The Founder of Sparkle, Uzoma Dozie says the Internet and Social Media has engendered definite improvements in the business environment in Nigeria more than before.

He, however, stated that new businesses, especially, in the music, food and other sectors of the economy need to fix procedural requirements to be able to access credits, grants and other forms of support.

Dozie, the immediate past Chief Executive Officer of Diamond Bank, before its merger with Access Bank, said this in a chat with Kristina Reports on the sidelines of the ongoing Social Media Week Lagos 2020 at the Landmark Event Centre, Victoria Island, Lagos.  

“It is easier for people to start businesses today than before because you have the internet, you have social media that you can use to create awareness. Banking can be done through your mobile phone.”

Uzoma Dozie, who is the Founder and CEO of Sparkle, alongside Unity Bank’s Head, Personal and SME Banking, Opeyemi Ojesina, and Head, Digital Events and Sponsorships, Bashir Salami, and Co-Founder/CEO, Kuda Bank, Babs Ogundeyi, were panellists during the session: Financing the Music sponsored by Unity Bank and moderated by Chijioke Uwaegbute, Partner at Price WaterHouse Coopers (PwC) at the Social Media Week Lagos 2020.

He pointed out that ease of doing business was getting better in the country as businesses were finding it easier to start up and grow.

“There are organizations that are helping people to start their businesses in an easier way than before. The ease of doing business is definitely getting better. The new finance houses are also allowing businesses to start without a tax burden until they can improve. Things are better now than they were five, ten years ago for people that were trying to start up their businesses. And the world is now more global than local.”  

The financial expert advised start-ups in business to leverage social media for their brands to thrive, noting that it was equally important that they ensure they understand the business environment, adhere to basic requirements to make easier for credit and grant awarding institutions to understand their businesses with a view to funding them.

“First of all, you have to help people to help yourself. It is not about getting grants and subsidies. Like I said, there are people in the music industry, there are people in the food industry, and there are medical people. Obviously, you can’t give grant to everyone but you have to help people to help you.”

“First of all, you have your information, you have to have your story and showing that your business model was good. What is your business model? Is it proven? Is it unproven? It is a bunch of things before you start talking about grants. To get a grant you must be grant worthy and that is what you have to understand because grants are limited.”