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Today, February 16, leading Nigerian newspapers focus on various issues like the secret meeting involving the presidency and also the National Assembly to fix the errors in the 2016 budget and the bag of the director general (Budget) Yahaya Gusau for various discrepancies identified in the 2016 budget propositions amongst others.

The Guardian reports the presidency may no longer need to remove and re-write the 2016 budget to correct discrepancies identified therein adhering to a probable secret deal between the National Assembly and Federal Executive Council (FEC) members to correct the anomalies associated with the N6.077 trillion budget.

The paper states that under the arraignment, ministers dissatisfied with the distribution of figures within their ministries are to send to the National Assembly the distributions as they prefer them without surpassing the amounts allocated to the many ministries, departments, and bureaus under them. The Sun reports on the immediate dismissal of the 26 chief executive officers (CEOs) of parastatals and agencies by President Muhammadu Buhari yesterday, February 15, following the embarrassing errors that trailed the 2016 Budget.

Among those impacted by the sack are the DGs of the National Agency for Food, Drugs Administration and Control (NAFDAC), Standard Organisation of Nigeria (SON and Nigeria Television Authority (NTA), Dr. Paul Orhii, Dr Joseph Odumodu and Mr Sola Omole respectively.

Still on the fallout of the 2016 budget, The Clout reports that the director general (Budget), Yahaya Gusau was dismissed and replaced with Tijjani Mohammed Abdullahi. The paper cited various discrepancies as the likely reason for his sack in the 2016 budget. Supporting this theory, a source told the Clout that: «His removal has to do with mistakes and discrepancies in the budget. I could promise you that more heads will roll.»

Following the sack of the 26 DGs and heads of parastatals, The Nation reports that 10 of the sacked DGs may be handed over to the Economic and Financial Crimes Commission (EFCC) as well as the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for investigation.

The newspaper reports that news of large scale fraud in their bureaus informed President Muhammadu Buhari choice to dismiss the DGs and heads of parastatals Some of the bureaus under investigation by the EFCC and ICPC comprise: National Agency for Food, Drug Administration and Control (NAFDAC), National Broadcasting Commission (NBC), Federal Radio Corporation of Nigeria (FRCN), Bureau of Public Enterprises(BPE), National Women Development Centre(NWDC); Industrial Training Fund(ITF); Nigerian Investment Promotion Council; Nigeria Export-Import Bank (NEXIM) and Nigeria Social Insurance Trust Fund (NSIT), amongst others. A source told The Nation that: «At least 10 of those dismissed chief executives will likely be handed over to the EFCC as well as the ICPC. The report on their misconduct is ready for these anti-graft agencies to act upon. „All security agencies received the list of those impacted about 24 hours ahead of the formal statement. They are going to all be set on surveillance until cleared. “Some of them have really appeared before EFCC and ICPC in the last eight months.

Their cases are under various stages of investigation. „The revelations are mind boggling and it is sad that many of these chief executives continued with the impunity even following a new government had taken over.“ In another development, Vanguard reports that the former House of Representatives member, Abike Dabiri-Erewa has been made on the diaspora as well as foreign affairs. President Buhari has also approved the appointment of Mr Akabueze as the special adviser to the president on national preparation.

More Shareholders Prepared To Share Their Resources in REITs

Agents have advised companies detailed about the Nigerian Stock Market (NSE) to consider the fast-building real estate investment confidence (REIT) sector, and in specific REIT stock exchange flotation, having a growing variety of people in the west African nation now willing to share their money in listed REITs.

The chairman of the Connection of Stockbroking Properties (ASHON), Emeka Madubuike, produced the phone call at the Nigerian Stock Exchange yesterday (January 27) during UACN Property Development Company Plc's (UPDC) demonstration of HAFacts Behind the Offer' according of its awaiting start of a NGN30 thousand (124 mil) investment trust.

