General News
Key Highlights from Grand Africa Initiative’s GAIN Youth Summit 2022
Grand Africa Initiative (GAIN) on the 28th and 29th October, 2022 held the third edition of her annual youth summit tagged GAIN Youth Summit 2022.
This pan-African summit had Prof Benedict O. Oramah, The President and Chairman, Board of Directors, African Export-Import Bank, Egypt as the keynote Speaker who was ably represented by The Afreximbank’s Regional Chief Operating Officer-Anglophone West Africa, Mr. Eric Monchu Intong. Guest Speakers at the summit include the High Commissioner of Namibia to Nigeria, H.E Mr Humphrey Geiseb; Ambassador of Cote D’ivoire to Nigeria Mr Kalilou TRAORE; Dr Tony Elumelu, Ag. Director of Private Sector Development at the ECOWAS Commission, Nigeria; Caroline Njuki, Officer in Charge and Chief Technical Advisor Inclusive Jobs and Education, International Labour Organisation, Kenya; Mr Eric Nges, Vice President, J.P Morgan, Germany; Mr Obinna Iyiegbu (Obi Cubana), the Chairman and CEO, Cubana Group; Mr Sam Itodo, Executive Director, YIAGA Africa, Nigeria; Mr Ehia Erhaboh, Executive Vice President, Operations and Technology, Interswitch Group, Nigeria; Mr Emmanuel Asika; Country Manager- HP Nigeria; Omni Channel Manager-HP ACE, Princess Adeyinka, Founder Happy Coffee, Nigeria; Rapitso Motsebesi, CEO Iconics Pty, Lesotho. Key partners for this year’s summit include the ECOWAS Commission and Embassy of the Republic of Guinea in Nigeria.
The summit attracted over 3000 participants from 62 countries across the world.
The theme of the summit was “The Africa We Want: Nexus Between the Youth, Peace and Entrepreneurship II”
In his Keynote Address, Prof Benedict Oramah, the President and Chairman, Board of Directors, African Export-Import Bank, Egypt congratulates GAIN on the excellent work it is doing, especially with regards to entrepreneurship development and youth employment in Africa.
The Afreximbank Boss called for the prioritization of developmental programmes that facilitates youth integration into trade value chains by both public and private sector players as the solution to the problem of youth unemployment on the continent.
He made this call while delivering the keynote speech at the summit. Prof. Oramah emphasized that youth entrepreneurship and innovation are pivotal to the continent’s economic transformation and so young people should be fully empowered and equipped with the tools to provide solutions to the challenges on the continent.
Oramah stated that “To maximize the AfCFTA’s benefits, and to exploit other opportunities in global value chains, Africa’s youth must be fully empowered to participate in cross border trade. It is especially important that young people are given the tools they need to express themselves as entrepreneurs and equipped to innovate solutions to the continent’s raft of socio-economic issues. We must also ensure that youth perspectives are represented at all levels of the policy formulation process”
“It is therefore necessary for both public and private sector players to prioritize the development of targeted programmes that facilitate youth integration into trade value chains. Afreximbank, in playing its part, is committed to addressing the financing, technical capacity and market access limitations that currently impede the expansion of youth-led trade in Africa”
“Harnessing African youth and positioning this demographic as an engine for economic growth is the collective effort of all, therefore, we must rise to the challenge and ensure that Africa actualizes the potential that this constituency holds with regards to the development of our beloved continent”.
In her opening speech, Chinwe Okoli, the Executive Director of GAIN, stated that there is a need to understand the current situation of Africa as it provides the baseline for creating the Africa we truly want. Speaking on the impact of the summit so far, she stated that “over the past three years, the GAIN Youth Summit has deepened the discourse and contributed to shaping policies around strategies to unleash the economic potentials of young Africans to build sustainable prosperity on the continent.
“Learning from the previous summit resulted in the launch of GAIN Entrepreneurship Masterclass in 2021”.
She emphasized that GAIN believes strongly that the pace of development of Africa depends on the rate of youth development and how GAIN in strong partnership with her partners have trained and empowered young African Entrepreneurs and continues to do so.
“In partnership with the Development Bank of Nigeria for instance, we have trained young women entrepreneurs selected from the six geographical regions of Nigeria. And in partnership with Afreximbank, we have also trained young Africans from 29 African countries within 2022 alone and GAIN will continue to design and implement interventions in response to critical issues that impact the youth in Africa”.
Delivering His goodwill message, the High Commissioner of Namibia to Nigeria, His Excellency Mr Humphrey Geiseb, commended Grand Africa Initiative(GAIN) for its work in bringing opportunities for business to African Youth.
