BusinessDay, a prominent Nigerian business publication, recently recognised the top 100 promising businesses of 2023, applauding their resilience and innovation.
These enterprises, across various sectors of Africa’s largest economy, showcased remarkable growth, profitability, strong business frameworks, and promising potential for further expansion.
The event, themed “How SMEs Can Thrive in an Age of Volatility,” served as a platform for key policymakers and stakeholders within Nigeria’s entrepreneurship ecosystem to exchange ideas and insights.
Ochuko Iyogwoya, CEO of Melodia Coding Academy, stood out as one of the notable award recipients and eloquently discussed the theme’s importance.
She said, “The event’s theme underscores the importance of supporting and nurturing the growth of Small and Medium Enterprises (SMEs) within the backdrop of a volatile and unpredictable business landscape.”
Iyogwoya also mentioned the strategies Javaplus employed to bolster resilience and success: “To thrive in a challenging economy like Nigeria’s, we diversified our technology training offerings, catering to varying skill levels and industry needs. We also executed cost-effective approaches without compromising training quality, all while delivering exceptional customer service.”
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She further emphasised the essence of adaptability, stating, “By amalgamating these strategies, our organisation positioned itself with formidable resilience to confront the challenges of a volatile economy, maintaining agility and responsiveness to market dynamics.”
Similarly, Arabella Jemide, COO of Jumpstart Consulting Ltd., urged entrepreneurs to explore innovative ways to evolve digitally and adapt to changing times.
“It is quite difficult to find people providing technological solutions like FinTechs or Edutech,” she said. “But I believe there’s a time coming when people will have to adapt, and this ‘forced innovation’ will drive us to find the solutions we need.”
Speaking further, Jemide encouraged SMEs to leverage social media for self-promotion, emphasising that branding and online presence are vital in today’s environment.
She also discussed her company’s plans to develop an app that helps aspiring entrepreneurs transform their ideas into viable businesses, partnering with law firms and tax companies to simplify the registration and taxation processes.
Jeremiah Mayowa, CEO of Jeroid Ltd., speaking to BusinessDay in an interview, underscored the convenience of utilising cryptocurrencies for cross-border financial transactions.
“This approach allows businesses to expand globally effortlessly. Presently, over 50 percent of Nigerians possess their crypto wallets. Cryptocurrencies enable instant million-dollar transfers, subsequently converted to naira for seamless transactions,” he said.
Addressing the trust deficit between SMEs and financial institutions at the event, Yonodu Okeugo, Commercial Leader at VFD Microfinance Bank, emphasised the bank’s commitment to building confidence and extending crucial support for growth.
“We aim to re-engineer people’s mindset,” she said, “to make them understand that banks are partners, not enemies. We literally exist to serve and support their growth.”
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On her part, Esther Obiekwe, Group Head of SME Banking at Fidelity Bank Plc, stressed the importance of financial literacy and encouraged SMEs to establish bank accounts to create transaction histories and establish credibility.
“Fidelity Bank takes a holistic approach to SME support, offering training programmes, content, and even a dedicated radio station to help startups thrive in Nigeria’s challenging economy,” she said.
Obiekwe also mentioned Fidelity Bank’s loan offerings, including loans of up to N20 million for SMEs without collateral and up to N100,000 for nanobusinesses.
Additionally, she stressed the importance of financial transaction history, stating that this data eases assessing the creditworthiness of businesses.
The prestigious Top 100 SMEs awards were conferred upon businesses including Audacia Properties Pocket Food Inc, Friska Farms Limited, Zetile Corporation, 5th Element Media Agency, YD Company, Kobo Accountant Africa, Seolahm Consulting Limited, Fine Bricks Properties & Investment Limited, Melodia Coding Academy, Knowledge Digest Africa, House of Oni, Nerdz Factory Company Limited, Worden HCD Limited, Pershing Hills Elementary, Jeroid Ltd, Sabi Writers Limited, PPC Properties Ltd.
C&C and Co Luxury Ltd, Progressive Technologies PT World Limited, Parallax Consulting Ltd, Turningpoint Eventz, AJ Hybury Industries Ltd, Cohil Travels Ltd, August 2428 Nigeria Limited, Credevnet Technologies, Thinkmint Nigeria, DP Foundation, JC POPS LTD, Nucleusis Africa, Medessy Enterprises Limited, Digital Marketing Skill Institute, Bellafricana, VicFaus Integrated, Solutions Ltd., Axial Pacific Realty Ltd, The SME Mall, Shecluded, Purelife Pharmacy.
The SRS Collection, Fauzziyah’s Honey, ShopNest Africa, VSP Botanics Limited, AfriHealth Limited, Karis & Sazii Ltd., Capsa Technology, Cynthia Abila Studios, Worrington, Maxtreme Inc, Imkash Group, Arcs & Glass Ltd, Pinky’s Blog, Chow Noodle Bar, Lagos Shirt Factory, Avocada Aunty, Media Agency, The Enechis Production, Rachel Blooming Hub, Revent Technologies, Dataleum, Makintosh Information Technology, Leky Mills, Trade with Urban, CWW Tech Africa Ltd, Bluemool Limited.
LogiTrak Africa, Yvent Kouture, Cleanbrush Fortunes Homes Ents, OnlineRadio Media, Shacks Evolution Studio, Flexwork Nigeria Limited, Miste Skin Ltd, Nile Music Africa, Ideas Origin Media, Floral Designs, Ejirere Foods, Nur’abs highgold, Uniq Haya, Adunni Fabrics, Heedah Collections, MKT Stores, Blossom Healthy Drinks and more, Gentry Store, Noblest Fashion Hub, Banks Beauty Empire, Kikemodest Store, Topas Collections, Jems Clothier Ltd, Bchain Technologies Limited, Gomoney, Yanga Medical Limited, Zedi Inc, Real Estate Broker, Blockroll Inc, Bimwunmi Nigeria Limited, Poleis Realty, Vie Saine Foodz Ltd, Awesome Fresh, Ayomatics Limited, El Padrino, BobbyHolders General Services Ltd.
These awards stand as a testament to the resilience, innovation, and unwavering dedication of Nigerian SMEs in surmounting challenges and contributing significantly to the nation’s economic development.
