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BoI’s N10bn Entrepreneurship Programme to Create 1,200 Firms

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Bank of Industry

The Federal Government on Thursday launched a N10bn Youth Entrepreneurship Support programme aimed at raising a new set of entrepreneurs in the country.

The YES programme, which is an initiative of the Bank of Industry, is targeted at reducing the huge level of youth unemployment in the country.

The fund will be deployed to support the establishment or expansion of about 1,200 enterprises promoted by youths across the country.

The scheme is expected to create minimum of 6,000 direct jobs and 30,000 indirect jobs annually, totalling 36,000.

The YES programme is also aimed at developing the entrepreneurial capacity of youths within the age bracket of 18 to 35, with a view to funding their business plans.

Under the scheme, each beneficiary is eligible to access a loan up to a maximum of N5m for the procurement of machinery and equipment as well as for working capital of the enterpise.

According to Punch, the loan is expected to be given out at a single digit interest rate of nine per cent, with tenor of three to five years, and a moratorium of six months.

Vice President Yemi Osinbajo, who launched the scheme in Abuja, said the programme was coming at a time when the Federal Government was working assiduously to diversify the economy.

While commending the youth for their entrepreneurial spirit, the vice president, who was represented at the event by the Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, said about 1.8 million young Nigerians were entering the labour market annually.

He said the scheme would serve as a platform to address the huge unemployment situation in the country.

Osinbajo said, “These are extraordinary times for us as Nigerians and as a government, as we continue to grasp with the sharp decline in revenue from crude oil, which has been the mainstay of our economy. We must, however, not be unmindful of the opportunity this situation presents.

“It is important we look inwards in this period and look at ways of exploiting the entrepreneurial spirit and zeal of our people. The intense energy of our large youthful population is a strength that we need to exploit by re-orientating them towards positive engagement in entrepreneurship.”

He called on would-be beneficiaries of the scheme to take advantage of the BoI initiative to actualise their dreams of becoming entrepreneurs, noting that the Federal Government would continue to provide incentives that would stimulate the economy and improve the wellbeing of the people.

The Acting Managing Director, BoI, Mr. Waheed Olagunju, said the scheme would provide a learning platform to train young aspiring people in entrepreneurship, business management and technical skills.

This, according to him, will translate into improved efficiency and productivity, boost the entrepreneurial spirit of the youth as well as act as an incubation centre where business ideas are nurtured to their full potential.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Global Deal Activity Down by 4.5% in October 2020

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business solution

A total of 6,304 deals were announced globally during October 2020, which is a decrease of 4.5% over the 6,598 deals announced during September, according to GlobalData, a leading data, and analytics company. An analysis of GlobalData’s Financial Deals Database revealed that the deal volume during October remained below the monthly average of Q3 2020.

Aurojyoti Bose, the Lead Analyst at GlobalData, comments: “After demonstrating growth for four consecutive months, the deal volume shrank in October. The decline in deal activity could be attributed to inconsistencies across different regions. The APAC region remained a weak spot, while deal activity remained mostly flat in North America, and the Middle East and Africa (MEA) region witnessed growth in deal activity.”

North America attracted the highest number of investments, followed by APAC, Europe, the MEA, and South, and Central America.

The uncertain global economic landscape lowered the deal volume in October for major markets such as the US, Germany, Australia, France, India, and China compared to the previous month. On the contrary, the UK, Japan, South Korea, and Canada saw growth of 15.6%,14.9%, 3.8%, and 2.2%, respectively, in October as compared to September’s deal volume.

Bose continued: “Most of the deal types witnessed a decline in volume during October compared to the previous month. Private equity, equity offerings, venture financing, debt offerings, and partnership deals volume decreased by a respective 2.4%, 9.1%, 9.8%, 14.6%, and 24.6% – while the deal volume for mergers and acquisitions (M&A) increased by 7.2%.”

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Investment

Japaul to Invest in Chinese Firm H&H to Deepen Mining and Exploration Business

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Japaul Gold & Ventures Plc (Japaul), formerly known as Japaul Oil and Maritime Services Plc, announced it has gotten approval in principle from H&H Mines Limited to invest in or acquire shares in the company once it concluded its fundraising exercise.

According to a statement released through the Nigerian Stock Exchange (NSE), H&H Mines Limited has several licenses, which include two major Mining Leases for 25 years renewable.

The statement noted that extensive exploration has been done on the Mining properties and the last lap of the exploration works is core drilling. This, it said will allow Japaul knows the measured Minerals Reserve contained in the Mine, which it claimed contain Gold, Silver, Lead, Zinc, etc.

Japaul further explained that the need to get the drilling done was what led H&H Mining to engage the services of Xiang Hui International Mining Company Nigeria.

“Since Japaul will eventually be part of H&H Mines Limited, it was necessary that Japaul is carried along on the kind of Contract of Drilling to be entered into, and that was why the signing of the Drilling Contract between the Chinese Company and H&H Mines Limited was concluded at Japaul’s Head Office,” the company stated.

The drilling is expected to be concluded in the next 12 months and within this time, Japaul is expected to have concluded the Fund Raising and formalise her involvement in the Mining.

The company added that Canadian reports revealed that there are huge gold, silver, lead, etc deposits, but it is drilling that will show the actual reserve.

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Investment

Africa Investment Forum (AIF) Rescheduled to Hold in 2021 – AfDB

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AfDB

Investment Forum to Now Hold in 2021 in a Bid to Curb Possible Second Wave of COVID-19  

The Africa Investment Forum scheduled to hold in November 2020 in Johannesburg, South Africa has been rescheduled to hold in2021 as a result of the ongoing global health pandemic.

This announcement was made in a statement by AfDB on Wednesday. The African Development Bank (AfDB) and the Africa Investment Forum founding partners agreed to the postponement of the annual three-day investment market place.

Considering the negative effect of Covid-19 on the global economy, agreement by the two bodies was made after a careful assessment of the impact of COVID-19 on global travels, investments, observing the social distancing rules and curbing the likely possible risk of a second wave.

In the statement, the bank stated that through the forum innovative digital platforms, it would track investments, source for new deals, progress on financial closure of transactions and other existing deals.

“At the 2019 Africa Investment Forum, 57 deals valued at $67.7bn were tabled for discussions. Fifty-two deals worth $40.1bn secured investment interest.

“In July this year, the AIF Founding partners pledged to strengthen strategic partnership engagement and commitments for Africa Investment Forum Market Days 2021, to help ‘reboot investments in Africa.’ They underscored the need to boost local manufacturing while leveraging the continent’s vast resources to unlock investment.”

In the statement, Africa Investment Forum objectives are achieved through the forum’s four pillars; Closing, Connecting, Engaging and Investment Tracking.

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