News
BOI Advises Entrepreneurs on Innovative Solution

Olukayode Pitan, the Managing Director and Chief Executive Officer of the Bank of Industry, has urged entrepreneurs to envision a future beyond limits, and build a legacy of entrepreneurship that inspires future generations and transforms Africa into a dominant force in the global economy.
A statement said the call was made at the Global Entrepreneurship Congress Africa meeting organised by GEN Nigeria themed ‘Connecting Africa: Strides in the Nigeria entrepreneurship ecosystem,’ which held in Lagos.
GEC+Africa is an influential initiative of GEN Africa that unites entrepreneurial communities across the continent, which aims to drive economic growth, empower innovators, and create a sustainable ecosystem for businesses in Africa.
Pitan, a keynote speaker at the event said African entrepreneurial landscape had experienced unprecedented growth in recent years because of the massive pool of diverse and talented young people, increased access to technology, expanding urban population and increased investors’ interest in the continent’s potential.
He said, “This has led to an upsurge in the number of start-up businesses established in strategic sectors such as agribusiness, Fintech, renewable energy, e-commerce, health tech and so on. These businesses have consistently devised innovative solutions to some of the continent’s most pressing developmental challenges.”
According to him, “When I look at the activities in the African Start-up ecosystem, I am filled with pride that Nigerian start-up businesses are leading the charge in shifting the continent’s economic narrative into a more positive trajectory.
“Nigeria is leading the pack with the highest number of start-ups in Africa with $8.43bn in funding according to a 2023 report by Statista and Start-up Genome respectively.
Their success and impact have further bolstered arguments made about the importance and roles of entrepreneurship and innovation in the economic future of Africa, hence the need to replicate these track records in other parts of the continent.
However, he highlighted the challenges facing the entrepreneurial landscape in Nigeria which includes limited access to finance, regulatory constraints, scaling up beyond their local market, inadequate infrastructure and lack of mentorship and support structures.
News
AfDB, Aerosense Ink Agreement to Propel Drone Adoption in Africa

The African Development Bank (AfDB) and Aerosense Inc, a Japanese drone manufacturer, have inked an agreement to expand cooperation and initiatives in drone technology in Africa.
According to the AfDB, representatives from both organisations signed a Letter of Intent late last week on the sidelines of the ninth Tokyo International Conference on African Development in Yokohama, Japan.
The agreement was signed by Solomon Quaynor, AfDB’s vice president for private sector, infrastructure, and industrialisation, and Kohtaro Sabe, Aerosense’s president and CEO.
In June, the AfDB Sustainable Road Maintenance Program for Africa issued a request for proposals, and the company was chosen.
The agreement formalises a relationship of mutual cooperation, assistance, information and knowledge sharing between the two institutions, as well as the exploration of co-financing and deal opportunities and appropriate coordination of actions between them and their respective teams, with a focus on the promotion of sustainable infrastructure solutions in Africa, according to the bank.
In addition, the AfDB will assist collaboration with the public sector, lead awareness-raising initiatives, support capacity building for local partners, and investigate potential debt (and/or equity) financing support for drone deployment projects.
Aerosense will conduct demand studies for drone solutions in specific African markets, as well as technical feasibility studies for drone application, taking into account local geographical factors, and investigate potential deployment options based on positive feasibility study results.
“The program is a bold response to Africa’s growing infrastructure challenges. By partnering with Aerosense, we will not only promote efficient road management but also consider promoting other unique solutions such as disaster management, river/flooding control, agricultural sensing, and medical equipment delivery,” said Quaynor.
For Sabe, the project is about leveraging multinational technological solutions to address African challenges.
He said: “It is a great honour to serve the people in Africa with our Japanese technology for enhancing their quality of life. We are looking forward to collaborating with AfDB to build a better future together in a concrete manner.”
News
Nigeria Taps $190M JICA Loan to Power Underserved Communities

Nigeria is seeking a $190 million renewable energy loan backed by the Japan International Cooperation Agency (JICA), according to Adebayo Adelabu, minister of power.

