legally registered in Nigeria one would have to register with the corporate affairs commission (CAC), the cost of registering businesses is fixed by CAC and it ranges from 5000+NGN, depending on the type of business you are planning to register.

4.Value of the Naira: Nigeria being mainly importation dependent most of the materials that may be needed for starting a business in the country may have to be sourced from abroad and when buying from abroad the value of your local currency matters a lot, if your currency is of low value you may have to pay more for products that you buy from abroad. so as the Nigerian Naira is depreciating the cost of doing import based businesses in Nigeria is also increasing.

5.Cost of Renting Office spaces and shops: When you go to big Nigerian cities like Abuja, Lagos, PHacourt, Calabar, Kaduna you will find out that the cost of renting just a few feets of business space is very expensive, take for example at Ademola Crescent Wuse II Abuja you will be very lucky to get a lock up shop space for anything less that 500,000 naira. so as big cities develop the cost doing business in them also increases.
Your start up cost can be affected by many factors most especially by the ones highlighted here.

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Will Buhari's Administration Favor Nigerian Small Businesses?

The last administration under President Goodluck Jonathan introduced several policies to enhance the growth in the Nigerian Small Medium Enterprise sector and one remarkable example was the YOUWIN Program and other programs, some of these SME oriented programs have since been abandoned by the present administration whose main focus is on the fight against corruption.

It is not too early to say that Buhari's administration may not favor the Nations struggling SME sector considering the Presidents body language towards policies that affects Small Businesses, first a Ban was placed on the importation of small generators which is the main stay of most of the Small Businesses in the country, a nation which is faced with severe electricity distribution problems, most Nigerian Businesses run on generators all through their Business hours and as if running a business in Nigeria was not hard already the Controller of Federation Operation Unit Zone A of the Nigerian Customs came out on Tuesday , November 17,2015 to announce that the federal government had placed a ban on the importation of low cost generators(i better pass my neigbour) due to the adverse effect it has on the environment, that was Buhari's first body language that suggested his policies may not be too fair to small businesses in Nigeria.

7 months after the inauguration of the new Government the President still haven't shown any sign of having a coherent policy directed at boosting Small Medium Enterprises in the country and in effect creating employment. Several commentators like Opara Prince from Naij.com and other commentators from Nairaland.com criticized this policy and described it as " a targeted action against a significant amount of some unfortunate /distinguished groups...most especially SME's.

The Nigerian Electricity Regulatory Commision under this present Administration is presently considering the increase of electricity tariff in 2016, this would mean that Nigerian Citizens and Business owners may have to pay more for electricity in the coming year.

The Present Administration is working towards removing fuel subsidy in 2016, this would have certain implications on Nigerian Businesses and Citizens as they will have to pay more for petrol and kerosine. those who live in Nigeria know how much the Nigerian People spend daily on petroleum to power their homes and businesses even while there is still fuel subsidy, most of us small business owners do not want to know what doing business in Nigeria would look like with a ban being placed on the importation of small generators, fall in Naira value and removal of fuel subsidy.

If the President continue with this kind of policy or "body language" towards SME's it may become harder to do Business in Nigeria under this administration.

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How the drop in Naira value might affect your Small scale Business

Nigeria is one of the most affected countries by the falling oil prices, this is simply because Nigeria depends on its trade in oil and gas for finance, so as the oil prices fall, our Naira will be devalued to meet up with global realities, Nigeria is solely dependent on importation of finished products and a lot of young Small Medium Enterprises may directly or indirectly be running a mini importation business or a business that is importation reliant.

When a nation devalues her currency she is deliberately trying to increase gain in tradable items but however cost of goods and services will become very cheap in the country compared to the other nations with stable currency, so when you want to use your currency to purchase from other Countries whose currency still have value e.g China, U.S, Japan and Germany, you will have to pay more every good you buy, take for example those running a mini importation Business that is reliant on buying things from China or the United States, if you were using 15,500 NGN to buy a 100 USD worth of product 2 years ago as the Nigerian currency is being continously devalued you may end up paying up to 20,000NGN for the same product in 2015.

