NigeriaCom: 'Your Project Must Be Bankable' - Ladi Daodu
"If you have an idea and need finances, you can approach the Bank of Industry. The bank has funds that have been created to support the Small and medium-sized enterprises (SMEs)".
Thats according to the CEO, Sierra Capital Limited, Ladi Daodu. He said this at the 10th edition of the Nigeria Com held at Oriental Hotel, Victoria Island Lagos.
Daodu while speaking on the topic Attracting Financing For TMT Business and Funding Considerations for Start-Ups, said for a start-up to survive, it must be bankable.
"In terms of financing, the federal government is doing a lot and the private sector also are making effort to bridge that gap.
"That's why today, funds are being created by the private players to finance SMEs (Private Equity Funds) depending on your the type of business and how properly structured the business model is.
Concerning tools of doing business, Daodu said "The Vice President Yemi Osinbajo has been going round talking about the effort of the federal government in creating a more attractive and receptive environment to investment.
"In terms of registering businesses, there is a mandate that businesses must be registered within 3-5 working days depending on the kind of business. There are issues around tdoinbg business that the federal government is trying to work around.
"There is what is called SMEs token which is borne out of bridging the gap in knowledge and to educate start-ups. The idea is that when there is no information, value will be eroded.
"There is also SMEs advisory which may involve lawyers, analysts where people like us try to advise you on how well to make your start-ups bankable and attractive to clients.
"If you have an idea and we understand the idea, we try to help to create a structure around it, a structure that will help you attract the financing that you need."
A panel of analysts which include: Onyeka Akumah, CEO Farmcrowdy, Damilola Teidi, Director of Incubation, CCHub Nigeria, Tony Onuk, Founder, Roothub Accelerator Systems, Oluwole Odetayo, Co-founder and Executive Director, Wennovation Hub and Ladi Daodu, CEO Serria Capital Limited were on ground to also discuss The Essential Tools For Success For Nigeria Start-Ups.
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