By Lucy Ogalue

African stakeholders say human capital development is critical in accelerating growth of the continent.

They said this on Tuesday on the sidelines of the ongoing African Development Bank (AfDB) Group Annual Meetings in Nairobi.

The News Agency of Nigeria (NAN) reports that the theme of the meeting is “Harnessing Human Capital for Sustainable Growth and Development in Africa: Demographic Dividend and Circular Movement of Skilled Labour”.

Prof. Victor Murinde, the Executive Director, African Research Consortium, said that quality education and harnessing technological development would enable the continent to reap the benefits of human capital development.

Murinde expressed the need for Africans to leverage the private sector in building funding for skills development, invest and leverage technology, and ensure skills development, especially for youth and women.

“We need to focus on investing in small enterprises, such as women enterprises, as that is where there is potential for growth.

“We will ensure we build necessary skills for young people and women, de-risk their investment, and handhold them by providing mentorship. These are ways of supporting human capital development.”

Murinde said the move was to focus on high-quality research by providing opportunities for researchers on the continent to investigate burning research issues using the African dimension.

According to him, this will build Africans’ capacity to lead research on the problems confronting the African continent.

“The ability for countries to research their issues, conduct actual training to boost the quality of people employed in government offices and do high-quality research is key,” he said.

For Mr Kwame Owino, the Chief Executive Officer, Institute of Economic Affairs, the importance of education in achieving human capital development needed to be reiterated.

“There are many ways of ensuring human capital, but public education is the most basic. That set of people and the progress the country has made are significant factors in what the country is going to look like.

“So we need to ensure human capital is fully developed,” he said.

Similarly, Mr Williams Asiko, the Vice-President African Regional Office of Rockefeller Foundation, said the foundation was engaging in various projects to ensure human capital development on the continent.

“Part of what we have done is to support institutions where this human capacity can make a difference. Look at areas where there are gaps and build capacity around those areas.

“And one of the areas we focused on is building a carbon market in Africa that is fit for the world,” he said.

Meanwhile, Dr Martha Phiri, the Director of Human Capital and Skills Development at the AfDB, said that this year was a year of education, and human capital was at the centre of social transformation for Africa.

“The bank recognises that a healthy, productive, and informative workforce will drive transformation, food security, power plants, improved care services and health education, among other things.

“We have taken some approach that is not just about agriculture, but that is all-encompassing to integrate this into all that we do.

“Having affordable healthcare for all is also crucial, as is learning from the experience of COVID-19 on the continent. We support digital health and skills and have provided 600 million dollars to support African countries.

“And as we build skills for young people, we cannot run away from climate impact, so we have to build the necessary skills that are climate-smart,” she said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Lucy Ogalue

Dr Akinwunmi Adesina, the President, African Development Bank (AfDB) Group, says Africa will drive global agenda on renewable energy and green transitions.

Adesina said this at a media conference in Nairobi, on the sidelines of the ongoing AfDB Annual Meetings 2024.

The News Agency of Nigeria (NAN) reports that the event marks the 59th Annual Assembly of the AfDB, the 50th meeting of the African Development Fund (ADF) and 60 years of AfDB’s existence

While articulating Africa’s inherent advantage in renewable energy, Adesina said the continent had abundant solar potential, and a catalyst for driving green energy initiatives on a global scale.

“Globally, we have been talking about global energy transitions. Everybody worries about continued CO2 emissions and the need to contain that through energy transitions and moving into more renewable energy.

“Africa will drive the global agenda on renewable and green energy transitions for two reasons. We have great sunshine, which has about 11 terawatts of solar potential.

“That is the highest solar potential you have anywhere in the world. And the level of solar radiation in Africa is the highest anywhere you will find in the world.

“So, therefore, as the world now transitions into renewable energy, Africa will be front and centre in terms of harnessing the power of renewable energy to drive our world,” he said.

According to Adesina, there is a lot of interest in green hydrogen, green ammonia, fertilisers, jet fuels and other things that require renewable energy, such as solar energy.