So the fall in Naira value comes with certain implications for Nigerian Small Business owners and i think what Nigerian Importation based businesses need to be doing right now is to start seeking for locally available alternatives to foreign products e.g raw materials and some selected finished products that could be sourced locally.

The year 2016 may not come with new miracles for the Nigerian Naira or the Economy as the gradual fall in crude oil price is digging a deep hole in the nations economy and crude oil price is still even being predicted to fall further.for SME owners, the importation based businesses, internet businesses and bureau de change officials will be the worst hit by this development. And i think we should all gear up for 2016 because in 2016 comes more struggle.

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POPS'N'CHILLAS the success story of a small popcorn outlet in Abuja

Few people will choose opening a popcorn outlet as their

preferred choice of business in a large city like Abuja

where there are large eateries bakeries and cafe's all

around and the price of setting up business in Abuja is

among the highest in the whole country,

the questions one may want to ask are: how many people

dey chop popcorn?(how many people do buy popcorn?), how

much them dey even sell popcorn and how much gain i want

make inside?(how much do they sell popcorn and what

would be my gain for each sales?), shop money for Abuja

too cost shey na popcorn i want rent shop to sell?( the

cost of renting a shop in abuja is very high why should 
i rent a store and just sell popcorn?


are these the questions that come into your mind
whenever you think of going into such a business

venture?

Well mylastkobo.com bring to you the success story of

POPS'N'CHILLAS a small modern pop corn outlet based in

Abuja

On saturday i and a crew member of mylastkobo.com went

out to interview some small businesses and then we came

across one business that we couldnt afford to ignore,

from across the road, while we were exchanging contacts

with a young small business owner, we sighted a huge

popcorn cup atop the roof of a small cafe with disco

lights around it and we immediately decided that we will

go and see what was going on there that was how we were

able to get you this exclusive interview of a very

brilliant and innovative business venture in the heart

of Abuja







Mylastkobo.com: Hello we are from mylastkobo.com an

online magazine dedicated to telling the stories of

smallscale medium enterprises like your own to motivate

guide and encourage our young people to start up on

their own. We would like to ask you a few questions

about your business can we come in?


POPS'N'CHILLAS(Godwin): you can come in, although my

Madam is not around now so i will just answer the

questions that i think i can answer.


Mylastkobo.com: No problem sir, what is your name?

POPS'N'CHILLAS(Godwin): My name is Godwin.

Mylastkobo.com: how long have you been working here?

POPS'N'CHILLAS(Godwin): Well it has not being long that
we started so i have been around since the startup.

Mylastkobo.com: so you would be able to give us some

details on how it all started?


POPS'N'CHILLAS(Godwin): yes actually this popcorn is not

the nigerian kind of popcorn, my Boss must have come

across the idea from the internet, when we were about to

start she went for a training to learn how to make this
 
kind of pop corn, she had to go under training just to

have the experience and she put me through on how to

make it.

Mylastkobo.com: so how was it like when you initially

started, how was sales like for the business under your

management?


POPS'N'CHILLAS(Godwin):the issue of marketing, i think

that is one area that has been affecting us from the

start till now, although we have to give people fliers

and try to tell people about it but i think marketing is

one aspect of this business that we will continue to

focus on because some people are new to this kind of

popcorn so when you tell them the price they will say"

is it not just ordinary popcorn?" most people do not

fully appreciate the unique nature of our popcorn, but

those that are familiar with our product we usually do

not have any problem selling to them,

as you can see now we are preparing for an event, a

birthday party, and from there we also get the

opportunity to introduce our products to people most

especially the kids and young people.

Mylastkobo.com: So how affordable are your products?


POPS'N'CHILLAS(Godwin): As you can see we have the one of #200, we have the one of #400 and so the price
ranges, although we also sell other products apart from
popcorn like soft drinks, ice cream and we also do chips
and cheese so we have other products apart from popcorn.

