Connect with us

Feature/OPED

The Need for Nano: Revealing a Hidden Dimension of Small Business in Nigeria

Published

on

Timi Olubiyi Circular Economy

By Timi Olubiyi, PhD

It is my prayer for this new year to be prosperous, irrespective of the experiences and disruptions we have had in 2020 a different year by any definition, strange and challenging especially for businesses and economies throughout.

Consequently, for a hopeful 2021 and to accelerate economic growth in Nigeria the Micro Small Medium Enterprises (MSMEs) which is the lifeblood of most economies in the world needs to be given more attention and further recognition.

No doubt, MSMEs support wealth creation, employment creation, standard of living, and in poverty reduction, amongst others.

However, with my observation so far in Nigeria, particularly in Lagos State the economic hub of the country, the most significant of all the benefits of MSMEs is that it reduces poverty but this can majorly be said to be from an informal and unrecognized category that I refer to as the Nano businesses within the MSME or small business space.

These Nano businesses are the various “solopreneurs” and home-based businesses such as make-up artists, event planners, battery chargers, independent dispatch riders, vendors, call centre agents, fashion designer, vulcanizers, drycleaners, corner shop owners, single retail marketers, repairers, painters, business centre operators, market women and men in the various open markets, among others.

They play an unrecognized but important role all across the country but by classification, they are not likely to meet the Small and Medium Enterprises Development Agency (SMEDAN) micro-business criteria, which is the least classification. So invariably they appear unaccounted for and in my view, these informal business settings constitute a large portion of our economy according to an investigation.

As the economy continues to shrink with less formal employment opportunities and with significant loss of jobs due to the novel coronavirus (COVID19) pandemic and possibly with the economic recession, a big reason to stop waiting around for jobs and simply create own employment is Nano business.

Nano-business is usually made up of 1-3 people, with even less than N50,000 initial capital outlay, however, with a target of daily income for the sustenance of the operator.

More importantly, this form of business does not necessarily target long-term capital growth. The most essential benefit is that the Nano business provides employment opportunity that guarantee’s the operator a stable daily income.

Even though it supports independence, entrepreneurial skills, self-reliance, and poverty reduction it is largely unrecognized in the country by ruling class. Likewise, amongst the employed class in Nigeria, it is now a common phenomenon to hear about running a side hustle.

Many are developing Nano businesses as side hustles to support monthly salary income. This is an indication of how the business population is growing and the formal working environment changing to make Nano businesses viable as an economic driver in Nigeria. Therefore, it is crucial for the government to pay attention to this identified business class.

Even though the Small and Medium Enterprises Development Agency (SMEDAN) the organ of the government responsible to promote the development of the MSME sector in Nigeria, their most recent survey report, captured the number of micro-enterprises in the whole country as 41,469,947. This number appears not to have taken into consideration these important informal Nano businesses in the country, which are labour intensive and exist in most homes and neighbourhoods.

Undoubtedly, the Nano businesses are currently seen as micro-businesses by regulators in the country but by definition and context observation, they are clearly not. They are simply different in all ramifications because the business size and scale are different from micro-businesses.

Furthermore, many research outcomes in the country over the years suggest that micro businesses are more in the retail sector with more women and youth participation in the country, this can also be said of Nano businesses but with fewer assets and capital requirements.

Therefore, due to the importance of this set of businesses a subcategory of small businesses, with sales turnover and assets values that are lesser than that of micro businesses should be classified and recognized as the Nano businesses because they operate with less capital. In addition, they should be accounted for going forward in the country and the government should encourage their business registrations with incentives.

Since they enjoy a closer relationship with customers than other forms of businesses and some are even generational. In fact, this form of business is the lifeblood of most homes in Nigeria currently according to the survey, because it is a breeding ground for entrepreneurial development.

For the sake of clarity, the use of the term-Nano has nothing to do with nanotechnology. It is only to adjudge that nano is smaller than micro and such level exist within the small business ecosystem. If put into the right context, Nano businesses should exist as the largest segment within SMEs in Nigeria because of their economic relevance, coverage, and spread.

Simply, it is a form of business without a fancy business plan or a five-year projection to expand and all. Most times Nano businesses are with no employees, lack structure, or even the least a business registration and frequently they lack bank accounts.

