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British High Commissioner Endorses Ooni’s Entrepreneurship Initiative 

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Royal African Young Emerging Entrepreneurship Summit (RAYEES), an initiative of the Arole Oodua and Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, Ojaja II has be endorsed by the British High Commissioner to Nigeria, Her Exellency, Ms. Catriona Laing, describing the initiative as a multiplicity for digital transformation, modern creative incubation, ideas and innovation and new wealth creation ecosystem that should be commended as a pragmatic approach to socioeconomic development for millions of youths across the continent. 

 

The High Commissioner gave the endorsement last week at her residence in Abuja, the nation’s capital during a meeting with a royal delegation from the Monarch led by the Director of Media and Public Affairs, Ooni’s Palace, Comrade Moses Olafare in respect of the maiden edition of the Royal African Young Emerging Entrepreneurs (RAYEES) slated for November 2019 at the Henley Business School, University of Reading, United Kingdom.

 

“I must commend His Imperial Majesty’s broad vision of enriching the lives of young ambitious and fantastic Africans youths through enterprises. This initiative is well structured to propel young Africans to redesign models of human capacities development, serve as an optimal infrastructure, transformative force, shaping business framework, socio economic prosperity and injecting a new leadership system that are compatible with the 21st century advancement”

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“I enjoyed the overall reception and strategic conversation that I had with Ooni of Ife during my official courtesy visit to the Royal Court of the Kingdom of Ife and I would like to commend the King for the choice of Henley Business School as a nurturing mechanism and training framework for these young emerging entrepreneurs’ in the UK. I’m keen to exploring synergies that would advance productive and sustainable implementation of this outstanding initiative”

 

Ooni’s Director of Media and Public Affairs, Moses Olafare had earlier introduced Mr. Olamide Awosunle, Special Assistant to Ooni of Ife on Youth Development and Wealth Creation and London based Dr. Ayobami Oyedare, the CEO of Ooni of Ife Global Outreach (OIGO) as members of the royal team.

 

Olafare reinforced the vision of Ooni of Ife towards the actualization of creative entrepreneurship that can lead to economic prosperity and serve as contemporary life-tube for job creations and swift wealth sharing for millions.

 

Also speaking, Dr Ayobami explained that the endorsement and support of the other partners will catalyze new leadership system that will be compatible with the 21st century advancement.

 

“With exceptional partnership from Oracle UK, InterTalent UK, Parsons School of Design in New York City (NYC), Semicolon, Afrinolly and endorsement from British High Commission, National Directorate of Employment (NDE), Small and Medium Enterprises Agency of Nigeria (SMEDAN), the initiative will tremendously propel young Africans to redesign models of human capacities development, serve as an optimal infrastructure, transformative force, shaping business framework, socio economic prosperity and injecting a new leadership system that are compatible with the 21st century advancement”.

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“The summit at Henley Business School, University of Reading UK will provide first class facilities with exciting comprehensive skills integration for four days. Selected young emerging entrepreneurs will receive up-to-date sophisticated business canvas sessions to be coached by Henley Centre of Entrepreneurship, round table discussions, workshops, inspirational pep-talks, parallel projects pitch sessions for designated grants. Every candidate will be awarded Henley certificate and will be inducted into the Henley Alumni global networks”.

 

“It is imperative that we encourage and support more young people to step into the space of start-ups as we revamp the entrepreneurial spirit and ecosystem. For the past three years, various spectrums of projects and opportunities for young Nigerians and others from Africa have been established by His Imperial Majesty (H.I.M) Ooni of Ife aiming at fostering economic inclusion for women and youths in fields such as agriculture, fashion, creative culture, and SMEs driving financial inclusion and unhindered access for SMEs which in turn stimulates economic security and growth across different spheres”. He explained.

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Naira strengthens against dollar

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Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.

The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.

The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars

The Nigerian currency exchanged at N381 to a dollar at the official CBN window.

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Oyo govt. will continue to support SMEs, Olaniyan assures

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The Deputy Governor of Oyo state,  Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,

The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.

Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.

He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.

Alhaja Adeogun Tunrayo Muslimat,  owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.

 

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AfDB urges central banks to cut interest rates

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The African Development Bank (AfDB) has urged central banks on the continent to act quickly by cutting interest rates to inject liquidity in view of impact of COVID-19 pandemic.

The AfDB , in its African Economic Outlook 2020 supplement amid coronavirus pandemic released on Tuesday gave the advice.

According to the bank, the targeted interventions should be implemented for affected firms and sectors and use macroprudential and unconventional monetary policy to support the economy.

It added that central banks could resort to their own forms of quantitative easing, targeted at funding the most affected sectors such as firms in the hospitality and entertainment industry.

The bank noted that other sectors to be assisted are airlines, hotel chains, logistics and sports by temporarily reprofiling or restructuring their debts.

AfDB emphasised that the apex banks could also support vulnerable groups by designing programmes targeted at micro enterprises and the unbanked in the informal sector, financed by government and potentially run by other agencies closer to the ground.

“The impact of COVID–19 on Africa’s labour markets will have disproportionate impacts on vulnerable groups, notably youth and women, who are engaged in the informal sector, or with only casual job opportunities in the formal sector.

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“Assist vulnerable groups, especially youth and women. The COVID–19 pandemic can have differentiated socioeconomic impacts,” the AfDB said.

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