Minister Adebayo-Adelabu
In a statement released by the ministry on Saturday, Adelabu disclosed the plan during the 9th Tokyo International Conference on African Development (TICAD 9) in Yokohama, Japan, where the Nigerian delegation led by President Bola Tinubu held high-level discussions on power, infrastructure, and industrial transformation.
Adelabu said the facility is aimed at scaling distributed renewable energy solutions across underserved communities. “This builds on the recently launched $750 million World Bank Distributed Access through Renewable Energy Scale-up (DARES) programme under the Mission 300 Compact, which aims to bring clean and reliable electricity to more than 17 million Nigerians,” the ministry said.
The minister also held talks with Japanese corporations including Toshiba, Hitachi, Japan’s transmission and distribution corporation, and energy exchange corporations. Discussions focused on strengthening transmission infrastructure, improving operational efficiency, and cutting system losses.
The ministry said these engagements build on recent Federal Executive Council approvals for counterpart funding of N19.08 billion to unlock a $238 million loan from JICA. The loan will finance the expansion of the national grid, including the construction of over 200km of new 330kV and 132kV double circuit lines, six new substations, and extensions to existing facilities.
Three substations funded through a $32 million JICA grant—located in Apo (FCT), Keffi (Nasarawa), and Apapa (Lagos)—are also set for commissioning, a move expected to boost supply reliability for households, industries, and business hubs, including the Lagos Port.
Speaking during a panel session themed “HICKARE Africa: Harnessing Innovation, Co-creation, and Knowledge for Accessible and Resilient Energy for Africa”, Adelabu highlighted Nigeria’s energy gap, noting that only 55–60 percent of the population currently has access to electricity, much of which is unreliable.
He outlined the government’s approach to expand grid access in urban areas while accelerating off-grid solutions such as solar mini-grids and standalone systems in rural and peri-urban communities. He pointed to challenges including limited access to affordable capital, high costs for rural households, and the under-utilisation of productive-use equipment.
Despite these hurdles, the minister reaffirmed the government’s commitment to reforms through supportive policies, private-sector collaboration, and increased local manufacturing of renewable energy components.
Adelabu commended JICA and the Japanese government for their “long-standing support” to Nigeria’s power sector, praising their contributions to infrastructure, training, technical studies, and financing. He expressed optimism for deeper partnerships between both countries in driving Nigeria’s energy transition.
News
Banigbe, T2 CEO says Nigeria’s Growth Hinges on Learning, Innovation, and Afrocentric Content

Obafemi Banigbe, chief executive officer of T2, has stressed that Nigeria’s long-term economic transformation depends on continuous upskilling, digital learning, and workforce adaptability.
Speaking as Special Guest at the 32nd Annual Trainers’ Conference (ATC 2025) of the Nigerian Institute of Training and Development (NITAD), held recently at the Shehu Musa Yar’Adua Centre, Abuja, Banigbe warned that without deliberate investment in human capital and technology-driven innovation, the nation risks lagging behind in a rapidly evolving global economy.
Drawing from personal reflections, practical insights, and a forward-looking vision, Banigbe urged Nigerians to reimagine approaches to learning, work, and growth in order to build a prosperous, inclusive, and innovation-led society.
He emphasized that the traditional model of “learning once and working forever” is obsolete.
“With Nigeria projected to become the world’s third most populous nation by 2050, and 70 percent of its citizens under 30, the need for continuous upskilling, digital learning, and adaptability is not optional, it is existential,” he stated.
Banigbe underscored the importance of democratizing access to digital tools, ensuring that every Nigerian child has the same opportunities as peers in developed economies.
He called for the creation of Afrocentric educational content, including culturally relevant cartoons, to help children learn science, mathematics, and history through familiar cultural references rather than foreign identities that disconnect them from their environment.
He also urged a national shift away from a culture that prizes certificates and training hours to one that rewards competence, innovation, and problem-solving.
He envisioned a civil service and workforce driven by solutions rather than processes, stressing that while artificial intelligence may analyze and automate, it cannot dream, uphold ethics, or create new nations, a reminder of the enduring human advantage.
Banigbe further encouraged adoption of cost-effective training models such as online platforms, virtual cohorts, and open-source learning, while acknowledging the continued value of global exposure where local resources fall short.
During an interactive question and answer session, he addressed concerns around affordability, accessibility, and the role of self-driven digital education in shaping Nigeria’s future-ready workforce.
He assured participants that T2 itself is on a path of transformation, committed to delivering world-class services as a proudly Nigerian brand.
In recognition of his contribution to national dialogue and thought leadership, the President of NITAD, James Bulus, presented Banigbe with an Award of Excellence.
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