Connect with us

General

Nigeria to Increase Youth, Women Business Financing With $130m Loan

Published

on

Nigerian youths

By Adedapo Adesanya

A $130 million loan will be provided by the African Development Bank (AfDB), the Nigeria Sovereign Investment Authority (NSIA), and the Development Bank of Nigeria (DBN) under the Nigeria Youth Entrepreneurship Investment Bank (YEIB) initiative to increase access to finance for youth and women-led small and medium enterprises.

Business Post reports that the Nigeria YEIB is a pioneering institution designed to foster economic growth and job creation in the country by acting as an ecosystem anchor and convener, bringing together relevant financial and non-financial stakeholders to collaborate more effectively in support of youth entrepreneurs.

The AfDB is leading the coordination among key Nigeria YEIB anchor investors and partners, including the Federal Government of Nigeria through the Ministry of Finance Incorporated, NSIA, and DBN.

The breakdown of the $130 million shows that the AfDB will invest the lion’s share of $100 million bolstered by an additional $25 million from DBN and $5 million from NSIA.

The Nigeria YEIB project aims to create over 161,000 direct jobs, 40 per cent of which will be for women, and 1.4 million indirect jobs, with 35 per cent allocated to women.

It will also support more than 38,000 youth-led enterprises through financial services, and an additional 38,000 through non-financial services, with at least 40 per cent of beneficiaries being women.

Based on two main pillars, the project will establish the YEIB Investment Management Company to oversee three special purpose vehicles – an Equity Investment Fund (EIF), an Ecosystem Development Fund (EDF), and a Credit Guarantee Facility (CGF) – and create these vehicles to support youth and women-led businesses.

The EIF will invest in early-stage and high-growth enterprises, while the EDF will provide grants for business development service providers and reimbursable grants to youth-led businesses.

The CGF will offer risk mitigation to improve access to credit for SMEs, managed by the Development Bank of Nigeria’s subsidiary, Impact Credit Guarantee Limited.

By de-risking young entrepreneurs and fostering talent, the YEIB initiative aims to provide the patient capital and ecosystem support needed to turn ideas into sustainable businesses, offering a long-term solution to Africa’s youth unemployment crisis.

Speaking on this development, AfDB’s Director General for Nigeria, Mr Abdul Kamara, emphasised the transformative nature of the project.

“This initiative will be a game-changer for Nigeria’s economy, addressing youth unemployment and closing gender gaps through targeted entrepreneurship support,” he said.

On his part, the Director of the bank’s Financial Sector Development Department, Mr Ahmed Attout, said, “The YEIB is a transformative initiative that moves beyond project-based approaches to systemic, institutional solutions for entrepreneurship development across all sectors.

“By positioning Nigerian youth entrepreneurs as a high-potential investment asset class, it brings together key stakeholders to unlock financial opportunities, open new avenues for public and private sector investors, and tackle the structural challenges facing young entrepreneurs.”

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.

Click to comment

Leave a Reply

General

British Council Hosts Going Global Africa Conference in Abuja

Published

on

Going Global Africa Conference

The British Council, a UK-based organization dedicated to fostering cultural relations and educational opportunities, hosted the Going Global Africa Conference 2024.

The event, which took place from November 26 to 28 at the Transcorp Hilton Hotel in Abuja, was themed Building Sustainable and Relevant Tertiary Education Institutions and Systems in Africa.

It brought together policymakers, academics, industry leaders, and youth advocates to address critical issues in tertiary education across the continent.

At the opening session, which spotlighted youth aspirations and actionable strategies to bridge the gap between tertiary education and workforce demands, the Minister of Education, Mr Olatunji Alausa, unveiled the Nigerian Educational Sector Renewal initiative, a six-pillar agenda aimed at modernising the education system.

The session, titled The Future is Now: Realising the Vision of Africa’s Youth, was used by him to emphasised the importance of STEM and vocational training.

