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

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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.

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Pastor Ogbueli’s Abuja Night of Glory Holds Today

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Abuja Night of Glory

By Blaise Udunze

Momentum is gathering for the Abuja Night of Glory taking place today, Friday, December 5, 2025, at the main bowl of the Moshood Abiola National Stadium.

The crusade is being hosted by Dominion City Church headed by Pastor David Ogbueli and it starts by 7pm.

The all-night programme will feature dynamic worship leaders like Nathanial Bassey, Dunsin Oyekan, Theophilus Sunday, Chioma Jesus, Kaestrings, Sunmisola Agbebi Okeleye, Minister GUC, Ebuka Songs, Anthony Kani, and DC Angels.

Reputed as a teacher of righteousness and anointed minister of the gospel, evidenced by the miracles that have trailed his ministry, and one who champions the cause of the poor through empowerment initiatives, Dr. David Ogbueli will be joined by renowned ministers from within and outside Nigeria, including Evangelist Andres Bisonni, Dr. Charles Ndifon, Evangelist Dan Scott, Apostle Ikechukwu Nnajiofor, and several others.

Night of Glory has, in previous editions held across Nigeria’s cities, recorded remarkable results, such as immediate healings and freedom from chronic ailments, recovery of vision and movement after many years of paralysis, along with liberation from dependencies and emotional distress. Numerous participants have also shared testimonies of breakthroughs and big personal changes after the experience. Organisers state that this year’s event, in Abuja, is anticipated to exceed previous editions.

The event is intended for all individuals trusting God for divine intervention in any area of life.

Understanding the role of faith in the destiny of individuals and nations, a dedicated prayer session for Nigeria will take place during the crusade to tackle some of the current challenges being faced in the country and also to uplift he leaders and institutions before God.

Attendance is free, and registration is encouraged via the QR codes on event banners. Organisers expect a massive turnout as worshippers travel from across the country for what is anticipated to be a transformative encounter.

Adequate security and free transportation have been put in place ALL over the city of Abuja, while those outside Abuja are expected to join online.

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Rivers Speaker, 15 Other Lawmakers Leave PDP for APC

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rivers speaker Martin Amaewhule defect

By Modupe Gbadeyanka

The Speaker of the Rivers State House of Assembly, Mr Martin Amaewhule, has defected to the All Progressives Congress (APC).

At the plenary on Friday, Mr Amaewhule joined the ruling party from the opposition Peoples Democratic Party (PDP), along with 15 other members of the state parliament.

This development comes some months after they had earlier declared their support for the APC in the wake of a crisis with the state governor, Mr Sim Fubura.

The lawmakers had an issue with Mr Fubura, which led to a state of emergency declared on the oil-rich state by President Bola Tinubu in March 2025.

This embargo was only lift in September 2025 after the duration of the six-month emergency rule in the state.

A few days ago, members of the Rivers Assembly passed a vote of confidence on President Tinubu, backing him to remain in office till 2031, when he would have spent eight years in office if re-elected in 2027.

Announcing their defection today, the lawmakers pinned their decision on the crisis rocking the PDP at the national level.

It is not certain if their political godfather, Mr Nyesom Wike, who is the current Minister of the Federal Capital Territory (FCT), will join them in APC.

Mr Wike, who governed Rivers State from 2015 to 2023, has been accused of instigating the crisis in the opposition PDP. He was expelled from the party last month at a national convention held in Ibadan, Oyo State.

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Nigeria Risks Brain Drain in Energy Sector—PENGASSAN

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By Adedapo Adesanya

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that Nigeria risks massive brain drain in the oil and gas sector due to poor remuneration.

The president of PENGASSAN, Mr Festus Osifo, said at the end of the National Executive Council (NEC) meeting of the union on Thursday in Abuja that the industry was facing challenges arising from Naira devaluation and inflation, noting that, oil and gas skills remained globally competitive.

Painting an example, he said, “A drilling engineer in Nigeria does the same job as one in the US or Abu Dhabi,” noting that the union must take steps to bridge the wage gap to prevent members from leaving the country for better opportunities abroad.

“If we don’t act, the brain drain seen in other sectors will be child’s play,” he said.

According to him, PENGASSAN has recorded significant gains through collective bargaining across oil and gas branches.

“We signed numerous agreements across government agencies, IOCs, service and marketing sectors,” he said.

He said the agreements brought relief to members facing rising costs of living, adding that, the association’s duty is to protect members’ jobs and enhance their pay.

Mr Osifo urged companies delaying salary reviews and those foot-dragging as a result of the prevailing economic realities, to do the needful.

He said the industry employed some of the nation’s best talents, making competitive pay critical to retaining skilled workers.

“This industry recruits the best. Companies must provide the best conditions,” he said.

On insecurity, Mr Osifo urged government to take decisive action against terrorism and kidnappings across the country.

“We are tired of condemnations. government must expose sponsors and protect citizens,” he said.

He urged government at all levels to prioritise tackling insecurity through better funding and equipment for security agencies.

Mr Osifo said PENGASSAN supported calls for state police to improve local security response, adding that decentralising policing will protect citizens better than rhetoric.

He also said economic indicators meant little, if food prices remained high and farmers could not return to farms due to insecurity.

“Nigerians want to see food on the table, not macroeconomic figures,” he said, urging the government to coordinate fiscal and monetary policies to ensure economic gains reach households.

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