Starting a business is an exciting venture with promises and potential, however, it is not without its challenges. While anyone can start a business, sustaining it and ensuring its growth requires careful planning, strategic thinking, and a deep understanding of various factors that influence a business’s success. Studies show that many businesses fail within the first few years of their existence. Estimates suggest that 70-80% of African startups fail within their first five years. This statistic highlights the importance of preparation and strategic planning.
If you are considering starting a business, it is crucial to lay a solid foundation to increase your chances of success. Here are some essential points to consider if you’re thinking of starting your own business:
The first step to take when starting a business is to conduct thorough research. When you do this, you can identify your target audience, understand their needs, preferences, and purchasing behavior. By conducting market research, you are also able to analyze your competitors to understand their strengths and weaknesses and identify gaps in the market that you can fill. Also, you are updated with industry trends and market dynamics that help you anticipate changes and adapt accordingly.
Having a clear business plan is essential when starting a business. It is important to define your business’s vision and mission, as these statements will guide your strategic decisions and help keep your business aligned with its goals. You also need to develop a comprehensive business plan that outlines your business model, value proposition, revenue streams, marketing strategy, and financial projections. Furthermore, conducting a feasibility study to evaluate the viability of your business idea is also crucial, and this should include a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
Financial planning is another critical area. You should calculate the initial costs required to start your business, including expenses like registration fees, inventory, equipment, and marketing. You also want to explore various funding options such as personal savings, loans, angel investors, venture capital, and crowdfunding. You should also consider implementing robust financial management practices, keeping track of your cash flow, maintaining accurate financial records, and planning for contingencies.
Legal considerations cannot be overlooked when starting a business. First, you want to choose the appropriate legal structure for your business, whether it’s a sole proprietorship, partnership, corporation, or another form. Also, it is key to obtain all necessary licenses and permits required to operate your business legally. Then, you want to familiarize yourself with the regulations and compliance requirements in your industry to ensure your business adheres to them.
Developing a strong brand identity that resonates with your target audience is vital. This includes your business name, logo, tagline, and overall visual identity. When starting a business, you need to create an effective marketing strategy that outlines how you will attract and retain customers, utilizing various marketing channels such as social media, content marketing, email marketing, and SEO. There’s also the part of building relationships with your customers which could be driven by the kind of customer service you provide, feedback mechanisms, and being deliberate about improving your offerings based on customer input.
You need to put in place efficient business processes and systems to streamline operations, including inventory management, supply chain logistics, and customer service. By leveraging technology, you can improve efficiency and productivity- considering software solutions for accounting, project management, and customer relationship management (CRM). Another crucial step to take is to build a skilled and motivated team with clearly defined roles and responsibilities, while also investing in their training and development.
Managing or mitigating risks is essential. You must identify potential risks that could impact your business, whether they are financial, operational, market-related, or external. You need to develop strategies to mitigate these risks, which could include insurance, diversification, and contingency planning.
In conclusion, starting a business is a journey that requires careful planning, resilience, and adaptability. By considering the key points outlined above, you can build a strong foundation for your business and increase your chances of success. Although entrepreneurship is challenging, it is incredibly rewarding. With the right mindset and preparation, you can turn your business idea into a thriving enterprise that stands the test of time. For business advisory and funding options, our team are on hand to help you get started. Click here to contact us.
This is an op-ed. For a comprehensive overview of our macroeconomic report, please click here.
The Nigerian economic landscape in Q1 2024 was characterized by several happenings, from the highs of growth to the challenges of inflation.
In February 2024, Nigeria experienced its highest inflation rate in over 27 years, hitting 31.7%. The prices of goods surge to unprecedented levels, creating ripples across the economy. This surge was largely influenced by many factors including currency depreciation, sluggish agricultural productivity, and increased transport costs due to fuel subsidy removal and regional instability. These developments underscore the significant impact of non-monetary elements on Nigeria’s inflationary trends. All of these painted a grim picture of economic instability.
In response to these challenges, concerted efforts by the apex government’s economic team are underway. The Central Bank is diligently working to ensure transparency and stability in financial operations while endeavoring to mitigate the long-term impact of price hikes. Simultaneously, governmental initiatives are focused on curbing oil theft, enhancing domestic refining capacities, and fostering year-round food production to alleviate pressure on consumers.
However, addressing these economic complexities calls for a unified approach. Monetary authorities and policymakers must collaborate to ensure sustainable growth. This would involve prudent fiscal management, bolstering exports, revamping critical sectors, and tackling security concerns to foster an environment conducive enough for economic prosperity.
Another angle to give attention is the financial services sector, particularly the regulatory actions in the lending space. In Q1 2024, some challenges persist in the lending sector, with increased Cash Reserve Ratio (CRR) constricting banks’ lending capacity, thus impacting economic growth in the short term. CRR was increased from 32.5% to 45%, while the monetary policy rate (MPR), which benchmarks interest rates, was increased from 18.75% to 22.75%.
Expert insights shed light on the policies driving these changes. The Monetary Policy Committee’s (MPC) decision to raise rates aims at price stability amidst escalating inflation. However, concerns arise from fluctuating decisions on the asymmetric corridor, necessitating clear explanations. The higher CRR may slow credit growth, emphasizing the need for collaborative efforts between fiscal and monetary authorities.
On the path to stability, recent FX reforms have yielded positive outcomes, with reduced Naira volatility and appreciation against the dollar. Continued reforms, coupled with high interest rates and improved oil production, are expected to stabilize the FX market.
One can project that despite the turbulence, there is still some glimmer of hope because these reforms have contributed a semblance of stability in the FX market, offering a ray of optimism for investors and consumers alike. With concerted efforts and strategic interventions, it looks like the stage is set for gradual recovery and sustainable growth.
Analyst projections paint an optimistic picture, forecasting a 2.98% GDP growth in 2024, supported by reforms and improved oil sector performance. Despite challenges like dwindling consumer purchasing power and insecurity, growth prospects remain positive. Inflation is anticipated to taper off in H2 2024, driven by adjustments to reforms, concerted exchange rate stability efforts, and agricultural initiatives. You can view more here.
As we reflect on Q1 2024 and look into the projections of the second quarter, one thing remains clear: the need for sustained reforms and collaborative efforts between fiscal and monetary authorities. With strategic measures in place, stability and growth are within reach, promising a brighter economic outlook for Q2 2024 and beyond.
For a comprehensive overview of our macroeconomic report, please click here.
We are thrilled to announce the commencement of the FSDH WIBI Coaching Programme, designed specifically for female business owners. This initiative represents another important stride for us as we continue our relentless efforts aimed at supporting the female economy and contributing to the overall growth of the Nigerian economy. The programme which will span for an eight-week period is set to kick off fully this Saturday, 6th April following the induction of 30 talented women representing diverse sectors such as Consulting, Marketing, Fashion and Beauty, Pharmaceuticals, Health, etc.
During the duration of this programme, the participants will be involved in peer interactions and deep-dive coaching sessions. Working with a carefully curated curriculum and a world-class faculty, participants will engage in master classes covering topics crucial for entrepreneurial success, including Leading an Effective Business, Effective Marketing/Brand Building, Legal & Regulatory Framework for SMEs, Strategic Planning, and Effective Financial Planning.
The induction ceremony was graced by esteemed personalities from FSDH Group including Mrs. Bukola Smith, the MD/CEO of FSDH Merchant Bank, Gold Nwoke, Head of the Women Banking Desk at FSDH Merchant Bank, Dennis Ezaga, Head, Business Banking and our esteemed Programme Facilitator and partner, Fabia Ogunmekan.
During the induction, Mrs. Bukola Smith shared insightful tips from her personal journey, emphasizing the transformative power of coaching programmes. She encouraged participants to actively engage in the sessions, drawing from her own experiences to highlight the immense value of continuous learning and self-improvement. Mrs. Smith reaffirmed FSDH’s unwavering commitment to equipping women with the necessary tools and resources they need to thrive in today’s competitive business landscape.
Tech startups have increasingly found themselves navigating through a maze of regulatory interventions from governments worldwide, and the latest sector to feel this impact has been the cryptocurrency space. The intersection of policy and regulation plays a pivotal role in shaping the operational landscape and growth trajectory of businesses, particularly in the rapidly evolving tech industry. With the advancement of technology accelerating at an unprecedented rate, adopting a collaborative stance towards regulation is not just beneficial but essential for fostering innovation and growth.
In a significant development underscoring the challenges facing the crypto industry, Binance, the world’s leading cryptocurrency exchange by trading volume, announced on March 8 that it would suspend all services denominated in the Nigerian Naira. This move is a direct response to the escalating regulatory scrutiny in Nigeria, which is part of a broader crackdown on global cryptocurrency exchanges operating in the country. The situation escalated when the Office of the National Security Adviser (NSA) detained two executives from Binance upon their entry into Nigeria, signaling a stark reminder of the fraught relationship between crypto enterprises and regulatory authorities.
The decision to suspend Naira services was not Binance’s first action in response to regulatory pressures in Nigeria. Two weeks prior to the suspension, Binance had already limited peer-to-peer transactions involving the USDT/NGN pair for its Nigerian users. This restriction, the second of its kind in six months, was initially perceived as a strategic pivot towards embracing digital currency assets more fully. However, it has since been viewed in the context of Nigeria’s broader regulatory environment.
Compounding the challenges faced by Binance, recent reports have surfaced about the alleged escape of one of its detained executives, Nadeem Anjarwalla, who served as the regional manager for Africa. Anjarwalla reportedly managed to flee from a guest house in Abuja on Friday, March 22, 2023, despite his passport being confiscated by authorities. His escape, believed to have been facilitated by a departure on a Middle East Airliner after leaving a nearby mosque following prayers, was reported by Premium Times and adds a dramatic twist to the ongoing saga of regulatory challenges faced by cryptocurrency firms.
The experience of Binance in Nigeria is not isolated. Flutterwave, a prominent African fintech company, faced its share of regulatory hurdles in Kenya in 2022. Across Africa, regulatory interventions are becoming a discernible trend, with a total of 23 African countries having imposed bans or restrictions on cryptocurrencies by 2023. These measures significantly impact the capacity for innovation within the crypto space, potentially stifling the growth of this burgeoning sector.
