Surviving the roller coaster ride as an entrepreneur
According to the Economist Pocket World in Figures 2020, Nigeria has the highest number (39.9%) of owner-managers and nascent entrepreneurs in the world. However, being an entrepreneur in Nigeria could be a challenge without access to adequate financing. Most entrepreneurs rely on family and friends for seed capital before attaining a sustainable level of business. That is why the CBN is urging banks to increase lending to the real sector and small businesses.
But as easy as that may sound, obtaining a loan from the bank could be a nightmare if your business is not well organized with proper governance.
The lifestyle section of this digest gives essential tips on how to get banks to say yes to your small business loan application.
Airline travel in chaos as harmattan haze lowers visibility
There were no less than 3.5 million Nigerian international passengers in 2019. If you are one of these jet-setters, you were likely to have been affected by the harmattan haze and the collapse of the instrument landing system in Lagos in February 2020. As if the harmattan haze was not bad enough, COVID-19 also compounded the problems of passengers during the month. Many airlines diverted, cancelled or delayed flights, leading to payments for disruption to schedules whilst some were endorsed to other carriers. In all, it was a very trying period for anyone with a normal itinerary.
GDP growth rate increases but still suboptimal
The second half of February has been an eventful period. From Q4’19 GDP growth that came in higher at 2.55%, rising inflation rate and the IMF’s downward revision to 2.0%, analysts are all concerned about the outlook for Q1 GDP. The problem is that in spite of the growth increase, it is still considered too weak to beat the vicious cycle of poverty and improve living standards.
This edition of the Unity Bank Digest contains a breakdown of the GDP numbers, interesting social stories and groundbreaking tips on getting small business loans from your bank.
Enjoy your read.