The Central Bank of Nigeria (CBN) has agreed to fund an entrepreneurship initiative for young Nigerians in oil and gas industry
The bank will extend its US$1.1bn micro, small and medium scale enterprises (MSMEs) fund to cover the Youth Entrepreneurship Strategy for the Oil and Gas Industry.
The move was announced by CEO of Anabel Group, Nicholas Okoye, who initiated the Youth Entrepreneurship Strategy of Nigeria (YESNIGERIA).
Speaking at the unveiling of the Triple ‘E’ Initiative (Entrepreneurship, Empowerment and Employment) for youth, women and SMEs in oil and gas, Okoye spoke of the need to create a pool of young Nigerian talent in the sector.
Nigerian trade minister Olusegun Aganga also appreciated the move, speaking of the need to boost local involvement in the oil and gas industry.
The sector is grappling with concerns over a global ‘talent crunch’ caused by a shortfall in the amount of young talent required to replace the many older workers who are due to retire in the next five to ten years.
Research by Oil Review Africa recently suggested that the talent shortage in Africa will not only affect exploration and production but also the financial viability of projects, if it is not addressed.
