The Chairman of Heirs Holdings, Mr. Tony Elumelu has advocated entrepreneurship as a veritable solution to achieving poverty reduction in the country.
Elumelu, who is also the Founder of The Tony Elumelu Foundation said this in a paper titled: “Entrepreneurship, Corporate Social Responsibility and Africapitalism: The Role of The Private Sector in Fighting Poverty in Nigeria,” he delivered at the nation’s think-tank, the National Institute of Policy and Strategic Studies in Kuru, Plateau State recently.
There, he addressed a distinguished guest list of 67 participants from top government constituencies including the police, the military, national planning, works, and the presidency, debating ways to move the country forward in light of the present economic challenges.
In his lecture, Elumelu expressed optimism that with the right policy reforms, Nigeria could be well on its way to rising above its present challenges.
He reiterated his long-term conviction on entrepreneurship as a solution to arresting the economic challenges facing the country.
He stated that past governments had not been successful in eradicating poverty in Nigeria in spite of the various entrepreneurship schemes that have been introduced over the past 30 years.
“Governments alone do not have the capacity to provide the basic daily needs or employment for the millions of young Nigerians entering the job market every year.
Therefore, the private sector must be an integral part of our national poverty eradication and development strategy,” he added.
An advocate of Africapitalism, Elumelu expressed that entrepreneurship and not philanthropy, is key to achieving poverty reduction and empowering Nigerians as we strive to solve our challenges without dependence on aid from outside the country.
“No one but us will save ourselves,” he said.
“The development of Africa is up to Africans. Donors and partners can help, but the work of developing our nations is ours. Nigeria’s poverty and development challenges are great. But they do not exceed the capacity of our people to solve them. We welcome every initiative that helps in reducing poverty. More effort is required’ said Elumelu.
The acting Director General of the Institute, Ibrahim Lamorde, urged the participants in their respective workplaces to commit to creating a conducive environment for entrepreneurs to thrive.
Global Deal Activity Down by 4.5% in October 2020
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%.”
Japaul to Invest in Chinese Firm H&H to Deepen Mining and Exploration Business
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.
Africa Investment Forum (AIF) Rescheduled to Hold in 2021 – 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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