He said that Africa’s rich reservoir of natural resources, including platinum, copper, and lithium, positioned the continent as a key player in the burgeoning Electric Vehicle (EV) market.

He emphasised the importance for Africa to harness these resources strategically for its transformation and to assert its prominence in global value chains.

“And so Africa today has 90 per cent of all the platinum in the world. It has well over 60- 70 per cent of all the copper you have worldwide.

“Fifty per cent of all the other metals, whether nickel or lithium. Africa has a massive amount of these natural metals that will determine the future of electric vehicles in the world.

“And so how Africa harnesses that for its transformation will be critical, but also critical for how Africa positions itself globally in those value chains.

“So there are potential, opportunities, and positioning issues for Africa within the context of your global electric vehicles and battery energy storage systems.

On Agriculture, Adesina said it emerged as a linchpin in Africa’s transformation narrative.

According to him, with most of the world’s uncultivated arable land lying within its borders, Africa holds the key to global food security.

He, however, underscored the imperative for Africa to leverage its agricultural potential to meet the needs of a burgeoning global population.

Adesina said that the continent was poised to chart its course on the global stage and should ensure to shape the future of generations to come.

“So, what Africa does with agriculture will determine the future of food in the world. Africa’s transformation will have to happen not with what Africa does not have.

“It has to happen with what Africa has and how it harnesses those things, which will drive this fast-paced transformation. (NAN)(www.nannews.ng)

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Edited by Modupe Adeloye/Ese E. Eniola Williams

By Lucy Ogalue

The African Development Bank (AfDB) says its 209.17 Euros Kenol—Sagana—Marua Highway Project in Kenya will be completed in December.

Mr Richard Malinga, AfDB’s Transport Engineer and Desk Manager of the project said this when he briefed newsmen in Nairobi on Sunday shortly after inspecting various projects.

“The work started in October 2020 and has advanced, so essentially, by the end of this year, it will be completed.

“The project will ensure regional connectivity, reduce travel time and create wealth for people around the region,” he said.

The News Agency of Nigeria (NAN) reports that the inspection was one of the activities planned for the AfDB Annual Meetings 2024.

The Kenol – Sagana – Marua Highway Project involves the reconstruction of an 84km road linking Kenya’s capital city, Nairobi, with the commercial and agricultural towns of the Central and Upper Eastern regions.

The project aims to improve access to northern Kenya and connect neighbouring countries as part of the Great North Road/Trans African Highway.

The old road, a two-lane single-carriageway, posed a major challenge to traders and farmers through high vehicle operating costs and longer travel times.

Malinga said the road’s total length is about 9600km, with the section in Kenya, which runs between the Tanzanian and Ethiopian borders, being about 920km.

“This expansion project significantly complements the AfDB’s interventions along the corridor in Kenya, namely the construction of the Nairobi –Thika Highway and the Mombasa–Nairobi–Addis Ababa corridor development projects.

“The project corridor also connects, at Isiolo town, to one of the Horn of Africa corridors, Isiolo–Mandera, which connects Kenya to Somalia.

“The Kenya-Sagana-Marua project is being done in two lots, a total of 84 km; the first section, lot 1, is approximately 48km, and the second one, lot 2, is 36 km,” he said.

According to Malinga, the road, which is being upgraded to a two-lane dual carriageway, has other extensive supporting facilities along its route.

“These include the construction and equipping of a trauma centre in Sagana and the construction of additional facilities at an Autism Centre in Karatina.

“It also includes the construction of bus parks, a modern market and sheds for commuter motorcycles, popularly known as ‘Boda Boda’.

“The project is working with the Kenya Forest Service and local community forestry groups to plant trees at nearby hills. The target is to plant 75,000 trees,” he said.

On impact, Malinga said the project would improve the quality of life of people around the region, increase rural productivity, and expand the markets.

He said it would foster a conducive and enabling business environment and attract foreign direct investments for the countries in the region, among others.

