Africa In Focus

Africa In Focus: "The mainstream thinking now is that Africa is different and we could get it right if we want. The choice is fully ours, and it is now time for us to define what we want."

African Development Bank (AFDB) President, Dr. Donald Kaberuka.

Monday, 17 February 2014

Nigeria Banks Focus More on SMEs Development In 2014

 SME-Banking

As the world continue to focus and invest on the viability of the Small and Medium Enterprises (SMEs), financial institutions in Nigeria are also contributing their quota to ensuring that the SME sector of the economy remains a catalyst for national real economic development.

Financial institutions in Nigeria are supporting government initiatives in ensuring a conducive and better environment for Small business owners in the country. Some of this support comes through loan, sponsorship, mentorship and banking business solutions that will help their businesses grow.

In this year alone, banks like Guaranty Trust Bank (GTB), Sterling bank and Access Bank unveiled SME-productive initiatives – signaling a major investment in ensuring the growth of SME in the country.

For instance, Sterling Bank Plc recently revealed plans to invest in new business initiatives through a project called “Meet the Executive” in order to nuture them to become viable Small and Medium Enterprises (SMEs). In doing this, the bank has organized a team of seasoned consultants to carefully scrutinize proposals received from members of the public.

The ‘Meet the Executive’ project is a project designed to support new and aspiring entrepreneurs; in line with the bank’s purpose of enriching lives and also positioning as a prime supporter of small and medium sized businesses in the country.

The project has already attracted over 1,000 business plans from Small Business Owners (SBOs) aspiring to become big entrepreneurs out of which 50 best entries were selected based on originality of the plans, their viability and provision of detailed information such as the required capital, cash flow and revenue projections.

Owners of the 50 proposed business plans selected will be engaged in a training programme in Enterprise Development programming Centre organised by the bank to further enrich their knowledge in the management of small businesses and writing of business plans. Upon completion of the training, participants would be required to fine-tune their business plans, present them to the bank and then the best 20 plans would be selected for formal presentation by their owners to the executive management of the bank.

While noting that national economic development prospects in any country was hinged on the entrepreneurial energy of vibrant SMEs as most big business concerns once grew from small scale, Sterling Bank’s  Group Head, Strategy & Communications, Shina Atilola, said: “Many economies- developed and developing ones have come to realize the value of small businesses. They are seen to be characterized by dynamism, witty innovations and efficiency as their small size allows faster decision-making process.

“Small businesses are believed to be the engine room for the development of any economy because they form the bulk of business activities in a growing economy like Nigeria,” he added.

Guaranty Trust Bank (GTB) has also vowed to pay more attention to SMEs this year (2014).  The bank is doing this by setting up a website that will help SMEs owners sell their goods all over the country and abroad.

GTB General Manager, Communication and External Relations Lola Adedina, said the bank is trying to explore areas that will add value to the SMEs.

“We have 160 million Nigerians, of whom over 50 million are using the internet today and so GTB created a platform that enables our customers who have businesses to open their shop on our platform so that they can trade with anybody anywhere in the world.”

According to her, past and present governments have channelled a lot of effort towards SMEs but nothing has really happened as majority of the SMEs that have benefitted from government loans still come back to bank to ask them for loans.

A latest report released by the Nigeria's Bank of Industry (BOI) confirmed this stating that a total of N870.44b was disbursed across the various sectors of the country’s economy within the last two years. While the agro-business benefitted N53.3b, other sectors including the entertainment industry,  gulped N337.60, Aviation (181bn), Textile (50.39bn), Rice(N2.8bn), NAC fund(N9.74bn) Cement(N0.719bn) and Restructuring and Refi nancing Fund (N229.18bn).

Another bank paving way of recent in facilitating the growth of SMEs is the Access Bank Nigeria PLC who over the weekend launched a number of capacity development initiatives for contractors through innovative partnering that will help enhance their operational efficiency.

According to the bank’s Executive Director, Business Banking Division, Mrs. Titi Osuntoki, the move was designed to assist the bank validate the appropriateness of solutions recommended for the business owners with a view to enhancing the bank’s services.

Aside this, the bank has also offer support in strategic business support initiatives like capacity development to networking hub through a specialized SME desk saddled with the responsibility of providing on field business support and financial advice.

Some of the business solutions introduced include MPower Salary Account, Working Capital Finance, Payroll Management, loans and advances and financial support through asset acquisition among others.




Tuesday, 4 February 2014

Satya Nadella Becomes Microsoft New CEO


 Satya nadella
Microsoft Corp. has announced the appointment of Satya Nadell, a 22 year old Microsoft veteran as Chief Executive Officer and member of the Board of Directors .