The rapid pace of technological innovation, juxtaposed against the slower evolution of regulatory frameworks, underscores the need for flexible regulation that can accommodate and ideally anticipate future developments. Such flexibility is crucial for ensuring that startups can navigate the regulatory landscape without stifling their innovative potential. As the tech industry continues to evolve, it becomes increasingly important for startups to stay informed about relevant regulations and engage in proactive dialogue with regulatory bodies. This awareness and engagement are essential for enabling startups to adapt and thrive in an ever-changing business environment, ensuring that they can leverage opportunities for growth while navigating the complexities of regulatory compliance.
#IncludingHer
“If one woman wins, we all win,” Truly, but are these mere words or are we taking actual steps to ensure that a woman wins? Also, are women seizing opportunities that will position them to win? Well, in the end, we all have our roles to play in seeing to it that indeed women win. We understand our role in this and we’re doing our part, supporting the inclusion of women not just within our organization but also in our dealings with our customers. Through our gender-focused initiatives, we are promoting this cause.
With our Women in Business Initiative (WIBI), we are driving women inclusion and empowerment towards economic growth. Our annual WIBI event that brings together women from all sectors of the economy focuses on discussions on how the female economy can be positioned for growth and how women can tap into the opportunities around them.
Also, we are contributing to women inclusion through our incubation programmes- the FSDH-EDC Women Business Impact Programme and the Female Founders’ Growth Programme, and the recently lunched FSDH WIBI Coaching Programme. These accelerator programmes are focused on upskilling women, ensuring that they are not lacking in the right knowledge and technical competence to help boost their business and position them for more growth and expansion opportunities. We also provide these women access to the right funding with loans offering targeted specifically at female entrepreneurs. To learn more about the WIBI Gender Loan, you can see here. (Pls embed link to WIBI Gender Loan article in “here”)
Now, not to venture even farther, a glance at our internal culture reflects gender inclusion. We believe women aren’t just to be included in decision-making but should be given the seats that they merit. Evidently, our MD/CEO, as well as our ED, Corporate Banking and Branches are female. Our female employees are also given equal opportunity to thrive as their male counterparts. They have equal access to training and renumeration is not subject to gender reservations.
How then can women play their own part in inspiring inclusion?
Women can inspire inclusion by positioning themselves for opportunities. To do this, women need to continuously upskill, stay informed, and ensure that they are not only competent but also confident in their abilities. Additionally, women need to speak up for inclusivity, build connections, serve as mentors, and challenge the status quo. By actively engaging in these actions, women can not only advance their own careers but also pave the way for greater gender equality and inclusion in all aspects of society.
Our Commitment
Our commitment to fostering women’s inclusion and empowerment extends beyond mere words. Through our gender-focused initiatives, we are actively driving women’s participation in the economy. By providing access to training, funding, and opportunities, we strive to position women for success and economic growth. Also, our internal culture reflects our belief in gender equality, with female leaders occupying key positions and equal opportunities for all employees. However, achieving true inclusion requires collective effort. Women must actively seize opportunities, upskill, and advocate for inclusivity to inspire broader societal change.
Running a business comes with its numerous challenges; running one in a country like Nigeria, with its very peculiar financial environment, is even more challenging. For entrepreneurs generally, the journey is often one marked by challenges and triumphs, setbacks and successes. However, for female entrepreneurs, navigating the terrain can be especially daunting. Despite them contributing as much as 40% to Nigeria’s GDP, these women are still faced with much stringent chances of accessing funding when compared to their male counterparts. If the slope is slippery for men, it’s even a slipperier slope for female entrepreneurs. Whether it’s due to systemic biases, limited networks, or discriminatory lending practices, the path to securing funding can seem like an uphill battle.
We are contributing to addressing this narrative. It is why we’ve partnered with Bank of Industry to introduce the FSDH WIBI Gender Loan.
Here are some features of this loan:
So, what then can you do with the FSDH WIBI Gender Loan?
Here are 5 things you can do with the WIBI Gender Loan:
So, if you’re a woman in business, you can expand your business with the WIBI Gender Loan. Don’t settle, apply for the FSDH WIBI Gender Loan, click here to get started now.
Yemi had gone to bed with hopes to wake up to a promising day and smooth business operation, only to wake up to a shocking news- the Dollar-Naira exchange is now 1,805 Naira to 1 Dollar!
As an entrepreneur, who sells and distributes tubers of yams in major markets in the country, Yemi is devastated by this news because of the effect this will have on the price of buying more yams and even the ripple effect of this on the cost of transportation. Yemi is not just faced with the reality of a more than doubled cost of purchase, his budget is seriously affected by this outrageous change.
The above is a glimpse into the minds and daily ongoings of the average business owner/manager in Nigeria.
Running a business comes with its fair share of challenges and success. From adjusting to new policies to navigating market fluctuations, seizing growth opportunities, etc., entrepreneurs are constantly on their toes, striving to ensure that things go well; and one of the key things that they push for is ensuring financial stability. This particular area is one challenge that SMEs have to grapple with.
