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AfDB Approves $100m for Nigerian Youth Entrepreneurship Investment Bank

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The African Development Bank (AfDB) says it has approved $100 million for the establishment of the Nigerian Youth Entrepreneurship Investment Bank.
Dr Akinwumi Adesina, President and Chairman, Board of Directors, AfDB, said this in Abuja on Friday, when he delivered the 14th Convocation Lecture of the National Open University of Nigeria (NOUN).


The theme of the lecture is: “Advancing Africa’s Positioning within Global Development and Geographical Dynamics.
”
Adesina said the move was to liberate the Nigerian youth financially and provide technical assistance, business development services, equity, quasi-equity and debt financing for businesses of young people across Africa.

“The key to solving unemployment is entrepreneurship. Africa is today experiencing an entrepreneurship boom, with 22 per cent of its working age population starting a business, the highest rate in the world according  to the Global Entrepreneurship Monitor, 2020.

“The leading areas of focus for entrepreneurship are in the sectors of agriculture, retail, services and technology.

“The future is very bright for innovative young entrepreneurs in Africa. This is driven by the rapid expansion of the digital economy which will add $180 billion to Africa’s GDP by 2050, and $712 billion by 2050.
“Africa’s startup ecosystem is taking advantage of the digital economy with more than 600 active startup hubs on the continent.
“Nigeria, Kenya, South Africa and Egypt have become centres of tech innovations,  driven by youth entrepreneurs in health tech, Agric-tech and e-commerce,” he said.
According to Adesina, the AfDB marshalled out a robust financial development plan for Africa, because the global financial system has been unable to effectively address the challenges facing Africa.
Adesina listed the challenges to include matters of debt, climate change and access to greater financing.
“In addition, the AfDB and its partners approved $614 million for the Investment in Digital and Creative Enterprises programme to support access to financing for small and medium sized businesses in the creative and digital industries.
“It is a strong strategic partnership which includes the AfDB, the Agence Francaise de Developpment, the Islamic Development Bank and the Bank of Industry.
“The programme plans to add $6.4 billion to the Nigerian economy and create over six million jobs.”
The AfDB said in spite of the gains made over time, the majority of Africa’s youth still lag behind on education.
“For the sake of comparison let’s look at Japan and Africa; while 98.9 per cent of the youth in Japan have completed a secondary education, only 43 per cent of the youth in Africa completed secondary school education.
“In terms of higher education, the gap is stark; while 60 per cent of the youth in Japan are pursuing higher education, only 10 per cent of Africa’s youth enrolled in higher education.
“Among those pursuing higher education, African youth are less enrolled in educational fields that are dominating the world.
“While 30 per cent of Japanese youth in universities pursue science, technology,  engineering and mathematics, less than 25 per cent of students in sub-Saharan Africa are in these fields.
“This puts Africa behind in terms of its preparedness for the fourth industrial revolution, especially in fields such as artificial intelligence, robotics, automation and cloud computing, which are revolutionising the world,” Adesina added.
He said the bank was already working with the African Union to establish a $300 million African Education,  Science and Technology Innovation Fund, to address the education gap.
Adesina, who lamented that Africa was the only economy in the world without a buffer in case of emergency, urged its leaders to invest heavily in energy, promote development of mineral resources and support technology advancement.
Earlier, Chairman of the occasion, Prof. Attahiru Jega, a former INEC Chairman, said Adesina had emboldened Africans to understand the efforts that have gone into repositioning the continent.
Jega appreciated the role AfDB had played in ensuring that Africa explored and benefited from its potential, and pursued the path of self sustaining development.
He described Adesina as Nigeria’s ambassador to the international community, as everything said in his lecture pointed to efforts to ensure a free Africa and pursue an independent course towards achieving its development.
The Vice Chancellor of NOUN, Prof. Olufemi Peters, said this year’s convention lecturer was carefully chosen to enable Nigerians to tap from his development experience.
Peters said Adesina’s experience had earned him many international awards, and the reason the university decided to confer on him an honorary doctorate degree of Doctor of Humane Letters. (NAN)(www.nannews.ng)

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2027: I ‘ll Resign As Minister If Tinubu Loses FCT, Rivers – Wike

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By Laide Akinboade, Abuja

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared that he will step down from his cabinet position if President Bola Tinubu fails to secure victory in both the FCT and Rivers State in the upcoming 2027 presidential election.

Speaking during an engagement with leadership and members of the Apo Mechanics and Traders Association in Abuja, Wike stated that his continued tenure as a cabinet minister is directly tied to his ability to deliver political results for the president in his primary areas of influence.

Setting a specific timeline, the Minister announced that should the ruling party lose in the FCT and Rivers State at the presidential poll scheduled for January 16, 2027, he will formally tender his resignation the very next day.

“If I cannot deliver where I work, then I’m not worthy to be here,” Wike said, emphasizing that his political mandate requires concrete electoral success.

