Business News
Women entrepreneurs in Africa get $251 million support from G7 leaders
Some African women entrepreneurs have just received a huge boost of $251 million from the G7 Leaders through the initiative of the AfDB, Affirmative Finance Action for Women in Africa (AFAWA)
Some African women entrepreneurs have just received a huge boost of $251 million support from the G7 Leaders through the initiative of the African Development Bank (AfDB), Affirmative Finance Action for Women in Africa (AFAWA)
The AFAWA is an initiative which is geared towards improving women’s access to financing through funds disbursement, training and mentorship.
French President, who is also the President of the G7, Emmanuel Macron looked forward to the utilisation of the funds in the development of Africa.
“I am particularly proud, as the current G7 president, that the programme we are supporting today, the AFAWA initiative, comes from an African organisation, the African Development Bank, which works with African guarantee funds and a network of African banks,” Macron stated at the G7 Summit.
[READ MORE: African women set to benefit from $250 million European Union Empowerment Initiative]
Further details: Angelique Kidjo, the programme ambassador and the President of AfDB President, Akinwumi Adesina expressed their joy to be associated with the initiative.
“African women are the backbone of the continent. I’m thrilled to bring their voice to the G7. AFAWA is essential for our continent,” the Beninoise artist and UNICEF ambassador, Angelique Kidjo said at the event.
The AfDB President, Akinwumi Adesina applauded the extraordinary support of all the G7 Heads of State and government to African women, which he said would close the finance gap between male and female entrepreneurs.
“This is a great day for African women. Investing in women entrepreneurs in Africa is important, because women are not only Africa’s future. They are Africa’s present. Currently, women operate over 40% of SMEs in Africa, but there is a financing gap of $42 billion between male and female entrepreneurs. This gap must be closed, and quickly.”
[READ MORE: Why Lagos State is partnering Mamamoni to empower 100 women]
Adesina also explained that AFAWA’s decision to secure a $5 billion raise for African women entrepreneurs and the African Development Bank to provide $1 billion financing would be the most significant in the history of the continent.
President, AfDB, Akinwumi Adesina
What you should know: AFAWA is an initiative fronted by the African Development Bank (AfDB) to provide women more chances in businesses and address the $42 billion financing gap facing women in Africa.
The AFAWA initiative, backed by the G7 nations, is based on three major principles.
- The first is to broaden women’s access to financing through innovative and adaptive financial instruments, including guarantee mechanisms to support women entrepreneurs.
- The second principle is to provide capacity-building services to women entrepreneurs, including access to mentoring and training courses in entrepreneurship. AFAWA also assists financial institutions in responding to specific needs of women-led businesses through specially adapted financial and non-financial products.
- The third principle is improving the legal and regulatory environment and removing any obstacles that specifically affect women by engaging in policy dialogue with governments, central banks, and other institutions.
[READ MORE: AfDB secures $61.8m to support female entrepreneurs]
About the G7
The G7, or ‘Group of Seven’, meets each year, bringing together the Heads of State and Government of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, plus the Presidents of the European Commission and European Council.
In 1997, the group included Russia, becoming the G8, but after the annexation of Crimea by Russia in 2014, the member states of the G7 and the European Union suspended Russia from the group.
France holds the presidency of the G7 in 2019, and President Emmanuel Macron is championing gender equality as a major theme of his five-year term.
ENDSARS
South-West Governors say attacks in Lagos were attempts to weaken the region’s economy
South West governors have they described the coordinated attacks in the state as an attempt to weaken the region’s economy.
Governors of the South-West states have pledged their supports to their Lagos State counterpart, as they described the coordinated attacks in the state as an attempt to weaken the region’s economy.
This was disclosed by the Chief Press Secretary of the state, Gboyega Akosile, during the visits of the Governors and the Federal Executive Council members from SouthWest to the public assets and private properties destroyed in last Wednesday’s arson in the state.
READ: How to access new N75 billion Nigerian Youth Investment Fund
He tweeted, “Shock! This was the expression on the faces of the Federal Executive Council (FEC) members from Southwest and Governors as they toured the public assets and private properties destroyed in Wednesday’s coordinated arson in Lagos State.
“The delegation of Governors and Ministers was personally received by Sanwo-Olu at the State House in Marina, where the Lagos helmsman showed them the pictorial evidence of the violence before visiting some of the torched assets.”
READ: President Buhari approves N13.3 billion for Community Policing in Nigeria
At a joint press conference held after the tour, Chairman of Southwest Governors’ Forum and Ondo State Governor, Arakunrin Rotimi Akeredolu, SAN, compared the scenes to a war zone, given the extent of the destruction.