Nigeria’s SMEs account for 96% of the total number of businesses in the country and contribute about 50% to the national GDP. Despite their significant contribution to the Nigerian economy, these businesses still face challenges including managing cash flows, access to funding, etc., that hinder the growth and development of the sector.
A study shows that 63% of small and medium-scale businesses around the world consider managing cash flow their top challenge. Whether you’re a retailer, service provider, or manufacturer, having the financial capacity to respond to market changes can be a game-changer. Short-term financing is the key to maintaining smooth operations during lean months and capitalizing on peak seasons.
Also, small and medium-sized businesses identify a lack of funding as a barrier to growth. Imagine having a chance to tap into a new market or launch an innovative product line. However, without access to timely capital, these opportunities may slip through your fingers. However, with Short-term financing, these businesses are empowered to seize these growth avenues without compromising their current operations.
Introducing the FSDH Short-Term Loan
Every business understands one language- Capital. At FSDH, we understand this language, and we are here to support you every step of the way. This is why we have loan facilities like the FSDH Short-Term Loan to cater to businesses like yours. The FSDH Short-Term Loan offers a fixed interest rate (2.5% monthly), for business owners who are customers of the FSDH Merchant Bank. This loan allows business owners access to a fixed loan amount of ₦10million to fund their business.
By leveraging the right financial tools, business owners can set their businesses up for remarkable success, and we are here to see that they achieve it.
To access our Short-Term Loan, click here, and let’s partner with you today.
As we take strides into each year, predicting economic trends is important to enable us make informed decisions. As is usual practice, economists and economic thought leaders have provided their forecasts regarding the anticipated developments in the nation’s economy, shedding some light on the anticipated macroeconomic environment, offering insights into key indicators such as GDP growth, inflation, monetary policy rate, and exchange rates. Additionally, they provide a comprehensive outlook on the capital market, focusing on the equity and fixed-income markets. In this article, we summarize experts’ economic projections for Nigeria in the year 2024. Additionally, we will look into the fiscal landscape, the role of the services sector, and changes in consumer behavior for 2024.
Overall Macroeconomic Environment
1. Economic Growth: The overall economy is expected to do a bit better in 2024, growing by around 2.9%. This is thanks to more oil being produced, the government spending more money, and people getting used to changes in how fuel is priced. Some areas, like finance and communication, will be doing well, but things might be tougher for manufacturing and agriculture.
2. Prices Going Up (Inflation): You might notice that things are getting more expensive. Inflation, or the rise in prices, is predicted to be about 27.9% on average in 2024. This happens because of problems like insecurity and difficulties in moving goods around. But there’s hope that in the second half of the year, prices might start going down as the government takes steps to fix these issues.
3. Fiscal Landscape: Nigeria’s piggy bank, or the fiscal deficit, is expected to shrink a bit in 2024. Picture it like this: the government plans to spend a bit less than it did in 2023 compared to what the country earns. It’s like managing your monthly budget. The government expects to get more money from selling oil, taxes, and trade gains. Removing the fuel subsidy also frees up some money for paying off debts. However, there’s a challenge – the government aims to make ₦18.3 trillion, which is quite a bit more than what it earned in 2023. This can be tricky, especially if oil production and prices don’t go as planned.
4. Interest Rates and Borrowing: Expect the cost of borrowing money to go up a bit in the first half of 2024. The government is planning to borrow quite a bit to cover its spending, and this might make it a bit more expensive for everyone to borrow money. But don’t worry too much; it’s not expected to go too high, and it might come down a bit later in the year.
5. Foreign Money and Exchange Rates: The value of our money compared to other countries’ money might stay under a bit pressure. More people want to buy things from other countries, and the money we get from selling our oil might not be enough. Experts’ projections are that, on average, one US dollar will be worth about N925 in 2024.
6. Services Sector: Think of the services sector as the engine powering Nigeria’s growth. It includes things like telecoms and financial services, which are becoming more and more important. Imagine it as the part of the economy that keeps growing and creating jobs. This sector makes up more than half of everything the country produces, and it’s expected to keep doing well.
Market Predictions
1. Stock Market (Equity): Investing in Nigerian companies might be a bit tricky. Even though the stock market looked like a good deal at the end of 2023, there’s some caution now. Investors might become a bit hesitant depending on how well companies perform. But if things in the world economy and money markets improve, more foreign investors might be interested in Nigerian companies.
2. Savings and Investments: Saving money in short-term investments might give you a bit more return, especially in the first half of the year. However, be aware that the government plans to borrow a lot of money, which could affect how much interest you get. It might be a good idea to keep an eye on this.
3. Government Bonds: The government is likely to borrow money by selling bonds to investors. This could mean that there might be more bonds available than people want to buy, and this might push up the interest rates on those bonds. So, if you’re thinking about investing in government bonds, you might want to be careful.
Consumer Outlook
Consumers might feel a bit of a squeeze on their wallets. Prices of things might go up more than usual (around 30% on average), making consumers more careful about how they spend. This might lead to changes in how they shop – maybe choosing smaller sizes or looking for better deals. The middle-income group might feel this pinch more, pushing people towards two extremes – either buying cheaper things or treating themselves to a bit less.