Therefore, a national survey is suggested to capture those that have been existing and stable for a certain number of years. So that a database can be created for analysis, support, policy formulations and necessary interventions by government.

What must be observed in the country with key interest is that the Nano-business ecosystem continues to grow without adequate recognition and attention from the government. Some even run business associations willingly due to the important role they play politically and economically but without the Corporate Affairs Commission (CAC) registration.

If federal and states governments including other policymakers recognize their significance and offer interventions and business support services such as capacity building, networking, technology usage, access to resources, funding, and counselling to these Nano businesses, they will become more structured and the rate of failure of such businesses will decline and they will further impact the economy positively.

Besides, a national business database is vital, it would provide insights into the business population, demographics, age distributions, mortality, and help with infrastructure gaps. It can also help in developing the right targeted policies to fix or alleviate, social issues and it can also be used for so many verifiable and evidence-based statistics, evaluations, and a lot of inferences can be derived from it.

On a positive note, a small business can be a great tool to reduce the increasing unemployment rate in the country and bridge the financial gap for citizens trying to be independent and be self-employed. In the end, it will contribute to the total Gross Domestic Product (GDP) generated in the nation, and will be captured in real terms. It can expand the tax-base and also tax revenue from business income taxes, sales taxes, and other required State and Federal taxes and levies.

It is significant to mention that Nano businesses are just as viable as micro, small, or midsize businesses but largely with informal orientation.

Consequently, the government needs to recognize the Nano business and the important role they play in the economy. More attention is therefore required on small businesses and policy interventions to tackle the obstacles to ease of setting up and doing business in the country are suggested. Once a business-friendly environment that makes business excel easily, is provided by the government – infrastructure, regulatory, national policy interventions, in particular, a business can strive and scale up quickly to deliver and create jobs to support economic growth.

In conclusion, to have a better result going forward, government, policymakers, banks, and SMEDAN need to intensify their efforts to disseminate information on financing, capacity development, technology, and other needs. SMEDAN can launch a mass registration program for Nano businesses nationwide for a database setup. More importantly, uncertainties and multiple taxations in the system, regulatory reforms, and macroeconomic environment need more government attention. Good luck!

How may you obtain advice or further information on the article? 

Dr Timi Olubiyi, an Entrepreneurship & Business Management expert with a PhD in Business Administration from Babcock University Nigeria. A prolific investment coach, seasoned scholar, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and Securities & Exchange Commission (SEC) registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: dr***********@***il.com, for any questions, reactions, and comments.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Feature/OPED

How Christians Can Stay Connected to Their Faith During This Lenten Period

Published

on

Lenten Period

It’s that time of year again, when Christians come together in fasting and prayer. Whether observing the traditional Lent or entering a focused period of reflection, it’s a chance to connect more deeply with God, and for many, this season even sets the tone for the year ahead.

Of course, staying focused isn’t always easy. Life has a way of throwing distractions your way, a nosy neighbour, a bus driver who refuses to give you your change, or that colleague testing your patience. Keeping your peace takes intention, and turning off the noise and staying on course requires an act of devotion.

Fasting is meant to create a quiet space in your life, but if that space isn’t filled with something meaningful, old habits can creep back in. Sustaining that focus requires reinforcement beyond physical gatherings, and one way to do so is to tune in to faith-based programming to remain spiritually aligned throughout the period and beyond.

On GOtv, Christian channels such as Dove TV channel 113, Faith TV and Trace Gospel provide sermons, worship experiences and teachings that echo what is being practised in churches across the country.

From intentional conversations on Faith TV on GOtv channel 110 to true worship on Trace Gospel on channel 47, these channels provide nurturing content rooted in biblical teaching, worship, and life application. Viewers are met with inspiring sermons, reflections on scripture, and worship sessions that help form a rhythm of devotion. During fasting periods, this kind of consistent spiritual input becomes a source of encouragement, helping believers stay anchored in prayer and mindful of God’s presence throughout their daily routines.

To catch all these channels and more, simply subscribe, upgrade, or reconnect by downloading the MyGOtv App or dialling *288#. You can also stream anytime with the GOtv Stream App.

Plus, with the We Got You offer, available until 28th February 2026, subscribers automatically upgrade to the next package at no extra cost, giving you access to more channels this season.