Mylastkobo.com: So what do you see for the future in

this business and what efforts are you putting into

making the business grow?


POPS'N'CHILLAS(Godwin): well as for me i do a lot of

research, i try to find new ways to bring customers here

and make them interested in our products, i also

research on other products that we can add to our list

of products so they can bring more people here, for

example in the begining we were not selling anything

apart from popcorn but when i came i researched some

other products and talked to Her about it and She

agreed, thats why you see us selling Drinks and other

thing.

Mylastkobo.com: so you mean you were the one that

suggested those product to your Boss?


POPS'N'CHILLAS(Godwin): Yes.

 
Mylastkobo.com: well Mr Godwin we have come to the end

of this interview, we would like to say a big thank you

to you and your Boss on the behalf of mylastkobo.com and

on the behalf of all the young prospective business

owners out there that you have helped by sharing this

success story.


POPS'N'CHILLAS(Godwin): Thank you

we exchanged handshake and we left, i and my crew member

remained quiet for sometime while we walked away from

the outlet we were still very much surprised that people

could be so innovative to think of such a small and

profitable business idea in a place like Abuja where the

cost of renting a shop could get to a Million naira,

with this success story of POPS'N'CHILLAS i think people

should stop giving escuses and start setting up

something.

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Increase in Start-up cost for Nigerian Small Businesses as Government Ban the use of small Generators.

a small sized power Generating set

There are sometimes when Government would make some decisions and we will begin to wonder if they like us at all. Nigeria is known for one thing and that is poor electricity supply to its people and to its Industries and Businesses, this had been a major challenge for small Businesses But as they always say "in Naija Man must survive" so Small Businesses in Nigeria have to found a way of solving this problem by purchasing small power generators popularly known as "i pass my neighbour Generator" in Nigeria.

This have been the major power source for Nigerian Small Businesses but things are about to change, but with the recent ban of the importation of small generators in Nigeria one can only forsee the damage this will cause for our small medium business owners, Businesses will lose their only cheap source of electricity, the cost of setting up a small business in Nigeria will have to increase because newer businesses will have to buy bigger more expensive Generator set to power up their businesses.

this ban on the use of small generators will introduce small business owners into a harsh and unfriendly atmosphere were they will have to spend more to get power to run their businesses.
One option that would have been open to small businesses in Nigeria would have been solar power, but even that is very expensive. so this policy has in effect increased the cost of setting up a small business in Nigeria.

small Generators in use by Nigerian SME's

Government world over are known for creating an enabling and friendly environment because of its important in creating jobs for citizens and its input into the economy. but with this action by the presesnt Nigerian Government people are begining to wonder if the new Nigerian Government  is SME friendly and what the future of SME would be under his Government.

SME stand for Small Medium Enterprises

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Mylastkobo's exclusive interview with The young CEO of BETA LOOK Laundaries Kubwa Abuja

Mr Femi, the proud CEO of Beta Looks Laundaries in front of his office

The success story of Beta Looks Laundary is one that should motivate any prospective Small
Medium Business owner out there to start working hard to achieve the best. The most remarkable thing about this young Small Medium enterprise owner who finished his National Diploma certificate program in Rufus Giwa Poly Ondo State. Is that he never once mentioned, while he was being interviewed, He never once mentioned any instances when He went out for any so called job Interview or screening test. Here is the interview.

Mylastkobo.com: sir could you please give us a brief introduction about yourself?

Mr Femi:  My name is Emmanuel Oluwafemi and i hail from Ondo state. I completed my National Diploma certificate program in the field of Estate Management from the Rufus Giwa Polytechnic Ondo State, after which i came to Abuja for my Industrial training. After my IT in Abuja i moved down to Maraba to meet my Brother, there was no work so i followed my Brothers friend who is a Painter, i followed him to sites just to learn how to paint then like that, like that i learned how to paint and in two months i was able to carry "roller"(paint brush). i started going for my own Jobs and was earning just enough to keep me going that was how i started developing myself.


