Business

Boosting Development In Africa Via AfDB’s Investment Forum

Published

6 years ago

July 17, 2019

The African Development Bank (AfDB), put the financial outlay to finance Africa’s development needs at between 600 to 700 billion US dollars annually.
Of this amount, about 130-170 billion US dollars, was needed annually to address infrastructural deficit.
In order to get the needed funds to address the numerous development challenges in Africa, the AfDB launched the African Investment Forum (AIF).
The AIF is a platform to mobilise private equity funds, sovereign wealth funds and the private sector to facilitate infrastructure projects with the capacity to transform the continent.
The inaugural edition of the AIF was held in South Africa, while the second edition was also scheduled to hold in Johannesburg, South Africa, from November 11 to November 13.
Ahead of the November meeting, AfDB President, Dr Akinwumi Adesina, has appealed to investors to attend the bank’s 2019 AIF.
He spoke at Africa 50 General Shareholders meeting, held recently in Kigali, Rwanda.
Adesina said that Africa was ready for massive investments and offered an attractive investment destination.
He said that AIF, will bring together members with vested interest in Africa’s growth and development
“If you are an investor, do not miss Africa Investment Forum 2019, Africa is ready for massive investments and the environment is getting more attractive for investors.
“One such investment is the construction of the bridge that will connect the Democratic Republic of Congo and the Republic of Congo, a 550 million dollar transaction being led by Africa 50 in partnership with AfDB,” he said.
Adesina emphasised that the recently launched African Continental Free Trade Area (AfCFTA) had opened possibilities for an integrated single market for Africa.
He, however, pointed out that the continent needed to be connected through roads, rail, ports, airports, ICT backbones and energy corridors in order to enjoy the full benefits of the agreement.
Africa 50 is an innovative fund for developing and financing infrastructure in Africa, funded by AfDB, African governments, private and institutional investors.
“Africa 50 is on track to launch a private sector third party fund to leverage one billion dollar from private sector institutional investors.
“I encourage countries that have not yet joined Africa50 to do so.
“Join us as we move towards a future of great promise for Africa. Join us as we lay the foundation for a more prosperous Africa,” Adesina said.
Nigeria Country Department of AfDB, in collaboration with Africa Finance Corporation, recently organised a road show in Abuja, to sensitise stakeholders on gains of the AIF.
Ekiti governor, Dr Kayode Fayemi, who spoke at the event, emphasised the role of private capital to deliver the infrastructure required to grow Nigeria’s economy.
While expressing hope that Nigeria and other African countries would record significant investments that will boost the economy, Fayemi said that private investments are critical in providing jobs for millions of young Nigerians.
According to him, with the support of AfDB, African Finance Corporation and the quality of investors that attended the inaugural edition, the second edition would be successful.
“I am confident that if we put our best foot forward, we will receive significant funding commitment for investments across Nigeria and Africa,’’ the governor said.
Senior Bank Director, Nigeria Country Office, of AfDB, Mr Ebrima Faal, highlighted Nigeria’s prominence during the 2018 forum.
He pointed out that Nigeria was very visible and urged industry players and policy makers to maximise opportunities that the 2019 forum would provide.
Faal urged them to connect, engage and close high-impact deals.
He further recounted that last year’s edition of AIF held in South Africa recorded attendance of 2000 participants, representing 87 countries, including eight heads of government.
“Deals worth 46.9 billion dollars were discussed with 49 deals valued at 38.7 billion dollars secured.
“These figures are not just impressive for an attempt at something that has never been done on the continent, but phenomenal.
“The AfDB and its partners are excited to present you with the only platform that allows you to instantly pitch and close monumental deals on the spot.
“We encourage you to engage early and wholesomely to be part of re-writing Africa’s economic history,’’ Faal said.
According to Africa Finance Corporation Senior Director, Mr Taiwo Adeniji, “building on the success recorded in 2018, it is expected that Nigeria will be a major participant at the 2019 forum.
“The Africa Finance Corporation is keen to support Nigerian businesses across sectors to ensure effective project implementation to boost economic development.
“We are now seeing positive momentum in building transparent and durable institutions to anchor the political economy, promote and support development of the private sector.
“This is in order to increase the pace, depth and spread of economic growth in Africa,’’ Adeniji said.
On his part, a former Minister of Information and Communications, Mr Frank Nweke, identified early preparations as crucial in positioning Nigeria to meet international business and social impact investors eager to invest in Africa.
“Early preparation is also key, not only to prepare for the deals but being able to present them to a wide range of global investors.
“These investors are coming from different classes.
“We are talking about pension funds, sovereign wealth funds globally and in the continent, asset managers, commercial investment bankers so it is a wide array of investors that we are looking at.
“So we need to showcase very high transactions; we need to prepare projects and this is essential,’’ Nweke said.
Similarly, former Minister of Finance, Mrs Zainab Ahmed, urged the federal government to support the preparation.
“Ministries, Departments and Agencies (MDAs) must sit down to discuss what we expect.
“This preparation has to be done every time we are going to a forum.
“So when they go, they come into contact with investors and they will be interested in what is being presented.
“The potential investor wants to see where you are coming from, from the beginning to the end, they want to see their way through,’’ she said.
The Head, Private Sector Investment Operations, AIF/AfDB, Mr Odiogo Ezekiel, stressed that getting the projects bankable is also critical.
With the awareness raised through the road show, stakeholders say Nigeria will record more investment opportunities after the 2019 AIF.
Uwadileke writes for News Agency of Nigeria (NAN)

