General
Afreximbank Gives Ogun $200m for Infrastructure
By Adedapo Adesanya
The African Export-Import Bank (Afreximbank) has given the Ogun State Government the sum of $200 million to support infrastructural development.
The fund, according to the bank, will be dedicated towards projects and other developmental initiatives embarked upon by the Dapo Abiodun-led administration in the state.
The President and Chairman of the Board of Directors of the Afrexim Bank, Mr Benedict Oramah, made this known when he led the management of the bank on a courtesy visit to the Governor’s Oke-Mosan Office, Abeokuta, on Monday.
He said the bank would partner with the state on ensuring that the 250-bed Specialist Hospital, Abeokuta is completed and begin operations soon.
Mr Oramah, while noting that the bank has been investing heavily in the health sector in Africa to develop vaccines and other drugs, declared that Afrexim Bank was ready to collaborate with the state-owned Gateway Pharmaceuticals in a similar direction.
“We are willing to dedicate an envelope of $200m for projects and initiatives here in Ogun State; we will also be happy to see the hospital project. We will be very pleased to look at this asset and see how we can partner with your government.
“I assure you that we will consider the Gateway Pharmaceuticals in our plans to invest in the health sector,” he said.
The President added that the bank would be working with the state government in its quest to make its road infrastructure more accessible for investors, adding that the bank would be interested in the Cargo Airport being built by the state.
“On the highways, we are also developing, there is connectivity we are looking for in terms of how we connect Nigeria to the Benin Republic and others, connecting Ogun to Lagos and of course to the border.
“It is something that is of interest to us, if there is any road that goes from here to the border, connecting where you stopped, that will be interesting, we can work with you.
“The airport is also part of the metropolis, it is something of importance because we even have a project there called The Quality Assurance Testing Inspection Center. This will be critical for implementing this airport, we can assure you that it is something we would be interested in developing with you.
“We are willing under the $200m envelope that I mentioned, to provide technical assistance which can be granted. We will look at how we can support you to help you develop some ideas, some wonderful ideas you have shared with me, we will also provide advisory services.
“We can also use our Project Preparation Facility to help prepare projects. For example, this hospital we are talking about, we can use this facility to develop it,” Mr Oramah stated.
On his part, Governor Abiodun noted that the Quality Assurance Testing Center would complement the International Cargo Airport, adding his administration would continue to do all it can to make Ogun the destination of choice for investors.
He said that the administration had in the last few months embarked on the construction of roads across the state, especially the Ijebu-Ode-Epe, Agbara-Lusada-Atan Roads, which according to him, are capital intensive great, expressing his administration’s readiness to receive support from the bank.
“We have built one and we are building another at great expense to the state. These roads are federal roads and they are also commercial roads. We invite Afrexim Bank to partner with us, we intend to concession these roads and toll them so that we can recover our investment.
“Agbara-Lusada-Atan Road is the road that used to be called the Lagos-Sokoto Expressway. That road in its present state is very shameful and we have since intervened. We have awarded the contract of that road and it will be delivered in 15 months time at a great expense to the state.
“We will concession and toll these roads on completion. We invite Afrexim Bank to come and look at how to partner with us,” Mr Abiodun said.
The governor called on the bank to support his administration’s quest to build an international Cargo Airport, said the airport when completed would be a cargo hub for the country and the continent of Africa as a whole.
“Our International Cargo Airport that we are building in our Special Agro-Processing Zone, construction has started. It is our hope that the construction will be completed before the end of next year. We also invite Afrexim Bank to look at how to partner with us because it promises to be a cargo hub, not just for Nigeria, but for the entire continent.
“We look forward to seeing the Afrexim Bank create an MSMEs fund that would be targeted at MSMEs and also create clusters that would allow them to access the lands at reduced pricing with a phased payment plan. Such funds would allow the MSMEs to have access to the funding they would need to meet their demands.
“The success of MSMEs is very fundamental to any Industrial revolution. We are an industrial state, so, we have been deliberate with our support for MSMEs to the extent that we are creating clusters for them.
“We are creating these clusters that will allow them to access the lands at a reduced pricing with phased out payment plans so that they can have a land, title documents that they can use in leveraging and starting their enterprises,” the Governor said.
Mr Abiodun commended the bank’s support towards the production of vaccines and drugs in the African continent and its readiness to partner with Gateway Pharmaceuticals in a similar direction.