“If I lose FCT, I’m not supposed to be FCT Minister. By January 17, 2027, I will announce my resignation as FCT Minister should the President lose in Rivers State and the FCT,” he stressed.

Outlining his political strategy for the territory, Wike revealed that the administration is building a multi-party coalition to secure victory across various elective offices in the FCT.

He explicitly endorsed candidates across legislative tiers while reiterating total support for the president’s re-election bid.

“Let us be clear on direction: for the Presidency, it is Bola Ahmed Tinubu! For the Senate, Philip Aduda is a man of the people, unlike those who only appear on television. The two House of Representatives candidates we are supporting are also here. They are former Area Council chairmen.

“In the FCT, we are running a unified coalition across parties to deliver results.

“If I cannot deliver FCT as Minister, then I am not qualified to hold this office. We have a firm agreement, and today is the final affirmation.”

The announcement comes amid ongoing efforts by the FCT Administration to resolve the long-standing relocation and land allocation exercise for thousands of traders and mechanics operating within the Apo Mechanic Village corridor.

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‎JAMB Extends Deadline for 2021–2025 Outstanding Admissions to Nov 30

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The Joint Admissions and Matriculation Board (JAMB) has extended the deadline for candidates with outstanding admission offers from the 2021 to 2025 admission exercises to Nov. 30, 2026.

‎‎JAMB spokesman, Dr.

Fabian Benjamin, made this known in a statement on Wednesday in Abuja.

‎Benjamin said the extension followed the temporary unavailability of the Central Admissions Processing System (CAPS) for about 96 hours.

‎He said the extension would give affected candidates a final opportunity to either accept or reject their outstanding admission offers.

‎“The Board has approved Nov. 30, 2026 as the final deadline for candidates in this category to indicate whether they wish to accept or reject their outstanding admission offers,” he said.

‎‎He recalled that the Board extended the deadline to Sept. 30, 2026, adding that the recent disruption to CAPS necessitated the further extension.

‎Benjamin warned that candidates who failed to act by Nov. 30 would no longer be allowed to accept or reject the outstanding offers within the current window.

‎‎“Any subsequent request to update an admission record relating to these previous years will attract the applicable penalty fee,” he said.

‎‎He said candidates whose admissions were not on the matriculation list could face difficulties accessing benefits, including participation in the National Youth Service Corps (NYSC) scheme.

‎‎The spokesman advised all affected candidates to take action before the deadline rather than wait until the last day.

‎‎He said candidates who accepted their offers would be able to print their admission letters, while those who rejected them would have their dashboards reverted to “Not Admitted”.

According to him, the process would enable JAMB to update its records and ensure that the national admission database accurately reflected candidates’ current status.

‎Benjamin said candidates no longer studying at the institutions where they were offered admission could accept the offer and later apply for correction or deletion, where applicable.

‎He added that candidates currently pursuing a second degree programme, but still having an unaccepted admission offer from a previous year could reject the old offer and continue with their current programme.

‎‎“Candidates who have been offered admission in the 2026 admission exercise but still have an outstanding admission offer from an earlier year have no cause for apprehension.

‎“Such candidates may reject the previous admission offer, and doing so will not affect their 2026 admission,” he said.

‎Benjamin said the extension was also aimed at helping JAMB maintain accurate and reliable national admission records.

‎He reiterated that Nov. 30, 2026 was the final deadline for accepting or rejecting outstanding admissions from the 2021 to 2025 admission exercises.

‎“At the expiration of the deadline, all outstanding admission offers from these years that have neither been accepted nor rejected will automatically revert to ‘Not Admitted’ status on the Board’s records,” he said.

‎He urged all affected candidates to take immediate action, stressing that failure to accept an admission offer within the stipulated period could render the offer invalid.‎(NAN)

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BIPC Board Inspects Taraku Mills Preparatory to Test Running

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From Attah Ede, Makurdi

The Board of Directors of the Benue Investment and Property Company Limited (BIPC) has inspected the ongoing maintenance and rehabilitation works at Taraku Mills Limited, ahead of the planned test run of the factory.

The inspection, led by the Group Managing Director of BIPC, Dr.

Raymond Asemakaha, CFA, provided members of the Board with an opportunity to assess the level of work carried out at the facility and preparations for the commencement of operations.

Conducting the Board around the factory, Dr. Asemakaha explained the progress made so far and assured that the facility would be test-run during the weekend as part of efforts to prepare the mill for full-scale production.

The Board Chairman, Lady Elizabeth M.N. Shuluwa, commended the GMD, the technical team and staff of Taraku Mills for their commitment and dedication towards restoring the facility to productive use.

Lady Shuluwa also expressed appreciation to the Benue State Governor, Rev. Fr. Dr. Hyacinth Iormem Alia, for his support and commitment to the revival of the state’s industrial assets.

She called on the people of Benue State to support the efforts to revive Taraku Mills and other state-owned industries, stressing the importance of collective ownership and support for initiatives aimed at creating jobs, boosting economic activities and improving the state’s industrial base.

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