Ikenna Uwadileke

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

2 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi

Business

Industrialism, Agriculture To End Food Imports, ex-AfDB Adviser Tells FG

Published

2 days ago

January 9, 2026

The Tide

Former Senior Special Adviser on Industrialisation to the President of the African Development Bank (AfDB), Professor Banji Oyelaran-Oyeyinka, has urged the Nigerian government to urgently industrialise the agricultural sector as a pathway to food security, economic diversification, and sustainable job creation.

Professor Oyelaran-Oyeyinka made the call while speaking at the Oyo State Economic Summit held at the International Institute of Tropical Agriculture (IITA), Ibadan, during a lecture titled “Industrialising Agriculture for Economic Development and Food Security: Enhancing National Economies and Sub-National Entities.”

He cautioned that despite Nigeria’s vast arable land and its position as a leading global producer of crops such as cassava and yams, the country remains food-deficient and heavily dependent on costly food imports.

He highlighted that Nigeria spends over one trillion naira annually importing wheat, rice, sugar, and fish, a persistent trend that drains foreign exchange, undermines local farmers, weakens industrial competitiveness, and fuels unemployment.

The development economist argued that the solution lay in transforming agriculture from a subsistence activity into a modern, industrial enterprise capable of producing surplus, supporting manufacturing, and driving broad-based economic growth.

He explained that industrialising agriculture does not mean replacing rural communities with factories, but rather empowering farmers with technology, skills, infrastructure, and market access to raise productivity and incomes.

According to Professor Oyelaran-Oyeyinka, Nigeria’s low agricultural productivity reflected deeper structural challenges, including weak education systems, limited skills, and inadequate investment in technology and infrastructure.

He noted that countries that successfully transitioned from low-income to middle-income status did so by modernising agriculture alongside industrial development, creating strong linkages between farms, processing industries, and markets.

Oyelaran-Oyeyinka highlighted stark yield disparities between Africa and Asia, noting that cereal yields across African countries remain less than a third of those achieved in East Asia.

This gap, he said, explains why African economies struggle to compete globally and why industrialisation efforts have stalled.

Professor Oyelaran-Oyeyinka outlined key pillars of agricultural industrialisation, including mechanisation, value addition, integrated supply chains, access to finance, improved seed systems, and targeted investment in human and technological capabilities.

He stressed that farms must be treated as “factories without roofs,” capable of feeding into agro-processing, manufacturing, and export industries.

The visiting professor at The Open University in Milton Keynes said the economic benefits of such a transformation would be far-reaching, including reduced dependence on oil, large-scale job creation, significant foreign exchange savings, and stronger national food security.

Drawing lessons from Vietnam, he described how deliberate agricultural modernisation helped transform the Southeast Asian country from a food importer into one of the world’s leading exporters of rice, coffee, cashew, and seafood.

Vietnam’s agribusiness exports, he said, now generate tens of billions of dollars annually and underpin the country’s wider industrial success.

He attributed Vietnam’s success to consistent policies, heavy investment in agro-processing, strong farmer–industry linkages, and the use of special economic zones to drive value addition and export competitiveness.

Oyelaran-Oyeyinka noted that similar models are emerging in Nigeria, including in Oyo State, but warned that they require reliable infrastructure, policy stability, and empowered governance to succeed.

The professor called on state governments to prioritise power, roads, and logistics, strengthen agricultural extension services, and create efficient special agro-industrial processing zones that attract major domestic and international investors.

He also urged the private sector to view agriculture as a profitable business frontier rather than a social obligation, noting that Nigeria’s future prosperity depended less on oil and more on harnessing the productive potential of its land and people.

“We are a nation that can feed itself and others, yet we remain food-insecure and overly dependent on imports. This paradox is holding back our economy.”

“Industrialising agriculture does not erase our rural roots; it transforms them into engines of productivity, wealth creation and national development.”

“Subsistence agriculture is both a cause and a consequence of technological backwardness, and no country has reached middle-income status without first modernising its agriculture.”

“A farm must be treated as a factory without a roof, connected to processing, logistics, finance and markets. Vietnam shows that agricultural transformation is not accidental; it is the result of deliberate policies that link farmers to industry and global markets.”

“The seeds of Nigeria’s prosperity are not buried in oil wells; they are sown in the fertile soils of our ecological zones,” he said.

Lady Usendi

Business

Cashew Industry Can Generate $10bn Annually- Association

Published

2 days ago

January 9, 2026

The Tide

The President of the National Cashew Association of Nigeria (NCAN), Dr Ojo Ajanaku, has said Nigeria could earn $10 billion annually from cashew production, with $3 billion coming from cashew sales alone.

Ajanaku made this known during a press conference organised ahead of the 4th National Cashew Day, scheduled to hold from Jan. 22 to Jan. 24 in Abuja, with the the theme: “Unlocking the Full Potential of Nigeria’s Cashew Industry”.

He said that poor export documentation and weak repatriation of proceeds were causing major losses to the Nigerian economy.

“A substantial volume of cashew exported from Nigeria leaves the country without proper export proceeds forms, as exporters allegedly avoid bringing earnings back into the country,” he said.

He said during the last export season alone, Nigeria reportedly exported over 400,000 tonnes of cashew valued at about $700 million.

Ajanaku noted that deliberate investments in production and processing could unlock far greater potentials.

“If Nigeria produces just two million tonnes of cashew annually, which is achievable in less than five years, and sells at an average of $1,500 per tonne, the country would earn about $3 billion yearly,” he said.

He added that beyond raw cashew exports, enormous value lies in processing and by-products such as Cashew Nut Shell Fluid (CNSF) and cashew cake, which are largely wasted locally.

“In Vietnam, cashew cake alone sells for about 95 cents per kilogram, while in Nigeria processors pay to dispose of it as waste,” he noted.

Ajanaku explained that full local processing of cashew and its by-products could generate not less than $10 billion annually for Nigeria while creating thousands of jobs across the value chain.

He stressed that Nigeria has the production capacity, while countries like Vietnam possess advanced processing technology.

The NCAN President further disclosed that the association is strengthening partnerships with key government institutions, including the Ministry of Finance, the Federal Ministry of Agriculture and Food Security, NEXIM Bank, and other agencies to reposition the sector.

He added that a landmark Memorandum of Understanding has been signed between Nigeria and Vietnam to facilitate technology transfer and deepen cooperation in cashew processing.

He expressed optimism that with sustained government support and effective regulation, the cashew industry could become a major driver of economic growth, foreign exchange earnings, and industrial development in Nigeria.

“Producing states should be given priority. For example, Kogi State, which has the highest cashew production in the country, has no factory. A lot of potentials can come from Kogi State for the country,” he said.

Also speaking, NCAN National Secretary, Augustine Edieme, said strategic plans are being made to showcase Nigeria’s potentials during the 4th National Cashew Day, which he described as a key opportunity to attract bigger investments and investors into the industry.

“We are not just talking about the cashew seeds. We need to crack the fruit shell and discover the value in cashew shells. Industrialisation of the cashew industry is key to driving the Nigerian economy,” he said.

The representative of the Federation of Agricultural Commodity Associations of Nigeria (FACAN), Sunday Ojonugwa, pledged that FACAN would optimally support the cashew association to ensure the sector reaches its full potential.

Lady Usendi