In his words “Youth represent a rapidly growing segment of our population. It is important to provide an enabling environment particularly peace and political stability to position the youth to play a meaningful role. Africa needs to mainstream the presence of young peoples’ voices and recognize their engagement and contributions”.
“Adequate development that involves the youth is needed to ensure that young people utilize their knowledge, youthful energy and resourcefulness to transform Africa’s raw material into
value added products. Youth innovation through entrepreneurship can indeed play a vital role to develop our continent”.
He highlighted the need for African youths to continue to deepen unity and cooperation across the continent on youth matters and that GAIN Youth Summit is an important platform to emphasize the potentials of youths as partners in economic development and as key players in finding solutions to enable the youth to overcome the devastating impact of the pandemic”
His Excellency Ambassador Kalilou TRAORE, Ambassador of Cote d’Ivoire to Nigeria and ECOWAS while responding to the question on how leadership can steer the continent and countries therein in the right direction as a panelist on the day 1 of the summit said “Governance and leadership in Africa is about a clear vision and challenges we have to overcome to achieve our aspirations, So, we need leaders with transformational capacities to make it happen”.
Mr Eric Nges in his response to a question on the kinds of leadership needed to propel Africa’s development, said “Africa is rich in natural resources and a resilient population. He identified three(3) types of leaders which includes: Visionary/Imaginative leaders, Inspirational leaders and Aspirational leaders” emphasizing the need for good leadership in Africa to drive the transformation on the continent.
Speaking on the panel topic Unlocking the potentials in Africa: The Leadership Question, the Executive Director, YIAGA Africa, Nigeria, Sam Itodo says leadership questions cannot be overlooked if Africa is going to achieve the 2063 goals; leadership is about taking responsibility and Africa needs leaders who will be proactive in taking responsibilities, leaders that care about generational equity, care about the future, care about the youths and also leaders who know when to leave the stage”.
He emphasized that young people are not asking the right questions and are not prepared enough to take over leadership roles in the continent. He enjoined Africa youths to widen their horizon and build alliances across nations and ages.
Dr Tony Elumelu, Ag. Director of Private Sector Development at the ECOWAS Commission, speaking on migration and peace said In Africa , migration is our way of life and it is not necessarily a bad thing but rather it depends on how it is handled and the purpose. He implored African governments to create a good environment for people to stay and also strong institutions to regulate mobility to ensure safety thereby giving Africans a ray of hope and reasons to stay rather than leave the continent.
Caroline Njuki, Officer in Charge and Chief Technical Advisor Inclusive Jobs and Education, International Labour Organisation, Kenya, speaking on the same topic stated that “research has shown that people will migrate to where they find resources to sustain their livelihood. Africa is blessed with talents and supporting people with brilliant ideas to birth those ideas will undoubtedly transform the continent for the better”. It is high time African governments tackled the challenges in retaining talent in Africa as she identified access to capital for MSMEs as the biggest challenge.
Ehia Erhaboh, Executive Vice President, Operations and Technology, Interswitch Group, Nigeria speaking on the topic: The Imperative of Youth Entrepreneurship in Building Africa, said that “A lot is dependent on African youths to make sure to leave a better version of this present Africa. Youths should be problem solvers: constantly looking for opportunities to solve problems in their environment, Africa Youths should not wait to see things happen but they should make things happen. The Africa we want is in the hands of the youth especially youth entrepreneurs and as such youth entrepreneurship should be highly promoted by government and leaders in the continent”.
In his contribution, the Chairman, Cubana Group, Obinna Tochukwu Iyiegbu stated that nobody can develop Africa apart from Africans and Entrepreneurship needs to be at the core of the efforts to transform Africa at various levels. He admonished Africa youths to focus less on the negatives rather focus more on what can be done right.
“Building the Africa we want involves leveraging technology and innovation. African Government and leaders need to factor in youth participation and promote their involvement in the technology sector”. These were the words of Emmanuel Asika; Country Manager- HP Nigeria; Omni Channel Manager-HP ACE while speaking at the panel session on day 2 of the summit.
He emphasized that successful entrepreneurs need to understand the importance of technology and innovation. He proposed that youth entrepreneurs should be educated on digital literacy and its importance to establishing a successful business and government and leaders should develop schemes and also promote digital inclusion in the continent.
Sharing their inspiring bold action as young African Entrepreneurs, Princess Adeyinka Tenekah, founder of one of Nigeria’s premier indigenous coffee franchises, Happy Coffee, shared her drive for building her business and creating a niche for herself in the agricultural sector.
