The federal government recently announced it will commence the disbursement of N75 billion credit facilities to Micro, Small and Medium-Sized Enterprises nationwide. With this, a food vendor, Mrs Abigail Joseph, has appealed to the federal government to consider small businesses across Nigeria; YUSUF SANI writes.
Starting from January, 2024, the Office of the Vice-President in collaboration with the Bank of Industry (BOI) will begin to disburse loans to businesses that fall within the criteria it set for them to access the N75 billion credit facility.
This has attracted all types of small business operators especially food vendors popularly referred to as mama put.
Ina chat with Business Starter, Mrs Abigail Joseph, a food vendor that operates at Maitama district in the federal capital territory (FCT) says the government should also extend the gesture to food vendors.
Mrs Abigail who has been selling food for over 26 years lamented that the rising prices of foodstuff has reduced patronage.
Mrs Joseph told this newspaper that due to the present economic realities, patronage has dropped as “everything is expensive now.”
Challenges
She said that she has to put up with numerous complaints “from my customers that one plate of rice for N600 is expensive, and I can do nothing about it.”
She explained that the past government came up with schemes aimed at uplifting small scale businesses. According to her, billions of Naira was spent, however, business owners feel that there is still need for further expansion of the scheme so that small businesses can access it with a high interest rate.
Mrs Abigail who is a bread winner of her family explained that ‘‘I have not gotten any assistance from anybody except from my husband who provides full support all the time. And I am not into any business besides this one.”
President Bola Ahmed Tinubu had in July 2023, declared a state of emergency on food insecurity to tackle continuous increase in food prices. This, the President did as part of measures to cushion the effect of fuel subsidy removal.
Call on government
The food vendor says “the government is supposed to help us more because the majority of the youth now are always roaming streets begging because of the economic hardship.”
In her words “Sometimes, while I am attending customers, the environmental vanguards come out for inspection with their taskforce and pack up all the food we are selling and everything is very expensive now in the market and if this happens, we find it very hard to start up again’’.
Bolstering MSMEs’ transformation
The Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, Adekunle-Johnson said “this strategic step aligns with President Bola Tinubu’s commitment to bolstering the transformation of the MSMEs landscape across the nation.
The loans, totaling approximately N75 billion, will be extended to small-scale businesses throughout the country at an interest rate of nine per cent, offering a significant boost to entrepreneurial ventures.
The official stressed that the federal government and the Bank of Industry aim to utilize existing channels to disburse the loans that specifically targets women and youths involved in entrepreneurial pursuits.
Furthermore, Adekunle-Johnson underscored the concerted efforts of Tinubu’s administration in collaboration with various stakeholders from the public and private sectors. These collaborative endeavors have resulted in extensive support for MSMEs, encompassing grants and loan facilities.
‘Food business’
The food business in Nigeria has without doubt, become one of the major businesses that one can go into and within a few months, make a lot of money. This article is an in-depth look into how to start a food business in Nigeria and make it big by doing it right.
Everyone has a basic need for food. Without a doubt, the poor and rich have to eat to survive.
Today’s reality is that most people in Nigeria do not have the skill and time to prepare food in their respective homes. For instance, people living in Lagos have to spend hours in traffic every day; the time sent on the road is so stressful that all they want to do is to find a space to rest rather than go into the kitchen; thus, they would rather spend a fortune on buying food than actually making one.
As a result, casual dining restaurants and fast food spots have become the most preferred destination by many Nigerians. Hence, the business is really booming these days. Lots of money is being made in that industry daily and you can cash in on it.
Does the location seem visible to the public or hidden somewhere in the city? It’s important to make sure the area you choose is crime-free, and the rent for the location will allow your business to in turn make a profit.
Business plan
Ensure you have all the permits or licenses needed to operate your food business at the location you have selected. While this may differ depending on which part of Nigeria you are in, what is uniform for all is registration with the CAC.
Additionally, you should have a business plan that is not too elaborate or complicated.
You must organise your thoughts on paper, even if you do not intend to seek capital from investors or banks. By creating a business plan, you can quickly identify all the obstacles and other aspects you might not have considered before.
The layout of the restaurant, the capacity, and the seating arrangement must be considered when planning. The menu must be designed, and ingredients and food must be sourced from the best places or suppliers. Also, it’s wise to buy the right equipment (refrigerators, kitchenware, etc.).
Type, number of employees
It is also essential to consider the competition. What is their number? What are the chances of your restaurant surviving the competition? Will your food taste better or do you intend to beat competitors with a clean and conducive atmosphere? Will your customer service be exceptional, or do you plan to sell more quality food for a lower price?
Writing a business plan
Execute the plan and open the business. After carefully determining the market for your restaurant and setting up shop in the best spot to reach that market, you will begin to see good profits.
In any case, you should keep these three success tips in mind.
Hygiene, food quality, and customer service should never be compromised.
Focus on developing a loyal following of customers perseverance, hard work, and patience
