General
Investment in Female Founders is Our Collective Responsibility
By Nitin Gajria
So goes the old adage: The hand that rocks the cradle, rules the world. While some might find depth and truth in this saying, others might beg to differ based on realities that determine the social challenges women face the world over.
So, as we move rapidly toward the middle of the 21st-century, how can we be effective allies in support of the cause to level the playing field and empower women, right here on the continent, with tangible opportunities for stepping into the leadership role proposed by this idiom?
The Balance defines economic power as the ability for countries, businesses or individuals to improve their standard of living. This increases their freedom to autonomously make decisions that benefit them, while reducing the ability of any outside force to impact their freedom. The key to dismantling the structural challenges women face, therefore, lies in strengthening their economic power.
These challenges are numerous and, according to the African Development Bank, they continue to drive gender inequality and even limit the continent’s progress in totality. In a similar vein, challenges identified, at the Africa Union Gender Pre-Summit on the 2016 African Year of Human Rights, as pressing for women included, but were not limited to, economic exclusion and discrimination from financial systems.
Despite these odds, however, African women repeatedly feature at the top of global surveys on entrepreneurship with the United Nations (UN) reporting that the 27% female entrepreneurship rate in Africa is the highest in the world. The UN goes on to warn, however, that most female-led enterprises in Africa are small businesses with few growth opportunities while also citing that female entrepreneurs are not evenly spread across the continent.
The reality-check list on the continent’s state of female entrepreneurship is long and includes greatly uneven access to funding for female entrepreneurs when compared with their male counterparts. For example: from January 2019 to April 2020, 13.4% of the 276 disclosed deals went to companies with at least one female on the founding team and this was just 5.7 % of the total invested capital. Within the first 4 months of 2020, this declined to 3.2%.
Moreover, while venture capital funding for startups across the continent in 2017 reached an all-time high of more than $500 million, representing a 53% year-on-year increase, only $30 million (5.3%) went to companies with female co-founders. Of the $725.6 million in funding that was invested across the African continent in 2018, only 2% went to women-owned or women-led businesses. Meanwhile, the e-Conomy Africa 2020 report by the IFC and Google highlighted that women comprise 20% of the total population of developers in Africa.
Even with the numbers noticeably low, African women constantly endeavour to push through, despite the structural hurdles they face – and it shows. The startup ecosystem has begun to create opportunities for women who code across the region.
Beyond the continent’s own economic growth, economic power afforded to women (through investments made in their entrepreneurial pursuits) will go a long way in reclaiming their social standing and in reclaiming their rights in areas such as education, safety and personal freedoms. Empowering female entrepreneurs is essential for both economic and social development on the continent.
Google,org recently partnered with the Tony Elumelu Foundation giving a $3M grant to provide rigorous entrepreneurship training, mentorship, coaching, access to networks and key markets to at least 5000 women.
There will also be $5,000 in seed capital in the form of one-time cash grants to 500 African women informal business-owners in rural and low-income communities across Nigeria, South Africa, Kenya and select Francophone countries.
This is part of the 2021 Tony Elumelu Foundation Entrepreneurship Programme, preparing women to navigate their businesses through the start-up and early growth phase. We are determined to help female entrepreneurs grow their businesses by creating initiatives that go beyond just allowing capital and by providing relevant training.
In most emerging economies, entrepreneurship is the path to job creation and income generation and it can be a solution to reducing inequalities among men and women. By tackling systemic barriers-to-entry, and facilitating meaningful participation in entrepreneurship, we hope to encourage women to become entrepreneurs.
Through programmes that support women with funding, we will generate prosperity in Africa. We hope that the idiom, The hand that rocks the cradle, rules the world, will have real and unequivocal resonance.
Nitin Gajria is the MD of Google Africa
By Modupe Gbadeyanka
A hotline number, 0800 123 5264, for Nigerians to report any MRS Oil Nigeria Plc filling stations selling Premium Motor Spirit (PMS), commonly known as petrol, above the approved pump price of N739 per litre, has been released by Dangote Petroleum Refinery.
The private refiner said the number was now active nationwide, enabling consumers to promptly report violations and help maintain fair pricing across over 2,000 MRS stations.
This measure follows the refinery’s recent commencement of nationwide PMS sales at N739 per litre—a strategic intervention aimed at stabilising fuel prices and easing the financial burden on Nigerians during the festive season.
“We encourage Nigerians to avoid purchasing PMS at inflated prices when locally refined fuel is available at N739 per litre.
“Report any MRS station selling above this price by calling our hotline. Together, we can ensure that the benefits of this price reduction reach every consumer,” the company stated in a statement.
The organisation stressed its mission to deliver affordable, high-quality fuel while safeguarding national economic interests, reaffirming its commitment to steady supply, backed by a guaranteed daily output of 50 million litres, and warned against attempts to create artificial scarcity or manipulate supply.
Regulatory authorities have been urged to remain vigilant and take decisive action against unpatriotic practices.
By refining locally at scale, Dangote Refinery is reducing Nigeria’s dependence on imports, conserving foreign exchange, stabilising the Naira, and strengthening energy security. This initiative represents a significant milestone in the country’s journey toward sustainable energy solutions and economic recovery.
The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.
“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.
Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.
By Bon Peters
The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.
At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.
At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.
“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.
He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.
The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating trade and increasing Revenue generation.”
“I remember I told her she was a mother during her maiden visit to the airport.
“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.
“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.
Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.
By Adedapo Adesanya
The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.
The government also declared Thursday, January 1, 2026, for the New Year celebration.
The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.
According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.
Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.
He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.
Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn