Elumelu Wants 5% of Japan’s $50bn Given to African Entrepreneurs

Image

By Dipo Olowookere

Nigeria-born serial entrepreneur, Mr Tony Elumelu, has made a case for young entrepreneurs in Africa, appealing to Japan to earmark 5 percent of its $50 billion commitment to the continent for empowering African entrepreneurs.

Speaking at the 7th Tokyo International Conference on African Development (TICAD) in Yokohama, Japan, the former banker said Japan, which is an economic power in Asia and the world, can learn from the example of the Tony Elumelu Foundation, which champions empowering African entrepreneurs, as the most sustainable means of accelerating the development of Africa.

“At TICAD 2016 in Kenya, Japan pledged $30 billion for Africa. This year, you have generously increased this to $50 billion.

“If we invested just 5 percent in Africa’s new generation of entrepreneurs, following my foundation’s robust, proven model of getting capital directly to those best placed to catalyse growth and create real impact, we could touch 500,000 lives, across the 54 African countries, broadening markets, facilitating job creation, improving income per capita, and laying the key foundation for political and economic stability,” Mr Elumelu said during his impassioned keynote speech delivered before global leaders.

The Chairman of United Bank for Africa (UBA) and other companies outlined the three key pillars of a bold and transformative structure: investment in infrastructure, partnership with the African private sector, and investment in Africa’s youth.

“Africa is one of the world’s viable destinations for investment. Our huge population, of nearly 1.3 billion people, creates one of the most attractive markets anywhere in the world.

“The world is paying close attention to Africa, but is Japan at the centre of this conversation or is it on the sidelines?” he queried.

President of South Africa and Co-Chair of TICAD, Mr Cyril Ramaphosa, while reechoing Mr Elumelu’s stance, stated that, “If you want really good returns, as Mr Tony Elumelu said, come to Africa.”

According to Mr Ramaphosa, “Africa presents risk-adjusted returns and is a market in which investments are flowing at a hundred billion dollars, that is the new profile of Africa that is being presented to the world.”

In his remarks, Prime Minister of Japan, Mr Shinzō Abe, noted that, “In Africa, some countries have joined top nations in the ranking on the ease of doing business. The scale of the market continues to expand. We can envision a day when the entire continent of Africa becomes an enormous economic zone.”

Share
Related Stories
Image
04-February-2024

Namibian President Hage Geingob Dies at 82 

By Adedapo Adesanya The President of Namibia, Mr Hage Geingob, died early Sunday in a hospital in the capital of the Southern African country, Windhoek at 82. Mr Geingob, who was serving his second term as president and was his country’s first prime minister after independence, revealed last month that he was being treated for cancer. “It is with utmost sadness and regret that I inform you that our beloved Dr. Hage G. Geingob, the President of the Republic of Namibia, has passed on today,” read a statement signed by acting president, Mr Nangolo Mbumba. “At his side, was his

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
22-January-2024

Seedstars, EU Invest $3.7m in Shamba to Boost Agri Input Distribution

By Adedapo Adesanya Seedstars Africa Ventures and EDFI AgriFI, which is the European Union’s financing initiative responsible for investments in medium, small, and micro agri-enterprises (MSME) in developing countries, have announced a $3.7 million pre-series A investment in Shamba Pride, a pioneering Agri-based company in Kenya, to boost quality agricultural input distribution.  The investment arrangement will see EDFI AgriFI provide a long-term loan of $2 million, to foster sustainable development and economic growth in developing countries.  Seedstars Africa Ventures on its part, committed an additional $1.7 million in equity, reaffirming its support to the company and catalysing investments into the

More Stories
Image
27-July-2023

Stakeholders Seek Private Sector Input in Climate Funding Instruments

By Adedapo Adesanya FSD Africa has joined other stakeholders to call for more participation from the private sector in raising funds for sustainable projects in Nigeria. Nigeria, Africa’s largest economy, has demonstrated remarkable resilience and substantial growth despite the challenges posed by the COVID-19 pandemic and macroeconomic constraints. However, maintaining this growth momentum and promoting economic development requires innovative financing solutions and the attraction of climate-smart and private investments. Speaking at FSD Africa’s Capital Markets round table event in collaboration with the Pension Fund Operators’ Association of Nigeria (PenOp), the Chief Executive Officer of FSD Africa, Mr Mark Napier, noted

