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Access to Funds: UNIDO Introduces COMFAR App to SMEs

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  • Access to Funds: UNIDO Introduces COMFAR App to SMEs

The United Nations Industrial Development Organisation’s Investment and Technology Promotion Office is set to equip small and medium enterprises (SMEs) in Nigeria with its Computer Model for Feasibility Analysis and Reporting (COMFAR) tools and methodologies for project appraisal.

Chief Technical Adviser, UNIDO-ITPO, Mr. Stanislaw Pigon, noted that lack of access to funds was not the only factor hindering the growth of the SME sector, adding that operators’ inability to present a proper accounting system was a major issue.

Pigon spoke in Lagos on Tuesday, at the UNIDO ITPO Nigeria’s Investment and Technology Promotion Workshop for the non-oil sector in Nigeria.

COMFAR is a software that facilitates short and long-term analyses of financial and economic consequences for industrial and non-industrial projects.

The innovation, which is accompanied by manuals, teaching materials and interlinked software for project identification and preparation, also offers specialised modules on Clean Development Mechanism and on Environmental Management Accounting, among others.

Pigon explained: “With the app, SME operators can prepare their financial appraisals in few hours after they have downloaded the application online either on their laptop computers or smartphones. COMFAR, which is already available in 19 languages, will expand its product offer to include more specialised versions that are compliant with the latest International Accounting Standards and the International Financial Reporting standards.

“UNIDO is set to train trade groups and organised private sector on the development of a trainers’ certification scheme and the establishment of national and regional training hubs. We will also create a centre of excellence that will work with financial institutions and regulatory bodies. Our objective is to train the trainers as they are expected to train others across the country.”

Pointing out that Pigon said the training would be extended to operators across the six regions in Nigeria, added that the workshop was introduced to help the country meet future challenges, connected to its growing population.

“The United Nations projected that the country’s population would increase to 200 million in two years and most of these people are entrepreneurs. If we train them now, it will affect the economy positively, especially when the population increases further,” he said.

Speaking at the event, National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Chief (Mrs.) Alaba Lawson, lauded the efforts of UNIDO for being a consistent and dependable partner in the creation of a conducive business environment and promotion of free trade enterprise in Nigeria.

According to her, the sustainable economic development innovations of the organisation, which are technologically driven, are focused on industrialisation, poverty alleviation, women and youth development, Foreign Direct Investment generation and SME development.

Lawson said: “Its workshops serve as a starting point for future work between NACCIMA and UNIDO in tackling these important issues, and further development of NACCIMA-ITPO projects to promote gender equality, skill acquisition and improved market access with an emphasis on quality.”

Lawson urged the Federal Government to boost its capacity, competence, and legitimacy to mobilise and interact with all stakeholders, thereby creating an attractive investment climate.

“The necessary reforms will open the way for public-private partnerships, which can provide investment for infrastructure development and maintenance. Government should also facilitate cooperation with other international organisations and development finance institutions that can provide additional funds, while helping countries like Nigeria upgrade their productive capacities.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Guinness Nigeria Postpones Spirits Importation Exit, Extends Deal with Diageo

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Guinness Nigeria Plc has announced a delay in its plan to halt the importation of spirits as it extended its agreement with multinational alcoholic beverage company Diageo until 2025.

The decision, communicated through a corporate notice filed with the Nigerian Exchange Limited on Tuesday, cited a longer-than-expected transition period for separating its business from Diageo’s.

Initially slated for discontinuation in April 2024, the importation of premium spirits like Johnnie Walker, Singleton, Baileys, and others under the 2016 sale and distribution agreement with Diageo will now continue for an additional year.

The extension comes as the process of business separation between Guinness Nigeria, a subsidiary of Diageo, and Diageo itself faces unexpected delays.

In October, Guinness Nigeria had announced plans to cease importing spirits from Diageo, a move aimed at reducing its foreign exchange requirements.

However, the separation process has encountered unforeseen hurdles, necessitating the extension of the importation agreement.

The notice, signed by the company’s Legal Director/Company Secretary, Abidemi Ademola, highlighted the ongoing efforts by Guinness Nigeria and Diageo to implement the separation, originally scheduled for completion by April 2024.

The extension underscores the complexity of disentangling the businesses and ensuring a smooth transition.