Nadella, who was appointed the company’s CEO by its Board of Directors previously held the position of Executive Vice President of Microsoft’s Cloud and Enterprise group. 

Bill Gates, who was the former CEO of Microsoft before the appointment of Nadella; steps up to new role as Technology Advisor while John Thompson assumes role as Chairman of Board of Directors.

Gates will devote more time to the company, supporting Nadella in shaping technology and product direction. 

Speaking on Nadella’s appointment, Bill Gates – Microsoft’s Founder and Member of the Board of Directors said “During this time of transformation, there is no better person to lead Microsoft than Satya Nadella.”  

“Satya is a proven leader with hard-core engineering skills, business vision and the ability to bring people together. His vision for how technology will be used and experienced around the world is exactly what Microsoft needs as the company enters its next chapter of expanded product innovation and growth,” he added. 

Since joining the company in 1992, Nadella has spearheaded major strategy and technical shifts across the company’s portfolio of products and services, most notably the company’s move to the cloud and the development of one of the largest cloud infrastructures in the world supporting Bing, Xbox, Office and other services. During his tenure overseeing Microsoft’s Server and Tools Business, the division outperformed the market and took share from competitors.  

“Microsoft is one of those rare companies to have truly revolutionized the world through technology, and I couldn’t be more honored to have been chosen to lead the company,” Nadella said.

He added that “The opportunity ahead for Microsoft is vast, but to seize it, we must focus clearly, move faster and continue to transform. A big part of my job is to accelerate our ability to bring innovative products to our customers more quickly.” 

“Having worked with him for more than 20 years, I know that Satya is the right leader at the right time for Microsoft,” said Steve Ballmer, who announced on Aug. 23, 2013 that he would retire once a successor was named.

“I’ve had the distinct privilege of working with the most talented employees and senior leadership team in the industry, and I know their passion and hunger for greatness will only grow stronger under Satya’s leadership.” 

“Satya is clearly the best person to lead Microsoft, and he has the unanimous support of our Board,” Thompson said. “The Board took the thoughtful approach that our shareholders, customers, partners and employees expected and deserved.”

Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.


Tuesday, 28 January 2014

Dangote Group Invests $4.6b In Agricultural Sector To Tackle Importation

Aliko-Dangote

Pan-African conglomerate, Dangote Group has expressed plan to invest $300 million (N50 billion) in rice production, $2.3 billion in agriculture and $2 billion in sugar production to help Nigeria attain its target of self sufficiency and also put an end to dependence on importation by 2015.

The Group in a statement said it is investing heavily in the country’s agricultural sector principally because it is motivated by the desire to create jobs, empower Nigerians, and also as a result of a friendlier agricultural policy of the federal government.

The company’s foray into agricultural sector also includes investing in fertilizer plant that will help to boost agriculture.

Reputed to be the single largest private sector employer of labour in Nigeria, President of the Group, Aliko Dangote said the planned investment will create additional 180,000 jobs to the economy.

Speaking at the World Economic Forum (WEF) in Davos Switzerland on the group’s agricultural investment plan, Dangote said :“If I dreamt five years ago that I would invest in agriculture, I will write it off as bad dream or nightmare, but today, we’re investing $2.3 billion in Agriculture, $2 billion in sugar, and $300 million in rice.”

“In Nigeria, we have one of the most attractive investment policies through the framework that government has put in place to help businesses succeed,” he explained.
Dangote group is known for its business in household consumables like sugar, salt, pasta, flour etc as well as cement.

The company’s venture into Nigeria agricultural sector is expected to make Nigeria self-sufficient in food production just like it achieved with the production of cement in which it established three plants across the nation.

The plants are located at Obajana, Gboko and Ibese, and so far they have helped Nigeria achieved self-sufficiency in cement. Last year, the company was regarded as the highest cement producer in Africa.

On its sugar investment, the group through its subsidiary, Dangote Sugar is investing massively in sugar cultivation to meet the target of producing one million tons of white sugar by 2015 as part of the nation’s sugar master plan.

The company is already cultivating 100,000 hectares in about six states (Sokoto, Kebbi, Jigawa, Taraba, Kogi and Kwara State) of the country.



Friday, 3 January 2014

Meet Nigerian Writer And Publisher, Tolulope Popoola



After working for as an accountant for a couple of years, Nigerian writer, Tolulope Popoola quits her 9 to 5 job to follow her passion as a writer. When she finished her first novel, “Nothing Comes This Close”, she decided to become a publisher in order to publish her own novel.

