Business

African Development Fund Approves $16m For Youth Entrepreneurship Bank

Published

2 years ago

July 22, 2023

African Development Fund (ADF), the concessional lending arm for the African Development Bank (AfDB) Group, has approved $16 million for the creation of a Youth Entrepreneurship Investment Bank (YEIB) in Liberia.

A statement issued on the AfDB website said the fund was approved to unleash the business potential of young Liberians.

According to the AfDB Group Country Manager for Liberia, Benedict Kanu, approximately $16 million has been allocated to finance this strategic initiative.

Kanu said the initiative was meant to target youth-led micro, small, and medium enterprises in Liberia’s burgeoning agribusiness and allied sectors.

“The YEIB is anticipated to support over 30,000 youth-led businesses during the next 17 years. “The YEIB will be the initial catalyst for developing a financial ecosystem for youth entrepreneurship in Liberia, which is currently non-existent.

“By creating 120,000 direct and indirect jobs and unlocking approximately $500 million in additional lending, it can lay the groundwork for future, potentially more profitable investments.

“The YEIB is a long-term investment with a significant impact on job creation and financial inclusion,” he said.

According to Kanu, Liberia’s youthful population, accounting for over 60 per cent of its citizens, is experiencing high unemployment meaning many young people do not get the opportunities they deserve.

“With about 45 per cent of its youths not involved in employment, education, or training, Liberia is facing daunting youth employment challenges.

“With notable implications for social cohesion, fragility, and resilience,” Kanu added.

He said a primary cause of this was the absence of adequate financial literacy, education, and entrepreneurial skills.

“ The micro, small, and medium enterprises that are vital contributors to Liberia’s economic growth are particularly the hardest hit, with up to 90 per cent failing within the first year of operation.

“The bank project will help mitigate these issues by providing financial and non-financial services for young entrepreneurs, ensuring inclusion, reducing vulnerabilities, and preparing for long-term sustainability.

“The establishment of a YEIB in Liberia will enhance institutional stewardship and oversight of the youth entrepreneurship ecosystem, thus helping to drive economic growth and development,” he added.

Also, the AfDB’s Financial Sector Development Acting Director, Ahmed Attout, said the inauguration of the YEIB project in Liberia was a landmark moment.

“Fostering youth entrepreneurship is at the heart of our mission. The YEIB project is a testament to this commitment; an investment in our youths is an investment in Africa’s future.

“And beyond finances, the project is about capacity building, promoting innovation, and empowering our youths to drive economic transformation,” Attout said.

Liberia presents numerous opportunities for investment, especially in the agriculture sector which engages about 70 per cent of the population.

Also, sectors such ad Information Technology, renewable energy, and light industrial manufacturing offer promising avenues for investment.

The implementation of the YEIB will be carried out in close collaboration with a range of key stakeholders, including the government, commercial banks, and micro, small, and medium enterprises.
VANGUARD

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

1 week ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

1 month ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.