Business

Boosting Development In Africa Via AfDB’s Investment Forum

Published

7 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

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

5 days ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

5 days ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

1 week ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.