Mr Ephraim Macharia, the Vice-Chairman 2NK Sacco Transport and Board Member of the National Transport Safety Authority in Kenya commended the efforts of the AfDB in dualising the road.

He said that since the construction of the road, travel time for road users and fuel consumption while plying the road have been drastically reduced.

He said the construction had improved road safety and increased national income.

Meanwhile, some traders who trade along the route expressed mixed feelings even as they commended the bank.

They said that in spite of the increased business and income the construction work brought to them, it also displaced some of them from their homes.

NAN reports that since the inauguration of the project, several indigent students were trained in building, electric welding fabrication, carpentry, while many others got jobs. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Lucy Ogalue

The city of Nairobi is bustling as it plays host to the prestigious Annual Meetings of the African Development Bank (AfDB) Group.

The News Agency of Nigeria (NAN) reports that the event marks the 59th Annual Assembly of the AfDB and the 50th meeting of the African Development Fund (ADF).

NAN reports that the meeting is scheduled to hold from May 27 to May 31.

The AfDB has brought together high-level decision-makers from across the African Continent to deliberate on transforming Africa’s path.

The meeting has as its theme “Africa’s Transformation, African Development Bank Group, and Reform of the Global Financial Architecture.”

The meetings foster critical discussions and knowledge dissemination among crucial bilateral and multilateral development agency officials.

“Leading academics, representatives of Non-Governmental Organisations (NGOs), civil society, and the private sector will participate in the discussions.

“The agenda is packed with pivotal knowledge events designed to address the continent’s pressing economic and developmental challenges.

“Among the highlights is a Presidential Dialogue on the theme.

“This will bring together Africa’s top leaders to discuss strategic pathways for the continent’s transformation within the evolving global financial landscape,” the AfDB said.

The bank said a high-level plenary will mark the inauguration of the African Economic Outlook 2024, titled “Driving Africa’s Transformation: The Reform of the Global Financial Architecture.”

It said: “this flagship publication will provide an in-depth analysis of Africa’s economic prospects and outline necessary reforms for a more inclusive and resilient financial system.

“The thematic knowledge events will explore critical issues such as “Financing Africa’s Transformation in a Changing Global Financial System.

“It will focus on innovative financing mechanisms to support Africa’s development goals amid global financial shifts.

“Another key event, “Measuring the Green Wealth of Nations: Natural Capital and Economic Productivity in Africa,” will discuss the integration of natural capital into economic planning to enhance productivity and environmental stewardship.”

As delegates converge in Nairobi, NAN reports that the meetings promise to be a pivotal moment for charting the future course of Africa’s economic transformation.

This will unfold with a keen focus on reforming the global financial architecture.

The discussions will yield actionable insights and strategies to propel the continent towards sustainable and inclusive growth. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Lucy Ogalue

The Bank of Industry (BOI) has said that it created approximately 2,198,953 direct and indirect jobs across the country.

The Chairman of the Shareholders Committee, of BOI, Malam Muhammed Bala, said this at the 64th Annual General Meeting (AGM), held at the Transcorp Hilton, on Wednesday in Abuja.

“In furtherance to its drive to boost job creation through its interventions, the BoI significantly increased its disbursements to large, medium, small and micro enterprises,” he said.

He also disclosed that the bank’s profit before tax increased from N70.7 billion to N153.81 billion, the highest in the Bank’s history.

According to the bank, this represents 117.69 per cent.

The News Agency of Nigeria (NAN) reports that BoI has continued its impressive financial performance, showcasing a year of remarkable growth and achievements.

This is in spite of the significant global and local economic challenges it faced in the period under review.

Bala said that the bank’s total assets surged by an impressive 64.6 per cent, escalating from N2.37 trillion to N3.91 trillion.

According to him, this underscores the bank’s commitment to enhance its financial foundation and expand its capacity to support Nigeria’s industrial sector.

Bala said the bank’s loans and advances increased by 41.5 per cent, rising to N1.14 trillion and N803.6 billion respectively due to increased interventions and disbursements to enterprises.

He said this reflected the BoI’s ongoing efforts to provide essential financial support to businesses across various sectors.

