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Foundation Releases Report On Africa’s Business Climate

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The Tony Elumelu Foun
dation says finance, infrastructure and inadequate resource centres are the major impediments affecting entrepreneurial development in Africa.
The Africapitalism Institute of the foundation in a report of its survey on the business climate of the continent revealed disclosed this  in Lagos on Monday.
The report was presented at the sixth Global Entrepreneurship Summit in Kenya where President Barrack Obama gave the keynote address.
The 86-page report, titled “Unleashing Africa’s Entrepreneurs” seeks to understand the distinctive constraints encountered by Africa’s entrepreneurs and proffering solutions to public sector leaders for action.
It said that the challenges inhibit the potential viability and competitiveness of entrepreneurial endeavours in the continent.
According to the report, 87 per cent of respondents indicated access to seed capital as a constraint, three per cent had commercial bank loan, while 69 per cent used personal savings to finance their business.
Access to machinery, raw materials, office space was cited by 53 per cent of entrepreneurs while 63 per cent advocated for improved infrastructure to mitigate operational cost and boost their competitiveness.
Eighty-two per cent of the respondents said that access to a business resource centre was vital to business, while 66 per cent revealed current participation in a business incubator programme.
Chairman of Heirs Holdings Mr. Tony Elumelu said that entrepreneurship was the key to unlocking the abundance of untapped human potential across Africa.
“That is why I have endowed the Tony Elumelu Entrepreneurship Programme with 100 million dollars in an effort to empower 10,000 entrepreneurs throughout Africa over the next 10 years,” he said.
The report’s insights were gained from surveys provided to the 20,000 emerging entrepreneurs from 54 African countries and territories in the Tony Elumelu Entrepreneurship Network.
The resulting set of data is the world’s largest and most diverse assessment of entrepreneurship from the perspective of emerging African entrepreneurs themselves.
CEO of the Foundation Ms Parminder Vir said, “We want to improve the enabling environment for all of Africa’s existing, emerging and aspiring entrepreneurs.
“With the results of this study, we have an opportunity to educate policymakers across Africa about the importance of empowering entrepreneurs, and the critical role government plays in removing the barriers that inhibit their success.”
The Institute also held two focus groups with 100 entrepreneurs from different countries and sectors in a bid to brainstorm on possible solutions to the challenges.
Some of the solutions proposed include the creation of a single location to register new businesses, a stronger patent regime to protect proprietary intellectual property including entrepreneurship in formal education.

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11m Benefitted From $415m World Bank Supported CSDP  – FG

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The Federal Government has disclosed that 11 million Nigerians benefited from $415 million World Bank-supported Community and Social Development Project (CSDP) programme.
Minister of Humanitarian Affairs, Hajiya Umar Farouq, disclosed this in an opening address during the close out ceremony of the CSDP programme.
According to Farouq, 11 million direct beneficiaries with an estimated 25 million indirect beneficiaries across 29 states and the Federal Capital Territory (FCT) were reached between 2009 and 2021 when the CSDP programme was being implemented.
She also described the project as highly successful and highlighted sectors the project focused on including health, education, transportation, electrification, community housing, and others.
She said: “The Project became effective in 2009, has had two additional financing, all totaling USD415 million. In its over 11 years of existence, the CSDP has evolved into one of the strong pillars for the implementation of the Social Protection Programmes of the Federal Government under the supervision of my Ministry through the National Social Safety Nets Coordinating Office (NASSCO).
“The CSDP operates with the core principle of Community Driven Development (CDD) Approach.  This is a development paradigm that focuses on the needs of the poor and vulnerable and empowering them with development resources to address their peculiar needs.
“Using this unique approach, the CSDP has implemented micro projects in poor communities across the 543 Local Government Areas of 29 States and the Federal Capital Territory.
“This represents about 70 per cent of the total number of Local Governments in Nigeria.  The poor communities are identified specifically through the use of Poverty Maps agreed to by each participating State and FCT.
“The Project has made substantial impact on improving access of the poor and vulnerable to social and natural resources infrastructure across the benefiting communities.  The total number of beneficiaries of CSDP stands at 11 million direct beneficiaries across the 29 states, with estimated 25 million indirect beneficiaries.
“Specifically, the CSDP has achieved the following: Successful completion of 16,166 micro-projects in 5,664 communities and 934 vulnerable groups.  These micro-projects cut across eight sectors of intervention namely education, health, water, transportation, electrification, socio-economic, environment and community housing; 5,764 classrooms, 1,323 health centres and 4,442 water micro projects were constructed and or rehabilitated.