Image
01-February-2021

Standard Chartered Vows to Support Clients’ Growth Aspirations

By Ahmed Rahma The management of Standard Chartered Bank has assured its numerous clients of its commitment to supporting their growth aspirations, no matter the sector they operate in. The lender made this promise while speaking on the role it played in the recent acquisition of a 45 per cent working interest in OML17 by Heirs Holdings Oil & Gas Limited. Standard Chartered acted as coordinator/financial advisor to Heirs Holdings in the deal described as one of the largest in the oil and gas sector in Africa. Heirs Holdings acquired the stakes held by Shell Petroleum Development Company of Nigeria

Image
13-September-2018

Notore Shuts Down Operations at Ammonia Plant

By Dipo Olowookere The management of Notore Chemical Industries Plc, the newest company to list its shares on the Nigerian Stock Exchange (NSE), has announced the closure of its Ammonia Plant. In a statement signed by the Group Chief Legal Officer/Company Secretary, Otivbo Saleh, it was explained that the shutdown is due to a maintenance exercise on the facility. It was disclosed that the maintenance exercise, which is expected to last 15 to 20 days, will commence on Friday, September 14, 2018. “This is to inform the Nigerian Stock Exchange (NSE), shareholders of Notore Chemical Industries Plc and the general

Image
29-March-2017

Adedotun Sulaiman Resigns as Cornerstone Insurance Plc Chairman

By Modupe Gbadeyanka Cornerstone Insurance Plc has announced the resignation of Chairman of its Board of Directors, Mr Adedotun Sulaiman. It was gathered that Mr Sulaiman resigned from his position on January 5, 2017, according to his profile on Bloomberg. In a statement issued on Monday, the insurance firm expressed its “profound gratitude to Mr Sulaiman for his service to the company and wishes him the best in his future endeavours.” Due to the resignation of Mr Sulaiman, Conerstone Insurance Plc has named a new Chairman of its board. He is Mr Paul Kokoricha, who is an Executive Partner at

Image
26-June-2018

20 German Companies Seek Investments in Nigeria

Nigeria has been making quite a name for itself in the global business industry over the past few years. More and more powerful countries are trying to establish a strong base there because the returns are profitable. The overall development of Nigeria, both social and technological, has made it a popular hub for businessmen who are looking to expand their companies.  Betway mobile online betting, for instance, is today popular than ever. Germany’s domination: Germany has been one of the most foremost countries in the world when it comes to globalization. They are trying to have a foothold in different

Image
09-August-2017

iflix Secures Additional $133m Funding

By Modupe Gbadeyanka World’s leading Subscription Video on Demand (SVoD) service for emerging markets, iflix, has announced completing a $133 million funding round as it continues to deliver on its vision of bringing the world’s best entertainment to its audiences. The funding round, which attracted significant interest from both new investors and existing shareholders, was led by Hearst, one of America’s largest diversified media, information and services companies, and also included additional new investors Singapore-based EDBI and clients of DBS private bank. Existing shareholders Evolution Media, Sky PLC, Catcha Group, Liberty Global, Jungle Ventures and PLDT Inc. also increased their

Image
16-April-2020

Lagos Waives N410m Interest on N2.8bn Loans to MSMEs

By Adedapo Adesanya Micro, Small and Medium Enterprises (MSMEs) in Lagos will get N410 million moratorium on loans spread across three months in order to stay afloat during the current coronavirus pandemic that has affected business activities in the state. This was done as directed by Governor Babajide Sanwo-Olu. It means interest up to N410 million will not be paid on the N2.8 billion loans given out through the Lagos State employment Trust Funds (LSETF). Governor Sanwo-Olu said this gesture was part of the state’s palliatives to cushion the effect of the coronavirus pandemic on micro and medium-scale businesses. Announcing

Image
09-November-2020

Demand for Transcorp Stocks Surges After Purchase of Afam Power

By Dipo Olowookere Since the transfer of Afam Power to Transcorp Plc last week in a N105 billion deal, the demand for the latter’s shares on the Nigerian Stock Exchange (NSE) has continued to rise. In the five-day trading week, Transcorp was the second highest gainer on the Lagos exchange, appreciating by 19.72 per cent to close last Friday at 85 kobo per share. In the previous week, the share price of the conglomerate closed at 71 kobo but the news of the acquisition of the natural-gas-fired power generation facility located in Oyigbo, Rivers State made the company’s stocks to

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent