One of the most difficult parts of starting a startup for any entrepreneur is finding that small bit of seed capital to get things going.
An entrepreneur is charged with the responsibility of innovating new products, better production method, creation of markets and managing the production process. He is a wealth creator.
But there are myriads of problems facing the Nigerian entrepreneur.
The problems range from corruption to lack of good infrastructure to poor record keeping and to inadequate government support.
Finance however remains the most crucial part for any prospective or established entrepreneur.
Both commercial banks and micro finance institutions are reluctant to grant the entrepreneur the facility he needs to run business.
That is why we welcome the move by the Bank of Industry (BoI) to create special funds for the information communication and technology entrepreneurs that meet its requirements.
Ms. Evelyn Oputu, managing director of the bank acknowledged that funding was the major problem of many operators.
The bank, she said, did not have a special desk for ICT, despite the industry being one of the major contributors to the Gross Domestic Product (GDP) in recent times.
She said: “We do not have sector specific for ICT. As situation arises, we give loans to ICT firms that have shown willingness to do business and achieve results. We take seriously every sector that has impact on the people. ICT is one of those sectors, though it is yet to realise its potentials in the country.
“At the Bank of Industry, we reject any aspect of the economy that do not impact on the country’s Gross Domestic Product. We lay emphasis on value added creations. We have a lot of schemes in the bank. That is why we are coming out with a unique way of lending to businesses. However, the funds would be given to only the serious ICT entrepreneurs who have shown a lot of commitments to his/her businesses. I wants you to be rest assured that you have a banker that would support you, may be at a single-digit rate or very close.
But knowing Nigeria’s history with misapprobation of special funds, care must be taken to ensure that the ICT desk of the BoI does not go the way of the N300 billion aviation intervention fund and several other funds gone with the wind.
We advise that the fund should be patterned after the highly successful Entrepreneurs’ Fund III (TEF III), a Silicon Valley based seed and early stage venture fund.
Since inception in 1989, the TEF family of funds has been an early stage investor in over 30 very successful companies.
Also team-focused approach to early-stage investing should be adopted, meaning that a select industry tested and proven professional should be nominated to administer the fund.
If these are done the wealth of talents laying waste in the country can create a new knowledge era and put the country on the path of sustainable development.
NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution
Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.
The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.
GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.
Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.
The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.
They form a wireless system to boost cellular reception
“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said
The agency said it will not condone any flagrant breach of this law.
It has also enforced measures to prosecute offenders.
Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.
“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.
“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.
Tizeti announced that it selected Nokia’s Fastmile Long Term Evolution (LTE) technology to enable usprovide superior internet services to over 1 Million subscribers in Port Harcourt, Edo and Ogun in Nigeria.
Tizeti will deploy Nokia’s AirScale Base Station TDD-LTE and FastmileFixed Wireless Access (FWA) gatewaysto deliver premium internet and Virtual Private Network (VPN) services to Residential, Small and Medium Enterprises (SMEs).
The solution will also enable Tizeti’sto deliver a more robust, high-speedinternet service to subscribers and the flexibility to seamlessly evolve to 5G Fixed Wireless Access when needed.
Nokia’s FWA solution enables Tizeti to fast-track broadband access and provide a best-in-class broadband experience to its subscribers.
Nokia’sAirScale Base Stations ensure high-quality connectivity and coverage and enablesTizeti to evolve the network in line with customer demand.
Nokia’sFastmilegateways connect wirelessly to the existing network to createa fastbroadband connection and enhanced Wi-Fi experience in the home.
The Nokia Network Services Platform will help Tizeti to simplify operations and quickly respond to changing market demands.
Kendall Ananyi, Tizeti, said:“We are committed to providing the best-in-class network experience to our subscribers. We are confident that Nokia’s proven technology and expertise will help us differentiate our services based on quality. This a crucial project for us as it introduces LTE in our networks and allows us to bring new and innovative services to our subscribers.”
Eniola Balogun, Nokia, said:“We are thrilled to work with Tizeti on the initiative to upgrade their network to bring the latest products and services to its subscribers. Nokia Fastmile will help Tizeti to cost-effectively enhance the customer experience.
The project will also enable them to delight their subscribers by providing more reliable data services.
On the other hand, Tizeti will benefit by adding new revenue streams.”
Risk Assets Push Higher on Vaccine Hopes; Eyes on the Fed
By Hussein Sayed, Chief Market Strategist at FXTM,
After two consecutive weeks of back-to-back declines, global stocks kicked off Monday with solid gains amid a surge in M&A activity and positive signs towards vaccine developments. Currency markets were little changed ahead of a busy week of monetary policy announcements, while Oil and Gold ticked slightly higher.
The two big deals announced over the weekend were Softbank’s plan to sell chipmaker ARM to Nvidia for more than $40 billion and Gilead Sciences to acquire Immunomedics for a price tag of $21 billion. Meanwhile, on the vaccine front, AstraZeneca resumed its phase-3 trial on Covid-19 after being suspended last week following a neurological illness developed in one participant, and Pfizer announced that its vaccine could be distributed before year-end if found safe and effective.
Central Banks will take centre stage this week with the Federal Reserve, Bank of England and Bank of Japan all due to announce policy decisions. Out of the three meetings, the Fed is likely to be the most watched following its historic shift towards average inflation targeting. The big question remains how will the FOMC put this policy into action?
From what we know now, the Fed is set up to keep interest rates near zero for a long time, possibly for several years. Given the new framework, any spike in inflation won’t translate into immediate rate hikes as the Fed wants to compensate for the lost years when they have failed to hit the target. The dot plot will be the key guide for investors and traders alike. If inflation projections remain at 2% or below for the foreseeable future, this will solidify market expectations for a low rate environment for many years to come. That said, Jay Powell would still have to explain in more detail how the new framework will be translated into policy action.
In June’s economic projections, the Fed anticipated unemployment would be at 9.3% by year-end, but, in August, unemployment was well below that forecast at 8.4%. Many other economic data surprised to the upside during the June – August period in a clear sign that most economists were overly pessimistic towards the strength of the recovery. However, there is still a considerable amount of uncertainty given the latest surge in Covid-19 cases worldwide and the US, especially as we get closer into the winter season. A second wave will undoubtedly put the recovery at risk in the final quarter of the year and it will be interesting to see the Fed’s view on that issue.
As for the market selloff over the past two weeks, the Fed isn’t likely to show any signs of concern. In fact, policymakers should be satisfied with the pullback as the risk of a bubble in several assets has been growing due to the Fed’s extremely accommodative policies. Unless we see another 10 -15% drop, do not expect the Fed to intervene.
FG makes u-Turn on Bank Account Re-Registration
FG Bans Emirates Airlines from Operating in Nigeria
Satellite Operators Push New Signal across Africa, Indian Ocean Regions
Facebook to Open Office in Lagos
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Senate Alleges Multi-Billion Naira Fraud in NTA, Startimes Deal
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