According to Madubuike, stated real estate investment trusts provide shareholders together with the opportunity to INCHESbroaden their assets having several finance professionals seeking substitute expenditure alternatives after the 2008 downturn attack classic financial markets," outside stocks. They added: «We thus, encourage organizations to return having option opportunities for shareholders available in the market.» Madubuike likewise noted that UPDC's owning a home trust start was the primary Preliminary Public Offering (IPO) to come calmly to Nigeria's stock market in recent times.

Call-in Point using UPDC's REIT Goal

Whilst delivering the tale behind the flow of UPDC REIT, their managing representative and leader, Hakeem Ogunniran, distributed that the «the primary goal of the REIT is always to offer unit holders having steady money distributions from ventures in Nigeria a diverse collection of income-producing property properties and also to increase and maximise unit value through the continued management of the REIT's property, upcoming acquisition along with the advancement of additional income-creating real estate properties.»

Mr Ogunniran additionally unveiled that to enhance appropriate corporate governance and guarantee investments' security, UACN Property Organization has built an expense committee whose activity would be to provide suitable procedures and assistance for finance managers according of the offer. Approaching companies in Lagos through the business's speech recently, Ogunniran described that UPDC chose to remain a group attention-case to make sure that it does not possess unwarranted effect within the REIT after detailed. In line with the bossis record, together with the leftover sixty % being in public palms, UPDC hopes to keep forty percent of the actual property investment trust.

To ensure sustained development in every economy, smaller businesses play a crucial role along with a high rate of failure consequently contributes to an adverse effect on the economy, particularly developing economies using a limitation of capital. This is exactly what is occurring in Nigeria despite an establishment of government programs to help entrepreneurs. Structured interviews in addition to data gathered through surveys from almost 500 small small business ventures in Nigeria was accomplished to get the principle constraints hindering success, which include:

? Poor management

? Corruption

. Inadequate capital

? Weak infrastructure

? Poor record keeping

? Multiple taxation

? Bad location

? Absence of your functional or good website

? Inadequate or total lack of planning

? Poor power supply

Unfortunately, most of the constraints are related to political climate and also the educational progress. Small businesses are likely to be regarded as Nigeria?s motivator to boost economic growth, reduce poverty and create jobs. Small businesses happen to be the means in which rapid industrialization and a hastened economic growth are already realized. Though you will find there's general acknowledgment of small business owners in regards to leading to the united states?s development, numerous obstacles are faced by entrepreneurs and this adversely limits their long term development and survival.

Research completed around the development of small small business ventures indicates a greater failure rate in Nigeria being a developing country in comparison with countries inside the developed world. Data collected from different sources on self employment in Nigeria signifies that a lot more than 50% of self-employed people result to working for others in a period of seven years with simply a minority remaining self-employed. In regard to new firms, only 45% ones last five years, while only 30% last a decade.

The latest statistics from Nigeria?s SBA (Small Business Administration) indicate that 67% of newly established business ventures hardly survive the first 2 yrs, while 44% only manage to survive the initial four years. There are plenty of expert opinions regarding the means by which Nigerian business people can ensure new businesses are kept floating within the entrepreneurial sea?s perilous waters. After examining the causes contributing to business failure, it is easier to start comprehending that a lot of these failures have been preventable. For instance:

Statistics in Nigeria clearly indicate that the probability of the average entrepreneur failing are high because as an example, the survival of average online companies would consequently mean failing from the existing businesses. This relation is clearly caused by the failure of the most of new business organisations.

Everyday countless aspiring entrepreneurs in Nigeria seek the latest means or trends to get rich quickly and turn out starting work from home opportunities for inappropriate reasons. This inadvertently limits the chances for entrepreneurial success especially inside the long run. A lot in the failure cases linked to establishing new small business ventures in Nigeria are similarly related to entrepreneur?s failure to be the cause of the necessary time commitment ahead of the startup company will start running sufficiently.

