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Takeaways from ASSETS Export Clinic

Proshare

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. 

 

Bolade Irebisi-NEXIM

·   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

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