According to him, one of his takeaways from the opening plenary session is starting up student-led ventures, a good initiative the government would take on.

Throughout the three-day event, critical sessions explored the role of partnerships and innovation in strengthening tertiary education.

Another session titled Maximising Impact through Tertiary Education Partnerships, chaired by Prof. Sir Steve Smith, examined frameworks for sustainable education partnerships.

Also, at another session, Transitioning to the World of Work, led by Femi Taiwo, Founding Partner of F.I.T. Africa, delved into career-readiness strategies and the systems required to prepare graduates for industry demands.

Contributors such as Prof. Colin Riordan from the Association of Commonwealth Universities and Ms. Nadia Waggie from the University of Cape Town enriched these discussions with their expertise.

The conference also included a variety of focused sessions and panels, such as Learning Labs on technology integration, employability, and international research partnerships. Discussions highlighted access to education for marginalized groups, including women and persons with disabilities, with sessions such as Disability Inclusion in Tertiary Education led by Prof. Tracy Bhamra and featuring disability rights advocates.

Business Post reports that the conference coincided with the British Council’s 80th anniversary in Nigeria, celebrating decades of impactful partnerships in education.

“Hosting this conference in Sub-Saharan Africa underscores our commitment to fostering sustainable partnerships and innovation in education,” the Regional Director for Sub-Saharan Africa at the British Council, Lucy Pearson, remarked.

The event concluded with a renewed commitment to bridging the skills gap in Africa’s tertiary education.

The Acting Country Director for the council, Chilufya Besa, said, “By bringing together industry stakeholders, we have made significant progress in aligning education with workforce needs.”

Continue Reading

General

Thailand Gifts Nigeria 32-Tonne Rice Shipment to Tackle Food Crisis

Published

on

prices of rice in December

By Adedapo Adesanya

Nigeria has received a 32-tonne shipment of rice from Thailand as part of foreign relief to tackle escalating hunger and food insecurity.

The shipment, the first of its kind in a decade, has arrived in Lagos, according to DUCAT, the logistics company that facilitated its delivery.

The rice from Thailand was exported following Nigeria’s decision to implement a tariff moratorium on wheat, corn, rice, and other food crops last year, DUCAT revealed.

Although the duty waiver was introduced, purchases have largely been cautious, driven by concerns about its potentially harmful impact on local producers.

“Nigeria has been working hard to find solutions to broaden and strengthen its food supply accessibility,” DUCAT Chief Executive Officer, Mr Adrian Beciri said in a statement.

Several months ago, Nigeria unveiled a set of measures to combat soaring food inflation, which is rising at its fastest rate in three decades.

According to the last inflation update, food inflation reached 39.93 per cent year-on-year in November from 39.16 per cent the previous month in October 2024, caused by price rises for staples such as rice, maize, bread, potatoes and cooking oil.

Inflation quickened sharply in the second half of 2023 after President Bola Tinubu devalued the Naira and cut petrol and electricity subsidies to try to lift economic growth and shore up public finances.

Inflation has still not let up as it remained at 34 per cent as of November.

Many of the policies have failed to materialise including a 180-day window to allow duty-free imports of wheat, corn, and other critical food crops— a move promised would crash food prices.

A survey of market prices by Business Post indicates that food prices remained elevated during the last Christmas period.

Continue Reading

General

JUST IN: Lagos Assembly Lawmakers Impeach Obasa as Speaker

Published

on

obasa lagos speaker

By Dipo Olowookere

The Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, has been impeached by members of the legislative arm of government.

Mr Obasa was removed from office on Monday after a motion for this was moved by one of the lawmakers.

The Assembly has now elected Ms Mojisola Meranda, a member representing Apapa I Constituency, as the new Speaker.

This action is coming amid allegations of fraud against Mr Obasa, who is from the Agege constituency.

It has been speculated that Mr Obasa got into political trouble because of his alleged interest in the governorship position in 2027.

Continue Reading

Trending