“The bank’s total equity grew by 57.7 per cent from N427 billion to N678 billion, reinforcing the institution’s financial stability and capacity for future investments,” he said.

On BoI’s outlook for the coming year, the chairman said the bank would continue to implement its medium-term corporate strategy for 2022-2024.

“Thereby, effectively sustaining the trajectory of supporting Nigeria’s industrial growth.

“This is subsequent to President Bola Tinubu’s Renewed Hope Agenda and in tandem with the National Development Plan (2021-2025).

Also speaking, BoI Managing Director, Dr Olasupo Olusi, said during the period under review, the bank had empowered Nigerian enterprises, especially the micro and small ones, to remain in operation sustainably.

Olusi said this was done through the bank’s disbursement lines and managed intervention programmes.

He listed the programmes to include the Smallholder Farmer Financing Product, MSMEs Distributor Finance Programme, Fintech/Digital Lending Product, Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES).

He said the Business Resilience Assistance for Value-Adding Enterprise (BRAVE) was also part of the programmes, among others.

“The BoI’s continued focus on strategic lending and investment in critical sectors has been instrumental in achieving these outstanding results.

“As the bank looks to the future, it remains dedicated to leveraging its financial strength to support the industrialisation and economic transformation of Nigeria,” he said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

By Grace Alegba

The Chattered Institute of Bankers of Nigeria (CIBN) has sworn in Prof. Pius Olarenwaju as its 23rd President and Chairman of Council.

He was sworn in at a hybrid investiture programme convened at Victoria Island, on Friday inLagos.

Delivering his acceptance speech, the new CIBN President, Prof. Pius Olarenwaju, said the banking sector had remained resilient in spite of various economic shocks.

He said that his strategic focus would be to bequeath generational transforming legacies building on the achievements and innovations of his predecessors in office, adding that change was “inevitable”.

Olanrewaju listed particular areas of focus to include financial innovation, completion of ongoing projects, strategic engagement of shareholders, tackling emerging issues from recapitalisation, and collaboration with the government to ensure the nation’s economic progress.

He promised not to accept defeat but to take bold advantage of the situation through enhanced professionalism determined for excellence.

Olarenwaju also promised promotions of integrity and ethics among CIBN members, and inclusivity of gender across the nation to drive creativity, youth engagement and financial inclusion.

Others, he added, included boosting of membership economy, international and regional partnerships, among others.

He said plans by the CBN and banking reform required supporting of the CIBN and other stakeholders, which had his strong support.

“Will we just accept these challenges and do nothing, no, we will do something,” he said.

He explained the roles of older members in passing down the torch of excellence, promising to deliver on the CIBN mandate.

“We are going to run a responsive government,” he said.

Full of praises for his predecessor’s achievements and impacts, Olarenwaju thanked God for making the transition seamless.

He thanked Babcock University where he was once an employee for giving professionals within their employment special status and paying them special salaries.

Chairman of the occasion, Chief Wole Olanipekun, Founding Partner, Wole Olanipekun and Co, on Friday, urged CIBN to proffer solutions to the nation’s economic challenges.

Olanipekun, a former president of the Nigeria Bar Association (NBA), said that the CIBN as an institution critical to the growth of the economy owed a duty to the nation to chart the right economic direction.

He emphasised the need to build strong institutions rather than individuals in Nigeria, to get the right implementable policies for the rapid development of the nation.

He said that, unlike the NBA, the CIBN was empowered by legislation to sue and be sued, hence, its enormous powers to initiate and pursue implementation of economic and financial reforms.

He said that the CIBN needed to continuously proffer solutions to Nigerian economic challenges.

He advised the new CIBN President, Prof. Pius Olarenwaju, not to drop the strong baton of good leadership handed over to him by his predecessor but to lead the association to a new enviable height.

Dr Ken Opara, immediate past President/Chairman of Council, CIBN expressed satisfaction with achievements during his tenure as he handed over while reeling out the qualities of his successor.

