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AfDB Disbursed $7.67bn In 2017 – Adesina

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The President of African Development Bank (AfDB), Dr Akinwumi Adesina, said that the Bank, 2017, achieved its highest annual disbursement ever of 7.67 billion dollars on supports.
Adesina said this in a statement made available to The Tide source in Abuja, yesterday.
He said that the Bank would continue to support African countries in ensuring stronger macroeconomic policies.
“The Bank achieved its highest annual disbursement ever in its history, at 7.67 billion dollars.
“Our investment in the energy sector in 2017 covered 31 operations in 23 countries and totalled 1.39 billion dollars, representing a 30 per cent increase over 2016.
“In 2017, the Bank maintained its AAA rating with stable outlook by all four global rating agencies.
“The Bank’s AAA stable outlook rating is underpinned by sound financial and risk management policies, excellent liquidity and strong shareholder support,” Adesina said.
He said that the Bank was working hard to be more efficient and become impact driven organisation; one that accelerated Africa’s development, holding itself to a higher standard of performance.
The president said that it was only when the Bank became performance driven that it could meet Africa’s expectations.
Adesina assured that the Bank intended to score a lot more development goals for Africa, adding that there was need for greater alignment, performance and accountability for results.
He said that the Bank launched its largest bond transaction with 2.5 billion dollars three-year global benchmark followed by its largest ever five-year global benchmark for 2 billion dollars.
According to him, the Bank continues to grow its income solidly, reversing its declining income when he started two years ago.
He said that the net operating income of the Bank had declined from 589.3 million dollars in 2014 to 492.7 million dollars in 2015, when he took over, adding that ever since there had been a rapid turnaround.
“In 2016, the net operating income rose to 556.6 million dollars and shot up to 855 million dollars in 2017, an increase of almost 54 per cent over 2016.
“ To put things in context, this is also a 73 per cent increase over where we were in 2015.
“The Bank is mobilising more resources for Africa. In 2017, we mobilised 9.73 billion dollars from the capital markets for African countries including 300 million dollars from the enhanced private sector facility for Africa.
“I am delighted that in 2017, the Bank helped leverage 6 billion dollars for the landmark Japan-Africa Energy Financing Facility.
“This will help accelerate efforts to light up and power Africa,” Adesina said.
He said that the Bank was doing a lot on “Light Up and Power Africa agenda”, adding that in 2017 it invested 1.39 billion dollars.
He added that the aim was to improve access to electricity to help generate an additional 1,400 MW of power and connect 3.8 million persons to electricity.
On renewable engergy, the president said that the Bank was leading, adding that when he assumed office, the share of renewable energy in the Bank total power portfolio was just 14 per cent.
“However, we increased that to 74 per cent in 2016 and in 2017; we achieved a record-breaking 100 per cent of our new lending in renewable energy.
He said that with access to more funding, “we hope to provide electricity to an unprecedented 29.3 million Africans between 2018-2020”.
The president said that the Bank was spearheading the development of the desert to power initiative to harness electricity from the sun all across the Sahel.
He said that “ our goal is to support the generation of 10,000 MW of power, connect 250 million persons to electricity, of which 75 million people will be through off-grid systems.
“Africa needs to promote green growth. We are extremely conscious of our climate and environmental responsibilities and leadership role.
Adesina said that the Bank would be tripling its climate finance to 40 per cent of its portfolio by 2020.
On agriculture, he said that the Bank in 2017, invested 1.16 billion dollars in the sector – the highest ever in the Bank’s history.
It also launched Technologies for African Agricultural Transformation (TAAT), a one-billion dollar initiative to take agriculture technologies to scale for millions of farmers.
Adesina said that with adequate resources, between 2018-2020, the Bank expected to provide 29.2 million Africans with access to electricity.
He added that the bank’s Integrate Africa High 5 would provide 50 million Africans with improved access to transport.
Likewise, the Bank’s High 5 on Industrialising Africa would enable seven million people to benefit from investment projects.
He added that High 5, on improving the quality of life would also provide 36.8 million persons with improved access to water and sanitation.
Adesina said that the support of all shareholders was crucial for the general capital increase of the Bank.
He said that the Bank would do more for Africa and “we are working extremely hard to revamp the Bank and put it in a much stronger position, with more highly capable staff and institutional capacity to deliver more, better and faster support.
“ Our ability to deliver in the past and now is a good indication that you can depend on us to deliver more in the future.

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Nigeria Loses N17tr Yearly To Abandoned Projects

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The Federal Government has disclosed that it has lost an estimated N17 trillion to abandoned and uncompleted projects across the country.

The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).

He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.

Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services

He cited examples of  that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.

The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.

He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.

Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.

He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.

The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.

He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.

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Transcorp Power seeks sustained investment across Nigeria’s electricity value chain

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Transcorp Power Plc Managing Director and Chief Executive Officer Peter Ikenga has called for sustained investment across Nigeria’s electricity value chain to improve power supply and make the sector self-sustaining.

Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.

He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.

The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.

“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.

Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.

He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.

He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.

The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.

Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.

On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.

He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.

Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.

“Everything in the value chain has to work,” he said.

He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.

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FG generates N33tn revenue in 10 months – Oyedele

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The Federal Government generated a record of N33tn in revenue between January and October 2026, with improvements in digital tax administration and electronic invoicing boosting collections.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed
this while delivering the convocation lecture at the University of Uyo, Akwa Ibom State, where he called for greater investment in Nigeria’s digital infrastructure to strengthen economic competitiveness and government revenue mobilisation.

This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.

The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of  N33tn in government revenue collected between January and October 2026.”

The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.

Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.

Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.

He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.

However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.

According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.

He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.

The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.

He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.

Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.

He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.

The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.

Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.

“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.

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