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2nd Chivas The Venture $1M Global Startup Competition Launches in Nigeria

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Chivas Regal has announced that The Venture – a global search to find and support the next generation of startups – has returned to Nigeria for the second year.

Following a press conference held at the Film House, Lekki on Wednesday, ChivasThe Venture 2016/2017 has begun its search for entrepreneurs that want to succeed whilst positively impacting the lives of others.

The launch follows the recent release of a global report that revealed 95% of young professionals are looking for businesses to take more responsibility in solving global problems*.

Chivas The Venture initiativeprovidessocial entrepreneurs with the opportunity to compete for a share of $1 million in financial investment, invaluable contacts and global exposure of their company as well as mentorship from world-famous business leaders.

This year, 32 countries across 6 continents will be taking part and applications will be accepted from any for-profit-startup that creates both financial value and a positive impact on the lives of others.

Craig Van Niekerk, marketing director, Pernod Ricard Nigeria, commented: “A new breed of entrepreneur is emerging in Nigeria; one that uses business ideas to succeed whilst making a positive impact on the lives of others. Chivas Regal launched The Ventureto offer significant resources to help drive and support the social entrepreneurship movement worldwide and in Nigeria.We are thrilled to be back again this year to connect with local social enterprises and give them the opportunity to develop and grow their businesses.”

Chivas Regal has partnered with Enterprise Development Centre (E.D.C) for this years’ initiative, to find and support promising local social entrepreneurs across all sectors.

The top three participants will pitch their business plans at a finale session to a panel of industry experts chaired by Audu Maikori.

On his successful relationship with the brand, Maikori stated “Chivas and I share the same values – the belief that businesses must have a purpose beyond profit. It is therefore an absolute honour to be back again as a judge, to find like-minded individuals who are not only successful within their own rights but sharing their success with their communities. This is profit with purpose,” he added.

The winnerwill join the other 32 participants across the world in an Accelerator Week programme in Oxford, UKand will represent Nigeria at The Venture final event in the USA, July 2017.

Entrepreneurs from Nigeria interested in ChivasThe Ventureor want to find out more about the impact the competition is already making across the world, should visit www.theventure.com.

Application entries open on October 12, 2016 and closes November 16, 2016.

With over $1 million in funding and resources, The Venture is Chivas’ global search to find and support the next generation of startups that want to succeed whilst making a positive impact on the lives of others.

Chivas’ The Venture inspires social entrepreneurs and those seeking positive change from around the world to pursue their ambitions and realise their potential.

Chivas calls on people across the world to share success and join the global community of businesses that are creating a better future – after all, it’s what we do today that will change tomorrow.

Launched in 1909, Chivas Regal is the world’s first luxury whisky and is considered to be a timeless classic, renowned for its benchmark quality and taste, style, substance and exclusivity.

A truly global brand, Chivas Regal has been integral to the growth of the Scotch whisky category worldwide and today sells 4.5 million 9L cases annually in more than 150 countries across the globe. With generosity, entrepreneurship and integrity at the heart of Chivas Regal, the brand launched its successful Win the Right Way campaign in 2014, which aims to inspire a new generation whilst making a positive impact on the lives of others.

The Chivas Regal range includes Chivas 12, Chivas 18, Chivas 25 and the Global Travel Retail exclusive, Chivas Brothers Blend.

In October 2014, Chivas Regal announced the addition of a fifth permanent expression in the Chivas Regal family, Chivas Regal Extra, a new blend with a unique richness derived from selective maturation in rare ex-sherry casks.

In 2015, the iconic brand welcomed the pinnacle of the range with the introduction of the new ultra-prestige blend, Chivas Regal The Icon.


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New Horizons Invests N50m to Empower Almajiris with Skills

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New Horizons Nigeria has launched a N50 million initiative aimed at transforming 21 Almajiri children into skilled computer technicians within 90 days, to tackle youth unemployment and harness human potential.

The Almajiri-to-Tech programme, officially launched in Abuja on Monday, provides participants with full training, meals, clothing, tools, and logistics support, all fully funded.

Speaking at the launch, the Chief Executive Officer of New Horizons, Tim Akano, said the programme represents a new journey in the history of Nigeria by restoring the original purpose of the Almajiri system, which he described as “children sent out to seek knowledge.”

“The word Almajiri comes from an Arabic term meaning emigrant and seeker of knowledge. Historically, children were sent to learn morals, responsibility, and skills to add value to society,” Akano said.

He added that the disruption of this system during colonial times forced many children onto the streets, a challenge that persists today.

Akano highlighted the urgency of addressing the Almajiri issue, noting that there are an estimated 15 million Almajiris in the country, with a population growth rate of around three per cent annually.