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By Modupe Gbadeyanka
About 6,000 jobs have been created, with $379 million collectively raised by startups owned by entrepreneurs who have passed through the Black Founders Fund (BBF) of a tech giant, Google.
Google created the BBF initiative to empower startup owners of African origin. This programme has helped to drive innovation, job creation and business expansions because of the grants received from the sponsor of the scheme.
On Tuesday, past participants of the initiative were at iHub in Nairobi, Kenya, for the Black Founders Fund Alumni Summit, where the organisers unveiled the BFF Impact Report to highlight the significant progress and success of Black-led startups across Africa.
This annual event brought together 45-50 alumni from across the continent including Kenya, Nigeria, South Africa, and Uganda to celebrate their achievements and discuss the future of Africa’s digital economy.
The BFF Impact Report offers a comprehensive look at the remarkable impact that targeted support for Black entrepreneurs has had on the African tech ecosystem.
The report revealed that BFF-supported startups have collectively raised $379 million, created more than 6,000 jobs, and experienced 61% faster growth than their peers, underscoring the importance of strategic investment in fostering sustainable innovation.
Through non-dilutive funding, mentorship, and networking, the Black Founders Fund has empowered entrepreneurs to overcome barriers, scale their businesses, and contribute to Africa’s digital transformation. The BFF Impact Report demonstrates the pivotal role of the program in strengthening the continent’s startup ecosystem, enabling businesses to compete globally and attract significant investment.
“The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity.
“The BFF Impact Report reflects the incredible progress Black entrepreneurs have made, and how the right resources can empower them to lead Africa’s digital future. The impact we are seeing today will set the stage for an even more vibrant African tech landscape tomorrow,” the Country Director for West Africa at Google for Startups, Olumide Balogun, remarked.
“This report is a celebration of the incredible work being done by Black founders across Africa. The BFF Impact Report proves that, when we invest in these entrepreneurs, we’re not only helping individual startups, but we’re driving systemic change within the broader African tech ecosystem,” the Head of Startup Ecosystem for Africa at Google, Mr Folarin Aiyegbusi, also stated.
In addition, the Black Founders Fund Manager Europe at Google for Startups, Mariama Boumanjal, said, “The BFF Impact Report proves that with the right support, Black founders can not only overcome these challenges—they can lead the way in innovation, job creation, and economic development.”
Business Post reports that through non-dilutive funding, mentorship, and an expansive network, the BFF has empowered over 220 startups, enabling them to scale faster and break down these barriers.
By Adedapo Adesanya
After years of laying fallow, the Port Harcourt Refinery began producing and distribute petroleum products Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) or diesel and Household Kerosene (HHK) or Kerosene.
This development has raised expectations regarding Nigeria’s other three refineries not yet operational. These include the second refinery in Port Harcourt as well as the Warri and Kaduna Refinery.
The reactivation of these facilities, according to energy analysts, will help push out more supply of petroleum products, which may help cut down high prices that Nigerians pay while also making the country self-sufficient.
The newly operational refinery was built in 1965 and Port Harcourt II was added in 1989, increasing capacity by 150,000 barrels per day, making the total capacity of the Port Harcourt complex 210,000 barrels per day.
The Warri Refinery was built in in 1978 and is supposed to have an upgraded capacity up to 125,000 barrels per day and the Kaduna Refinery, which was commissioned in 1980, was designed with a capacity of 110,000 barrels per day.
Speaking during a brief ceremony to mark the commencement of products loading at the refinery on Tuesday in Port Harcourt, the Group CEO, Mr Mele Kyari described the commencement of the loadout activities as a monumental achievement for Nigeria which signifies a new era of energy independence and economic growth for the country.
The GCEO further thanked Nigerians for their patience and for the legitimate expectations on the Company to deliver on the other refineries.
Meanwhile, President Bola Tinubu on Tuesday extended his heartfelt congratulations to the NNPC on the successful revitalization of the Port Harcourt refinery and charged the NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries.
He said these efforts will significantly enhance domestic production capacity alongside the contributions of privately-owned refineries and make our country a major energy hub, with the gas sector also enjoying unprecedented attention by the administration.
The President underscores his administration’s determination to repair the nation’s refineries, aiming to eradicate the disheartening perception of Nigeria as a major crude oil producer that lacks the ability to refine its own resources for domestic consumption.
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