Some emerging Nigerian entrepreneurs have stressed the need for the country to provide more access to capital for them to upscale their businesses in view of the rising economic challenges facing the country.

Speaking at the 2023 Founders Mixers and Award event in Lagos, Publisher and CEO, Business Africa Online (BAO), Ayinuola Alaba said the government should begin to create a mechanism that would provide the needed funds for emerging businesses.

The event tagged, “Celebrating Grit in A Challenging Economy,” was organised according to Alaba to bring founders together to share their experiences while encouraging one another.

He harped that notable startups in the country have continued to pursue growth through grit, hence the government should support them by removing every hurdle confronting them.

According to him, “One way the government can do this is to deliberately remove tax hurdles and give entrepreneurs more access to elusive capitals. We can see how young technological startups are emerging in the country making impacts and at the same solving some of our indigenous problems.

However, the CEO, GAIA Africa, Olatowun Candide-Johnson, said they need investors and are looking for equity because that is what makes it easier for them.

Over 100 young entrepreneurs and traders have benefited from the business financing masterclass programme organised by Pecan Bank and powered by Pecan Trust Microfinance Bank.

The training, which was hosted by the bank’s finance academy in Lagos, saw participants learn about the various funding instruments through an interactive workshop session and expert-led discussions.

The masterclass comes at a time when market conditions are stringent due to economic uncertainty and rising interest rates, making it more difficult for entrepreneurs to raise much needed capital, especially those in the early stages.

Kunle Karounwi, head of Credit at Pecan, said the bank is committed to partnering with entrepreneurs to achieve their dreams, and the business financing master class is a testament to this.

“As a bank, we have always contributed meaningfully to the lives of not only our customers, but also members in our broader community. The moment you walk into our premises or reach out to us, you can be sure of a supportive atmosphere that enables you to achieve your financial and business goals, because above all, we are rooting for you first.

“We believe that this masterclass has provided entrepreneurs with the knowledge and tools they need to secure a more assured path for their businesses”, Karounwi, said.

Karounwi further stated that the Business Financing Master class is one of the many ways Pecan Bank is supporting young entrepreneurs and small businesses in Nigeria. “The bank also offers a variety of financial products and services including business loans, working capital and asset financing products designed to meet the needs of business owners”.

According to him, the success of the Business Financing Master class further establishes Pecan Bank as a key player in driving entrepreneurship and economic growth in Nigeria.

The Nigeria Civil Aviation Authority (NCAA) has lifted the suspension placed on the Part G operations specifications of a wet leased Airbus aircraft operated by United Nigeria Airlines.

The agency had last Sunday suspended the airline’s Airbus following after it temporarily diverted its flight NUA 0504 headed for Abuja to Asaba.

In a letter signed by the NCAA’s Director of Licensing and training, Captain I.B Danbazzau and addressed to the Managing Director of the airline, the agency outlined the outcome of its investigation and made recommendations.

It then stated that the suspension has been lifted and the airline is required to comply with the Nigeria Civil Aviation All Operators letter (DG 15/2023) referenced NCAA/DGCA/AIR/11/16/347.