President of the African Development Bank, Dr Akinwumi Adesina, has disclosed plans to establish a youth entrepreneurship investment bank for young Africans.
Adesina disclosed this in statement on Monday during a zoom meeting where he was honoured as the outgoing holder of the African Leadership Magazine’s African of the Year Award.
The AfDB boss said he did not believe in ‘empowerment of youths’ as he sees youths as assets that can develop fintech and digital economy in Africa.
He said, “Today in Africa, I don’t think we are doing enough for Africans. One-third of the population is between the age of 15 and 35. Sixty per cent of the population is below 25.
“We must invest in the youth now and, I don’t like the word ‘empowerment of the youth’. It doesn’t mean anything to me. The youth need investment to unlock their skills; they don’t need handouts.”
He added, “How we invest in them will determine Africa’s future. They are talented, many of them have gone to school. Unfortunately, they face issues like unemployment. I see the youths as assets and I have said that the bank will put its resources to unlock a new type of financial ecosystem around Africa’s youth.
“I see them developing fintech industries, digital economy across the continent but they need financing. We will launch youth entrepreneurship investment banks; they will be specialised banks for the youths.”
Bayelsa State Governor, Douye Diri, who also spoke at the event canvassed for investments into the state, noting that the pandemic indeed impacted his tenure.
He said, “We came into a COVID-19 world. I say this because we assumed office on February 14 2020. As soon as I came into office, not quite a month, the COVID-19 started. We appeared to have lost about a year to COVID-19 and other unidentified issues.”
The governor called for investments in the oil, gas and agricultural sectors of the state, highlighting the value the investments would bring to the sub-region.
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Dangote Petroleum Refinery Set to Make History with Public Listing on NGX
Aliko Dangote, the president and chief executive of Dangote Industries Limited, has announced plans to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited (NGX).
Dangote expressed confidence in overcoming previous challenges related to crude oil supply, stating, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
The refinery, poised to commence operations in December, holds the promise of significant contributions to the Nigerian economy.
At full capacity, it is expected to produce 650,000 barrels of oil per day, with an initial rollout of 540,000 barrels daily.
The facility will produce 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel, sourcing crude from various Nigerian producers, including the state oil company.
A finalized deal for the delivery of the first cargo of approximately six million barrels next month signals the imminent realization of this ambitious project.
The refinery’s impact is anticipated to extend beyond the oil and gas sector, with projections suggesting significant cost savings for Nigeria by eliminating the need to import petrol.
Industry operators and government officials are optimistic about the transformative potential of the Dangote Refinery.
Akinwumi Adesina, President of the African Development Bank (AfDB), lauded the project as the best-industrialized initiative for Africa, projecting substantial savings for Nigeria and the continent as a whole.
As Nigeria’s largest refinery project, the facility has garnered praise from the Lagos Chamber of Commerce and Industry (LCCI).
Dr. Chinyere Almona, the LCCI Director-General, commended the visionary efforts of Aliko Dangote and the supportive federal government, emphasizing the refinery’s capacity to meet Nigeria’s refined petroleum product needs.
The impending listing on the NGX positions Dangote Petroleum Refinery as a catalyst for economic growth, energy security, and self-sufficiency in Nigeria and beyond.
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