Mr Femi attending to questions from mylastkobo.com

Mylastkobo.com: So you finished from what department in Polytechnic?

Mr Femi: Estate Management.

Mylastkobo.com: Wow! so knowing that you did estate management whta made you to go into setting up a aundary outfit?

Mr Femi: After my National Diploma i wanted to push forward but there was no power(money).

Mylastkobo.com: but one would have thought that as you already have a degree in estate managemnet and experience in painting, one may have expected you to develope on your career in the lines of estate Management but what made you to realy choose laundary and dry cleaning as your preferred choice of Business, what made you to really go into this laundary business?

Mr Femi: what made me go into laundary? i was working in a site at one time in Area 2 so i met one Man called Labaran He is was the site Engineer at that site and we also worked in other sites. but the work was not coming that regularly again sometimes we only work once in a month and before the end of the month you dun spend the whole money finish.

An Array of carefully laundered suits at Beta Looks Laundary

Mylastkobo.com: Oh i understand. you people were not getting regular jobs again.

Mr Femi: Yes, so he told me that there was one plan he wants to lay down. He told me that he want to set up a laundary, Barber shop, Women Saloon and Massage parlour that he would like me to manage a department there in short he sent me to train for Laundary.

" it was very hard at first coping with the heat and stress of starching and ironing someone's cloths, infact i just had to manage, After my training he started a new shop in Kubwa here i moved down to Kubwa from Maraba and i just forgot about my house i was working and sleeping in the shop, i was doing everything in the shop like it was my house",

Then after a year when i believed his laundary is already moving, atleast i have laid a solid foundation for his business, i trained some guys for him.

Mylastkobo.com: so you have trained people?

Mr Femi: yes i trained some guys for him he even trained and became very professional, then he oopened another shop and placed somebody to manage it for him, he opened another one for NYSC and put one of the boys i trained there then i managed the head office at Dutse.
after i have gathered some money i had to tell him that i want to leave, that i want to set up something for myself and he told me that i cant go empty like that so he just had to support me

Inside the laundary

Mylastkobo.com: When you started off on your own what was the major challenges you faced?

Mr Femi: Eh! i have faced some major challenges athough i am very good at marketing so i had little problem in that area.

Mylastkobo.com: You know in Nigeria when you want to set-up anything you have to make your own private arrangements for electricity so that the poor power distribution in the country would not affect you, especially a business like yours that is dependent on electricity, so what was your plan in that area?

Mr Femi: firstly before we came down i looked round and saw that electricity in this( Kubwa) is still good and i noticed that the light here is a little bit stable atleast we have up to 18-19 hours of daily electricity which is ok.

Mylastkobo.com: yes that is Ok compared to the statistics from other area.

Mr Femi: So the matter of getting a good customer that was a big challenge but i have learned a lot, we do share fiers, house to house adevertisement, i come to your house, i dont care if you insult me because i am a laundary man or not, some people say " i have a laundary man where do you want me to put him? but sometimes, especially when i came around here people just kept coming they want to check how i work i looked at what they want and how they looked so i decided that i had to improve myself to serve this people and i had to ay a very good standard that in this environment i want to be the best, which i was very successful in that. so i think the packaging and the "perfect ironing", cleanliness of the environment and my way of approaching customers those are the things that made me unique.

inside the aundary(laundary equipments)

Mylastkobo.com: so do you have any strong competition in this area? that you think would be able to challenge your standard?

Mr Femi: ( laughs) in this environment? i dont, only my boys that i trained that can even try to move close to my standard. they will try but the difference is still clear(smilling). only if i just decide to overlook some work.

Mylastkobo.com: so if you want to encourage young people that are wiling to move into your line of business what will you tell them?

Mr Femi: You see, they have to go for training and this work you must love it, you must have the passion because if there is no passion you will just get tired of it and you may not be able to continue.
Mylastkobo.com: so are there sometimes that you feel that way?

