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Nigerian Tech Entrepreneurs Creatively Impacting The Economic

Nigerian credit-led fintech FairMoney acquires PayForce in retail-merchant banking play — TechCrunch Nigerian credit-led digital banking platform FairMoney has acquired PayForce (sub-brand of YC-backed CrowdForce), a merchant payment services that serves small businesses, as the digital lender looks to broaden its financial services proposition to merchants. As part of the deal, CrowdForce CEO Oluw...

Nigerian credit-led fintech FairMoney acquires PayForce in retail-merchant banking play - TechCrunch

Nigerian credit-led fintech FairMoney acquires PayForce in retail-merchant banking play — TechCrunch Nigerian credit-led digital banking platform FairMoney has acquired PayForce (sub-brand of YC-backed CrowdForce), a merchant payment services that serves small businesses, as the digital lender looks to broaden its financial services proposition to merchants. As part of the deal, CrowdForce CEO Oluw...

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Our economic societies can be more entrepreneurial and prosperous when women lead

Many people have heard of The Young Shall Grow Motors, a leading long-distance luxurious transport company in Nigeria with over 500 luxurious buses which moves to and fro on Nigerian roads. But not many know Chief Vincent Amaechi Obianodo, The owner of this giant transport company who started life as a vulcanizer and a bus conductor In Kano State.

Chief Vincent Obianodo was born on August 10, 1947, in Umueze village, Neni in Anambra State. He spent his early life in his hometown and when he became a teenager, he discovered that he had nothing to show or rely on, then he moved to Kano state in search of greener pastures and a better life. In Kano state, Chief Vincent Obianodo learnt how to fix punctured tyres and became perfect at it (a time when few people could do it), hence he had a lot of customers queuing up to fix tyres for their bicycles, motorbikes, and vehicles.

Chief Vincent Obianodo continued fixing tyres just for a few more years before he decided to go into the transportation business as a bus conductor. This was what he did until 1972 when he had gathered enough money to buy his bus. After acquiring maximum knowledge on how the transportation business works, he then decided to stop working as a bus conductor and he acquired a mini-bus to ply from Enugu to Onitsha route.

As his business grew, In 1973 he relocated his business operations from Onitsha to Lagos and ventured into a more developed transport business, which he started with two locally built Mercedes Benz 911 buses. After seven years of operating in Lagos, the number of buses he owned increased from 2 to 40 alongside his transport business. He also engaged in the delivery of goods which also boosted the success of his business.

Chief Vincent Obianodo’s exceptional customer service delivery also got many people patronizing his transport business and by 1978, he decided to expand his business further by opening up a new interstate route, plying from Lagos to Onitsha to Owerri. He also bought a Mercedes Benz 0362 luxury bus for this purpose. This expansion gained his business more fame and within 6 years, his number of buses grew to 150. Owing to the success of the business, Chief Vincent Incorporated his business in 1984 so he could fully cover every possible part of Nigeria, as a leading inter-state luxury bus company.

Today, The Young Shall Grow Motors is one of the largest luxury bus companies in Nigeria with more than 500 buses that ply almost every route in Nigeria as well as other west African countries like Ghana, Burkina Faso, Mali and The Benin Republic.

Chief Vincent Obianodo success doesn’t stop at transportation, it also includes other sectors like Hospitality, Oil and Gas, Real estate etc.

Conclusion: Anyone can achieve anything If they are not just smart, but also take advantage of opportunities whenever they are present.

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SPECIAL REPORT ON THE STATE OF SMALL BUSINESS IN NIGERIA

Over 39.65m MSMEs operate in Nigeria

• Figure fell by 4.5% from 2017 to 2020
• Contribute 46.3% to economic output

At least, 39,654,385 micro, small and medium enterprises (MSMEs) operated in Nigeria as of December 2020 as against 41,543,028 million that were in existence in 2017, indicating a decrease of 4.5 per cent.

This is contained in a report jointly released by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the National Bureau of Statistics (NBS) in Abuja yesterday.

A breakdown of the figures showed that micro enterprises (MEs) accounted for 38,413,420 million, while the total number of small and medium enterprises (SMEs) stood at 1,240,965 million representing 3.1 per cent.

According to the report, MSMEs in Nigeria contributed 46.31 percent to the country’s gross domestic product (GDP) and accounted for 96.7 per cent of businesses.

The report similarly revealed that MSMEs accounted for 6.21 per cent of gross exports during the year under review.

The Statistician-General of the Federation, Dr. Simon Harry, said the report was an output of a collaborative survey between SMEDAN and NBS on MSME in Nigeria.

He stressed that it was the fourth round of collaborative survey between the two agencies, noting that the first round was conducted in 2010, followed by that of 2013 and then 2017.

According to him, males, with a record of 67.1 per cent, mostly owned the MEs even as the COVID-19 pandemic affected MSMEs in the country such that 53.2 per cent of SMEs and 37.3 per cent of MEs were temporarily closed owing to lockdown.

He listed 17 sectors covered by the survey to include manufacturing, wholesale and retail trade, accommodation and food services activities, mining and quarrying, construction, water supply, sewage, waste management and remediation. Others are human health, social works and professional, scientific and technical works.

Director-General of SMEDAN, Dikko Radda, said the importance of data to sustainable socio-economic development could not be over-emphasised as they help to initiate targeted planning and implementation of programmes that are specific, measurable and achievable, realistic and timely.

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