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FG Launches $50m Venture Capital Fund

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11 years ago

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President Goodluck Jonathan has in Abuja launched the 50-million-dollar Venture Capital Fund also known as the YouWin! Small and Medium Enterprise(SME)-Growth Fund.
Jonathan launched the fund alongside the fourth round of the Youth Enterprise With Innovation in Nigeria (YouWin) programme at an event held at the Banquet Hall of the Presidential Villa in Abuja on Monday.
The Tide sources reports that the fourth edition is expected to support additional 1,500 entrepreneurs along with the SME-Growth fund, which is a private equity fund for entrepreneurs.
Speaking at the launch, Jonathan said the new enterprise fund would enable those who had won previous grants from the YouWin programme to take their businesses to the next level.
He said judicious administration of the fund would require hard work on the side of government, adding that if government worked hard, it could attract more contributions from investors.
The president further noted that the new fund would be managed by independent fund managers alongside the government and “you will not need to know somebody to access it”.
He said that selection of beneficiaries would be highly competitive and strictly based on merit.
The president lauded the efforts of the Minister of Finance, Mrs Ngozi Okonjo-Iweala, whom, he said, has so far successfully coordinated three batches of the YouWin programme.
Citing available records, Jonathan expressed delight that a total of 22,000 jobs had been created by the first and second editions of YouWin.
He expressed the hope that with the launch of the fourth edition, the total number of jobs would rise to 44,000.
The president, who had earlier inspected an exhibition by beneficiaries of the programme, expressed happiness over the quality of products which, he said, were of international standard.
Describing YouWin as arguably one of the finest initiatives of his administration, Jonathan said that the response of youths to the programme was a source of pleasure to him.
In her speech, Okonjo-Iweala said that the disbursement of funds in the third phase of the programme would commence shortly as the hitches had been cleared.
She added that another 1,500 entrepreneurs would be supported with grants of between one million naira and 10 million naira to enable them to improve or run their businesses, expand them and create Jobs.

Rivers State Commissioner for Budget and Economic Planning, Hon. Charles Gogo Levi (centre) pose for a group photograph with his Permanent Secretary, Promise Njiowhor with members of the Nigeria Statical Association after inauguration of the association in Port Harcourt, recently. Photo: Prince Dele Obinna

Rivers State Commissioner for Budget and Economic Planning, Hon. Charles Gogo Levi (centre) pose for a group photograph with his Permanent Secretary, Promise Njiowhor with members of the Nigeria Statical Association after inauguration of the association in Port Harcourt, recently. Photo: Prince Dele Obinna

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Kenyan Runners Dominate Berlin Marathons

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4 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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4 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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4 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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