Trading on futures: A case from Awka

adminfayode — Mon, 23 Sep 2019 16:51:48 +0000

Trading on futures: A case from Awka adminfayode Mon, 09/23/2019 - 17:51

FAYODE’s mission of empowering rural youths has expanded further into the lower Niger – the south-eastern part of Nigeria – Anambra State. Mr. Nelson Chigozie is a young man in his early thirties.

Mr. Nelson Chigozie

Nelson hails from Abagana, a rural community in Njikoka local government area of Anambra State. He is a beneficiary of a grant to finance key activities of his business which “trades on futures”. ‘Nelson Red Oil’ as his business is called, buys red palm oil when prices are low, stores the product until there is a price surge due to scarcity. He then sells at considerable profit.

Kegs of Palm oil

With some experience in the purchase and storage of red palm oil, the business owner also improvised a storage facility for ensuring the quality of his palm oil. Starting with six (6) kegs at NGN8,000 per keg, he projects to be sold at the rate of NGN14,000 each when the price surges to its peak. Consequently, Mr. Nelson is expected to make a profit of NGN39,000! Good business it is. Nelson has big dreams of becoming a house-hold name in the red palm oil business in south-eastern Nigeria, starting small with opportunities to grow his business. FAYODE’s support is but a little step in helping him to achieve this big dream.

Funding

TULA Clothing emerges as the first beneficiary of FAYODE

omotomiwa — Fri, 28 Sep 2018 20:24:03 +0000

TULA Clothing emerges as the first beneficiary of FAYODE omotomiwa Fri, 09/28/2018 - 21:24

TULA Clothing (or TULA for short) has emerged as the first beneficiary of the financing scheme offered by the Facility for Youth Development (FAYODE) to support the growth and expansion of entrepreneurial skills and businesses of young people.

FAYODE is a foundation whose main purpose is to provide development opportunities that can contribute to improved livelihoods of youth in Africa. FAYODE’s goal is to provide financial support and mentorship to rural youth, assist them in developing well-managed micro, small, and medium-sized enterprises (MSMEs), become self-confident, and contribute to improved livelihoods in their families and rural communities.

FAYODE’s financing scheme provides grants and loans to young people who have shown some zeal to start new ventures or in expanding their businesses. One of such young people is TULA Clothing owned by Emmanuel Eyo a graduate who produces ready-to-wear and bespoke clothing solutions, for all seasons and occasions. The business established in February 2002 has excelled at clothing multinational brands, notable figures and personalities.

To enhance his business operations, FAYODE provided TULA with a no-interest loan to support rental costs for factory/office space for new machinery and other equipment that would be provided to the company through the grant component. Securing a factory/office space was part of the set conditions for TULA to have access to the grant component. Prior to the assistance offered by FAYODE, TULA business activities were carried out in Mr Eyo’s private residence.

Upon meeting these set conditions, a grant agreement was signed on 3rd October 2018 between TULA and FAYODE. The grant will support the procurement of modern clothing machines and equipment over a two-year period and will be subject to regular monitoring of progress and delivery of agreed milestones.

To improve on his brand and distinguish it from others of its kind, Emmanuel attended international trainings and gained experience in the clothing and art industry from the studies of African art and clothes designs UAL London, Nairobi Art Academy Kenya, Woodin Art and Design Institute, Cote D'Ivoire, Impression du Afrique Lomé, Research and Study of the Ankara Designs Ghana, Cicam designs in Cameroon and the late Uche Okeke Uli-works. He is also a talented creative and unconventional fabrics artist, with a quest to build a world-class fashion and clothes art industry in Nigeria.

business grant in NIgeria

Trading on futures: A case from Awka

TULA Clothing emerges as the first beneficiary of FAYODE