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Cooking Gas Use Campaign Begins In 12 States

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The Federal Government in collaboration with the Nigerian Energy Support Programme has kicked off the national sensitisation and awareness campaign for the use of Liquefied Petroleum Gas in Nigeria beginning with 12 pilot states.
The states include Sokoto, Katsina, Bauchi, Gombe, Enugu, Ebonyi, Delta, Bayelsa, Lagos, Ogun, Niger and the Federal Capital Territory.
The government said the campaign to ensure increased usage of LPG, popularly called cooking gas, was in line with its ‘Decade of Gas’ initiative, adding that its socioeconomic and health benefits far outweighed the use of kerosene and firewood.
Speaking at the inaugural campaign in Abuja, Tuesday the Vice President, Prof. Yemi Osinbajo, said there was no excuse for Nigeria not to be able to develop its gas sector considering the huge gas reserves in-country.
Osinbajo, who was represented by the Programme Manager, National LPG Expansion Plan, Office of the Vice President, Dayo Adeshina, said the use of LPG would help in cutting down gas flaring in Nigeria.
He said the government was working to ensure that Nigeria achieved the five million metric tons LPG consumption target, adding that efforts were being made to ensure the provision of cylinders at affordable rates to Nigerians.
“Our gas reserves in this country are enormous and we have every reason to develop the gas sector and ensure that our citizens use LPG,” the Vice President said.
He added, “The use of LPG is good for our health and has better socioeconomic benefits and this is in line with the ‘Decade of Gas’ initiative of government.”
Recently, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said over 120 million Nigerians were experiencing energy poverty despite the huge natural gas resources across the country.
Participants at the awareness campaign also called for adequate penetration of LPG usage in Nigeria, as they pledged to support the government in achieving this target.

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Rail Transport Suffers 38% Decline In Q1 2021 – NBS

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Rail transportation suffered a 38 per cent, year-on-year average decline in passenger and cargo travel in the first quarter of the year 2021 (Q1’21).
The National Bureau of Statistics (NBS) disclosed this yesterday in its Rail Transport Data for Q1’21, which  showed that passenger travel fell by 34.4 per cent, year-on-year, to 424,460 passengers   in Q1’21 from 647,055 passengers recorded in Q1’2020.
Similarly, cargo travel fell by 43.13 per cent, year-on-year, to 10,511 tons in Q1’21 from 18,484 recorded in Q1 2020.
The NBS stated: The rail transportation data for Q1 2021 reflected that a total of 424,460 passengers travelled via the rail system in Q1 2021 as against 647,055 passenger recorded in Q1 2020 and 134,817 in Q4 2020 representing -34.40 per cent decline year-on-year and +214.84 per cent growth QoQ respectively.
“Similarly, a total of 10,511 tons of volume of goods/cargo travelled via the rail system in Q1 2021 as against 18,484 recorded in Q1 2020 and 35,736 in Q4 2020 representing -43.13 per cent decline year-on-year and -70.59 per cent decline QoQ respectively.
Revenue generated from passengers in Q1 2021 was put at N892,467,526 as against N398,999,290 in Q4 2020. 
Similarly,revenue generated from goods/cargo in Q1 2021 was put at N26.19 million as against N82.57 million in Q4 2020.

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