“If we do not solve this problem as a country, we are sitting on a time bomb,” he warned.

According to him, the programme focuses on hands-on technical skills rather than theory. Trainees will learn to repair mobile phones, laptops, televisions, radios, standing fans, and other electronic devices, as well as build inverter batteries using recycled electronic waste.

“We are not teaching theory. We are teaching practical skills you can use to earn a living,” Akano said, stressing that the programme will not interfere with the participants’ Quranic education.

“We are still going to allow you, within the period of learning. Your learning computer here is not stopping your Quranic education.

“You still have time within our space here. Whenever you want to go and pray, you can pray, then come back to class,” the CEO stressed.

He added that participants will also receive daily meals, water, T-shirts identifying them as technicians-in-training, and access to all necessary tools and equipment throughout the 90-day programme.

Akano said the initiative is part of a larger mission by New Horizons Nigeria, which has spent the past 21 years training about 100,000 Nigerians annually in IT and related skills.

He said the new programme aims to “take human genius off the streets and convert it into human capital, enabling these youths to contribute meaningfully to the economy.”

He added that equipping Almajiris with skills could add 15 million people to Nigeria’s workforce and potentially increase the country’s GDP by as much as $20 billion, stressing that productivity depends on practical skills and opportunity.

“Everything that can be taught can be learned. If someone can memorize the Quran cover to cover, there is nothing that cannot be done. What they lack is information, opportunity, and infrastructure, and we are providing all of that,” Akano said.

Akano also stressed that the initiative is designed to inspire other organizations and government agencies to replicate similar programmes across the country.

“This is not just about 21 children; it is about showing Nigeria what is possible when resources meet intention and planning.

“If we succeed in empowering these Almajiris, we demonstrate that the country can turn social challenges into economic opportunities. It’s a blueprint for Nigeria’s future,” he said, noting that the initiative combines social reform, technical education, and economic empowerment.

Also speaking, one of the trainees, Fatima Umar, appreciated the organisers and promised to maximise the opportunity.

“We’ll make you proud of us. We have nothing to say here but to thank and appreciate you. May Almighty Allah continue to guide and protect you,” Umar said.


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IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

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International Monetary Fund has upgraded Nigeria’s 2026 economic growth projection to 4.4 per cent, reflecting improved macroeconomic stability and sustained reforms.

IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

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The January 2026 World Economic Outlook Update forecasts Nigeria’s growth trajectory at 4.1 per cent in 2024, 4.2 per cent in 2025, and 4.4 per cent in 2026—a 0.2 percentage point increase from the October 2025 estimate.

This aligns with sub-Saharan Africa’s projected 4.6 per cent expansion in 2026 and 2027, driven by regional stabilisation efforts.

Globally, the IMF anticipates 3.3 per cent growth amid resilient conditions tempered by trade policy shifts and technology investments. For Nigeria, declining energy prices—expected to fall seven per cent due to weak demand—pose risks, though OPEC+ coordination and China’s stockpiling provide support.

Despite the optimism, downside risks persist from Middle East and Ukraine tensions, protectionism, high debt, and fiscal deficits. The Fund recommends rebuilding fiscal buffers, ensuring central bank independence, and limiting temporary fiscal measures to maintain stability.

Nigeria’s success hinges on consistent reforms and resilience against domestic and global shocks, the IMF concluded.


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Nigeria’s Crude Output Falls to 1.486mbpd in November – OPEC

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Organisation of Petroleum Exporting Countries (OPEC) reports that Nigeria’s crude oil production, excluding condensate, dropped by 0.7 per cent to 1.486 million barrels per day (mbpd) in November 2025 from 1.496 mbpd in October.

Nigeria’s Crude Output Falls to 1.486mbpd in November – OPEC

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The figure, drawn from secondary sources in OPEC’s December 2025 Monthly Oil Market Report, fell short of Nigeria’s 1.5 mbpd quota. Direct communication data showed output at 1.436 mbpd, up from October’s 1.401 mbpd, but still below target.

Nigeria produces around 196,028 bpd of condensate, excluded from quota calculations per Nigerian Upstream Petroleum Regulatory Commission figures. Year-on-year, November’s output marked a slight gain over 1.417 mbpd in November 2024.

Expert Cites Insecurity, Governance Gaps

Petroleum economics expert Wumi Iledare described the quota miss as unsurprising, blaming persistent insecurity, an ageing oil basin lacking new finds, and unoffered hydrocarbon blocks. Governance shortcomings and policy uncertainty further erode investor confidence, he noted.

Selective implementation of the Petroleum Industry Act worsens the situation, with Nigeria needing a single authoritative leader for the sector rather than multiple proxies, Mr Iledare stressed. The country has struggled to consistently hit OPEC targets for years.


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