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BoI Partners AfDB, IsDB, NCMDB to Fund Female-Led Enterprises

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Bank of Industry BoI MSMEs

By Adedapo Adesanya

In further commemoration of the International Women’s Day for 2021, the Bank of Industry says it is currently collaborating with the African Development Bank (AfDB) on the launch and implementation of the $300 million Affirmative Finance Action for Women in Africa (AFAWA), adding that the bank is also pushing for other women-aimed financing initiatives.

This was disclosed by the Managing Director, BoI, Mr Olukayode Pitan at the bank’s webinar themed Recognising Women’s Leadership In Enhancing Nigeria’s COVID-19 Recovery to celebrate International Women’s Day.

Mr Pitan said the AFAWA fund was expected to unlock $3 billion in private sector financing to empower female entrepreneurs through capacity-building development.

He added that the fund would grant women access to finance as well as spearhead legal policy and regulatory reforms to support enterprises led by women.

Mr Pitan also said that the bank was also partnering with Islamic Development Bank to implement the Business Resilience Assistance for Value-adding Enterprise (BRAVE) Women Nigeria project.

“BRAVE Nigeria is part of a larger $32.2 million five-year initiative coordinated by the Islamic Development Bank.

“The project combines training and grant-matching to support the growth and resilience of women-led enterprises in spite of their challenging operating environment.

“Furthermore, BOI invested $10 million in the Alitheia Fund, also toward supporting Nigerian women-led businesses, some of which will be export-oriented.

“In addition, the Nigerian Content Intervention (NCI) Fund, a partnership between the BOI and Nigerian Content Development & Monitoring Board (NCDMB) has allocated 20 million dollars as an intervention fund to women businesses in the oil and gas sector.

“These are just a few of the initiatives the Bank of Industry is engaged in to promote female gender equality, especially as it relates to business financing and support.

“We believe that our support to female entrepreneurship will not only revitalise their businesses during this pandemic but will enable them to thrive beyond it and close the inequality gap.

“BOI remains committed in our drive to support women; and I encourage other organisations to do the same because when women win, the society wins,” he said.

The BoI managing director said that the International Women Day (IWD) theme Choose To Challenge, highlighted the importance of challenging biases, stereotypes, and misconceptions in the interest of creating a more inclusive and gender-equal world.

He said that the establishment of the bank’s gender business desk, which catered specifically for female entrepreneurs had successfully disbursed close to N100 billion to over 1,500 women-led enterprises.

“In addition to financial support, the gender desk also provides much-needed business advisory and capacity building services, leveraging our strategic partnerships with more than 300 Business Development Service Providers (BDSP) nationwide.

“It is believed that if Nigeria enhances gender equality in the labour market, politics, legal system, education, and healthcare, it could add 1.25 per cent points to the economy.

“Despite what we know now, the representation of women at the decision-making level is still minimal today.

“There are only 25 countries that have elected women as Heads of State or Government – just about 11 per cent of all countries and territories in the world.

“Beyond participation in the political space, representation of women in the corporate sphere is very much skewed as only eight per cent of Fortune 500 companies are led by females.

“Yes, it is safe to say that we have made progress over the years, yet, it is far from acceptable and insufficient to meet the Sustainable Development Goal Five to ‘Achieve Gender Equality and Empower all Women and Girls’.

“The female gender has also been marginalised when it comes to access to finance.

“The gender financing gap in Africa is believed to be $42 billion between men and women.

“This is a worrisome statistic and at the Bank of Industry, we continue to take deliberate steps to address issues around gender equality in entrepreneurship,” he said.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Tinubu Confirms Killing of Abu-Bilal Al-Manuki by Nigerian, US Forces

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Tinubu kill Abu-Bilal Al-Manuki

By Modupe Gbadeyanka

President Bola Tinubu on Saturday confirmed the killing of a senior ISIS leader, Mr Abu-Bilal Al-Manuki, in an overnight operation carried out by the United States and Nigeria.

President Donald Trump had earlier announced the elimination of the notorious terrorist via a post on his Truth Social.

Later, in a statement today, Mr Tinubu praised the action, describing it as “a significant example of effective collaboration in the fight against terrorism.”

“Our determined Nigerian Armed Forces, working closely with the Armed Forces of the United States, conducted a daring joint operation that dealt a heavy blow to the ranks of the Islamic State,” he said in the statement.

According to him, early assessments confirm the elimination of the wanted IS senior leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, along with several of his lieutenants, during a strike on his compound in the Lake Chad Basin.