Today, she has risen from being a regular sharing her fictional stories to an accomplished writer and publisher. Her book “Nothing Comes Close” has achieved tremendous success both at home and abroad and her readers can’t help but ask for more.

I had a chat with Tolulope and she shared her entrepreneurship journey, her leap of faith in leaving her comfort zone of being an accountant to harness her life-long hobby and dream of being a writer.

Excerpt 


What was growing up like?

I grew up in Lagos, Nigeria in a household where I was surrounded by books from an early age. I’m the first of three children. As a child, I was a real bookworm; the introvert who preferred staying at home reading to going out and partying. My parents made sure they paid attention to us academically; we were always encouraged to achieve great results at school.

You are a writer, publisher and a mother; how do you juggle these together?

Since I work from home it means I can be quite flexible. I can choose my own working hours, fit tasks around my family and other commitments. My day usually consists of juggling work around an active toddler, so that’s when I do the simple administrative tasks like sending emails, social networking and catching up on industry news. I do my serious writing and editing during the night and early hours of the morning when my household is asleep, and everywhere is quiet.

What was it like changing career from being an accountant to becoming a full time writer? What influenced that decision and what was the transitory process like?

Writing was always something that interested me since I was six years old. I grew up around books and I enjoyed reading a lot. I remember writing my own versions of the stories I’d read, sometimes with my own alternative endings. When I became a teenager, I wrote pages and pages in my diaries regularly. However, it was never something I had considered as a career at the time, and I didn’t know any full-time writers. When I graduated from university, I was mainly focused on getting a ‘professional’ job – you know the one where you have to wear a suit, work in a 9 to 5 office job, and get paid every month. However, it soon became clear to me that Accounting was not the right career path for me. I was bored, frustrated and unhappy with my job even though it paid well and the company was a great place to work.

In 2006, I came across a few Nigerian blogs when I was searching for some information online. I was immediately attracted to the idea of writing an online journal, so I started my own blog. I enjoyed writing, commenting, meeting people and joining a wonderful community of supportive bloggers. Before long, I started looking forward to coming home after a long day at work and unwinding by writing on my blog.

One day, I wrote a short story and published it on my blog and it attracted positive comments from readers. I was surprised and pleased that people thought I could write fiction and they enjoyed my stories. So, I started writing some more. The more I wrote, the more I realised I enjoyed it and I wanted to continue doing it. So I signed up for a few writing classes, and started writing short stories. With time, I knew that I should give up accounting to become a writer.

                        

Apart from writing, you are also a publisher; what are the challenges you encountered as a self-published writer?

As a writer, I was tired of getting rejections from mainstream publishers, not because my writing was bad, but because they felt that there was no market for it. I had met a few publishers who found my work interesting, but they always said that it wasn’t commercially viable because it was regarded as ‘ethnic fiction’. But, I believe that I have to tell my stories and there are readers who want to read about people like them in books. So, I did a lot of research and decided to take the chance and become a publisher myself. The main challenge I’ve faced as an independent author is the fact that I don’t have a huge marketing department and budget to promote my work to a large audience. I have to do all the work to write, publish and promote my work myself. But I see it as a trade-off, because this way I have total control over my career.

How do you get an objective view in critically analysing your own work before going to press?
Before I published my novel, “Nothing Comes Close”, I went through several drafts and re-writes before I was confident I could let other people see it. Then I sent it to a group of beta readers that read and critiqued several drafts of the novel. Their feedback was really helpful for me because I got to see weaknesses in the story and I could improve it. Finally, I have an external editor who reads and edits my work, and I have two proof-readers as well.

How many books have you been able to publish under “Accomplish Press”?
I’ve published two books; a novel and a collection of flash fiction.

Do you publish only your own work? If yes, do you plan to publish other writers’ work in the nearest future?
At the moment I’ve only published my own work, but I have two other projects in the pipeline that were written by other people. So I have plans to publish other writers in the near future.

You are an African writer based in the diaspora with your own publishing firm; how do you get to market your book at the home front and then get tremendous acceptance at the home base?
I’ve been very fortunate that most people who have read the book, both in Nigeria and abroad have enjoyed it. That’s the most important thing for me as a writer. If readers like the book, they will help you spread the word about it. I’ve mostly used social media and some published interview and reviews to get the attention of my target audience.

