Business
TONY ELUMELU FOUNDATION MARKS INTERNATIONAL YOUTH DAY EMPHASISING THE “YOUTH ENGAGEMENT FOR GLOBAL ACTION” AGENDA
The Tony Elumelu Foundation (TEF) joined the United Nations and other global organisations to mark the International Youth Day on August 12, 2020, with a line-up of pan-African speakers discussing the theme, “Investing in Africa’s Future: Youth Empowerment through Entrepreneurship”.
The event emphasised the “Youth Engagement for Global Action” agenda and the role of African entrepreneurs in pushing for sustainable development. It also examined the critical role of the youth in igniting their potential, population, and influence to create mechanisms for sustainable development across the continent.
Moderated by TEF CEO, Ifeyinwa Ugochukwu, the event featured a line-up of pan-African entrepreneurs and speakers from the development sector.
Addressing the audience, Ifeyinwa Ugochukwu drew attention to the plight of startup African entrepreneurs during the pandemic while highlighting the importance of SMEs, especially during this period. “The SMEs are the major contributors to African economies. We must not underestimate the level of disruption and uncertainty that young people all over the world have faced as a result of the COVID-19 pandemic in Africa.”
Ifeyinwa emphasized the need to empower the youth to tackle the menace of poverty on the continent.
Wambui Gichuri, Ag. VP Agriculture, Human, and Social Development, African Development Bank stated: “Entrepreneurship is an essential part of Africa’s employment challenge and it is where we have to put our focus as a multilateral development bank”.
She added: “We need to do whatever it takes to empower our youth because they are the future of the continent”.
Martha T.M. Phiri, PhD, Director, Human, Youth and Social Development, African Development Bank, stated that the $5million partnership between the African Development Bank (AfDB) and the Tony Elumelu Foundation in 2019 to empower additional young African entrepreneurs, was a step in the right direction to create jobs on the continent. “That was a very exciting partnership and we feel this should be the way forward if we are going to create jobs on the continent,” she said.
Shoroke H. Zedan, Chairman, World Youth Skills, Egypt said: “It is important that governments start looking at entrepreneurship as a fundamental core topic that needs to be integrated into the educational system”.
Speaking on incorporating the youth into policymaking decisions, the Global President, AISEC, Alexandra Robinson stated: “I advocate for any policy that involves young people as co-owners of the policymaking process. I really believe that when young people are given co-ownership of the table, not just invited to someone else’s, they are able to have those meaningful conversations”.
Bilikiss Adebiyi-Abiola, Founder, Wecyclers Nigeria and past fellow of the Tony Elumelu Foundation recalled the moment when she got accepted into the Tony Elumelu Foundation Entrepreneurship Programme: “In 2012, when I was invited to the Tony Elumelu Foundation to pitch my idea, I was very fortunate to pitch directly to Mr. Elumelu and I was surprised a couple of days after, we got the grant. That grant was very important for Wecyclers”.
Speaking as an entrepreneur doing business on the continent, Leroy Mwasaru, Founder, Greenpact Kenya and an alumnus of the Tony Elumelu Foundation’s flagship Entrepreneurship Programme highlighted the need for transparency to attract more investors: “It is as a result of sharing what we have been doing that we hope there are less failures and more successes”.
Earlier in the year, due to the pandemic, the Tony Elumelu Foundation announced the postponement of its flagship TEF Entrepreneurship Programme and TEF Forum, the largest gathering of African entrepreneurs on the continent. Celebrating its 10th year anniversary later in 2020, the Foundation counts over 9,000 young African countries across all 54 African countries as beneficiaries and alumni of its Entrepreneurship Programme. It continues to support African entrepreneurs with expert-led masterclasses, business management training and market linkages on its digital networking platform, TEFConnect.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
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