General
Nigeria to Increase Youth, Women Business Financing With $130m Loan
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.”
By Adedapo Adesanya
Nigeria has no plans to stop fossil fuels anytime soon, despite increasing calls for energy transition because the country intends to harness its oil reserves and increase oil output to fill the gap in Africa.
This submission was made by the Minister of State for Petroleum (Oil), Mr Heineken Lokpobiri, at the 13th Practical Nigerian Content Forum organized by the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Bayelsa, this week.
Mr Lokpobiri explained that no country in the world will stop the production of fossil fuels when there are still markets for it, noting that Nigeria has a lot of reserves and has not utilised enough to consider stopping the use of fossil fuels, despite several calls from many quarters.
Speaking on the theme Deepening the Next Frontier for Nigerian Content Implementation, the Minister observed that even Western countries like the United Kingdom were still giving licenses for exploration.
“All these clamour about energy transition that says we should stop production of fossil fuel, we will never stop the production of fossil fuel in Nigeria, no country in the world will stop it.
“In 2023, UK which contributed 4.8 per cent of global emissions, higher than the entire OPEC countries put together, entire African continent put together and still gave over 100 licenses to new companies for new exploration.
”America is the highest producer of fossil fuel, so why should we stop, those who are telling us to stop are themselves not stopping, so we should know that is about politics.
“Let me also use the opportunity to tell the industry players that with the emergence of Donald Trump as U.S. President, the price of oil maybe battered.
”What I want us to do is to increase our own production, Africa already has enough market. We can produce enough fuel to supply the West African region and the entire Africa, but our biggest challenge is funding,” he said.
Also speaking, the Minister of State for Petroleum (Gas), Mr Ekperikpe Ekpo, urged local businesses in the country to invest in Compressed Natural Gas (GNG) as gas will be a mainstay of the economy after the energy transition.
“Gas will be the mainstay of Nigeria’s energy shift, and we’re giving local businesses a chance to engage in gas distribution, processing and power generation.
”The probable replacement for PMS has been determined to be natural gas in the form of CNG.
“Let me reiterate this administration’s unwavering commitment to advancing local content as a cornerstone of our energy strategy, together, we have the opportunity to build an energy industry that empowers Nigerians, strengthens our economy and contributes to the sustainable future,” he said.
On his part, the Executive Secretary of the NCDMB, Mr Felix Ogbe said the board has achieved 56 per cent in Nigerian Content level in 2024 compare to 26 per cent in 2016.
He stated that some of the achievements of the board include; Commissioning of Amal Technologies in Idu, Abuja; and the Kwale Gas Gathering facility in Delta, approval of 312 Nigerian Content Plans, and issuance of 402 Nigerian Content Compliance Certificates (NCCCs) bythe board amongst others.
By Adedapo Adesanya
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has exceeded its revenue target by 49 per cent.
According to the regulator, the revenue growth is attributed to its strategic overhaul of Nigeria’s upstream petroleum sector.
Through regulatory reforms, the commission has plugged financial leakages and attracted substantial investments, despite the divestment of some oil and gas assets.
Speaking on the milestone, the Chief Executive Officer of the commission, Mr Gbenga Komolafe, highlighted that the commission is dedicated to achieving more through several ongoing initiatives.
The commission, established under the Petroleum Industry Act (PIA) of 2021, replaced the defunct Department of Petroleum Resources (DPR) and oversees the technical and commercial operations in Nigeria’s upstream petroleum sector.
According to Mr Komolafe, the NUPRC has been able to set certain milestones including the Project One Million Barrels Per Day initiative, bid rounds, and the Drill or Drop mandate, all aimed at revitalising the sector.
In October 2024, NUPRC launched the One Million Barrels Per Day production initiative, aiming to boost Nigeria’s daily crude production to over 2.7 million barrels.
Earlier, in May 2024, the Komolafe spearheaded a bid round for oil blocks at the Offshore Technology Conference in Houston, Texas, attracting major investors like TotalEnergies.
The Drill or Drop initiative, which he tagged as another game-changer, requires oil producers to drill within a specified timeframe or forfeit their license areas.
According to Mr Komolafe, this has significantly enhanced revenue collection and ensured optimal use of oil assets.
He also noted that the commission has also emphasised its commitment to transparency and accountability.
According to Mr Komolafe, the commission operates within the framework of the Federation Accounts, ensuring increased revenue flows into government coffers over the past three years.
Mr Komolafe further stated NUPRC’s role in recovering government revenue through royalties, emphasizing the importance of checks and balances in fulfilling its statutory mandate.
By Modupe Gbadeyanka
A popular human rights activist, Mr Dele Farotimi, has been remanded in prison custody in Ekiti State after he was arraigned on Wednesday by the police.
He was accused of defaming a legal luminary, Mr Afe Babalola, in a book titled Nigeria and its Criminal Justice System.
The book was published by Mr Farotimi and he claimed that Mr Babalola, a Senior Advocate of Nigeria (SAN), used his position to influence the judiciary.
The suspect, who is also a lawyer, was allegedly abducted this week in his Lagos chamber by officers of the Ekiti State Command of the Nigeria Police Force (NPF) and taken to Ekiti State by road.
Today, he was arraigned before Magistrate Abayomi Adeosun of the Ado-Ekiti Magistrate Court on a 16-count charge, which he pleaded not guilty to.
The police said it acted on a petition of defamation written by the founder of Afe Babalola University, Ekiti State.
The nonagenarian lawyer claimed the 56-year-old professional colleague exposed him to hatred, contempt, ridicule and damage his hard-earned career in the book.
At the court today, the police prosecutor, Mr Samson Osun, begged the court to keep the accused person in prison custody pending further investigation.
However, this was opposed by the counsel to the defendant, Mr Dayo Akeredolu, who argued that the alleged offence was bailable and that Mr Farotimi is a public figure who respects the rule of law.
This plea was not answered as Mr Adeosun remanded the suspect in prison custody and adjourned the hearing till December 10.
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