A most entrepreneurship opportunities in Nigeria won't necessarily assist in earning money, but instead, they offer ideas of meeting these ends. Lack of an suitable support system including help forums, good leaders, marketing tools and ongoing training leaves the entrepreneur handicapped to run the organization efficiently. Many entrepreneurs in Nigeria make fatal mistake of commencing with a business enterprise with inadequate operating funds. By underestimating the financial requirement with the venture, most businesses have no choice but out with the market before even getting a chance at success.

Indulging in almost any Nigeria market that's not viable is catastrophic because despite having a fantastic idea for products, insufficient customers will resulted in the demise of the venture. This is the consequence that a lot of of the start-up entrepreneurs in Nigeria who simply plunge into start up business without confirming the market industry availability face.

A considerable variety of business people in Nigeria lack marketing expertise and due to this ignorance, most consider marketing to be a pointless expense. These entrepreneurs neglect to find effective means of marketing themselves through trade shows, direct marketing, exhibitions and advertising hence bringing about a missing communication link between them and their targeted customers.

Small businesses in Nigeria require efficient management skills plus the right point of view as a way to succeed. Acquiring these skills is vital to make certain that these businesses could be run better. Skills in enterprise development are typically learnt or acquired. Entrepreneurs in Nigeria should maximize their beneficial opportunities through training exercises to ensure they become fully armed and that can deal with their future economically. With the use of Ansorf?s 1965 classification framework, it turned out possible to investigate the decisions required in starting tweaking a thriving business and similarly examine the normal issues that business owners face. This framework was capable of categorizing the difficulties of small enterprises as:

? Personnel issues

? Financial issues

? Management issues

Lack of proper management structures will rank very well with lots of Nigerian business people. A majority of these entrepreneurs are deficient in relevant and current information in purchase, finance and selling, hiring, production and employee management. Proper Management structures are vital when a business attains a vital stage to make sure optimal information flow and work flow without lose of dynamism by the organization. Lacking funds for reserve is really a shortcoming containing greatly hindered the development of much entrepreneurship in Nigeria. Most business owners lack preparation for your volatile market in Nigeria along with uncontrollable costs including increases in energy rates, labor, materials and natural disasters which similarly lead to business failure.

An unfavorable position for business in Nigeria may consequently lead to its demise within this expansive land. An ideal location could be determined by considering important aspects including competition regarding the location of similar businesses and accessibility by foot traffic, freeways and public transit. Lacking a web site in Nigeria?s modern business world is simply an understatement as well like a viable good reason that many businesses with this shortcoming fail. All businesses in Nigeria require well-designed and professional looking websites to boost the means in which users can obtain issues associated with their business while availing their products.

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Moving lets start work on an explanation with this country officially named as Federal Republic of Nigeria. It is in West Africa and it is a federal constitutional republic consisting of thirty-six states with Abuja being its federal capital. The border of the nation touches Niger in north, Benin in west and Chad plus Cameron in the east. It adopts its name from the Niger River running over the river coined by Flora Shaw in late nineteenth century which now could be a federal republic modeled after United States with highest power exercised with the president owning an extensive history eliminating colonization and becoming independent in 1960. Nigeria could be the most populous country of Africa taking seventh position within the world when it comes to population. The country has immense oil reserves together with unexplored minerals including coal, natural gas, gold, bauxite and iron. The country comes with a immerging mixed economy with industries manufacturing textile' leather and subsidiary involving t-shirts and canned food.
The city has varied landscape as well as an expanded topography such as highest point at Chappal Waddi with main rivers found here namely Niger and Benue River emptying into Niger Delta considered to be earth's largest delta. The beauty on this place makes its visitor spell bound and long to stay more. Nigeria has pretty developed financial, legal, communication, transport and stock exchange market having a moderate economy. The country having a rich land allows development of tasty vegetables offering mouthwatering cuisine to its visitors along their trip to places as Ibgo Ukwu, NOK village, Ogutu Lake Holiday Complex, Silicon Hill, Lake Chad and Yankari Natural Park.

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