Continue Reading

Feature/OPED

Turning Stolen Hardware into a Data Dead-End

Published

on

Apu Pavithran Turning Stolen Hardware

By Apu Pavithran

In Johannesburg, the “city of gold,” the most valuable resource being mined isn’t underground; it’s in the pockets of your employees.

With an average of 189 cellphones reported stolen daily in South Africa, Gauteng province has become the hub of a growing enterprise risk landscape.

For IT leaders across the continent, a “lost phone” is rarely a matter of a misplaced device. It is frequently the result of a coordinated “snatch and grab,” where the hardware is incidental, and corporate data is the true objective.

Industry reports show that 68% of company-owned device breaches stem from lost or stolen hardware. In this context, treating mobile security as a “nice-to-have” insurance policy is no longer an option. It must function as an operational control designed for inevitability.

In the City of Gold, Data Is the Real Prize

When a fintech agent’s device vanishes, the $300 handset cost is a rounding error. The real exposure lies in what that device represents: authorised access to enterprise systems, financial tools, customer data, and internal networks.

Attackers typically pursue one of two outcomes: a quick wipe for resale on the secondary market or, far more dangerously, a deep dive into corporate apps to extract liquid assets or sellable data.

Clearly, many organisations operate under the dangerous assumption that default manufacturer security is sufficient. In reality, a PIN or fingerprint is a flimsy barrier if a device is misconfigured or snatched while unlocked. Once an attacker gets in, they aren’t just holding a phone; they are holding the keys to copy data, reset passwords, or even access admin tools.

The risk intensifies when identity-verification systems are tied directly to the compromised device. Multi-Factor Authentication (MFA), widely regarded as a gold standard, can become a vulnerability if the authentication factor and the primary access point reside on the same compromised device. In such cases, the attacker may not just have a phone; they now have a valid digital identity.

The exposure does not end at authentication. It expands with the structure of the modern workforce.

65% of African SMEs and startups now operate distributed teams. The Bring Your Own Device (BYOD) culture has left many IT departments blind to the health of their fleet, as personal devices may be outdated or jailbroken without any easy way to know.

Device theft is not new in Africa. High-profile incidents, including stolen government hardware, reinforce a simple truth: physical loss is inevitable. The real measure of resilience is whether that loss has any residual value. You may not stop the theft. But you can eliminate the reward.

Theft Is Inevitable, Exposure is Not

If theft cannot always be prevented, systems must be designed so that stolen devices yield nothing of consequence. This shift requires structured, automated controls designed to contain risk the moment loss occurs.

Develop an Incident Response Plan (IRP)
The moment a device is reported missing, predefined actions should trigger automatically: access revocation, session termination, credential reset and remote lock or wipe.

However, such technical playbooks are only as fast as the people who trigger them. Employees must be trained as the first line of defence —not just in the use of strong PINs and biometrics, but in the critical culture of immediate reporting. In high-risk environments, containment windows are measured in minutes, not hours.

Audit and Monitor the Fleet Regularly

Control begins with visibility. Without a continuous, comprehensive audit, IT teams are left responding to incidents after damage has occurred.

Opting for tools like Endpoint Detection and Response (EDR) allows IT teams to spot subtle, suspicious activities or unusual access attempts that signal a compromised device.

Review Device Security Policies
Security controls must be enforced at the management layer, not left to user discretion. Encryption, patch updates and screen-lock policies should be mandatory across corporate devices.

In BYOD environments, ownership-aware policies are essential. Corporate data must remain governed by enterprise controls regardless of device ownership.

Decouple Identity from the Device
Legacy SMS-based authentication models introduce avoidable risk when the authentication channel resides on the compromised handset. Stronger identity models, including hardware tokens, reduce this dependency.

At the same time, native anti-theft features introduced by Apple and Google, such as behavioural theft detection and enforced security delays, add valuable defensive layers. These controls should be embedded into enterprise baselines rather than treated as optional enhancements.

When Stolen Hardware Becomes Worthless

With POPIA penalties now reaching up to R10 million or a decade of imprisonment for serious data loss offences, the Information Regulator has made one thing clear: liability is strict, and the financial fallout is absolute. Yet, a PwC survey reveals a staggering gap: only 28% of South African organisations are prioritising proactive security over reactive firefighting.

