Business For Youth In Nigeria – The Covid-19 restrictions have left most MSMEs struggling to survive and others have folded. Considering the devastating impact of the pandemic on businesses, the New Face New Voice Nigeria Youth Impact Team (NFNV) last weekend organized a two-day virtual youth expo focused on the prospects of MSMEs post-Covid-19. Time.
2021 NFNV Nigeria Youth Macro/Micro, Small and Medium Enterprises (MMSME) Solution Expo is held virtually with youths from Nigeria and beyond. The expo covers strategies for rapid reinvention and sustainability of SMEs in the context of the pandemic, particularly covering topics such as digital marketing, product development and entrepreneurship. Therefore, the expo provides a platform for entrepreneurial participants to develop their business skills and knowledge as well as share experiences, network and find new opportunities.
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New Faces New Voices (NFNV) is an initiative of the Graca Machel Trust (GMT) and the Youth Impact Team of NFNV-Nigeria is a network of young change makers who are passionate about entrepreneurship and community development. The team is tasked with building relationships with all youth entrepreneurs and expanding the vision of NFNV among fellow youth through capacity building programs, exhibitions as well as improving access to finance and connecting them with key institutions to obtain legal documents. It is very important for trade and export.
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In a pre-recorded congratulatory message to expo attendees, Graca Machel Trust (GMT) CEO and Head of Programs Dr Shungu Gwarinda explained the expo’s focus on timely ‘solutions’, as the world is now teeming with negative impacts. Life, Livelihood and Business in Covid-19. He said the theme of the exhibition, which focuses on the post-Covid-19 future of MMSMEs, is important for economic recovery and reconstruction.
“The discussions that will be held in the next two days on the theme you have chosen are very important. More than that, for you as young people are the key to moving the continent forward and building the Africa you want to see. I look forward to learning about the solutions and innovations that are emerging from your discussion, including how we can contribute to the rapid, deep recovery and growth of women-led and women-owned businesses in particular, and their graduation from micro to small. From medium to macro businesses,” said Dr Gwarinda.
Welcoming the participants of the exhibition, the Youth Head of NFNV Nigeria, Mrs. Hadiza Bashir Aliyu, said the purpose of the exhibition is to build the capacity of young entrepreneurs to explore new strategies to do business urging participants to take advantage of the new. the reality. Building Business Entrepreneurship in the Post-Covid-19 Era. “The Africa we want is one where young people can express their full potential in terms of entrepreneurship and personal development. I believe that this meeting will inspire us to do business dynamically amid the challenges posed by the Covid-19 pandemic,” he said.
Mrs. Cecilia Akintomide, Independent Non-Executive Director of FBN Holdings and member of the Board of Trustees of NFNV Nigeria, in her keynote speech explained the theme of the exhibition – ‘Post-Covid-19: Macro/Micro Future, Small and Medium Enterprises (UMKM)’ – strategically. He said the theme recognizes the need for entrepreneurs to diversify their businesses as the Covid-19 pandemic continues to reshape the way businesses are run around the world.
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Mrs. Akintomide described the pandemic as a business leveler and accelerator; One that reveals the weaknesses and strengths of businesses, technology during the pandemic allows businesses to distance themselves, making the world a truly global village. “We have seen how health challenges have become economic, safety and food security challenges. In Nigeria, MSMEs comprise about 90% of all businesses, provide 60% of jobs and contribute 50% to the Gross Domestic Product (GDP). If they do not addressed, there will be no recovery from the effects of the coronavirus,” said Ms Akintomide.
While speaking on the role of young women in business, Mrs. Akintomide called on young women to be aware of the constraints that hinder their businesses and work to ignore and overcome them. “Our unemployment rate is 33%, and our unemployed population exceeds the entire population of our neighboring countries. The youth unemployment rate in the country is 34.9% and more women than men are unemployed. We need to create successful and successful businesses. If individuals create businesses out of their passion, great profit will result.
Involving participants in the process of growth, mindset and cost streamlining, Professor Abdulkadir Rafindadi, Lecturer in Finance and Accounting of Usman Danfodio University, Sokoto, said that in the process of growth, entrepreneurial mindset has proven to be a leading trend in modern times. Global business. He described epidemics as unfortunate events that adversely affect the business space, acting as an obstacle to business productivity.
Professor Rafindadi said that regardless of the pandemic, the demand for business services is still there and people with a resilient business mindset will thrive in a post-Covid-19 world. “Identifying the deficiencies that lead to initial failure, transforming deficiencies into opportunities, setting opportunities as new goals, providing practical methods to activate strengths, redefining weaknesses. This is a strategy to ensure a positive entrepreneurial mindset in the post-pandemic era,” said Professor Rafindadi to the participants young entrepreneur.
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Commenting on strategic funding opportunities for start-ups, the Director of Partnerships and Coordination, Small and Medium Business Development Agency of Nigeria (SMEDAN), Dr Jumaah Okpara, said getting funding for business start-ups is not an easy task. So he urged startups looking for funding to keep in mind the need to build sustainable relationships with their potential funders.
“The four main financing options that entrepreneurs can avail of are debt, equity financing, supplier credit and leasing. Other funding opportunities for start-ups include funding through CBN support windows such as private savings, venture capitalists, private investors, commercial banks, microfinance banks as well as Development Funds MSME citizens of CBN. There are also government programs like
And others from funding agencies such as Bank of Industry (BOI), Development Bank of Nigeria (DBN), among other funding opportunities available for start-ups,” Dr Okpara added.
A beneficiary of the previous youth MMSME expo organized by NFNV Nigeria, he finally launched his business and recorded great success. Ms. Mukhtar explained that adapting to the new trend of doing business in the context of Covid-19 is really challenging. However, he said he was able to expand his business by adopting new strategies and diversification. “I started my business from home and overtime it got to the point where I started selling through an online store before opening a physical store, because of the number of customers I got. When the Covid-19 pandemic hit us, it was difficult because I had to start again,” he said. he.
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Hussain Bashir, a food processing entrepreneur, encouraged young entrepreneurs to take advantage of the many entrepreneurial opportunities available in the country. “Nigerian indigenous resources, mostly in the agricultural sector, have not been cultivated and a good number do not require value addition. Despite the pandemic lockdown, I can still run my business because I provide essential services. The Covid-19 pandemic has taught us many lessons, and Entrepreneurs who learn from these lessons and respond in a creative way will achieve greater results. , against all obstacles in their journey. During this year’s African Youth Leadership and Economic Summit, speaking on the theme of ‘Youth Entrepreneurship and Workplace Transformation’…
Nigerian youths are urged to persevere and not relent in their quest to become successful entrepreneurs against all obstacles in their journey. Speaking at this year’s African Youth Leadership and Economic Summit (AYLES) in Lagos on the theme of ‘Youth Entrepreneurship and Workplace Transformation’, the Convener of the African Youth Leadership and Economic Summit, Mr Success Bright, said the mission of AYLES is to empower youth. the right things to succeed in their business is to ensure it.
He told them: “Refresh yourself. You can create the right environment for yourself.” Thanks to the sponsors of the program, Koran and The Orator Project Africa for their support, Mr. to secure a place for himself in the private sector.
“I fully understand the odds stacked against young Nigerians, especially those trying to join the startup. Despite this, there is no doubt that Nigeria is a great country, full of potential and opportunities that are not available anywhere else in Africa to the same extent,” he said. he.
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The Executive Director of Goldenville Montessori School, Amuwo Odofin, Lagos, Mrs Blessing Egwon, urged the youth to innovate: “If your environment does not support your dreams, change.”
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