Rapitso Mosebetsi, a Lesotho born entrepreneur and social business innovator, Co-Founder & CEO Iconics Pty Ltd, also shared his experience in building a business in the fashion sector. His business was hailed ‘Most Innovative & Versatile Exporter in 2022’ by the Lesotho National Development Corporation, USAID Trade Hub Southern Africa, and Lesotho Post Bank.
They both enjoined Africa youths to back up their dreams with actions and to see every problem as an opportunity to contribute to the development of Africa.
Grand Africa Initiative (GAIN) is a youth-focused pan-African non-governmental organization championing youth empowerment for development across Africa. GAIN is set up to help young Africans between 15 and 35 years old drawn from within and outside the continent, who are passionate about promoting entrepreneurship as a means to reduce conflict, promote peace and economic revival of the continent. GAIN programs include training, advocacy, mentorship, and youth events, designed to help achieve sustainable development by igniting the positive energy of the greater segment of Africa’s population – the youth.
Jumia Nigeria has launched its highly anticipated December Holiday Sale, unlocking a wide range of festive deals and savings for shoppers across the country from December 2 to December 28.
This year’s campaign goes beyond seasonal discounts, introducing a special sub-series titled “Celebrate Naija / Naija is Game,” running from December 15 to January 18. The initiative spotlights uniquely Nigerian themes and experiences, infusing the holiday season with cultural relevance and local inspiration.
The December Holiday Sale delivers a compelling mix of value, quality, and discovery, featuring the popular 12 Days of Christmas promotions, exclusive Brand Days, and deep-discount Anchor Deals across multiple product categories.
Speaking on the campaign, Temidayo Ojo, Chief Executive Officer, Jumia Nigeria, said the sale reflects the platform’s commitment to meeting the evolving needs of Nigerian consumers.
“The December Holiday Sale is our way of helping Nigerians celebrate the season without compromise. Today’s shoppers are value-driven, they want quality, convenience, and affordability. This campaign brings all three together with festive deals that address real household needs and aspirations,” Ojo said.
He added that strong Black Friday momentum continues on the platform, offering customers extended savings opportunities throughout the festive period.
On the creative direction behind the campaign, Lere Awokoya, Chief Marketing Officer, Jumia Nigeria, noted that the 2025 holiday sale is rooted in everyday moments that matter to customers.
“This year’s campaign is built around the joy of giving and daily value. ‘Celebrate Naija’ brings that spirit to life through culturally relevant themes and surprises that resonate across regions and lifestyles. We’re excited for Nigerians to discover everything we’ve curated—from gifts and essentials to dream purchases,” Awokoya said.
Shoppers can access deals across key categories including electronics, home and kitchen, fashion, beauty and personal care, and everyday essentials, with seamless online price discovery supported by Jumia’s nationwide logistics network.
Extending beyond major urban centres, Jumia’s fulfilment and pick-up infrastructure ensures customers in secondary cities and peri-urban communities enjoy the same festive prices without additional travel costs, turning convenience into tangible value.
With thousands of deals going live throughout the season, customers can expect faster deliveries, extensive pick-up options, and transparent pricing, making holiday shopping simpler and more affordable nationwide.
By Blaise Udunze
Nigeria’s refining crisis is one of the country’s most enduring economic contradictions. Africa’s largest crude oil producer, strategically located on the Atlantic coast and home to over 200 million people, has for decades depended on imported refined petroleum products. This illogicality has drained foreign exchange, weakened the naira, distorted investment incentives, and hollowed out state institutions. Instead of catalysing industrialisation, Nigeria’s oil wealth became a mechanism for capital flight, rent-seeking, and institutional decay.
Dangote
With the challenges surrounding the refining of crude oil, the establishment of Dangote Refinery signifies an important historic moment. The refinery promises to reduce fuel imports to a bare minimum, sustain foreign exchange growth, ensure there is constant fuel domestically, and strategically position Nigeria as a regional exporter of refined oil products if functioned at full capacity. Dangote Refinery symbolises what private capital, technology, and ambition can achieve in Africa following years of fuel queues, subsidy scandals, and global embarrassment.
Nigerians must have a rethink in the cause of celebration. Nigeria’s refining problem is not simply about capacity; it is about systems. Without addressing the policy failures and institutional weaknesses that made Dangote an exception rather than the rule, the country risks replacing one failure with another, this time cloaked in private-sector success.
For a fact, Nigeria desperately needs the emergence of Dangote refinery, and its success is in the national interest. Hence, this is not an argument against the Dangote Refinery. But history warns that structural failures are not solved by scale alone. Over the year, situations have shown that without competition and strong institutions, concentrated market power, whether public or private, can undermine price stability, energy security, and consumer welfare.
The Long Silence of Refinery Investments
Perhaps the most troubling question in Nigeria’s oil history is why none of the global oil majors like Shell, ExxonMobil, Chevron, Total, or Agip has built a major refinery in Nigeria for over four decades. These companies operated profitably in Nigeria, extracted their crude, and sold refined products back to the country, yet never committed capital to domestic refining.
Over the period, it has been shown that policy incoherence has been the cause, not a matter of technical incapacity, such as price controls, resistant licensing processes, subsidy arrears, frequent regulatory changes, and political interference, which made refining an unattractive investment. Importation, by contrast, offered quick returns, lower political risk, and guaranteed margins, often backed by government subsidies.
Nigeria carelessly designed a system that rather rewarded importers and punished refiners. Dangote did not succeed because the system improved; he succeeded despite it. His refinery exists largely because of the concessions from the government, exceptional financial capacity, political access, and a willingness to absorb risks that institutions should ordinarily mitigate. This raises a deeper concern; when institutions fail, progress becomes dependent on extraordinary individuals rather than predictable systems.
The Tragedy of NNPC Refineries
If private investors stayed away, Nigeria’s state-owned refineries should have filled the gap. Instead, the Port Harcourt, Warri, and Kaduna refineries became monuments to mismanagement. Records have shown that between 2010 and 2025, Nigeria reportedly wasted between $18 billion and $25 billion, over N11 trillion, just for Turn Around Maintenance and rehabilitation. Kaduna Refinery alone is estimated to have consumed over N2.2 trillion in a decade.
Despite these expenditures, output remained negligible. This was not merely a technical failure but a governance one. Contracts were poorly monitored, accountability was absent, and consequences were nonexistent. In functional systems, such outcomes trigger investigations, sanctions, and reforms. In Nigeria, the cycle simply repeated itself, eroding public trust and deepening dependence on imports.
Where Is BUA?
Dangote is not the only Nigerian conglomerate to announce refinery ambitions. In 2020, BUA Group unveiled plans for a 200,000-barrels-per-day refinery. Years later, progress remains unclear, timelines have shifted, and execution appears stalled.
This pattern is revealing. When multiple large investors struggle to translate plans into reality, the issue is not ambition but environment. Refinery projects in Nigeria appear viable only at a massive scale and with extraordinary political leverage. Smaller or mid-sized players are effectively crowded out, not by market forces, but by systemic dysfunction.
Policy Failure and the Singapore Comparison
Nigeria often aspires to emulate Singapore’s refining and petrochemical success. The comparison is instructive. Singapore has no crude oil, yet built one of the world’s most sophisticated refining hubs through consistent policy, investor protection, infrastructure planning, and regulatory certainty.
Nigeria chose a different path: price controls, subsidies, weak contract enforcement, and politically motivated policy reversals. Refineries became tools of patronage rather than productivity. Capital exited, infrastructure decayed, and import dependence deepened. The outcome was predictable.
The Cost of Import Dependence
For years, Nigeria spent billions of dollars annually importing petrol, diesel, and aviation fuel. This placed constant pressure on foreign reserves and the naira. Petrol subsidies alone were estimated at N4-N6 trillion per year, often exceeding national spending on health, education, or infrastructure.
Even after subsidy removal, legacy costs remain: distorted consumption patterns, weakened public finances, and entrenched interests built around importation. These interests did not disappear quietly.
Who Really Benefited from the Subsidy?
Although framed as pro-poor, fuel subsidies disproportionately benefited importers, traders, shipping firms, depot owners, financiers, and politically connected intermediaries. Smuggling across borders meant Nigerians subsidised fuel consumption in neighbouring countries.
Ordinary citizens received marginal relief at the pump but paid far more through inflation, deteriorating infrastructure, and underfunded public services. The subsidy system functioned less as social protection and more as elite redistribution.
The Traders’ Dilemma
Why did major fuel marketers like Oando invest in refineries abroad but not in Nigeria? Again, incentives explain behaviour. Importation offered faster returns, lower capital requirements, and political insulation. Domestic refining demanded long-term investment under unstable rules.
In an irrational system, rational actors optimise accordingly. Importation thrived not because it was efficient, but because policy made it so.
FDI and the Confidence Problem
Sustainable Foreign Direct Investment follows domestic confidence. When local investors, who best understand political and regulatory risks, avoid long-term industrial projects, foreign investors take note. Capital flows to environments with predictable pricing, rule of law, and policy consistency.
Nigeria’s challenge is not attracting speculative capital, but building conditions for patient, productive investment.
Dangote and the Monopoly Question
Dangote Refinery deserves credit. But scale brings power, and power demands oversight. If importers exit and no competing refineries emerge, Dangote could dominate refining, pricing, and supply. Nigeria’s experience with cement, where domestic production rose but prices soared due to limited competition, offers a cautionary tale.
Markets function best with competition. Without it, price manipulation, supply risks, and weakened energy security become real dangers, especially in countries with fragile regulatory institutions.
The Way Forward: Competition, Not Replacement
Nigeria does not need to weaken Dangote; it needs to multiply Dangotes. The goal should be a competitive refining ecosystem, not a replacement of a public monopoly with a private monopoly.
This requires transparent crude allocation, open access to pipelines and storage, fair pricing mechanisms, and strong antitrust enforcement. State refineries must either be professionally concessional or decisively restructured. Stalled projects like BUA’s should be unblocked, and modular refineries should be supported.
The Litmus Test
Nigeria’s refining crisis was decades in the making and cannot be solved by one refinery, however large. Dangote Refinery is a turning point, but only if embedded within systemic reform. Otherwise, Nigeria risks trading one form of dependency for another.
The true test is not whether Nigeria can refine fuel, but whether it can build fair, open, and resilient institutions that serve the public interest. In refining, as in democracy, excessive concentration of power is dangerous. Competition remains the strongest safeguard.
Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]
Mr. Tim Akano, renowned entrepreneur, technologist, and philanthropist, has been honoured with two Distinguished Alumnus Awards by Obafemi Awolowo University (OAU) and Baptist Day School, Oluponna, in recognition of his outstanding contributions to education, mentorship, technology, innovation, and community development at large.
Both awards were conferred in November 2025, and this mark a significant milestone in Mr. Akano’s lifelong commitment to human capital development and social impact.
Mr. Akano, a 1983 graduate of Obafemi Awolowo University, was recognized by the university for his global impact in entrepreneurship, technology and innovation, as well as his sustained mentorship of students.
In 2023, he awarded 1,000 scholarships that was worth ₦60 million to OAU students for them to study Artificial Intelligence. Since then, he has consistently adopted five students from the Department of International Relations annually under his structured mentorship initiative.
In the same vein, at Baptist Day School, Oluponna, Mr. Akano received a historic honour as the first alumnus ever to be decorated with a Distinguished Alumnus Award since the school was established in the 1930s. During a recent visit to the school, Mr. Akano inspected several infrastructural projects financed by him through the Tim Akano Foundation three years ago.
These include the construction of a borehole, modern toilet facilities for teachers and pupils, and the erection of a perimeter fence and gate around the school which has prevented incessant disturbance of pupils by Fulani Herdsmen who previously engaged in reckless grazing within the school premises, polluted the environment with cow waste, and exposed the children to security risk. All these challenges have since become a thing of the past following the erection of the perimeter fence.
In addition, the School Principal recounted a tragic incident that occurred before the fence was built, when a nine-year-old pupil was kidnapped within the school premises and was never found. According to the Principal, the pupil had gone into a nearby bush to answer the call of nature, unaware that kidnappers were hiding there. Since the completion of the fence three years ago, no case of pupil kidnapping has been recorded in the school.
The principal further disclosed that the school has experienced a geometric increase in enrolment since Mr. Akano’s intervention. In 2025 alone, over 30 new pupils were enrolled. This is a trend that has been consistent over the past three years.
To further enhance safety and learning conditions, the Tim Akano Foundation pledged to provide a grass-cutting machine to maintain the expansive school compound, noting that the pupils are fragile and overgrown vegetation could expose them to snake bites. The Foundation also announced the adoption of 10 best graduating pupils, committing to sponsor their secondary school education.
Furthermore, in a move to motivate and support teachers, the Foundation introduced a monthly cash incentive for all teachers, aimed at complementing the modest government salaries. The November incentive was paid immediately, with assurances that the initiative would continue in perpetuity.
In a symbolic and emotional moment, Mr. Akano presented the pupils with the glazed copy of his Primary School Leaving Certificate, issued by Baptist Day School in 1975. All pupils were invited to hold the certificate as a powerful reminder that “if I can do it, you can do even more.” In appreciation, the school management presented Mr. Akano with the Distinguished Alumnus Award, celebrating his transformative impact on the institution and its pupils.
Similarly, at Obafemi Awolowo University, Mr. Akano was honoured with the Distinguished Alumnus Award for his sustained mentorship of students and his contributions to entrepreneurship development, technology, and innovation within Nigeria and the global community.
The double recognition underscores Mr. Tim Akano’s enduring legacy as a bridge between education, opportunity, and societal transformation.
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