At the same time, the continent is battling a massive cybersecurity skills shortage. Enterprises simply do not have the boots on the ground to manually patch every vulnerability or chase every “lost” terminal. In this climate, the only viable path is to automate the defence of your data.

Modern mobile device management (MDM) platforms provide this automation layer.

In field operations, “where” is the first indicator of “what.” If a tablet assigned to a Cape Town district suddenly pings on a highway heading out of the city, you don’t need a notification an hour later—you need an immediate response. An effective MDM system offers geofencing capabilities, automatically triggering a remote lock when devices breach predefined zones.

On Supervised iOS and Android Enterprise devices, enforced Factory Reset Protection (FRP) ensures that even after a forced wipe, the device cannot be reactivated without organisational credentials, eliminating resale value.

For BYOD environments, we cannot ignore the fear that corporate oversight equates to a digital invasion of personal lives. However, containerization through managed Work Profiles creates a secure boundary between corporate and personal data. This enables selective wipe capabilities, removing enterprise assets without intruding on personal privacy.

When integrated with identity providers, device posture and user identity can be evaluated together through multi-condition compliance rules. Access can then be granted, restricted, or revoked based on real-time risk signals.

Platforms built around unified endpoint management and identity integration enable this model of control. At Hexnode, this convergence of device governance and identity enforcement forms the foundation of a proactive security mandate. It transforms mobile fleets from distributed risk points into centrally controlled assets.

In high-risk environments, security cannot be passive. The goal is not recovery. It is irrelevant, ensuring that once a device leaves authorised hands, it holds no data, no identity leverage, and no operational value.

Apu Pavithran is the CEO and founder of Hexnode

Continue Reading

Feature/OPED

Daniel Koussou Highlights Self-Awareness as Key to Business Success

Published

on

Ambassador Daniel Kossouno

By Adedapo Adesanya

At a time when young entrepreneurs are reshaping global industries—including the traditionally capital-intensive oil and gas sector—Ambassador Daniel Koussou has emerged as a compelling example of how resilience, strategic foresight, and disciplined execution can transform modest beginnings into a thriving business conglomerate.

Koussou, who is the chairman of the Nigeria Chapter of the International Human Rights Observatory-Africa (IHRO-Africa), currently heads the Committee on Economic Diplomacy, Trade and Investment for the forum’s Nigeria chapter. He is one of the young entrepreneurs instilling a culture of nation-building and leadership dynamics that are key to the nation’s transformation in the new millennium.

The entrepreneurial landscape in Nigeria is rapidly evolving, with leaders like Koussou paving the way for innovation and growth, and changing the face of the global business climate. Being enthusiastic about entrepreneurship, Koussou notes that “the best thing that can happen to any entrepreneur is to start chasing their dreams as early as possible. One of the first things I realised in life is self-awareness. If you want to connect the dots, you must start early and know your purpose.”

Successful business people are passionate about their business and stubbornly driven to succeed. Koussou stresses the importance of persistence and resilience. He says he realised early that he had a ‘calling’ and pursued it with all his strength, “working long weekends and into the night, giving up all but necessary expenditures, and pressing on through severe setbacks.”

However, he clarifies that what accounted for an early success is not just tenacity but also the ability to adapt, to recognise and respond to rapidly changing markets and unexpected events.

Ambassador Koussou is the CEO of Dau-O GIK Oil and Gas Limited, an indigenous oil and natural gas company with a global outlook, delivering solutions that power industries, strengthen communities, and fuel progress. The firm’s operations span exploration, production, refining, and distribution.

Recognising the value of strategic alliances, Koussou partners with business like-minds, a move that significantly bolsters Dau-O GIK’s credibility and capacity in the oil industry. This partnership exemplifies the importance of building strong networks and collaborations.

The astute businessman, who was recently nominated by the African Union’s Agenda 2063 as AU Special Envoy on Oil and Gas (Continental), admonishes young entrepreneurs to be disciplined and firm in their decision-making, a quality he attributed to his success as a player in the oil and gas sector. By embracing opportunities, building strong partnerships, and maintaining a commitment to excellence, Koussou has not only achieved personal success but has also set a benchmark for future generations of African entrepreneurs.

His journey serves as a powerful reminder that with determination and vision, success is within reach.

Continue Reading

Trending