How To Start Small Business In Nigeria – Wave brings cutting-edge last-mile delivery technology to millions of SMEs in Africa’s largest economy. Launched in February 2022, Wave has already started making an impact with Nigerian micro, small and medium enterprises. To understand the Wave mission, it is important to take a cursory look at SME development in Nigeria.
Small business is the live wire of any economy and Nigeria is no exception. Everywhere you turn in Nigeria, there is usually a young man running a small business or the other From cosmetics, logistics, event planning, food retail, interior design, fashion, styling, agriculture and technology, young people are increasingly taking matters into their own hands and building businesses for a living.
How To Start Small Business In Nigeria
SME development in Nigeria can be traced to the establishment of the Industrial Development Bank of Nigeria, the World Bank SME Loan Scheme and the Small Scale Industries Credit Scheme in 1962.
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According to the Nigerian Bureau of Statistics, SMEs in Nigeria account for 48% of the country’s GDP. These SMEs contribute to about 50% of industrial employment and 90% of the manufacturing sector The number of micro, small and medium enterprises registered in 2017 alone was 41.5 million with micro enterprises contributing to 99.8% (41.4 million) of MSMEs.
The interpretation of this data is that Nigeria’s economic growth is strongly related to the growth and development of its small and medium enterprises. Wave is developing technological solutions for the growth of SMEs in Nigeria
The contribution of SMEs to GDP shows that Nigeria lags behind many countries with similar levels of development. However, while Nigerian SMEs are showing signs of growth, it is still faced with many challenges.
Many MSMEs in Nigeria struggle to access financing to start or grow their businesses. Many financial institutions do not lend to MSMEs because these institutions lack the proper infrastructure required These problems can be traced to the fact that financial inclusion in Nigeria is really low This equates to 40.6% of the total adult population being economically excluded In other words, more than 40% of households and adults in Nigeria do not have a bank account
A Small Business Woman Doing Her Accounts, Nigeria, Africa Stock Photo
Many people enter SMEs without proper knowledge of business This is the biggest drawback of most small and medium enterprises in Nigeria With little business knowledge, and a lack of proper business structure, most SMEs survive more than a year in business.
At Wave Delivery, one of the ways it helps combat this problem is by providing SMEs with a platform they can use to grow their business. Whether you are a micro, small scale, or medium business, you can leverage Wave’s extended delivery solutions to expand your business.
Another area where many SMEs in Nigeria suffer is lack of visibility Many brick and mortar businesses are located in a corner of the market, not reaching their full sales potential These SMEs do not have a lot of money to invest in advertising and promotion that can help drive sales
The role of technology in SME growth cannot be overemphasized According to a study conducted by the Boston Consulting Group in the US, Germany, Japan, China and India, tech-savvy SMEs outperformed SMEs in terms of new jobs, job growth and income growth over the past three years. SME leaders using technology have grown their businesses and reduced costs, and one important factor is increased worker productivity.
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Merchants on Vive are already seeing the benefits of partnering with a technological platform like Vive Delivery to grow their business. This is evident in the sales recorded by merchants on the Wave platform since its launch
Nigeria is not out. The best performing SMEs are increasingly driven by technology Small and Medium Enterprises in Nigeria must embrace technology if they are to contribute more than 48% to the country’s GDP. From finance, supply chain, payments, tax, human resource management, and logistics to sales and marketing, technology is increasingly being used to power Nigeria’s most profitable SMEs.
Looking to redefine the shopping and last mile delivery experience for millions of SMEs in Nigeria. WIM was built with SMEs in mind, incorporating a number of features into its platform that allow SMEs to drive digital sales without incurring additional costs.
Despite the huge presence of MSMEs in Nigeria, many of these MSMEs operate offline without proper infrastructure. Vive sees a huge opportunity to bring merchants online in the food, beverage and grocery sector with its state-of-the-art shopping and delivery platform.
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This is a big win for businesses operating in the food, beverage and grocery sector With a simple online store, a payment integration and customer support, Wave is making it easy and simple for Nigerian SMEs to go online without the technical know-how and huge resources required.
By making its platform free for merchants, Wave wants to drive visibility for merchants One of the challenges facing many MSMEs in Nigeria is the lack of resources to run effective marketing promotions that can bring desired sales. This is a major problem Waive has realized and has developed a robust marketplace application that allows ordering food, beverages, and other items from merchants who sign up on its platform.
For exemptions, it’s about solving business pain points Apart from offering its technology platform for free to all merchants looking to increase sales, it has also built its own proprietary delivery technology to help merchants deliver delivery solutions. Using geofencing technology, Vive can match a merchant’s delivery request to the nearest rider on its platform, saving merchants the headache of trying to get products to customers.
Small and medium enterprises play a major role in the development of any country However, for SMEs in Nigeria to move from an informal economy to a formal economy; Contributing significantly to the country’s GDP, SMEs need all the support they need Leave is proud to provide technical, logistical and marketing support to Nigeria’s growing SMEs to grow.
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Launched in February 2022, Wave has partnered with over 200 merchants in Lagos and Abuja to help them increase their sales. It is still early days but Wive believes it has the best platform with the best team to transform Nigerian SMEs into digital-led and profitable enterprises.
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COVID-19 has descended upon our world, disrupting global health, economic, social and financial systems On March 30, President Buhari announced a 2-week stay in Lagos, Ogun and Abuja that brought a sudden and unprecedented halt to business operations in the formal and informal sectors. Extended for another 2 weeks Governments around the world announced lockdowns, including African countries like Ghana, Kenya and South Africa, quickly followed by stimulus packages to support their small businesses to ensure millions of jobs. is maintained and to subdue the negative economic impact of a slowdown
However, in Nigeria, small business owners have not seen meaningful support actions from the government, leading to a lot of fear and uncertainty about the future of their businesses. According to the Central Bank of Nigeria (CBN), a small and medium enterprise (SME) is a company that employs between 11 and 100 people and has assets between ₦5 and 500 million. SMEs employ over 86% of Nigeria and form an important part of the private sector ecosystem. And so the nationwide lockdown has seriously affected livelihoods, as small and medium enterprises are no longer able to function, generate revenue and meet short-term cash obligations. Most small and growing businesses are now faced with increasing cost pressures, inability to meet short-term cash obligations such as payroll, and the possibility of outright business failure. He also called for emergency action to support Nigeria’s more than 73,000  small and medium enterprises, especially the more than 11,000  in Lagos, the epicenter of the epidemic.
How To Start A Business In Nigeria For Less Than 50,000 Naira
We contextualize Nigeria’s SME COVID-19 response by looking at the latest responses from the developed world and other developing economies. Clearly, Nigeria’s stimulus response to existing SMEs has been disappointing. The chart below shows that Nigeria contributed only 0.03% of its GDP through this epidemic. For example, to achieve what Mexico has done for its SMEs, where, like Nigeria, SMEs employ more than 70% of the workforce, we would need a target 260% larger than the current figure, ie 130 billion vs. Current ₦50 billion. The Nigerian government can, and must, do more
In addition, much-needed stimulus packages, loans and private investment have gone into the healthcare sector, the most important intervention at this time. However, the other side of the economic coin are industries such as food, technology, creative, tourism, logistics, education and manufacturing that are critical to maintaining jobs, livelihoods and stability during this crisis. These are weak industries that must
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