Mr Femi: yes sometimes casting of light ( power failure) that may last for up to five days and we will not be abe to work because sometimes to get fuel for the generating set is an issue. and you will have a of cloths to deliver.

Mylastkobo.com: so you get a of pressure from the customers?


inside the laundary( Boys at work)

Mr Femi: ( exclaims) Heh! it is always very difficult. some come here and raise their voices on us, and you know when a customer is shouting in your businesss premises you dont know who is watching, a prospective customer might be passing by, a new customer may want to come in and you are shouting, so those times i sometimes feel like which kind work i even they do self i sometimes feel like closing up the business and find another way.

Mylastkobo.com: so how do you overcome this challenge?

Mr Femi: when they come i address them, some say nothing should be an escuse and some understand. i apologise to them and urge both of my workers to be up and doing in their presence.

Mylastkobo.com: so are you still planning to further your Education?

Mr Femi: i am already pursuing my HND so most times i am no always available i leave the bulk of the work for my young workers and i always try to encourage them, sometimes when i am around i give them 500 naira to go out for lunch, one of them even came to me and told me he wanted to write Jamb and i gave him the enrolment money without deducting it from his pay because i know that if he is successful in the Jamb it is my joy.

Mylastkobo.com: so how do you manage your workers when you are not around?

Mr Femi: you see this( he points to a notification written " call this number for your complaints and suggestions" my customers can always complain of any poor service by my workers to me directly on my personal line. and i always have this ( raising some sheets of paper) customer complaints form that i encourage my customers to use for their complaints.

Mylastkobo.com: so sir what final thing do you have to say to viewers out there about your Buisness?

Mr Femi: this is not an easy job and if you know you can do it then you must go for the training and even after the training you must have passion for the job or you will get discouraged along the line, most especially when the challenges start coming in.
Then to start this kind of business you have to have the money to get a decent shop, paint it, let it look neat and get an electric iron and a good laundary table for ironing the cloths even if you dont have money yet for washing machine for a start in the next three months if you are very good the washing machine will come. and you have to learn to be very careful with money, dont spend anyhow or you will pack up quickly. but there is one thing.

Mylastkobo.com: What is that?

Mr Femi: for a start you have to get support, if not for the support from my former boss i would not have been able to establish something like this with my little savings. and it is a very tedious business sometimes i sleep only for 4hours a day because sometimes we have to work allnight.

Mylastkobo.com: Well the truth is that you are reaping and you will continue to reap the fruit of your labour. i am very happy you granted us this interview, it will go a long way in guiding and motivating prospective Small Medium enterprise onwers who plan on going into this your line of business. Thank you very Much Mr Femi.

Mr Femi: thank you too. weldone.


inside the laundary( Boys at work)

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How to Set-up a Lucrative Mini Importation Business with Less than 10,000 NAIRA( entrepreneurs )

INTRODUCTION
What I want to talk about is how you can use your smart phone to start a Mini Importation Business with as small as N10,000. (your last kobo).
Remember this blog is dedicated to helping you and Thousands of other Unemployed young Nigerian Graduates to Setup something for themselves at the lowest capital cost, we source for this informations online, from already made businesses,personal testimonies and ensure they are Authentic before bringing them to you for free. hence the name http://www.mylastkobo.com. In this Tutorial we will be Providing you with all the knowledge you need to setup your own Mini importation business Right from the comfort of your home with just your mobile Smartphone( preferably android)

THE CONCEPT is to start small with your last kobo, importing and selling something very cheap that people need here and then sell for a reasonable price.
If you are looking for kind of business then this is not for you.