You sometimes write short stories/flash stories; how long, approximately, does it take you to complete a story/book? For example, how long did it take you to achieve the final draft for your book: “Nothing Come this Close”?
I find it easier to write short fiction. I can write a flash fiction story in an hour or two. A short story can take me two days to a week. It took me about ten months to finish writing “Nothing Comes Close” and that’s not including the time spent on the original series. Writing the novel was a huge learning curve and a lesson in endurance.

What is writing to you and then describe your style of writing?
Writing for me is the ability to create something that didn’t exist before, and make it come alive in another person’s mind. My writing style is quite varied, but I like having some kind of outline in my mind for the characters and the plot of a story before I begin. I sometimes brainstorm for days and weeks before I actually sit down to put an idea down in written form. I find that having a structure helps me so that I don’t get stuck or run out of steam halfway into a story. Having said that, sometimes I ignore the structure and I let the story flow freestyle, which can also yield surprising results.

How has your online presence helped your writing career?
An online presence has been very important. Being a full-time writer can be quite isolating but, thanks to the internet, I have made many friends who are also writers, and we help each other. I first started as a blogger, and I belonged to a great community of fellow bloggers. When I started writing fiction, I went online to look for forums and groups of other writers that I could join and learn from. I’ve since met many people – editors, bloggers, journalists, aspiring authors, published authors and so on – that have been a tremendous supportive network. I’ve collaborated with people on different writing projects, received free books, been interviewed, had my stories published in magazines, received feedback and so on, all from people that I’ve met online. My blogs and social media pages have also been an excellent way of connecting with readers, getting their feedback, and promoting my work.

What motivated you to create your first prose writing online: “In My Dreams, It Was Simpler”?
It all started when I came across a wedding album on Facebook one day and I thought the groom looked like a cousin of mine who was already married to someone else. The potential drama of that situation gave me an idea and a few days later, I wrote a short story titled My Dilemma. I put it on one of my blogs and as a note on Facebook. I got good feedback from people who read it, and lots of people asked for a Part 2 to the story. I didn’t think much about it until someone left a comment saying that the story could be turned into a series. That caught my attention and it sounded like a neat idea, so I decided to expand the plot and the characters. Then I invited some bloggers and asked if they were interested in writing a group story. Thankfully I got positive responses and a few weeks later, the series was born.

Any chance of co-writing with any of the co-writers of “In My Dreams, It was Simpler”?
I don’t have any plans to work on another collaboration at the moment, but anything is possible. If a great idea comes up, I might be interested.

Have you written or published any other work aside your first book “Nothing Comes Close”?
Yes, I have published a flash fiction collection. It’s available as an ebook.

Your book “Nothing Comes Close” has achieved remarkable success; is there any other book up your sleeve that is due to be released soon?
I’m working on an idea for my next book, but I won’t say it’s due to be released soon.

Any scoop on the book you are about to publish: is it a sequel/relative to your first novel 'Nothing Comes Close'?

I'm planning to do a story on two of the secondary characters from "Nothing Comes Close". So, it won't be a sequel as such, but it will feature some familiar people.

So you are now into writing, any chance of going back to accounting or doing something with your degree?
I’m always going to be a writer, but my degree is useful when I’m dealing with the business side of publishing.

What are the best three books you have read in recent times/ the ones that have made a lasting impression on you over time?
Let me name three books that have made a big impression on me recently:
The Help by Kathryn Stockett
The Time Traveller’s Wife by Audrey Niffenegger
The Rice Mother by Rani Manicka

What’s your favourite quote?
“Don’t you think it’s better to be extremely happy for a short while, even if you lose it, than to be just okay for your whole life?” Audrey Niffenegger, The Time Traveler’s Wife

Which book club do you belong to?
I’m in one book club for working mums and another for Nigerian writers.

Can you tell us the names of these book clubs?

Yes, one of them is called "Super Working Mum Book Club" and the other is "Nigerian Readers and Writers". The SWM book club is on Facebook.

 Where do you see your career at the end of this decade?
Hopefully, I would have written and published several other books, and Accomplish Press would be a world-recognised publisher that promotes African literature.

Where do you see African romance fiction in the near future?
I see more writers coming into the genre and not being afraid to explore and experiment with it. There are so many things we can do to make the genre more interesting and less predictable.

What would you say are the most important factor young writers must hold on to keep them going?
Keep improving, learn from criticism and never give up.

What advise will you give potential writers?
If you feel like you’re drawn to write, believe in yourself and don’t let fear hold you back. Don’t be afraid to make some mistakes; nobody writes a masterpiece on their first attempt. Read, read and then read some more. Read the sort of things you want to write, and read things that are totally different from what you normally read. Then start writing! You can only improve if you’re dedicated to your craft and you work on it consistently.