Consumer Trends to Watch:
Conclusion
In a nutshell, the year 2024 looks like it’s going to be a mixed bag for Nigeria. There’s some growth, but it comes with challenges like rising prices and changes in interest rates. The government plans to spend wisely, and the growing services sector is like the reliable engine keeping things moving. Consumers also need to be a bit smarter with money, adjusting habits to make the most of what they have.
Ensure to keep an eye on how things unfold, and don’t hesitate to check for updates as the year goes on. For more on the economic projections for 2024, click here to view the full report.
In Nigeria, entrepreneurship has emerged as a powerful force driving the growth and empowerment of the female economy. Study shows that Small and Medium-sized Enterprises (SMEs) contribute to 48% of Nigeria’s GDP; women account for 41% of ownership of these businesses. Women entrepreneurs are not merely contributing to the growth of the economy, they are catalysts for change, reshaping industries, fostering innovation, and inspiring other women to follow suit.
Women-led startups and businesses are playing a pivotal role in enhancing economic independence for women in Nigeria. By venturing into diverse industries such as oil and gas, technology, agriculture, fashion, etc., female entrepreneurs are creating platforms that empower women to take charge and influence key economic pillars in our nation, Nigeria.
These women venturing into businesses contribute significantly to job creation and value addition for the economy. With this, more women are directly empowered. Here are some leading women who are inspiring change and contributing to the growth and development of the economy through innovation and entrepreneurship, creating game-changing, industry-defining enterprises.
Folorunsho Alakija
Vice-Chairman, FAMFA Oil Limited
Mrs. Folorunsho Alakija is a dynamic Nigerian businesswoman and philanthropist, playing a pivotal role in overseeing diverse business ventures. As the Vice Chairman of FAMFA Oil Limited, her family’s oil exploration and production business, she guides strategic planning and day-to-day administration. Additionally, she holds the position of Vice Chairman in Dayspring Property Development Company Limited, a global real estate company, and DigitalReality Print Ltd, a leading printing company. Beyond her business success, Mrs. Alakija has contributed to Nigeria through various committees and made history as the first female Chancellor of a public university in Africa. A renowned public speaker, prolific writer, and board member of the Commonwealth Business Forum, she has received numerous awards both locally and internationally.
Funke Opeke
Founder/CEO of MainOne
Ms. Funke Opeke is the founder and CEO of MainOne, a leading communications services and network solutions provider in West Africa. Known for spearheading the $240-million-dollar project to build West Africa’s first privately owned, open-access 7,000-kilometer undersea high-capacity cable submarine, she completed the groundbreaking initiative in 2010 on time and within budget. Under her leadership, MainOne also established the $40 million MDX-i’s Lekki Data Center, the largest Tier III Data Center in West Africa with a capacity for 600 racks. Ms. Opeke, an experienced telecommunications executive, returned to Nigeria in 2005 as the Chief Technical Officer of MTN after a successful twenty-year career in the United States. With a first degree in Electrical Engineering from Obafemi Awolowo University and a Master’s degree from Columbia University, she continues to shape the telecommunications landscape in West Africa.
Odunayo Eweniyi
Co-founder and COO of PiggyVest
Odunayo Eweniyi is the co-founder and Chief Operations Officer of PiggyVest, Nigeria’s largest digital and investment platform. With 7 years of experience in Business Analysis and Operations, she previously co-founded pushcv.com, one of Africa’s largest job sites. As the COO of PiggyVest, Odunayo oversees the company’s entire operations, spanning Finance, Investment Management, People Operations, Investor Relations, Fundraising, and related areas. In 2021, she co-founded First Check Africa, a female-led angel fund supporting early-stage women in African tech. Odunayo is a board member at Village Capital and has been recognized on Bloomberg Business Weekly’s 2020 Bloomberg50 list and the 2021 TIME100 Next list. She was also named Forbes Africa 30 under 30 in Technology in 2019 and one of 30 Quartz Africa Innovators in 2019. In 2020, she co-founded The Feminist Coalition, advocating for women’s equality in Nigerian society.
Damilola Olokesusi
Cofounder & CEO at Shuttlers
Damilola Emmanuel is the co-founder and CEO of Shuttlers, a Nigerian transportation startup reshaping commuting in Lagos and Abuja. Launched in 2015, Shuttlers offers professionals and organizations affordable, shared rides in corporate buses, reducing commuting stress and lowering rates by 60-80%. Under her leadership, Shuttlers secured a $1.6 million seed funding in 2021 and plans to expand across African cities. Damilola’s initiative not only eases daily commutes but also contributes to reducing traffic congestion and carbon emissions. Recognized as one of the Most Influential Women in Mobility 2022 by Vulog and a Forbes30Under30 recipient for Technology, Damilola is a leader driving innovation in technology and transportation, with a commitment to supporting women entrepreneurs in Nigeria.
