The African market place retains much untapped and under-utilized opportunities that should be maximized. FOBA has identified key sectors and areas of service where it can produce distinct products to its membership base as it strives to meet their needs, desires, and expectations. With a combination of consumer goods, productive capacity, manufacturing services and other soft services and programs, a variety of offerings are made available.
1. FOBA Graduate Empowerment Scheme (FG)
According to the Federal Ministry of Labor and Productivity, more than 41% of Nigerian graduates are without employment after the mandatory National Youth Service Corps (NYSC) engagement. Still yet, the National Bureau of Statistics has estimated over 50% of youths in Nigeria are jobless, while the World Bank puts the figure at 56%. For over a decade and a half, there has been an ongoing trend of unemployment and under-employment besieging Nigeria as a whole with Nigerian graduates disproportionately affected. FOBA sees it paramount to its mission of preserving the economic security of the individual by contributing to increased employment and wealth creation. As such the FOBA Graduate (FG) Scheme was created to absorb the surplus labor in the Nigerian Economy. Members of FG will serve as FOBA Ambassadors to promote the mission and vision of FOBA to its constituency in the public and private sector to drive membership growth for the Cooperative amongst other mandates.
2. Real Estate Investment
Nigeria, with a population of over 160 million, is currently under housed. Its real estate potential is largely untapped. The housing deficit in Nigeria presently stands at 18 million, according to the National Bureau of Statistics. This means 11.25% of the population presently lacks basic living facilities. The National Bureau of Statistics estimates Nigeria needs to provide 720,000 housing units annually for the next 20 years to address the housing deficit. It is estimated that the housing deficit in Nigeria has increased to 16-18 million units and the well built units that are available are usually out of the reach of low income earners. However, major cities in Nigeria are currently experiencing massive economic growth. This comes at the back of an influx of residents from rural regions in search of work and better standards of living. It is estimated that more than 30% of the country’s population will live in its cities by 2030. Urban infrastructures are more than ever before, under intense pressure to accommodate a growing population.
The infrastructural gap and challenge therefore presents a unique investment opportunity because about 90% of homes are self built, most of which is done with personal/family resources or rotary finance mechanisms –such as cooperative scheme. Mortgage and advances account for less than 5% of housing financing. This model for achieving property ownership cannot solve Nigeria’s housing need. To rectify this bottleneck and constraint in Nigeria’s housing sector, as a market financing intermediary, FOBA proposes a real estate investment trust (REIT) model of cooperative capital formation financial resource pooling and mutual ownership in building and income generating real estate housing development.
3. Job Placement in FOBA & Other FOBA Member Institutions
FOBA Conglomerate Cooperative Enterprise, we will be providing job placements to students who have earned their degrees in Economics, Business Administration, Finance, Accounting, International Development, Engineering, Real Estate, Urban Planning, Building & Construction, Architecture, Engineering, Pharmacy, Computer Science, Marketing, and Advertising in FOBA member enterprises, businesses and institutions
4. FOBA Produced Electronics
Prominent in the home of average African are different sets of electronics for their domestic enjoyment—audio, video, and television sets are the most common. FOBA branded electronic gadgets including laptops, smart phones, audio, video, and TV sets are being marketed to members and the public in general.
5. FOBA Professional Car Rental Services
A major peculiarity of African cities and urban center’s is unplanned and clumsy and unreliable public transportation system. Most often than not, tourist and businessmen have encountered series of difficulties while trying to reach their destinations. Determined to inject sanity into the system, FOBA is providing a critical intervention by providing sustainable professional car rental services at strategic points such as airports, five-star hotels, city-centers, and such other places in the cities of Africa. FOBA branded cars are available for the comfort of passengers.
6. FOBA Produced Dried Food Consumables
To meet the demand and requisite taste, needs, and standards of households, market-associations, food catering businesses, supermarkets, and hotels, FOBA will provide branded dried food consumables for its cooperative members and to the external community.
7. FOBA Restaurant Franchise
Kitchens, restaurants, and bars enjoy large patronage by city people who take delight in unwinding after office/business hours for leisure purposes. FOBA restaurants will open to the public daily to meet the growing demands of city-dwellers and fun-seekers.
8. Agro-Business Transport, Marketing, Distribution and Retail of Cash-Crops
With an annual food deficit growth of 3.4% reaching $22billion in 2011 according to the Food and Agricultural Organization (FAO), Nigeria can contribute to food security in Africa. To further diversify the Nigerian economy and contribute to non-oil growth, it has long been proven and ascertained that harnessing the Agricultural sector of African nations will generate growth, increased employment and incomes for Rural, Peri-urban, and Urban dwellers who engage in re-sale, retail, and wholesale of agricultural produce to the various buyers along the value-chain—namely middle-men, market-sellers, super-markets, and industrialists. The sale of raw-material commodity cash crops alone cannot maximize profits that can be derived from the agricultural sector. FOBA will expand into commercial agriculture and as such has identified specific cash-crops that have market demand elasticity and retain inherent multi-purpose value. Given this, FOBA will invest in the following cash-crops (palm kernels, cassava, cocoa, maize, and tomatoes) by engaging in value-added processing activities and transform these raw-materials to FOBA branded intermediate-inputs to be resold and supplied to small/medium scale industrialists end-users through a business-to-business (B2B) model.
9. FOBA Produced Shoes & Bags
For the fashion conscious members of the public, FOBA branded shoes and bags can be found at designated outlets and shops across cities and urban centers.
10. Financial Market-Research, Intelligence, & Micro-Loan Facilities
After Asia and the Middle East, the African continent as an emerging market retains some of the fastest growing economies in the world with great prospects for investors. Growing urbanization, demography, technological development, natural resources and financial deepening are five trends powering appeal to local, national, and regional foreign investors and it is therefore imperative that these are harnessed positively in the interest of the continent’s economic-development.
11. Professional Services & Knowledge Diffusion
The prevalence of agonizing poverty in many African countries has led to a situation whereby victims of wide-ranging abuses find it absolutely difficult to seek redress through the services of lawyers. Similarly, a lot of people suffer from ill-health; yet still, more die undeservedly from ailments that could easily be treated owing to the fact that they cannot afford the services of head practitioners. Armed with the databases of such professional service-providers and with strategic alliance relationships forged with legal and medical association, FOBA will offer specialized services to members at a subsidized rate.
Through these various products and services that will be provided by FOBA, the revitalization and diversification of the African economy, accelerated development of commerce and industry, made-in-Africa products, agriculture and agro-based industry and value-adding processing activities, evolution of African inter-regional trade and alliance, direct attention to the role of the private sector in the African economy and finally, prospects for foreign and local investments in strategic areas will be promoted, fostered, and deepened.
12. FOBA Corporate Gifts
During special seasons and holidays, FOBA is involved in the manufacturing, production, and supply of souvenirs and gifts to meet a wide-range of corporate needs. This includes but is not limited to Kane-Baskets, Leather Card-Holders/Folders/Portfolio; Wine-Openers, Hackett Polo-Shirts, Mugs, and USB sticks.
13. FOBA Fashion Design House
Tantto Afetto which means dressed with lots of love is an in-house top-class brand created by FOBA to birth a fashion house scene in Nigeria for custom-made suits amongst other clothing items. To strengthen the sense of style and to transform Nigeria into one of the leading centers of classy couture, Tatto Afecto will cater to professional of all cadres for the corporate world and also private and public socialites.