The institutions below serve as business stimulators, business facilitators, business promoters, business supporters and business champions in Nigeria. In various ways they galvanize entrepreneurs and business people towards effective and productive enterprises for the economic advancement of the country. Should you need a refined and dynamic approach to business, contact any of them and benefit from their services, expertise, support and experience.
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) was set up by the Federal Government of Nigeria to stimulate sme development. Its mandate includes Stimulating, monitoring and coordinating the development of the MSMEs sub-sector; Initiating and articulating policy ideas for small and medium enterprises growth and development; Promoting and facilitating development programmes, instruments and support services to accelerate the development and modernization of MSME operations; Serving as vanguard for rural industrialization, poverty reduction, job creation and enhanced livelihoods; Linking MSMEs to internal and external sources of finance, appropriate technology, technical skills as well as to large enterprises; Promoting and providing access to industrial infrastructures such as layouts, incubators, industrial parks; Intermediating between MSMEs and Government [SMEDAN is the voice of the MSMEs]; Working in contact with other institutions in both public and private sector to create a good enabling environment of business in general, and MSME activities in particular. Contact SMEDAN at 35 Port Harcourt Crescent, off Gimbiya St, Area 11 Garki, P. M. B. 5165 Wuse, Abuja. Tel: 08035681082 Abuja Website: www.smedan.gov.ng
ENTREPRENEURSHIP DEVELOPMENT CENTRES - EDC
The Entrepreneurship Development Centres (EDC) were set up by the Central Bank of Nigeria to spur and sustain entrepreneurship. The EDCs have the following specific objectives:
- To develop entrepreneurship spirit amongst Nigerians and provide insight into the tools, Techniques and framework for managing all functional areas of business enterprise, including Production, marketing, personnel and finance.
- To develop skills of would-be-entrepreneurs to successfully start, expand, diversify and Manage business enterprises as well as link them with financial institutions for start up capital, Especially the microfinance banks.
- To generate employment opportunities for Nigerians in pursuance of the provisions of the National Economic Empowerment and Development Strategy [NEEDS] and recently vision 2020.
- To raise a new class of entrepreneurs/owners, who can compete globally and succeed in Managing msmes and provide the bridge for future industrialization of the country.
Centres are three in number as follows. 1.) Kano EDC managed by Opportunity Industrialization Center in Kano; 2.) Onitsha EDC managed by Centre for Entrepreneurshp Development and Research, Onitsha and 3.) Lagos EDC managed by African Leadership Forum. Between 2008 and December 2011, the Centres a combined total of 34,478 entrepreneurs and counseled/mentored 67,369 entrepreneurs while a total of N207,235,000 was extended to the entrepreneurs as business loans
Fate Foundation is an initiative of one of Nigeria’s finest bankers and philanthropists, Mr. Fola Adeola, who happened to be the first and founding MD/CEO of GTBank Plc. Fate Foundation was set up to foster wealth creation by promoting Business and Entrepreneurial development among Nigerian Youth with the aim of fostering the establishment and growth of over 5,000 businesses by 2015. These businesses will lead to the creation of employment for at least 50,000 Nigerians by 2015. Fate Foundation organizes Aspiring Entrepreneurs Programme and Emerging Entrepreneurs Programme, Short Courses and programs; 26, 628 participants were trained a half-day and special workshops, and over 48, 160 people were 9reached on the topic of entrepreneurship at the end of 2011. Contact Fate Foundation at Water House, 1st Floor, Lagos State Water Corporation, Ijora Causeway, Ijora P.O. Box 54495 Ikoyi, Lagos, Nigeria. Tel: 0702.820.4671, 0803.371.2865 Email: firstname.lastname@example.org Website: www.fatefoundation.com
The International Business Training and Enterprise Development Institute (IBTEDI) is a business stimulator in Nigeria. The Insitute trains entrepreneurs in various courses and disciplines and is in partnership with leading international management consultants. Contact IMSDI at email@example.com, www.ibtedi.org
ABUJA ENTERPRISE AGENCY - AEA
Abuja Enterprise Agency (AEA) is the FCT vehicle for Small and Medium Enterprise (SME) development and poverty reduction. the Agency was set up by the Federal Capital Territory Administration (FCTA) in collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and with support of the United Kindom's Department for International Development (DFID). The services of AEA includes Training – providing entrepreneurial skills acquisition and development; Outreach – delivering business awareness and sensitisation to FCT residents and micro businesses of the Area Councils and other active groups; Counselling – providing confidential interactive and advisory business forum; Internet & Library – one-stop resource centre featuring secretariat services, books, electronic & hard materials for members; Business Clinics – facilitating affordability and accessibility to business registration and regulatory needs (eg CAC, NAFDAC); Abuja SME Online – electronic directory for showcasing, promoting and advertising FCT businesses to the world wwwabujasmeonlinecom;Research – providing comprehensive and up-to-date information on new/existing ventures through desk and field work; Workspace facilitation – providing advice and support on identifying and securing business workspace; Consultancy – providing institutional support on design, development and execution of ideas, projects and business outfits (eg recruiting, branding); Access to Finance – assessing needs and facilitating access to microfinance, commercial funds and leasing; Policy Advocacy – identifying and securing suitable enabling environment and conditions for enterprises. Contact AEA at Mazfalla Plaza, Karu Site, Abuja.firstname.lastname@example.org Tel. 098702298 08098440424 Website: www.aea.org.ng
Dobizness.com (pronounced as do business) is the first and leading b2b portal in Nigeria. The portal offers an integrated b2b services that helps businesses do more business with added convenience and greater opportunities. It offers b2b services, business directory listing, coaching, mentoring, local and international business opportunities plus lots more in a dynamic and intuitive portal. Business can create their pages, post and advertise their services and products and get more contacts, connections and businesses. Contact the dobizness Business Solutions Team at Elephant Cement House, Alausa. Tel. 2347034878543 Email:email@example.com
Success Aptitude Development Centre (SADC)
Success Aptitude Development Centre (SADC) has silently trained and empowered thousands of Nigerians in the last 15 years. Established and run by a committed and dogged believer in the spirit of Enterprise, Pastor (Dr.) Sunny Ojeagbase, SADC runs various short courses, seminars and workshops aimed at empowering and stimulating entrepreneurial spirit in people. The centre also publishes a daily tabloid – Success Digest – which features rich and practical tips on business and opportunities. Contact SADC at Success Attitude Development Centre (SADC) , 36, Esuola Street, Off Ago Palace Way, Okota, Isolo, Lagos State, Nigeria. Website:www.sadcnigeria.org
Bank of Industry
The Bank of Industry Limited (BOI) is Nigeria's oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP).
The International Finance Corporation which produced its pioneer Chief Executive held 75% of its equity along with a number of domestic and foreign private investors. Although the bank's authorized share capital was initially set at N50 billion in the wake of NIDB's reconstruction into BOI in 2001, it has been increased to 250 billion in order to put the bank in a better position to address the nation's rising economic profile in line with its mandate.
Following a successful institutional, operational and financial restructuring programme embarked upon in 2002,the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of providing long term financing to the industrial sector of the Nigerian economy.
BOI services are available to
- Small, medium and large enterprises, excluding cottage industries.
- New or existing companies, seeking expansion, mordernisation or diversification.
- Credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land.
- Borrowers whose management capability, financial situation (including availability of collateral and guarantee), character and reputation are incontrovertible.
- Clients with demonstrable ability to meet loan repayments.
- Borrowers with no record of unpaid loans to erstwhile development finance institutions and other banks.
Contact BOI at 23, Marina, P.O.BOX 2357, Lagos. Tel: 01 2715070-99
E-mail: firstname.lastname@example.orgWebsite: www.boinigeria.com
National Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA)
The various chambers of commerce and industry in Nigeria are formidable in stimulating business, trade and investments in Nigeria. Three ways they have effectively done this is through the organization and hosting of trade fairs, trade missions and lobbying for better business environment for members and for business. Currently there are over chambers of commerce in Nigeria (See Nigerian Chambers of Commerce, Bilateral Chambers of Commerce and Multilateral Chambers of Commerce). Belonging to one or more chambers will enhance your business. The umbrella body of the chambers of commerce is the National Association of Chambers of Commerce Industry, Mines and Agriculture – NACCIMA. Contact NACCIMA at Plot 8, Oba Akinjobi Street. Ikeja GRA, Ikeja, Lagos. Website; www.naccima.com.
Nigeria Industrial Promotion Council (NIPC)
The Nigerian Investment Promotion Commission (NIPC) is Federal Government Agency in Nigeria established by the NIPC Act N0. 16 of 1995 to promote, co-ordinate and monitor all investments in Nigeria. The basic functions and powers of the NIPC are as prescribed by Act 16 of 1995. The NIPC provides a one stop investment centre and makes it easier for Nigerians and foreigners to invest and do business in the country. Nigerian Investment Promotion Commission, Plot 1181, Aguiyi Ironsi Street, Maitama, District, P.M.B. 381, Garki Abuja. Tel: 092904882, 092904706, 092904829, 08097701602 E-mail: email@example.com, Website: www.nipc.gov.ng
Federal Ministry of Trade and Investment
Federal Ministry of Trade and Investment was created to play a decisive role in the diversification of the resource base of the economy by promoting trade and investment with special emphasis on increased production and export of non-oil and gas products that will lead to wealth and job creation, poverty reduction and ensure enhanced service delivery in a manner that will stimulate the growth of the domestic economy for self-reliance and export and its integration into the global market taking full advantage of globalization. NEPZA has the following parastatals under it
Contact FMTI at www.fmti.gov.ng
Central Bank of Nigeria
The Central Bank of Nigeria plays a pivotal role in the stimulation of business and investment through policies, measures and incentives. This it has done very successfully since inception and has continued to do. In addition to its core functions, CBN has over the years performed some major developmental functions, focussed on all the key sectors of the Nigerian economy (financial, agricultural and industrial sectors). Overall, these mandates are carried out by the Bank through its various departments. Contact CBN at Central Bank of Nigeria, Plot 33, Abubakar Tafawa Balewa Way, Central Business District, Cadastral Zone, Abuja, Federal Capital Territory, Nigeria. P.M.B. 0187, Garki Abuja. Nigeria Tel: +234 9 462 37804, or
+234 9 462 37802, 234 9 462 36011 Fax: +234 9 462 36012 Email firstname.lastname@example.org Website:www.cenbank.org
Nigeria Export Processing Zones Authority
THE NEPZA makes business and investment easy in the various export free zones in the country. Locating in any Free Zone in Nigeria automatically confers upon the investor certain advantages, benefits and incentives which have been strategically designed by the Federal Government of Nigeria to create a business-friendly environment for the investor and to be competitive.
These incentives, established by Act No. 63 of 1992 and which have been improved even more in subsequent legislation, are the following:
- Complete tax holiday for all Federal, State and Local Government taxes, rates, customs duties and levies.
- One-stop approvals for all permits, operating licenses and incorporation papers.
- Duty-free, tax-free import of raw materials and components for goods destined for re-export.
- Duty-free introduction of capital goods, consumer goods, machinery, equipment, and furniture.
- Permission to sell 100% of manufactured, assembled or imported goods into the domestic Nigerian market.
- When selling into the domestic market, the amount of import duty on goods manufactured in the Free Zone is calculated only on the basis of the value of the raw materials or components used in assembly not on the finished products.
- 100% foreign ownership of investments.
- 100% repatriation of capital, profits and dividends
- Waiver of all import and export licenses
- Waiver on all expatriate quotas for companies operating in the zones.
- Prohibition of strikes and lockouts
- Rent-free land during the first 6 months of construction
Contact Nepza at Head Office No. 2 Zambezi Crescent, Cadastral Zone A6, off Aguiyi Ironsi Street
Maitama, Abuja, Nigeria. Tel: +234-9-413-1598, +234-9-7804077; Fax: +234-9-413-1550
BusinessDay is the only surviving business and financial daily in Nigeria. Its survival can be attributable to its philosophy, strategy and the dynamism of its promoters, board and management. BusinessDay reports on business and financial matters in Nigeria and globally helping business people and entrepreneurs keep abreast of latest happenings, think and strategize ahead of the market, seize emerging opportunities and imbibe best global practices. The magazine is available in printed form and online. The online edition you can get atwww.businessdayonline.com. As a business person, do not miss the daily issues of this paper; ask and get copies from your newspaper vendor and visit them online at www.businessdayonline.com .
Machines and Mercantile Warehouse Limited
Machines and Mercantile Warehouse Limited deserves a Gold Status in the ranks of business stimulators in Nigeria. The company has over the years stimulated the real sector by availing entrepreneurs’ access to simple and efficient productive machineries of various sorts. They harp on self employment, cottage and small scale industries which can easily be set up with minimal cost. You can contact Machines and Mercantile Warehouse Limited at Plot 13B, Acme Road, Ogba Industrial Estate, Lagos. Tel: 080340787983, 08054835233
Federal Institute of Industrial Research Oshodi – FIRO
The Federal Institute of Industrial Research, Oshodi conducts and desiminates research on industrial production, particularly on the use of local raw materials for real sector production. The company not only conducts research on the raw materials it also researches on production machinery. Thirdly it desiminates the findings to the public through seminars, workshops and trainings. As a s result many Nigerians have set up small and medium scale industries of various sorts in various parts of the country. Check with FIRO on their research and productions and on their next training sessions. You may contact them at FIRO Compound, Cappa Bus stop, Along Oshodi Mushin Road (Agege Motor Road), Oshodi.