Adenike Ogunlesi
Founder and Creative Director, Ruff ‘n’ Tumble
Adenike Ogunlesi, a trailblazing entrepreneur with over 35 years of experience in the Fashion and Retail Business, is the founder and Creative Director of Ruff ‘n’ Tumble, Africa’s leading premium children’s clothing brand. Starting from the boot of her car in 1998, she has transformed the brand into a Pan-African sensation, boasting 17 retail outlets, an online presence, and expansion plans internationally. Adenike is also the visionary behind Gatimo Apparel manufacturing, a high-quality garment manufacturing facility. Beyond business, she passionately advocates for women’s empowerment and social equity. Adenike’s commitment to community development led to the establishment of the Betti-Okuboyejo Foundation, providing garment-making training for over 200 youths, and the ‘I Share Cuz I Care’ Foundation, impacting thousands of children through initiatives like the feed a child campaign. As a Non-Executive Director at Lafarge Holcim Plc and a mentor at WISCAR, Adenike Ogunlesi is dedicated to both business excellence and empowering others.
Audrey Joe-Ezigbo
Deputy Managing Director and Co-founder of Falcon Corporation
Mrs. Audrey Joe-Ezigbo, Deputy Managing Director and Co-founder of Falcon Corporation, is a seasoned leader with over 27 years of experience in the Energy, Gas Distribution, and Trading sectors. With a focus on entrepreneurship in Africa, she is dedicated to nurturing SMEs into large corporates, emphasizing sustainability and global leadership. Audrey played a pivotal role in Falcon’s growth from a minor oil services contractor to a major player in the Nigerian Oil and Gas industry. Holding several master’s degrees and executive certifications, she is a respected figure in the energy sector, serving as the immediate past President of the Nigerian Gas Association and holding key roles in industry organizations. Audrey has received numerous accolades, including recognition on the Leading Ladies Africa 100 Most Inspiring Women list and the PowerWoman 100 list in the Oil and Gas category. She is married to Joe and is a proud mother of four.
Dr. Ola Brown
Founder, Flying Doctors Healthcare Investment Company
Dr. Ola Brown is the visionary founder of the Flying Doctors Healthcare Investment Company (FDHIC), dedicated to making significant impacts across the African healthcare and wellness value chain. Simultaneously, she co-founded Greentree Investment Company, a leading venture capital firm supporting innovative tech startups in various sectors, including fintech, media, SaaS, Agri-tech, manufacturing, ecommerce, health tech, and Edutech. Dr. Ola, with a background in medicine and surgery, holds a Masters degree in Finance and Economic Policy. She is an accomplished speaker, international influencer, and board member, recognized for her contributions to the healthcare and business sectors globally.
Mo Abudu
Creative entrepreneur, Founder EbonyLive
Mo Abudu, a trailblazing entrepreneur and media mogul, reshaped the African narrative with the launch of EbonyLife TV, Africa’s premier black entertainment network, in 2013. Pioneering inspirational series like “The Governor” and “Desperate Housewives Africa,” she expanded into filmmaking with EbonyLife Films in 2014. Her debut production, “Fifty,” became Nigeria’s highest-grossing drama in 2015. Abudu continued her success with blockbuster films like “The Wedding Party” and “Chief Daddy,” achieving acclaim both domestically and internationally. As CEO of EbonyLife Media, she oversees a multifaceted empire, including EbonyLife TV, Films, Studios, ON, and Productions. A respected speaker and globally recognized figure, Abudu received numerous accolades, including being listed among Hollywood Reporter’s Most Powerful Women in Global Television and The Powerlist 2018. Her influence extends beyond media, with an honorary doctorate and directorship at the International Academy of Television Arts and Sciences. A prominent advocate for changing perceptions about Africa, Abudu continues to make an indelible mark on the global creative industry.
Bolanle Austen-Peters
Creative entrepreneur and Founder, Terra Kulture
Bolanle Austen-Peters, widely known as BAP, stands as one of Nigeria’s foremost theater and film directors and producers, spearheading the resurgence of the Nigerian theater industry on both national and international fronts. Driven by a fervent love for the arts, BAP established Terra Kulture in 2003, filling a void in Nigeria by providing a space with the right atmosphere for people to explore the country’s rich cultural and linguistic heritage. Over the years, Terra Kulture has evolved into a thriving cultural hub, attracting a diverse audience, including expatriates, students, Hollywood and Nollywood stars, artists, and members of the diplomatic community.
Tosin Oshinowo
Founder and CEO of Ile Ila
Tosin Oshinowo, a Nigerian architect, entrepreneur, author, and public speaker, seamlessly intertwines her Yoruba culture with a passion for functionality in her Nigerian furniture business. Founder and CEO of Ile ila (House of Lines), established in 2017, Oshinowo creates contemporary African furniture pieces with a vibrant aesthetic, drawing inspiration from Lagos’s arts and cultural scene. Despite her architectural minimalism, her furniture designs are bold and colorful statements, handcrafted in Lagos using Nigerian teak wood and traditional West African fabrics. With a philosophy of expressing individuality through art, each piece carries a Yoruba name, such as “old tree” or “the beautiful peacock.” Oshinowo, a registered architect, holds degrees from Kingston College London and University College London’s Bartlett School of Architecture. She established her architectural design consultancy, CmDesign Atelier, in 2012, contributing to projects across Europe and Africa. Additionally, she serves as curator for the Sharjah Architecture Triennale in 2023 and actively engages in architectural education through the Sho-o-tell platform at the University of Lagos.
