The Business Builders Newsletter

Dear reader,

BLOG

2024 Budget: What It Holds For Small Business Owners

The Federal Government released its 2024 Budget of Renewed Hope on November 28, 2023.

What are the programmes and policies in the 2024 budget that are targeted to Small Business Owners and Micro, Small and Medium Enterprises?

How can Small Business Owners take advantage of these programmes and policies to start, grow or scale their businesses?

The 2024 Budget, presented to the National Assembly and the Nigerian people by President Bola Ahmed Tinubu, aims to address critical economic challenges and foster sustainable growth in Nigeria.

The budget seeks to prioritise macroeconomic stability, human capital development, poverty reduction and enhanced security. These initiatives are designed to foster job creation, economic growth and develop a culture of entrepreneurship.

Among its key initiatives, the budget outlines several programmes and policies specifically targeted towards supporting Micro, Small and Medium Enterprises (MSME) in the 2024 budget year.

NEWS & TRENDS

MoMo, NASME Partner To Boost SME Growth In Nigeria

MoMo Payment Service Bank, a fintech subsidiary of MTN Nigeria, recently partnered with the Nigerian Association of Small and Medium Enterprises (NASME) to organize a two-day symposium and exhibition in Lagos.

The event was organised to empower nano and small businesses in Nigeria.

At a symposium, the bank announced a new initiative called MoMo N40 million grant, which is intended to help small and medium-sized businesses. The programme will reward businesses that use the MoMo wallet for their transactions.

START YOUR BUSINESS

SMEDAN Partners With Sterling Bank To Provide ₦5 Billion Loans For Small Businesses

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and Sterling Bank have signed an agreement to provide a total of ₦5bn in loans to small businesses across Nigeria.

The loan facility offers a low-interest rate of 9%, making it an attractive credit option for Nigeria’s NSMEs.

This initiative marks a significant stride in fulfilling the agency’s commitment to fostering prosperity by facilitating the growth of small businesses through enhanced financial access.

MANAGE YOUR BUSINESS

7 Smart Spending Tips To Help You Achieve A New Financial Beginning

As the year draws to a close, it is an opportune time to reflect on our spending habits and plan for the future.

The month of December, in particular, presents a unique opportunity to do so. To assist in the allocation of resources, we have compiled seven essential tips, which we refer to as the “7 Smart Spending Tips”.

These tips will enable individuals to make informed decisions and achieve personal financial success. It is important to note that spending smartly does not entail refraining from spending altogether, but rather spending wisely.

GROW YOUR BUSINESS

4 Common Reasons Your Business Might Be Underperforming

Businesses underperform every time, but to reverse that underperformance, you need to understand what is making it perform so poorly in the first place.

There are a variety of specific reasons why businesses underperform, but common causes of low revenue or profit include lack of clarity in goals, challenging business environment, talent and resource deficiency and poor marketing and communication.

Let’s look at these common reasons more deeply below:

SME TV

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BOOKS

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