Guinness Nigeria reaffirmed its commitment to the long-term growth strategy, aligning with Diageo’s decision to establish a new, wholly-owned spirits-focused business.

Despite the delay, both companies remain dedicated to managing the importation and distribution of international premium spirits in West and Central Africa, with Nigeria as a key hub.

The postponement comes amid challenges faced by Guinness Nigeria, including significant exchange rate losses, which amounted to N49 billion in the 2023 half-year operations.

Despite these setbacks, the company remains optimistic about its future prospects in the Nigerian market.

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Private Sector Warns: Interest Rate Hike to Trigger Job Cuts and Inflation Surge

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As the Central Bank of Nigeria (CBN) announced a hike in the Monetary Policy Rate (MPR) from 22.75% to 24.75%, concerns have been raised by the private sector regarding the potential ramifications on job stability and inflationary pressures.

The move, aimed at curbing inflation and stabilizing the exchange rate, has prompted apprehension among business operators who fear adverse effects on the economy.

Representatives from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Nigerian Association of Small Scale Industrialists have voiced their worries over the increased difficulty in accessing affordable credit.

They argue that the higher interest rates will impede the private sector’s ability to borrow funds for expansion and operational activities.

This, they fear, could lead to a reduction in business investments and subsequently result in widespread job cuts across various sectors.

The Lagos Chamber of Commerce and Industry (LCCI) acknowledged the necessity of the interest rate hike but emphasized the potential negative consequences it may bring.

While describing it as a “price businesses would have to pay,” the LCCI highlighted the current fragility of the economy, exacerbated by various policy missteps.

They cautioned that the increased cost of borrowing could stifle entrepreneurial activities and discourage expansion plans critical for economic growth and job creation.

Experts have echoed these concerns, warning that the tightening monetary conditions could exacerbate inflationary pressures and hinder economic recovery efforts.

With inflation already soaring at 31.70%, the rate hike could further fuel price hikes, especially in essential goods and services, thus eroding the purchasing power of consumers.

However, CBN Governor Yemi Cardoso defended the decision, citing the imperative to address current inflationary pressures and ensure sustained exchange rate stability.

He emphasized the need to restore the purchasing power of ordinary Nigerians and expressed confidence that the economy would stabilize by the end of the year.

Despite assurances from the CBN, stakeholders remain cautious, calling for a more nuanced approach that balances the need for price stability with the imperative of fostering economic growth and job creation.

As businesses brace for the impact of the interest rate hike, all eyes are on the evolving economic landscape and the measures taken to mitigate its effects on livelihoods and inflation.

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Breaking Barriers: Transcorp Hotels CEO Shares Journey from Crisis to Success

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Dupe Olusola

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, reflects on her remarkable journey from navigating the depths of a global pandemic to achieving unprecedented success in the hospitality industry.

Appointed in March 2020, amidst the onset of the COVID-19 pandemic, Olusola found herself at the helm of a company grappling with the severe economic fallout and operational challenges inflicted by the crisis.

Faced with a drop in occupancy rates from 70% to a mere 5%, Olusola and her team were confronted with the daunting task of steering Transcorp Hotels through uncharted waters.

Undeterred by the adversity, they embarked on a journey of transformation, leveraging creativity and resilience to navigate the turbulent landscape.

Implementing innovative strategies such as introducing drive-through cinemas, setting up on-site COVID-19 testing facilities, and enhancing take-away services, Transcorp Hotels adapted to meet the evolving needs of its guests and ensure continuity amidst the crisis.

Embracing disruption as a catalyst for growth, Olusola fostered a culture of collaboration and teamwork, rallying her colleagues to overcome obstacles and embrace change.

Through unwavering determination and a commitment to excellence, Transcorp Hotels emerged from the pandemic stronger than ever, breaking profit and revenue records year after year.

“It’s indeed been a great opportunity to learn and relearn, to lead and to grow. When you see success stories, remember it’s a journey with twists, turns, ups and downs but in the end, it will all be okay”, she said.

Olusola’s leadership exemplifies the power of adaptability and perseverance, inspiring her team to transcend limitations and chart a course towards unprecedented success.

As Transcorp Hotels continues to flourish under her stewardship, Olusola remains steadfast in her dedication to driving innovation, fostering growth, and breaking barriers in the hospitality industry.

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