Entrepreneurship in Nigeria is not just about business; it is a vehicle for women to drive social change, challenge stereotypes, and create opportunities for themselves and others. These examples showcase the transformative power of women-led entrepreneurship in building a more inclusive and dynamic economy, paving the way for future generations of female leaders.
Join us on Thursday 30th of November 2023, as we spotlight even more women who are contributing to developing the female economy as they share their enriching and enlightening experience at WIBI Summit 3.0.
Click here to register.
The concept of the female economy revolves around recognizing and tapping into the economic power and influence of women as consumers, entrepreneurs, and professionals. It acknowledges that women significantly contribute to economic growth and development through purchasing decisions, entrepreneurial ventures, and organizational roles. It proposes that it can be a critical launchpad for economic development and all-round growth if properly developed and tapped into. The female economy can be broadly grouped under four main rubrics- Entrepreneurship, Intrapreneurship, Social Impact and Lifestyle.
In the context of Intrapreneurship, this concept is particularly relevant. Intrapreneurship involves cultivating an entrepreneurial mindset within an established organization, where employees, often referred to as intrapreneurs, proactively pursue innovative solutions, drive positive change, and contribute to the company’s growth.
In the female economy, Intrapreneurship plays a crucial role in harnessing the unique perspectives, skills, and leadership qualities that women bring to the workplace.
How so?
The female economy represents a significant market force. Female intrapreneurs are adept at identifying and addressing women’s specific consumer needs and preferences, thereby unlocking new business opportunities for their organizations. Intrapreneurship also encourages a culture of inclusivity and collaboration. Empowering women as intrapreneurs fosters a more diverse and supportive work environment, attracting top talent that brings about more progress and development.
The concept of intrapreneurship has emerged as a driving force behind innovation, personal growth, and professional prestige in the workplace. A group of extraordinary career women in Nigeria are examples of the transformative power of intrapreneurial spirit, showcasing how it can reshape individual careers and the very fabric of the organizations they serve.
Here’s to celebrate the women who have reached the topmost pinnacle of the different spheres and industries, excelling with grace, displaying professionalism, brilliance and contributing tremendously to the growth and advancement of organizations. Here are some Nigerian women who are blazing the trail in intrapreneurship.
Ngozi Okonjo-Iweala – Director-General of the World Trade Organization
Dr. Ngozi Okonjo-Iweala, the Director General of the World Trade Organization, is a seasoned economist and international development expert with over 30 years of experience. She served twice as Nigeria’s Finance Minister, the first woman to hold the position, and spent 25 years at the World Bank, rising to the No.2 position of Managing Director. Dr. Okonjo-Iweala has held key roles, including Chair of the Board of Gavi and the African Risk Capacity. Recognized globally, she has been named Forbes African of the Year and ranked by Fortune and Forbes among the most influential leaders and powerful women, respectively. She holds a Bachelor’s in Economics from Harvard University and a PhD from the Massachusetts Institute of Technology.
Bukola Smith – MD, CEO FSDH Merchant Bank
Bukola Smith assumed the role of Managing Director/CEO at FSDH Merchant Bank in April 2021, leveraging 29 years of progressive experience in the banking sector marked by strategic execution and leadership. Prior to this, she served as Executive Director, Business Development at First City Monument Bank (FCMB), overseeing various divisions and contributing to the bank’s remarkable ascent in the industry. Notable achievements include leading the SME team to the top position in the industry and establishing initiatives like FCMB Women in Business Desk (SheVentures), FCMB Trustees, and FCMB Custody. A Fellow of the Institute of Chartered Accountants of Nigeria, Bukola holds an MBA from Alliance Manchester Business School and a B.Sc. in Economics from the University of Lagos. Beyond her professional roles, she actively contributes to organizations like Women in Successful Careers (WISCAR) and the Toyin Oni Foundation, mentoring young women in various networks.
Amina J Mohammed – Deputy Secretary-General of the United Nations
Amina J. Mohammed is the Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group. Formerly the Minister of Environment for Nigeria, she played a key role in the country’s climate action and environmental protection efforts. Joining the UN in 2012, she led the development planning for the post-2015 agenda, resulting in the 2030 Agenda for Sustainable Development and the Sustainable Development Goals. Ms. Mohammed started her career in designing schools and clinics, later becoming an advocate for education access. She has been honoured with several doctorates and global awards; and is also an adjunct professor.
Dr. Mobola Johnson – Former and first Minister of Communication Technology
Dr. Omobola Johnson, currently a Senior Partner at TLcom Capital, a venture capital firm in sub-Saharan Africa, brings extensive experience in both government and consulting. As Nigeria’s Minister of Communication Technology from 2011 to 2015, she spearheaded initiatives like the National Broadband Plan and supported the local tech industry. With over 25 years at Accenture, including five as Country Managing Director, Omobola transformed organizations across industries. She holds a Bachelor’s degree in Electrical and Electronic Engineering, a Master’s degree in Digital Electronics, and a Doctorate in Business Administration. Omobola serves on various boards, including MTN Nigeria and Women in Management and Business (WIMBIZ).
