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)

========
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)

============
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)

============
Edited by Ese E. Eniola Williams

By Grace Alegba

The First Bank of Nigeria Ltd, with Rotary Club International, District 9110, has distributed N20 million worth start-up kits to 102 beneficiaries in Lagos to empower them across various trades.

The News Agency of Nigeria (NAN) reports that start-up kits distributed included: grinding machines, plumbing kits, deep freezers, sewing machines, generators, gas burners and cylinders, barbers and hairdressers kits, among others.

NAN further reports that the community intervention project had beneficiaries from the three major ethnic groups in Nigeria drawn from Lagos, Ogun and Oyo states.

Ms Helen Ihonre, Unit Head, Other SME Products E-Business and Retail, FirstBank, during the presentation, offered insights on financial management and economic discipline.

She emphasised the importance of maintaining records and accessing low-interest loans to support business growth and expansion.

She urged beneficiaries to prioritise saving from the inception of their businesses, while discouraging them from keeping funds at home, which might lead to misuse.

“Start saving from the beginning of your business. Don’t wait till you sell and keep the money in your house. Your child will come and say give me, you give him, you will use it to cook soup. At the end of the day, you will not account for what Rotary has done for you.

“So, we want you to open an account and I will give you very few tips on how to succeed in a small business,” she said.

Rotary District 9110 Governor, Ifeyinwa Ejezie, spoke on the significance of economic empowerment in Rotary’s initiatives and called for government collaboration to reach grassroots communities effectively.

She emphasised the role of Rotary in complementing government efforts and stressed the need for recognition and partnership to enhance community development.

“We know that government cannot do it alone and that is why we are assisting them in no small way in doing what they are supposed to be doing in our communities.

“So, the best they can do is recognise Rotary for what it does and then partner with us accordingly,” she said.

She added that the N20 million items distributed was the largest the district had done in one empowerment initiative in recent times.

Bukola Bakare, Rotary International District Governor Nominee Designate, explained the process and challenges of raising funds for the project and how they incorporated Rotary from Singapore to absorb shocks from inflation.

Bakare, who was the Project Cordinator, said, “everything that has been given here today is free for the beneficiaries”.

She said that First Bank was a major sponsor for the project, adding that the 102 beneficiaries were chosen based on a needs analysis from Igbos, Hausa and Yorubas resident in Lagos, Ogun and Oyo states.

“First Bank is our major supporter for this programme, we have a 10-year plan,” she said.

Mr Babatunde Adewale, Permanent Board Member, Lagos State Universal Basic Education, lauded the empowerment programme, while reeling out contributions and projects of Rotary International to schools in the state.

“We really appreciate Rotary and SUBEB will always continue to collaborate with them,” he said.

Mrs Kemi Kalesanwo, Director, Lagos State Agency for Mass Education, said that 22 out of the 102 beneficiaries were from the agency’s vocational training centres.

Kalesanwo said that the state government believed in public, private partnership and was happy with the collaboration with Rotary and First Bank.

She listed projects donated by Rotary to include construction of one of the eight vocational training centres, owned by the agency in Igbogbo area of Lagos.

Kalesanwo, therefore, urged other Nigerians to support government programmes.

Otumba Wemmy Osunde, Chairman, Illisan Development Association, Ogun State, pledged personal commitment to ensuring beneficiaries utilise the items for economic gain.

Adekunmi Adeniyi, an industrial gas burner and cylinder beneficiary alongside other beneficiaries expressed gratitude to Rotary International and First Bank for the initiative.

He acknowledged the impact on their respective trades and crafts.

Edited by Olawunmi Ashafa