Business

1,500 Youth Get N2.5bn CBN Entrepreneurship Loan

Published

10 years ago

July 6, 2016

The Central Bank of Nigeria
(CBN) on Thursday in Abuja flagged off the pilot phase of the Youth Entrepreneurship Development Programme (YEDP) aimed at empowering 1,500 youths with a total of N2.5 billion loan.
The CBN Governor, Mr Godwin Emefiele in his remarks said that the inability of Nigerian youths to access funding for businesses had been the bane of entrepreneurship.
Emefiele said that entrepreneurship among Nigerian youths had been hindered by low capacity and funding which has made many of them opt for white collar jobs which are not even available.
“ These challenges have continually made many youths to jettison their laudable ideas in pursuit of white collar jobs.
“Their inability to access funding has been the bane of developing the ideas of many educated and enterprising youths in Nigeria.’’
He said that the programme would address the problem of high and rising youth unemployment and restiveness.
While stressing that it was a loan that would be paid back and not a grant, he said that the single digit interest rate of the loan was to allow the youths to grow their businesses without much ado.
He admonished the beneficiaries to be of good character by repaying the loan when due as the success of the scheme depends solely on this first phase.
“We do not anticipate that they would not pay, we have as collateral their NYSC and Degree certificates and we know that our youths know the importance of their certificates.
“I do not think that somebody who has gone to the higher institution for those number of years to gain gainful employment for a gainful life will abandon those certificates because he wants to collect loan and not pay back.
“As far as I’m concerned I have not looked at the equation of them not re-paying so I want to enjoin everybody who accessed this loan to please pay.’’
The YEDP is aimed at harnessing the latent entrepreneurial spirit among the teeming youths by providing timely and affordable loans to implement their business ideas.
It is also serving as a training sponsored by the CBN for National Youth Service Corp (NYSC) members in collaboration with Heritage Bank.
It targets youths between the age of 18 and 35 to create one million direct jobs in the productive sectors of the economy within four years.
Some of the qualified business sectors are agro-allied, food processing and preservation, arts and crafts, construction support and Information and Communication Technology (ICT).
The Director General, NYSC , Brig.-Gen. Sule Kazaure said that the programme was a milestone for the NYSC because it was in line with the its Skill Acquisition and Entrepreneurship Development (SAED) programme.
He said under the SAED scheme, over 600,000 corps members had been trained in various entrepreneurship programmes but lacked funding to establish their own businesses.
He urged the corps members to take the programme seriously saying their future and the nation’s may depend on it.
“I urge all corps members, irrespective of their course disciplines, to key into the opportunities provided by these collaborations and become budding entrepreneurs through skill acquisition, self employment, wealth creation and employment generation.’’
The Managing Director, Heritage Bank, Mr Ifie Sekibo, told the youths that their success was important as it might mean that a path to creating a society that is worth our while was being charted.
He urged them to exhibit a flawless character and be tenacious in the pursuit of their goals.
“The spirit of entrepreneurship is not just in word but in the character you exhibit and the tenacity you bring to bear, the ability to follow your dreams despite the challenges.
“ If you don’t bring your character to the table this experiment will not succeed. A tenacious spirit, a never say die spirit, a can do spirit.’’
Mr Success Obi, one of the applicants who spoke on behalf of others, thanked the three organisations for providing such employment opportunity for the teeming Nigerian youths.
He assured that if granted the loan they would do their best to create employment opportunity for themselves and fellow youth and pay back the loan when st

Business

IPMAN Raises Concern Over Delay In Chinese Refinery Deal …Predicts Lower Fuel Prices Through Competition

Published

3 days ago

June 29, 2026

The Tide

The Eastern Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to fast-track the conclusion of the proposed Technical Equity Partnership with two Chinese firms.

IPMAN made the appeal amid growing concerns over the delay in finalising the agreement initiated through the signing of a Memorandum of Understanding (MoU) on April 30, 2026, between NNPCL and Sanjiang Chemical Company Limited as well as Xinganchen (Fuzhou) Industrial Park Operation and Management Company Limited.

It said the proposed arrangement was designed to revive and expand operations at the Warri and Port Harcourt refineries, noting that successful implementation would strengthen the downstream petroleum sector and restore confidence in Nigeria’s oil and gas industry.

The former Unit Chairman and current Zonal Secretary of IPMAN, Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, made the call in a statement issued by the union after the Good Governance Summit organised by the Working People United (WOPU) in Abuja, and obtained by TheTide in Port Harcourt, at the weekend.

Okubowei expressed concern over the continued hardship faced by Nigerians due to the high cost of Premium Motor Spirit (PMS), stressing that households and businesses were increasingly burdened by rising energy costs.

Okubowei stated that fuel prices would naturally decline once the Chinese partners commence full operations at the refineries, explaining that increased refining capacity and a more competitive market environment would positively influence pump prices.

The unionist further noted that the partnership would attract fresh investment, improve domestic refining output, increase petroleum product availability and create a more stable operational environment for industry stakeholders.

He maintained that healthy competition remains one of the most effective mechanisms for achieving fair pricing in the downstream petroleum industry and protecting consumers from avoidable price pressures.

The IPMAN official further argued that the entry of additional technically competent operators into the refining space would discourage monopolistic tendencies, improve operational efficiency and guarantee a more stable supply of petroleum products across the country.