He assured that Olarenwaju and his team would lead the institute to new enviable heights.

Mrs Emily Osuji who represented Bello Hassan, Managing Director/Chief Executive Officer, NDIC commended Opara’s contributions that produced growth in the banking sector while congratulating Olarenwaju for taking over the mantle.

Hassan said digitalization had increased exposure to cyber attacks hence the need for collaboration of all stakeholders towards reducing vulnerability.

Hassan enumerated efforts of the NDIC in ensuring effective deposit insurance that is credible to mitigate risks.

He reassured the support of NDIC in ensuring a sound banking system in the nation while pledging a partnership with the CIBN to promote a healthy banking industry.

Speaker of the House of Representatives, Tajudeen Abbas represented by a member, Nwachuku Eze commended Opara’s leadership where the banking sector achieved a “milestone”.

He said the institute had been a rallying point in driving growth and credibility in the banking sector.

Abbas said the banking sector had a critical role to play in the nation’s economy, adding that the CIBN had continued to uphold high standards to ensure the resilience of the sector.

He urged the new leadership of Olarenwaju to embrace changes brought about by evolving technology.

He called for inclusive growth through continued capacity building of its members while urging the new president to ensure that the banking industry uphold financial inclusion.

He said that the National Assembly was working on coming up with legislation to ensure microfinance banks were better equipped to partner the government in reaching the grassroots.

Edited by Olawunmi Ashafa

By Lucy Ogalue

The African Development Bank (AfDB) and InterAmerican Development Bank (IDB) have welcomed International Monetary Fund’s (IMF) Executive Board’s approval of the use of Special Drawing Rights (SDRs) for Hybrid Capital Instruments.

The AfDB in a statement, said the IMF approval allowed countries to channel SDRs through multilateral development banks.

It said the AfDB-IDB financial instruments could leverage SDRs by up to four times their value in the form of loans to finance social and climate projects.

“The SDR-hybrid-capital based solution proposed by the AfDB and IDB meets the IMF’s statistical criteria for international reserve-asset status.

“As such, according to IMF rules, countries that lend their SDRs through this pioneering approach can continue to account for them as reserves.

“This innovative SDR-based hybrid capital channelling solution will help unlock new lending by Multilateral Development Banks (MDBs) to address rising global challenges, including climate and food security,” it said.

According to the AfDB, the new instrument offers the opportunity to lend at least four dollars for every one dollar equivalent of SDRs through AfDB, IDB, and MDBs to finance development projects.

It quoted the AfDB President, Akinwumi Adesina, as saying “at a time of multiple crises and scarce resources for development, this is a unique value proposition for governments everywhere.

“The next step is to secure at least five investors to channel their SDRs through MDBs.

”The AfDB and IDB will continue their dialogue with SDR holders to drive forward this innovative financial solution.

“The international community now has at its disposal an innovative approach through which development financing can be mobilised with a multiplier effect and at no cost to taxpayers.

“These are the types of solutions we need to help us tackle Africa’s growing development challenges,” Adesina said.

Dr Ilan Goldfajn, President of the IDB, expressed delight at the IMF Executive Board’s decision.

“With the new SDR-based hybrid-capital instrument, we have a cost-efficient way to finance much-needed sustainable development projects.

“To boost climate resilience, reduce poverty and inequality, and lay the foundation for more inclusive growth in many of our countries.

“The G20 has recommended that MDBs optimise the use of their balance sheets through financial innovation to create additional lending capacity to help countries tackle urgent development challenges,” he said.

The AfDB recalled that in April, the leaders of 10 MDBs published a Viewpoint Note and announced joint steps to work more effectively as a system and increase the impact and scale of their work.

The News Agency of Nigeria (NAN) reports that the SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.

Its value is based on a basket of world currencies (U. S dollar, Euro, Chinese Yuan, Japanese Yen, and British Pound).

The IMF’s most recent general allocation of SDRs to its members was in 2021, when the equivalent of 650 billion dollars was issued to help countries respond to the COVID-19 pandemic. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams