#SME1000 Featured Post

Union Bank, Connect Nigeria unveil Top 100 emerging SMEs campaign

Union Bank, in collaboration with Connect Nigeria has announced the launch of Top 100 Emerging SMEs campaign. The campaign was unveiled at the eBusiness fair for Small and Medium Enterprises (SMEs) held in Lagos recently.

The fair organized by Connect Nigeria and sponsored by Union Bank, is reputed as one of the largest gatherings of SMEs in Africa, drawing business owners, startup founders and aspiring entrepreneurs from across the continent.

The Top 100 Emerging SMEs is an initiative aimed at identifying, honouring and supporting Nigeria’s leading upcoming SMEs who have shown resilience by thriving despite the challenging business environment while maintaining ethical business practices.

Speaking on the initiative, Union Bank’s Head of Retail Segments, Paul Aseme stated: “As a bank that recently crossed the century mark, we are committed to supporting the growth of Nigerian businesses so they can also be profitable and sustainable in the long term. We will continue supporting the SM…

What Nigerian Investors Want to See in Your Financial Statement

Are you looking to raise an investment or be bought out? Like anywhere else, investors in Nigeria will be looking at these key metrics.  So look closely,  track and work on improving them. 

1) Net Profit
“Are you making money?” is often the first question asked, but it’s only a starting point. Unsustainable profits are bad, and losses can be good if you’re on track to profitability as you scale up. But as many business owners do not often have a clear understanding of their net profit, this is a good place to start.

2) Sales
You may have an objectively amazing product or service, but the real question is, are people willing to buy it? If you establish a track record of sales before seeking an investment, investors don’t take on the risk of not knowing the answer to that question. Investors also care about sales growth. Are you showing an upward trend, or did the initial excitement fizzle out?

* Margins
Sales are meaningless if you aren’t making money. Investors also want to see your prof…

Facebook reports revenue growth for Nigerian SMEs on platform

Social media giant, Facebook has stressed the importance of digital platforms for the growth of Small and Medium Scale Enterprises (SMEs) in Nigeria. It claimed in that the platform has increased profit for users.

This is even as the Vice President, Prof. Yemi Osinbajo met with Facebook Chief Operating Officer, Sheryl Sandberg, at the World Economic Forum in Davos, Switzerland.

The meeting as monitored was focused on enhancing local businesses in Nigeria for better and maximum global exposure.

Facebook, which currently has 2.07 billion monthly active users and 1.37 billion daily active users on average worldwide and 10 million daily users and 22 million monthly active users from Nigeria, said using the platform to trade, 91 per cent of businesses surveyed outlined the increased demand they have seen for their company’s goods/services, not only in their home country, but further afield.

According to a study conducted in partnership with Morning Consult Brand Intelligence, sampled over 1,00…


The Catering and Confectionary business in Nigeria is a largely lucrative endeavour. Simply put, Nigerians don’t play when it comes to food. Therefore, it is not surprising that many individuals are into the profession of making food on a daily basis. With such a crowded industry, it takes a certain level of zeal and attitude to stay successful in it. Yewande is one of those with the zeal and attitude required to be on top of her peers. In this interview, she talks about her two businesses; Famous 5 Caterers and Wendelicious Treats, as well as her challenges and what got her into the business in the first place.
Q: Please tell us about yourself. How did you venture into catering?
A: My name is Yewande Oyibo, Chief Responsibility Officer of Famous 5 Caterers & Wendelicious Treats. I'm also married. My Late Mum was a Caterer and I like Owambes with a passion; especially the food and drinks aspect.
Q: Yewande, What does Famous 5 stand for?
A: Famous 5 was a nickname given to m…


Running one business in Nigeria is hard enough. Imagine running two at the same time. It takes guts to leave a paying job, which is probably more secured than most, to work in the transportation industry. It is a move that comes with so much uncertainty, not to mention the risks involved in dealing with strangers on a daily basis. But Oyekoya Olamilekan has found a way to make it work. In this interview, he speaks on how he operates with Uber and Taxify, as well as what people should do before following suit.
Q: Mr Oyekoya, Tell us what your business is about.
A: My name is Oyekoya Olamilekan, I used to be the business development manager for a business management software developing company in Lagos. I resigned last year October to venture into transportation fully by partnering with Uber and Taxify. I also have a marketing company which a freelance for companies offering products and services. Presently I am accredited by a Health Management company for sales and marketing.
Q: W…

“ICT Has Potential Of Becoming Nigeria's Major Revenue Source.” – Celestine Okolie

The Information, Communication, and Technology (ICT) Industry is a growing industry in Nigeria. Many startups over the years have been established in that sector and with the rapid evolution of technology on a daily basis, it’s easy to see why ICT is very popular. 
ENG Technologies Nigeria is one of those companies looking to stay ahead of the many ones in ICT and it is headed by Celestine Okolie. In his interview as part of the SME 1000 Hotseat Series, he talks about his business, challenges and thoughts on the ICT Industry in Nigeria.
Q: Tell us about your business.
A: I am Celestine Okolie. My Business name is ENG Technologies Nigeria. ENG Technologies Nigeria is an indigenous Information and Communication Technology Company registered in Nigeria. The company offers a diversified range of ICT services and Business solutions. Recently, I branched out to include the marketing and sale of Android Entertainment Devices, specifically the Android Smart TV Boxes & related accessori…


Large cargo sometimes has to travel by land to its destination. The better option, on some occasions, is for the cargo to be delivered using a suitable trucking service, especially if the destination can be driven to. The challenge, however, lies with finding the right trucking service for this cargo to be delivered with. With Red Star Logistics, it’s no longer a challenge.
At Red Star Logistics, we have the resources and capabilities to ensure you receive the right shipping solution at the right price. Our carrier network helps us provide you competitive prices and on-time performance, making every customer experience outstanding. With the extensive land network, we cover over 1500 communities.
Our trucking solutions are the best you can find, especially in Nigeria. The options are also flexible enough, depending on the size of cargo being delivered. You can choose the LESS THAN TRUCK LOAD option which delivered cargo that weigh 50kg and above within 72 hours. We can also deliver ca…