Oby Ezekwesili – Former Vice President for the World Bank’s Africa Region
Obiageli “Oby” Ezekwesili is an economic policy expert, an advocate for transparency, accountability, good governance and human capital development, a humanitarian and an activist.
With a background in education reform and extensive experience, she holds a Master’s degree in International Law & Diplomacy and a Master’s degree in Public Policy & Administration from Harvard University’s Kennedy School of Government.
She was appointed Vice President for the World Bank’s Africa Region in 2007, oversees projects and economic work in 47 Sub-Saharan countries. She was also formerly Minister of Education of Nigeria, and Federal Minister of Solid Minerals of Nigeria.
Patricia Obozuwa – Vice President, Public Affairs, Communications & Sustainability, Africa, The Coca-Cola Company
Patricia Obozuwa, a distinguished global thought leader in communications and public affairs, currently serves as the Vice President of Government Affairs, Communications & Sustainability for Africa at The Coca-Cola Company. Formerly the Chief Communications & Public Affairs Officer at GE Africa, Patricia played a pivotal role in building and safeguarding GE’s brand across Sub-Saharan Africa. Notably, she established GE Africa’s CSR platform, GE Kujenga, focusing on skills development, community empowerment, and innovation. Patricia’s impactful initiatives include the ‘GE Lagos Garage,’ a hub for advanced manufacturing skills development. With a rich background at Procter & Gamble and the British Council, Patricia serves as a Non-Executive Director at The Water Trust and contributes to the Lagos State Industry Advisory Board for the Yaba ICT Hub/Cluster project. She also sits on the jury of the “Africa Excellence Awards.”
Juliet Ehimuan – Founder, Beyond Limits Africa, Entrepreneur and Immediate Past Regional Director for Google Africa.
Dr. Juliet Ehimuan is a distinguished tech industry leader with over 25 years of experience. After a successful 12-year tenure at Google, where she served as the Country Director for Google Nigeria and later as Director for West Africa, Juliet played a key role in expanding Google’s presence in Nigeria and the broader West Africa region. A trailblazer in shaping the African digital technology landscape, she championed initiatives for increased digital access, forged strategic partnerships, and localized Google products for the African market. Beyond her corporate achievements, Juliet is a thought leader and mentor, advocating for personal growth and leadership development. Her book, “30 Days of Excellence,” inspires individuals to reach their full potential. Juliet’s commitment extends to serving on the boards of various organizations, showcasing her dedication to driving impact and shaping industry players. Her diverse experiences and board involvement solidify her as a respected leader in the tech industry and beyond.
The achievements of these women, exposes other women who aspire to such feats to a nuanced understanding of the transformative impact of intrapreneurship within the workplace, and that they too can aspire to the peak and achieve their goals.
Join us on Thursday 30th of November 2023, as we spotlight even more women in these areas as they share their enriching and enlightening experience at WIBI Summit 3.0, where we explore the theme: Women Winning Together; Enabling the Female Economy.
Click here to register.
We are proud to announce the latest addition to our arsenal – we have just received the prestigious Great Place To Work certification. This certification underscores our unwavering commitment to fostering a workplace culture founded on trust, respect, fairness, and employee engagement. This goes to show how much efforts we put in to ensure our employees thrive and feel valued.
The Great Place To Work Certification is a coveted acknowledgment that recognizes organizations dedicated to creating an exceptional employee experience. It emphasizes that a great workplace is not solely about tangible benefits but is built on intangible factors like trust and camaraderie, making employees genuinely proud of their work.
At FSDH Merchant Bank, we achieved this esteemed certification through a rigorous evaluation process, adhering to the Great Place To Work Trust Model and the Trust Index Survey. This survey plays a pivotal role in assessing workplace culture from the perspective that matters most – that of our employees. It provides an in-depth and comprehensive insight into the health of our internal organization.
Our achievement of the Great Place To Work Certification stands as a testament to our ongoing commitment to nurturing a workplace where employees are not only productive but also satisfied and fulfilled. At FSDH Merchant Bank, we have consistently demonstrated that our employees are invaluable to our success. This commitment is evident through various employee-related initiatives and engagement activities, including:
As a result of these initiatives and our unwavering commitment to our employees’ well-being, we are proud to announce our impressive financial performance in the last year, achieving a Profit Before Tax (PBT) of over ₦4 billion, quadrupling our previous performance. We firmly believe that a happy employee is an efficient employee, and our results validate this belief.
Commenting on this significant achievement, Mrs. Bukola Smith, Managing Director of FSDH Merchant Bank, said, “This certification is a testament to our commitment to our employees’ well-being. We provide an environment where our team can thrive and feel valued. We are proud of our employees and the culture we have built together.”
Mrs. Olubukola Lanipekun-Lawal, the bank’s Head of Human Resources, added, “Our commitment to our employees goes beyond words. We have consistently worked to ensure our employees have a holistic and fulfilling experience at FSDH Merchant Bank. This certification is a testament to our efforts, and we will continue to support and engage our employees to maintain this exceptional workplace culture.”
In an era where employee well-being and job satisfaction take center stage, we are dedicated to paving the way for excellence in the workplace, setting new standards for employee well-being and inspiring other organizations to follow suit. We firmly believe that a thriving, content workforce is instrumental to our success.
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