 STEP 1. THINGS YOU WILL NEED/TOOLS
In order to use your phone very well to do this Business, you will be needing some software to be able to run this business effectively on your phone.

those who are waiting till they get a laptop before going into online businesses should stop wasting their time and try this one with their smartphone

Below are the software you will be needing to download ( click on them to go to download page)

Aliexpress
Mozilla
Skype
Whatsapp
OLX

MORE INSIGHTS ON THE TOOLS

ALIEXPRESS
I don’t need to tell you much about this cause there are many free article on the internet about how to use Aliexpress.com click here to know more about aliexpress
For those who don’t know it is used to source for products in China. Visit the site to get the mobile app here aliexpress

MOZILLA FIREFOX
this will help you to send and receive mail from your Chinese contacts also to help you do your research before importation. Download here firefox download page

SKYPE & WHATSAPP
this is what you will use to communicate with your china suppliers after contacting them. Some use Skype while others use whatsapp. But all you need to do is ask them for their contact and they will give you the one they are using.

OLX
Me and you know that OLX is a classified Ads site where buyers and sellers meet to advertise their product for sale.

Now that you can afford N10,000 and you are waiting for your savings to get to N1,000,000 before you can start importation business.
Let me tell you why importation business is a very lucrative business that is capable of turning N10,000 into N300,000 if done properly.

• In a country of over 170,000,000 people that more than 85% of what they use on daily basis is imported.
• Look around yourself now and count 10 things you can see then check to know where they are produced from, you will be surprise to know that more than 7 are imported.

So you can see why I said that this is a sure business any one can venture into with as little as your last kobo and make cool cash if done well.
Back in the days importation business was the business for the high and mighty. if you are recognized as an importer then you must be a big man. No wonder you see these importers ride exotic cars in Nigeria.

But thank God today,  technology has made it possible for ORDINARY people like me and you to be able to tap into this lucrative business.

Now off to Step2 shall we?

STEP 2. HOW TO GO ABOUT IT.

Like me, what I did was to look for small products that has lite weight and I know will sell here which also the cost of importing it and price will not be more than N250 so I sourced and saw this product.

FIX IT PRO (Car Scratch Removal) see picture bellow….

The total price for the product for both importation and shipping was N250 so I placed an order for 40pcs and within 3days I got my order here in Lagos and sold it online and to neighbors for N1,500, which took me 5days to sell up and I made N50,000 within 10days from this single one alone.

Imagine if you do this for 3 times in a month that is sure N150,000 every month.

Now tell me is this not a lucrative business that has a high returns? or is the price in dollar affecting my returns?
I laugh when people tell me they will not import anything until they have up to N100,000…. If you keep waiting for the Big capital before starting anything as a graduate then you may end up not starting up anything at all.
STEP 3. HOW TO SOURCE FOR PRODUCT TO IMPORT

When sourcing for product, I regard it as the 70% Job needed to be done in order to be successful in importation business.

I will do my best to give you the Formula for this Concept.

Formula = (Find a PROBLEM + Make sure the Market is Big enough and CAPABLE) / Import The SOLUTION.

STEP 5 HOW TO FIND A PROBLEM
Use the forum and other social media and also watch TV and listen to Radio Programs where they discuss real life issues, ask questions; a friend of mine started meeting and making friend with new mothers with babies just because she wanted to go into that line of importation.Be Observant too.
 STEP 5. HOW TO SELL

Selling is simple when you have a ready market that is capable of spending to get what you are offering as long as it will help them by solving their problem. thats why step 4 was the most important step. if your product does not solve an available Nigerian Problem, then you will find it difficult to sell that Product in Nigeria.

Below are places and tools you can use to sell.
• Konga
• Dealdey
• OLX
• Your Neighbors
• Retail Shop Owners

create your own makeshift shed to display your products in the neighbourhood

drops adverts in social networks like Facebook, twitter,instagram and watsapp,

Go to offices during lunch breaks to show them your products. (pls ensure you take adequate permissions from the necessary authorities, it is better if its a place where someone you know works, so you can call him/her to show you in. )

picture of a typical makeshift shop.you could try something like this and invite people to see it.

the above is all the info that you will be needing for a start. drop your questions and suggestions in the comment box.

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