Exclusive:Encourage MSMEs Through Low Interest Loans - Bountiful Charges

Popular Agege's golden daughter, Mrs. Busayo Taiwo Adelanwa a. k. a Bountiful is in the news. This time it's not about community works with Elephant Club of Ogba or philanthropic engagement with Rotary Club, rather, it is an exquisite exhibition of her prowess in the business and financial sector.

She stressed that it's obvious that capital is the opium of any business but MSMEs suffer a lot because of their inability to service humongous credit facilities often offered by financial institutions.

Mrs Adelanwa who is the Convener of Bountiful Foundation, a business consultant and social worker while responding to questions on a TV programme (AM Chat of MITV) themed: Doing successful business in an unpredictable economy like Nigeria, she said it's high time financial institutions began to encourage Small and Medium Scale Enterprises with little interest soft loans if the country truly wants to build a self reliant economy.

Bountiful Highighted some areas which young  entrepreneurs need to envision before dabbling into any venture. she said they need to identifying a need, study the need to understand it (through feasibility studies, business ideation, business concept development, business planning, skill acquisition, internship and apprenticeship, market analysis, industry analysis), then feed the need sustainably and excellently (i.e product or services).

"In case of capital challenges, seek support from friends, families and folks. When you exhaust your lower hanging fruits, seek partnership, equity investors, angel investors, loan, grant." She asserted.

The social worker advised prospective businessman to make contractual agreements they can achieve,  "all agreement must be  win-win and keep all contractual agreement intact."

Thereafter, Bountiful urged government to ensure creating an enabling environment for business to flourish saying that "Chinese or Lebanese investors come into Nigeria with only a brief case and cart away money in containers.The briefcase on arrival is a cheque of international loan at a very low interest rate with longer moratorium yet he gets tax holidays here which indigenous investors may not get."

NIGERIA A NATION WITH PLENTY OF HOPE

AgegePulse

Nigeria marked its 57th independence anniversary recently. A casual glance at  the nation’s 57 years journey shows both betrayal of expectations of greatness and the irony of the nation. Despite the abundance of human and material resources, Nigeria remains an undeveloped country with clearly more than half of its population living below poverty line. It is also plagued by myriads of problems which continue to undermine its potentials.

Against this background, this essay examines the major problems embattling the nation at 57 whilst proffering lasting and workable solutions to those problems. This paper posits that the problems of the nation are multifaceted and any solution must be holistic and durable for it to yield maximum benefit. It is argued that hopes of development and greatness are not lost provided the nation steers its ship back on the right track. Highlight below is the problems and solution to move the country forward to a greater level.

PROBLEMS
High Chief  Owolabi Salis said, ‘it is only the full understanding of the root causes of the problem we face today as a nation that will afford us the chances of discerning what solutions are possible, which can work and which cannot’. The problems besetting Nigeria today are many but the most critical ones are highlighted below.

The basic problem crippling the progress of the nation is failure of leadership (Achebe: 1984) Related to this is the problem of bad followership. Another core problem facing the nation is insecurity – insecurity of lives and property. Disunity also hinders Nigeria’s progress. There is also no doubt whatsoever that corruption is a major impediment to the nation’s success.

Other problems include poverty, unemployment, criminality, ethnic distrust, politicised judiciary, electoral fraud, religious tension, lack of basic amenities of life, epileptic power supply, poor infrastructure, pathetic education system, political crisis, commercialisation of public or government office, resource allocation, failed institutions (political, educational, economic etc), environmental degradation, spread of drastic disease, chronic frustration of citizens, collapse of national ideals and social values, a culture of impunity, widespread celebration of mediocrity, indiscipline and irresponsibility.

SOLUTIONS
The first solution is social transformation and value reorientation. We must work towards establishing a society where people are judged not by their family background, ethnic or religious affiliation, but by merit and character and a society where people imbibe ideals of fairness, justice and honesty.

Secondly, we must ensure enthronement of Good leadership. According to High Chief Barrister Owolabi Salis “There is urgent need for a new generation of leaders that would clear the cobwebs of decadence and political scavengers. This new generation of leaders must take our dear country to its manifest destiny”.

Also, government must ensure provision of basic amenities of life such as food, clothing, water, road, power, education and employment. It must also ensure improvement in the standard of living.
Other recommendations include an independent and honest press, independent judiciary, strict enforcement of laws, accountability in public office, and policies implementation. Finally, we must uproot the tree of disunity and sow the seeds of unity.

CONCLUSION
At 57th Nigeria is far from its destiny. There is an overwhelming disparity between expectation and reality. Rectifying the anomalies is a joint task incumbent on all stakeholders not just the government. Therefore, all hands must be on deck!

Long life the Federal Republic of Nigeria.

High Chief Barrister Owolabi Salis Fakunmoju