Tuesday, November 28, 2017 9:00AM / News
Africa Sustainable SME Export Trade Solutions (ASSETS) continued its drive to reposition non-oil export in Nigeria with its non-oil export clinic recently at FIIRO, Oshodi, Lagos Mainland. We bring you memories of the clinic that witnessed robust brainstorming on the subject in question.
Dipo Adebo - Lagos Angel Investor Network:
· If you are not ready for export don’t go into it.
· It is tough exporting.
· Equity fund is available for export business
· It is not just about money, it’s about mentoring, partnering
· We have business relationship with capitalists.
· We invest in people.
· Successful entrepreneurs put in good effort.
· Look at demographics- business is a game of numbers; sell large numbers at small price
· Everybody should not focus on export; there are other opportunities.
· We are interested in knowing if you have a plan for growing the business
· We are interested in people who have a tall ambition.
· The bank wants your collateral; we want to see passion.
· If you have a good idea, develop it; research it.
· Do all the planning, the logistics; we will fund you as junior partners.
· You need to be organized.
· We have relationship with owners of business incubators who will train you.
· We have an international funding network whose financial muscles is very strong.
Bamidele Ayemibo-3T Impex Consulting:
· Quality of products for export must meet international standards and this must be sustainable.
· Lots of our products cannot be sold abroad because high cost of processing makes our pricing uncompetitive.
· When the product is right, the buyer will pick it up;
· Major stores of African foods abroad are run by Asians who own massive warehouses.
· There are over two million legal Nigeria immigrants in the UK.
· Our paper work must be right.
· The EU has very strong regulations they test; you may have to send your products abroad for testing.
· If the product is right, finance will be available.
· It is not just about money but relationship, character, competence and companionship
· Purpose of business is to create value.
· To grow this economy, we must do value-added export.
· Exporting raw commodities is modern day slavery.
· NEXIM deals with exporters of non-oil exports-manufactured products, agric products, solid minerals, and services that have export content.
· Funds are lent at single digit interest rate.
· Exporters must come through their commercial banks,
Adetokunbo Akinsola-Bank of Industry
· Finance is at single digit interest rate
· Fashion fund is given out at 9%; maximum fund loanable is N20 Million.
· For cottage agro-processor fund, it is 9%; maximum fund loanable is N50million
· National automotive fund is 7.5%; maximum fund loanable N1billion.
· Dangote fund is 5%; maximum loanable fund is 5%; maximum loanable fund is N50 million
· Cassava bread fund is 5%, 50% of which is grant.
· Graduate entrepreneurship fund is 7% for serving corpers and loanable fund 2million. NYSC Certificate is pledged as collateral.
· Youth Entrepreneur fund (for Youths between 17 and 35 years), it is 9%interest rate; loanable fund is N5million.
· Other BOI funding done 10% interest rate; if working capital-12%.
Federal Institute of Industrial Research Oshodi (FIIRO)
· Federal Institute of Industrial Research Oshodi (FIIRO) is very vital to the issue of Industrialization, local content, diversification, non-oil export, value addition, the whole gamut of that looking inward process. So its contribution is centred on all these.
· It conducts cutting edge research in food and agro-allied processing, pulp and paper processing, packaging and product design, design and fabrication of prototype equipment.
· FIIRO thus has in its kitty a rich list of investment opportunities that have to do with food and agro-allied processing and intermediate raw materials for industrial production.
· FIIRO is therefore a friend of non-oil export products exporters.
First appeared in the Businessday Newspaper