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Standard Chartered Partners Youth Business International to Support Young Entrepreneurs

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Funded by the Standard Chartered Foundation in collaboration with Youth Business International (YBI), the project is part of Futuremakers by Standard Chartered, a global initiative to tackle inequality.

YBI and Standard Chartered Foundation are working together to provide crucial support to over 33,000 underserved young entrepreneurs in six countries across Africa, Asia and Europe. In Nigeria, the project will be implemented by FATE Foundation.

Funded by the Standard Chartered Foundation, the project is part of futuremakers by Standard Chartered, a global initiative to tackle inequality. FATE Foundation aims to support 2,000 young entrepreneurs whose micro and small businesses have been especially hard-hit by COVID-19.

The global economy is suffering from catastrophic economic shocks as a result of COVID-19. With typically tight margins, micro, small and medium businesses are vulnerable to economic downturn.

The current pandemic and the resulting lockdowns are having a particularly serious impact on business owners and entrepreneurs from underserved communities, including young people (aged 18-35 years), women, refugees and other migrants and those with disabilities and visual impairments. Many are struggling to get through the crisis and need support now.

Speaking on the project, Dayo Aderugbo, Head of Corporate Affairs, Brand and Marketing (CABM), Standard Chartered Bank Nigeria said, “It is with great pleasure that we launch the Youth Business International initiative in Nigeria today in collaboration with the FATE Foundation.

“We are optimistic about the impact this initiative will have in lives of thousands of young entrepreneurs in the country and the ripple effect this investment will have on the nation. This initiative builds on the Bank’s track record of supporting employable youths, adolescent girls and women through various financing and capacity building initiative and serves as one of the ways we remain Here for good in our communities.”

Micro small and medium businesses have a crucial role to play in economic recoveries post-COVID and ensuring supporting a diverse range of young entrepreneurs will contribute towards a richer, more varied and more resilient economy for everyone.

Funmilayo Hannah Awoyomi, an entrepreneur who owns 701 Stitches and is based in Kaduna has this to say “Small businesses like me have suffered a lot since March, 2021. Business has not been the same since the lockdown was first implemented. We need to know how to compete without spending our entire savings on this digital marketing thing that everyone is talking about. I look forward to being part of a program like this.”

Anita Tiessen, CEO of Youth Business International, noted “As the ongoing effects of the pandemic continue to cripple economies and disrupt normal business operations, young entrepreneurs, especially those running smaller businesses and from underserved communities, have been hardest hit. I’ve been inspired by the response of our network, supporting more than 200,000 businesses through COVID last year.

The struggle is far from over for many and I’m delighted that YBI with Standard Chartered Foundation’s new funding will help us expand and continue this crucial work and help more than 33,000 businesses get the support they need to survive and thrive to contribute towards a richer, more varied and resilient economy for everyone.”

In Nigeria, FATE Foundation will provide a holistic package of support including Digital Transformation Workshop, Resilience Building Series, and Remote Consulting & Advisor services to be delivered virtually to 2000 entrepreneurs across Nigeria. We will specifically target underserved entrepreneurs between the ages of 18-35 who have been hardest hit by the crisis.

Commenting on the collaboration, Adenike Adeyemi, Executive Director of FATE Foundation, added “We are committed to supporting young Nigerian entrepreneurs contribute to the economic recovery after the COVID-19 pandemic and are excited to be part of their success stories. We are also excited about the potential of this program in making significant impact in the Nigerian Entrepreneurship space”.

Youth Business International and Standard Chartered Foundation are working together to provide crucial support to over 33,000 underserved young entrepreneurs in six countries across Africa, Asia and Europe.

Priority will be given to traditionally disadvantaged business owners who have been particularly affected by the COVID-19 economic crisis, including rural, micro and female entrepreneurs, business owners with disabilities and visual impairments and those excluded from formal financial support.

The aim of the programme is to ensure that a diverse range of young entrepreneurs will contribute towards a richer, more varied and more resilient economy for everyone.


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E-Business

NDPC Warns of Offshore Data Risks as 90 Percent of Country’s Data is Hosted Abroad

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Nigeria Data Protection Commission (NDPC) has raised concerns over data sovereignty, national security as well as loss of economic value, as over 90 per cent of Nigeria’s data is hosted abroad.

NDPC Warns of Offshore Data Risks as 90 Percent of Country’s Data is Hosted Abroad

Pic credit…247digitize.com

Vincent Olatunji, national commissioner/CEO, NDPC, stressed the importance of safeguarding Nigeria’s digital economy through strong data protection and privacy frameworks.

He spoke while while delivering a keynote address at the IoT West Africa Conference, where he stated that the trend poses significant risks to Nigeria’s control over its digital assets.

He further described the situation as precarious for the nation’s sovereignty, and called for urgent investment in local data infrastructure.

Olatunji, highlighted data sovereignty, the growing role of data centres, and regulatory expectations under the Nigeria Data Protection Act, 2023, noting both the benefits of compliance and the risks of non-compliance. Olatunji underscored that data centres are now critical infrastructure for Nigeria’s digital transformation.

While decrying that over 90 percent of the Nigeria’s data is hosted abroad which is precarious for the nation’s sovereignty he encouraged for more investment in the sector as it is projected to reach $1.9 billion by 2031.

Also speaking, Kashifu Inuwa, the director-general of the National Information Technology Development Agency (NITDA), said policy is emerging as the key driver of Nigeria’s digital transformation, particularly in shaping the development of the Lagos-Abuja digital corridor.

“While infrastructure responds to demand, policy creates the enabling environment for sustainable growth,”

Inuwa who was represented by Aristotle Onumo, director, stakeholders management and partnership at the IoT West Africa Conference in Lagos, on the theme “The Lagos-Abuja Digital Corridor: Building Africa’s Next Data Centre and Cloud Hub.”

Inuwa emphasised that while infrastructure responds to demand, policy remains the critical driver that creates an enabling environment for sustainable digital growth.

He explained that Nigeria’s broadband policy, which stipulates minimum speeds of 10 Mbps for rural areas and 25 Mbps for urban centres, provides a strategic framework for prioritising infrastructure deployment along the Lagos-Abuja digital corridor.

He cautioned, however, that without deliberate collaboration and partnership between government, the private sector, and civil society, widespread infrastructure rollout would remain challenging. “Collaboration is the pathway that massifies impact, while partnership harnesses collective intelligence. No one can achieve this in isolation,” he said.

Inuwa also spoke on the Nigerian Sovereign Cloud Project; a flagship initiative aimed at strengthening indigenous cloud service providers and preventing the dominance of Nigeria’s digital infrastructure by foreign hyperscale operators.

By scaling local infrastructure to meet global standards, the project seeks to domesticate data hosting, reduce operational costs, and improve access to cloud services across the country.


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Opay Plans IPO in US, Targets $4Bn in Valuation

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Opay, a financial technology (fintech) firm, is working with Citigroup Inc., Deutsche Bank AG, and JPMorgan Chase & Co. for an initial public offering (IPO).

Opay Plans IPO in US, Targets $4Bn in Valuation

According to a report by Bloomberg on Friday,  sources said the platform, backed by SoftBank Group Corp., is considering a listing in the United States and is targeting a valuation of about $4 billion.

They added that the company could proceed with the share sale later this year, although the timing and size of the offering are yet to be finalised.

Opay is one of Africa’s fastest-growing fintech firms, offering mobile payments, transfers, and other financial services across Nigeria.

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The fintech company, Citi, Deutsche Bank, and JPMorgan have not publicly commented on the IPO plans.

Like Opay, Flutterwave, a major fintech company in Africa is planning an IPO.

 


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How Nigerians Search is Changing — and Why it Matters for Our Businesses

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By Olumide Balogun

There was a time when using a search engine felt like cracking a code. You typed two or three carefully chosen keywords, hoped the machine understood, and waited to see what came back. People had to learn the language of machines, shrinking complex needs into stilted phrases.

How Nigerians search is changing — and why it matters for our businesses

Olumide Balogun, Director, West and East Africa at Google.

That era is ending. Today, a person can ask a question the same way they would ask a colleague, and the technology is finally learning to respond in kind. Nowhere is this shift more visible than in Nigeria, where a young, mobile-first population expects tools to keep pace with how they actually think and speak.

This change carries weight far beyond convenience. It is reshaping how Nigerian businesses reach customers and how customers find what they need.

For years, marketing online meant wrestling with rigid keyword lists. A small business owner had to guess every possible phrase a customer might type. If you sold ankara dresses, you tried “ankara dress,” “Nigerian print fabric,” “traditional wear Lagos,” and a dozen variations, hoping you covered the gaps. Anything you missed was a missed customer

The new wave of conversational search makes those lists feel ancient. People now ask layered, specific questions: “Where can I find a sustainable tailor in Yaba who makes office wear?” Older systems would have stumbled on a query like that. Newer ones, powered by artificial intelligence, can read intent and stitch ideas together. They connect a question to a relevant local website that a basic keyword search might never have surfaced.

The shift is starting to show up in concrete tools. Google’s AI Max for Search ads, now a year old, is one of the more visible examples. In plain terms, it lets a business describe what it sells and who it serves in everyday language, and the system figures out which searches to match it to, instead of forcing the owner to write hundreds of keywords by hand. Early adopters report stronger revenue growth than peers, and users say results feel more useful because the technology connects ideas for them, often surfacing local sites that would not have appeared before.

There is a quieter benefit too. When advertising becomes more relevant, it stops feeling like an interruption. An ad that answers a real question is no longer noise; it is information. That changes the texture of the internet. The marketplace gets less cluttered, and people spend less time wading through results that do not fit what they were looking for.

None of this is automatic. The technology only works if it can understand human nuance, and human nuance in Nigeria is not the same as human nuance in California. A search for “owambe outfit” or “small chops for fifty people” demands cultural context, not just linguistic translation. Newer features try to bridge that gap. AI Brief, a part of the same Google toolkit, lets a business owner type plain instructions, like “focus on sustainable traditional wear, keep a premium tone,” and the system follows them. This is steering by intent, not by keyword bingo.

There are gains for businesses with deep catalogues too. A retailer with thousands of items no longer has to match every question to the right page by hand. Tools such as Google’s Final URL Expansion read the search and send the customer straight to the page that fits, in real time. In travel, finance, and healthcare, where compliance matters, the same systems can carry mandatory legal text into every ad automatically. Regulated industries can grow without cutting corners.

These are not abstract wins. They are the difference between a small business being found by a customer in Abuja at 9 p.m. and being lost in a sea of generic results, between a hospital reaching the right patient and a tailor in Surulere being discovered by a bride planning her wedding.

We should not pretend the transition is finished. AI is imperfect. It can misread context, amplify mistakes, and require careful oversight. Regulators, businesses, and users all have a role in shaping how it develops in our market. The broader direction, however, is clear, and it is one Nigeria should engage with rather than resist.

Nigeria is a nation of storytellers and traders. Our markets, physical and digital, have always been about conversation. The technology of search is finally beginning to mirror that. It is becoming less of a vending machine and more of a market stall, where you can ask a question, get a real answer, and discover something you did not know you needed.

That is the bigger story behind any single product launch. It is about how a country full of voices is finding new ways to be heard. For Nigerian businesses willing to adapt, the opportunity has never been clearer.


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