He, therefore, appealed to the Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, and the management of the company to accelerate all outstanding processes required for the successful execution of the Technical Equity Partnership.

Okubowei also called on the NNPCL leadership to publicly explain the reasons behind the prolonged delay and provide Nigerians with a definite timeline for the commencement of the project.

He emphasised that transparency, accountability and timely communication would strengthen public confidence in the initiative, adding that prompt execution of the agreement would enhance Nigeria’s energy security, create employment opportunities, stimulate economic growth and provide lasting relief to millions of Nigerians through more affordable petroleum products.

King Onunwor

Business

Gas Economy: Decade of Gas, Pi-CNG/ EV Deepen Media Engagement

Published

3 days ago

June 29, 2026

The Tide

Poised to achieving an in-depth understanding of the Nigeria’s gas economy by it’s populace, the Decade of Gas Secretariat, in collaboration with the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), has deepened media capacity engagement across the country.

The media session, third in its series, and held at the Hotel President, Port Harcourt, recently, brought together 30 journalists from the television, radio, print, and digital media platforms to deepen their understanding of Nigeria’s gas development agenda and further enhance their reportage on the role of gas in driving economic growth, energy security, industrialization, job creation, and improved living standards.

Speaking during the session, the representative, Decade of Gas Secretariat,Taofeek Balogun , noted that the port Harcourt engagement followed two earlier sessions held in Lagos and Abuja, a move that began in 2025.

According to him, Nigeria’s gas sector continues to record significant progress, with year-to-date gas production reaching 7.85 billion standard cubic feet per day (bcfd).

Domestic gas utilization has surpassed the 2 bcfd mark, while gas exports have risen to their highest level in five years, reflecting growing demand across power generation, industries, transportation, exports, and household consumption.

Balogun emphasised the successful completion of the Obiafu-Obrikom-Oben (OB3) River Niger Crossing by NGIC/NNPCL, describing it as a critical infrastructure milestone that would improve gas transportation across the country, support industrial growth, attract investment, strengthen energy security, and contribute to economic development.

As part of efforts to expand domestic gas utilization, he reiterated the Federal Government’s commitment to increasing access to clean cooking solutions. The government’s target is to distribute cooking gas cylinders to five million households by 2030.

Following the successful rollout of the programme across the six geopolitical zones by the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, implementation would now move to the state level, beginning with Bayelsa State in July 2026.

Under the initiative, Balogun said, 27,000 households in Bayelsa are expected to receive cooking gas cylinders within the year as part of the 1(one) million homes per year target.

Also speaking, the Chief Operating Officer of Pi-CNG & EV, Tosin Coker, highlighted ongoing efforts to expand the adoption of Compressed Natural Gas (CNG) and electric mobility solutions as cleaner and more affordable transportation alternatives for Nigerians.

He disclosed that the Federal Government is promoting the adoption of CNG across Ministries, Departments and Agencies (MDAs) through the conversion of existing vehicle fleets and the procurement of CNG-powered vehicles as part of broader efforts to reduce transportation costs and improve energy efficiency.

Coker said “more than 100,000 vehicles have now been converted to CNG nationwide under the initiative, reflecting growing acceptance of alternative fuel solutions and supporting the country’s transition towards cleaner and more sustainable transportation”.

Participants commended the initiative for strengthening media capacity and improving public understanding of developments within Nigeria’s energy sector.

The Decade of Gas Secretariat and Pi-CNG & EV further reaffirmed their commitment to sustained stakeholder engagement and public awareness as Nigeria continues its journey towards a gas-powered economy.

Business

Group Seeks Media Partnership To Enhance Business Growth

Published

3 days ago

June 29, 2026

The Tide

The Chief Executive Officer of Kefa Communication, Mr. Obihele Victor Amos, has called for stronger collaboration between business organisations and media institutions to enhance business growth, economic expansion and wider public engagement across communities.

Amos made the call during a press briefing in Port Harcourt at the weekend.

He emphasised that strategic media partnership remains critical to improving visibility for businesses and attracting investment opportunities.

According to him, the media occupies a central position in shaping public perception and creating awareness that can support enterprise development and economic sustainability.

He also noted that, many emerging businesses continue to face growth limitations due to insufficient publicity and inadequate access to effective communication channels.

“Stronger engagement with the media would help bridge information gaps and create better connections between businesses and potential customers”, he said.

The CEO further stated that responsible and developmental journalism could play a significant role in promoting innovation and encouraging healthy competition within the business environment.

He stressed that beyond informing the public, the media serves as a platform for influencing policies and encouraging stakeholder participation in economic development.

Amos further disclosed the group is committed to building relationships with media organisations through continuous engagement and collaborative initiatives.

He said such partnerships would create opportunities for entrepreneurs and support efforts aimed at expanding market access.

The business leader also urged media practitioners to sustain professionalism and continue highlighting stories that promote enterprise and national development.

He expressed confidence that improved synergy between the media and the business community would contribute to employment generation and economic resilience.

Some participants at the briefing described the initiative as a welcome development capable of strengthening public understanding of business opportunities.

There were also calls for sustained cooperation among stakeholders to drive inclusive business growth and long-term development.

King Onunwor