He commended the partnership between Nigeria and America in waging war against terrorists, thanking his US counterpart “for his leadership and unwavering support in this effort.”

“I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation,” the Nigerian leader added.

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Nigeria Steps up AI Surveillance, Anti-Drone Systems for National Security

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Anti-Drone Systems

By Adedapo Adesanya

Nigeria is set to strengthen its defence architecture by deploying artificial intelligence-powered surveillance systems and advanced anti-drone technology as part of efforts to modernise the country’s military capabilities, according to the Minister of Defence, Mr Christopher Musa.

He disclosed this during a high-level visit to Monaco, where he led a Nigerian delegation to conclude discussions on the multi-domain Hybrid Intelligence Shield (HIS) project.

According to Mr Musa, the initiative is designed to enhance border security, protect urban centres and improve the country’s response to emerging security threats.

The project is expected to introduce AI-driven surveillance systems capable of identifying threats rapidly through smart algorithms, while anti-drone technology will be deployed to intercept and neutralise unmanned aerial threats.

The government also plans to establish national and regional command-and-control centres to improve real-time coordination and response to security incidents across the country.

Mr Musa said the initiative would place strong emphasis on technology transfer and local capacity development through the establishment of a military Centre of Excellence in Nigeria.

He added that the federal government would leverage partnerships with international firms, including Marss UK Ltd, while simultaneously building indigenous capabilities to address insurgency, illegal mining, piracy and other security threats.

Nigeria has continued to battle multiple security challenges in recent years, including insurgency in the North-East, banditry and kidnappings in the North-West, farmer-herder clashes in the North-Central region, crude oil theft in the Niger Delta and piracy in the Gulf of Guinea.

Nigeria is stepping up its defence as the border region of Nigeria, Benin and Niger on the southern edge of the Sahel region is becoming a new stronghold for jihadists, as militants turn forests and pastoral networks in West Africa into bases for recruitment and international attacks.

Attacks in Nigeria have also risen, with data from the website of the Armed Conflict Location & Event Data (ACLED), a conflict-monitoring group, affirming that the number of suicide bombings in Nigeria by March already matched the annual average over the past six years.

The Nigerian military has also been dealt a blow to its military bases and senior figures targeted. In April, Brigadier-General Oseni Omoh Braimah was killed when Islamist fighters attacked a base in Borno State.

To also meet the defence goal, Nigeria is stepping up efforts to build domestic arms-manufacturing capacity.

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Nigeria, Morocco to Seal Atlantic Gas Pipeline Deal by Q4 2026

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By Adedapo Adesanya

Nigeria and Morocco are set to sign a major intergovernmental agreement later this year to push forward the long-delayed Nigeria-Morocco Gas Pipeline project, a multi-billion-dollar energy corridor expected to reshape gas trade across West Africa and Europe.

The agreement, expected to be signed in the fourth quarter of 2026 by President Bola Tinubu and King Mohammed VI of Morocco, follows the completion of preliminary technical studies for the ambitious project, according to officials from both countries.

The pipeline, also known as the African Atlantic Gas Pipeline, is projected to stretch about 6,900 kilometres along offshore and onshore routes across West Africa, making it one of the largest gas infrastructure projects on the continent.

With an estimated cost of $25 billion, the pipeline is designed to transport up to 30 billion cubic metres of gas annually once completed.

Discussions on the project gained fresh momentum during a telephone conversation between Nigeria’s Minister of Foreign Affairs, Mr Bianca Odumegwu-Ojukwu, and her Moroccan counterpart, Mr Nasser Bourita.

The project would not only strengthen energy cooperation between the two countries but also improve regional economic integration and expand Africa’s access to European energy markets.

According to Morocco’s hydrocarbons and mining agency, ONHYM, part of the gas supply will support Morocco’s domestic energy demand, while large export volumes will be directed to Europe.

The project, first proposed about a decade ago, is seen as a strategic alternative gas supply route amid rising global energy security concerns and Europe’s search for more diversified energy sources.

Beyond the pipeline, Nigeria and Morocco are also exploring broader economic partnerships, particularly in fertiliser production and distribution to support food security across Africa.

Both countries also agreed on the need to revive the Nigeria-Morocco Business Council to strengthen trade and investment relations under the African Continental Free Trade Area framework.

Analysts noted that the project could significantly boost gas monetisation opportunities for Nigeria, expand regional infrastructure development, and deepen economic ties between West African nations and Europe if successfully executed.

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