Business
AfDB, AIMS To Transform Industry-Led Research In Africa
The African Development Bank (AfDB) and the African Institute of Mathematics and Sciences (AIMS) are now in a landmark relationship to build a research institution in the league of the Massachusetts Institute of Technology.
The bank said this in a statement by its Communications Officer, Mr Emeka Anuforo, on Wednesday in Abidjan, Côte d’Ivoire.
He said former President Olusegun Obasanjo led a delegation of the High-Level Advisory Council of AIMS to a meeting with the bank in Abidjan.
At the meeting, a 10-year partnership proposal was made to build mathematical and scientific capacity in Africa, strengthen industry linkages and create a competitive industrial and innovative space.
He said that Obasanjo was the Patron of the council for AIMS’ Next Einstein Initiative, while former Ghanaian President, Mr John Kufuor was Vice-Chair.
Obasanjo described the visit as a huge opportunity for the bank and aims to forge an extraordinary partnership to support African countries in the expansion of mathematical science education, training and research.
He commended the AfDB President, Dr Akinwumi Adesina, for championing Africa’s development and assured that the proposed partnership was critical for the continent’s future.
“If we are going to make substantial progress in industrialisation within the next decades the continent must produce well motivated and well trained young innovators,” he said.
Adesina emphasised the need for Africa to develop with pride and pledged the bank’s commitment to build a partnership with AIMS that would allow the continent to compete with the rest of the world.
“We must recognize that the world is moving fast. Consequently, how can Africa position itself in a rapidly changing world so that it does not become disadvantaged?”
“We are a knowledge-driven bank and think our partnership will help us build quantum knowledge for growth.
“We are excited about the focus on young people and we also like the regional integration dimension of the work that AIMS does.”
Adesina also promised to convene a meeting of donors to discuss AIMS’ funding request, anf the need for greater participation by the private sector.
Of particulay interest are key industries that benefit from the institution’s research and work in science, technology and innovation.
He described the involvement of industry-led research as the driving force of the Silicon Valley and made a case for venture capital and private equity funds to support research outputs from the continent.
Neil Turok, founder of AIMS, described the bank as a leading institution in Africa, adding that the institute was excited about the prospect of a partnership.
He said AIMS’ research and industry-led capacity development aligned with the bank’s High 5s, including its regional integration targets.
“I was trained to believe in Africa. I can tell you AIMS is the most exciting and dynamic science and educational institution in the world and what has driven the institution are the young students from Africa.
“What we are doing at AIMS is to transform Africa by giving opportunities to the youth.
“AIMS is African-owned, African-run, African-operated, but it hosts the best scientists in the world to give African young scientists the stuff they need.
“Our goal is to be the MIT for Africa. We know the impact MIT has on U.S. industry and we want to create the same for Africa, but we struggle with sustainable funding.
“We want to work with AfDB to develop sustainable funding,” he said.
The aim of the partnership programme is to ensure that each of the 54 African countries has an additional 100-250 world-class specialists in mathematical sciences by 2020 to lead research and innovation in various fields.
The cost of the partnership is projected at 54.6 million dollars.
The Central Bank of Nigeria (CBN) yesterday said 33 banks have met new minimum capital requirements under its recapitalisation programme, raising a combined N4.65 trillion to strengthen the financial system.
The apex bank disclosed this in a statement marking the end of the exercise, which commenced in March 2024 and drew participation from domestic and foreign investors.
The statement was jointly signed by the Director of Banking Supervision, Olubukola Akinwunmi, and the Acting Director of Corporate Communications, Hakama Sidi-Ali.
The statement said “Over the 24-month period, Nigerian banks raised a total of N4.65tn in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy.”
The regulator said local investors accounted for 72.55 per cent of the funds, while international investors contributed 27.45 per cent, reflecting continued confidence in the sector.
Commenting on the outcome, the CBN Governor, Olayemi Cardoso, said in the statement, “The recapitalisation programme has strengthened the capital base of Nigerian banks, reinforcing the resilience of the financial system and ensuring it is well-positioned to support economic growth and withstand domestic and external shocks.”
It added that while 33 banks have complied with the new thresholds, a few others are still undergoing regulatory and legal processes.
The statement noted, “The CBN confirms that 33 banks have met the revised minimum capital requirements established under the programme.
“A limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.
“All banks remain fully operational, ensuring continued access to banking services for customers.”
The apex bank stressed that the exercise was executed without disrupting banking operations, ensuring uninterrupted access to services nationwide.
It further stated that key prudential indicators have improved, particularly capital adequacy ratios, which remain above global Basel benchmarks.
The minimum ratios were set at 10 per cent for regional and national banks and 15 per cent for banks with international licences.
The bank also said the recapitalisation coincided with a gradual exit from regulatory forbearance, a move it said improved asset quality, strengthened balance sheet transparency, and enhanced overall stability.
To preserve these gains, the CBN said it has reinforced its risk-based supervision framework, mandating periodic stress tests and adequate capital buffers for banks.
It added that supervisory and prudential guidelines would be reviewed regularly to strengthen governance, risk management, and resilience across the sector.
“The successful completion of the programme establishes a stronger and more resilient banking system, better positioned to support lending, mobilise savings, and withstand domestic and global shocks,” the statement said.
The Tide learnt that foreign capital inflows into Nigeria’s banking sector rose by 93.25 per cent year-on-year to $13.53bn in 2025, up from $7.00bn recorded in 2024, amid the ongoing recapitalisation drive by the Central Bank of Nigeria.
Data from the National Bureau of Statistics capital importation report showed that the banking sector remained the dominant destination for foreign capital, accounting for $13.53bn of the total $23.22bn recorded in 2025, representing 58.26 per cent of total inflows, up from 56.81 per cent in 2024.
The surge reflects heightened investor interest in Nigerian banks as they raised fresh capital to meet new regulatory thresholds introduced by the apex bank, with industry-wide recapitalisation activities driving large-scale inflows across all quarters of the year.
However, the Centre for the Promotion of Private Enterprise (CPPE) recently raised concerns over weak credit flows to small businesses despite recent banking sector reforms.
The CPPE, led by a renowned economist, Dr Muda Yusuf, acknowledged that the ongoing bank recapitalisation exercise by the CBN has strengthened the financial system, but warned that the benefits have yet to translate into meaningful support for the real economy.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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