Empowerment: World Bank gives 81 Nigerians ₦756.3m

Drawing from the successes recorded by the Buhari administration’s youth empowerment schemes, the World Bank, under its Growth and Employment (GEM) project, has approved the sum of N756.3 million for disbursement to 81 young Nigerian innovators who participated in the 2016 Aso Villa Demo Day (AVDD) – one of the economic empowerment initiatives of the present administration.

Young Entrepreneurs form Sub-regional Trade Network

Young entrepreneurs from four African countries have formed a new network to address challenges to sub-regional trade and youth unemployment.

They are from Nigeria, Cameroon, Ghana, and Sierra Leone.

The network is “Commonwealth Alliance of Young Entrepreneurs – West Africa (CAYE-WA)’’.

It was inaugurated on Wednesday in Accra, Ghana, according to a statement by Mr Will Henley, the media contact at the Commonwealth Secretariat.

The network aims to support youth business leaders to expand cross-border trading opportunities.

The Wine Boss who was Glad to be Sacked

Rowan Gormley says he had no idea that he was about to be sacked.

Back in June 2008, as the founder and boss of Virgin Wines, he was trying to lead a management buyout from its then-parent group Direct Wines.

"I got called into a meeting, I thought it was to discuss the purchase price," says Mr Gormley, now 54. "Instead, a letter was pushed across the table to me, which said I was being dismissed.

"I immediately walked out of the room and tried to use my [company] mobile phone, but it had been barred while I had been in the meeting."

The Obamas Get Over $60m Deal for Memoirs

Penguin Random House has landed a deal to publish two forthcoming memoirs by former U.S. President Barack Obama and the former first lady, Michelle Obama, with one volume to be written by each, the publishing company said on Tuesday.

Terms of the agreement, in which Penguin Random House acquired worldwide publication rights for the two books, were not disclosed, but Financial Times said the Obamas may have set a record deal in excess of $60million.

Entrepreneurship: Group applaud Tony Elumelu Foundation

A group of young Nigerian entrepreneurs have commended the contributions of the Tony Elumelu Foundation in encouraging and supporting budding entrepreneurs to grow into big enterprises with positive impact on the economy.

The group led by Chairman of Stanel Group, Mr Stanley Uzochukwu, made the commendation during a courtesy visit to Dr Tony Elumelu, the chairman of the Tony Elumelu Foundation.

Lagos Govt Approves Funding for MSMEs

The Lagos State Government says it has so far approved funds for 281 micro-enterprises, of which 150 have received offer letters under the pilot scheme of its Employment Trust Fund (ETF).

Mr Akintunde Oyebode, the Executive Secretary of the ETF, made the remark on Friday in Lagos, at the presentation of offer letters to some of the beneficiaries.

According to Oyebode, the pilot scheme of the ETF seeks to support 1,000 Micro, Small and Medium Enterprises (MSMEs).

Experts want Proper use of Tourism Funds

Stakeholders in the tourism sector have urged the Federal Government to ensure that allocations meant for the tourism sector in the 2017 budget proposal were properly utilized when eventually passed into law.

They told the News Agency of Nigeria in Lagos that this would afford the sector to fulfill its mandate of contributing to the country’s internally generated revenue (IGR).

It would also assist the Federal Government to achieve its paradigm shift of diversifying its income generation from the oil sector to other sectors.

SMEs Get ₦310b Financing from BoI

The Bank of Industry (BoI) says its N310 billion five-year financing programme for Small and Medium Enterprises (SMEs) will fast track expansion of the sector.

Mr Waheed Olagunju, the Acting Managing Director of BoI, said this while delivering a lecture entitled: “SMEs as a catalyst for sustained economic growth in Nigeria” on Wednesday in Lagos.

The lecture was organised by the Chartered Institute of Personnel Management of Nigeria (CIPMN).

SMEDAN, ITF Partner on Youth Training

The Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dikko Umaru,  said it is collaborating with Industrial Training Fund (ITF) and Bank of Industry to provide entrepreneurship and vocational skills for the youths.

Umaru made the disclosure in Gwagwalada, Federal Capital Territory, at the graduation ceremony of trainees of the first batch of the 2016 National industrial Skills Development Programme (NISDP).

BoI Disburses ₦37b in 9 Months

The Head, SME Group, Bank of Industry (BoI), Adetokunbo Akinsola, said the bank disbursed N36.82 billion as loans in its Large Enterprise Directorate between January and September.

Akinsola, represented by Mr Obaro Osa, gave the figure during the bank’s SME Forum held at the ongoing Lagos International Trade Fair.

“BoI is positioned to deepen finance to small and large enterprises for the expansion of productivity and job creation in the industrial sector.