According to him, the violence that resulted from the EndSARS protest left much to be desired, stressing that there was an agenda beyond the youth demonstration against police brutality.
READ: FEC approves $40 oil benchmark for 2021 budget
He said, “We are deeply concerned with the ease with which public buildings, utilities, police stations, and investment of our people have been burnt despite the proximity of security agencies in those areas.
Shock! This was the expression on the faces of the Federal Executive Council (FEC) members from Southwest and Governors as they toured the public assets and private properties destroyed in Wednesday's coordinated arson in Lagos State. pic.twitter.com/TahuPIWkcQ
— Gboyega Akosile (@gboyegaakosile) October 25, 2020
READ: FG suit may lead to delay in Shell’s Bonga project
What this means: From all indications, it is obvious that the South-West Governors believed that the said attack, which were rumoured to have been carried out by suspected hoodlums, were sponsored by some people to deliberately disorganize the region’s economy.
Business
#EndSARS Protest: 80 BRT buses worth N3.9 billion were destroyed by hoodlums – LASG
The Lagos State Government disclosed that the 84 BRT vehicles destroyed by the hoodlums cost a total of about N3.9 billion.
The Lagos State Government has revealed that 27 of the burnt Bus Rapid Transit (BRT) vehicles in the Oyingbo and Ojodu Berger areas of the state cost $200,000 each, while 57 of them cost $100,000 each, all totaling about N3.9 billion.
This statement was made by the Lagos State Government on Friday, after evaluating the extent of damage made to the Bus Rapid Transit (BRT) vehicles.
READ: Arik, Dana Airlines to resume flight operations after curfew
What you should know
Few days ago, hoodlums hiding under the cover of #EndSARS protests allegedly attacked and razed the Oyingbo BRT terminal, with several buses burnt. Nairametrics reported that Primero Transport Services Ltd (PRT), the owners of BRT buses said they have lost over N100 million in 6 days due to the #EndSARS protests.
READ: Lagos Bus Service records 10 million passengers in 10 months
The State’s Commissioner for Information, Mr. Gbenga Omotosho, in an exclusive interview with Punch, disclosed that:
- 23 big BRT buses were razed down, while 57 medium-size BRT buses were affected by the violence, which brings the total of the BRT vehicles destroyed to 80.
- 23 of the 80 BRT buses burnt by the hoodlums were at Ojodu, while the remaining 57 were at the Oyingbo area.
- The big buses cost around $200,000 each, while the medium-size ones cost around $100,000 each.
READ: #EndSARS: Lagos orders investigation of Lekki Toll Plaza shooting
What they are saying
Mr. Omotosho said, “As I speak, the Governor and some of us are going around the state from one facility to the other. We are also visiting private facilities. Some of the places were the Oregun Vehicle Inspection Service office, the BRT park at Oyingbo, and the terminus at Ojodu Berger.
“I don’t know how they planned it; the hoodlums left the old buses and went for the new ones. The new ones were worth billions of naira.
READ: Operators of BRT suspend operations on Ikorodu-TBS route
“However, the cumulative losses incurred by the state are not ready yet. But it will be mind-boggling. It came on a scale beyond belief. We know that the police have apprehended suspects.”
What this means
The vehicles were purchased in dollars; So, the consistent decrease in the value of Naira is expected to edge the cost of these buses up, when denominated in Naira.
The Lagos State Commissioner for Information, Mr Gbenga Omotosho explained that with the current foreign exchange rate, the 80 destroyed BRT buses are now valued at N3.929 billion.
Business
BREAKING: Lagos State reviews curfew again, now from 8pm to 6am
Governor Babjide Sanwo-Olu has once again reviewed the curfew in the state to now commence between 8 pm to 6 am.
The Lagos State Governor, Babajide Sanwo-Olu, has further reviewed the curfew earlier imposed on the state to help contain the large scale violence following the hijacked #EndSARS protests against police brutality and extra-judicial killings. The curfew now starts at 8 pm and ends at 6 am daily.
This is coming 2 days after the Governor had eased the 24-hour curfew to start from 6 pm to 8 am daily.
This disclosure was made by the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, on Sunday, October 25, 2020.
The Commissioner in his statement said, “The curfew in Lagos State has been reviewed. Restriction time is now 8 pm to 6 am. Lagosians are enjoined to plan their journey times as they go about their lawful businesses. Public schools remain shut till further notice.”
What this means
This new review gives Lagosians an extra 4 hours to go about their daily activities.
What to expect
The Lagos State government will keep on reviewing and relaxing the curfew, as long as the security situation does not spike again.
Details later…
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