Economy
Experts Seek Innovation-Driven Investments in Africa
By Modupe Gbadeyanka
The third Investing in Africa Forum (IAF) saw the launch of a thought-provoking report on propelling the economy, called ‘Leapfrogging Through Innovation.’
Prepared by the World Bank and China Development Bank, the report discusses opportunities to scale-up innovation in various economic sectors in Africa.
The annual Forum took place in Dakar this year, where it was hosted by the Government of Senegal, Chinese Ministry of Finance, China Development Bank, and the World Bank Group.
“We couldn’t have found a better topic for a continent aspiring for emergence. On the path to emergence, we must give ourselves the means to positively and sustainably transform our production system.
“This will inevitably require innovation, and a new mindset that translates into a real willingness to break with established ideas, practices, and habits. It can no longer be ‘business as usual’, as our Anglophone friends say,” said Macky Sall, President of Senegal.
The IAF is an annual platform for aimed at increasing China’s investments in Africa, and other multilateral cooperation. This year it focused on a new generation of investment opportunities driven by innovation and the adoption of technologies critical for unlocking Africa’s potential for accelerated, inclusive economic growth.
“The Investing in Africa Forum is an important multilateral platform to strengthen cooperation and spark innovation across the African continent,” said Shaolin Yang, Managing Director and Chief Administrative Officer of the World Bank Group. “African leaders recognize the power of embracing new and disruptive technologies. We look forward to working on ways that move words to action by further leveraging finance, global knowledge, and partnerships through supporting dialogues among governments, investors, and civil society. Through the Forum we are igniting change for long-term sustainable impact across the developing world.”
Several Memorandums of Understanding were signed at the Forum, covering projects in energy, agriculture, and education.
“We have committed to mutually beneficial, win-win cooperation to promote the sharing of development experience, investments and trade,” said Yaobin Shi, Vice Minister of Finance of the People’s Republic of China.
“I hope that, through this Forum, China and African countries will coordinate development strategies and find new opportunities for cooperation. We must learn from each other, explore new development paths, integrate our competitive advantages and resources, and develop new financing models to help achieve the Sustainable Development Goals by 2030.”
The Forum also saw the debut of the Investing in Africa Think Tank Alliance, a global platform for knowledge sharing and partnerships in Africa, China, and elsewhere.
The International Finance Corporation (IFC) is already working with investments from China to finance development projects through the Managed Co-Lending Portfolio Program. This program has financed to date 57 projects across 27 countries, and has notably invested $465 million in Sub-Saharan African countries (Ghana, Kenya, Guinea, Ethiopia, Nigeria, Gabon, Chad and the Democratic Republic of the Congo).
“The digital economy has high potential to unleash economic growth, jobs, and social inclusion,” said Nena Stoiljkovic, IFC Vice President for Blended Finance and Partnerships. “The digitization of economies requires the right regulatory framework, significant private sector investment in broadband infrastructure, and financing and advisory solutions to unlock investments perceived as higher risk.”
More than 400 participants attended the Forum, which was also well-attended by Chinese and African companies seeking to expand partnerships for new investments.
Established in 2015 through a China Development Bank initiative, the first two Forums were held in Addis Ababa (Ethiopia) and in Guangzhou (China). During these Forums, participants advocated stronger partnerships to address the acceleration of manufacturing and industrialization, expanding agriculture and agribusiness, and improving infrastructure, regional connectivity and logistics for trade.
The next Investing in Africa Forum (IAF 2018) will be held in Hunan, China.
By Adedapo Adesanya
The Naira returned from break with more pressure, losing 2.6 per cent or N35.38 against the Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, March 23, to trade at N1,388.38/$1 compared with last Wednesday’s closing price of N1,353.00/$1.
It was the same outcome for the Nigerian Naira against the Pound Sterling in the official market, where it tumbled by N58.36 to sell for N1,860.29/£1 versus the preceding session’s N1,801.93/£1, and crashed against the Euro by N53.19 to N1,609.41/€1 from N1,556.22/€1.
Similarly, the domestic currency depreciated against the US Dollar at the GTBank FX counter by N8 yesterday to close at N1,371/$1 versus the previous rate of N1,363/$1, and in the black market, it depreciated by N5 to quote at N1,400/$1 versus N1,395/$1.
The projection for the Naira appears to be changing course as it edged towards consecutive weaknesses due to disruptions to global oil supply, which have increased volatility in energy markets, making investors jittery.
This is also causing outflow for international payments, as evidenced by Nigeria’s external reserves recording drops.
Regardless, Coronation Merchant Bank’s research subsidiary expects the Naira to trade within a relatively stable range in the near term, supported by sustained foreign portfolio inflows (FPI) and improved exporter participation in the FX market.
Meanwhile, the cryptocurrency market saw the price of Bitcoin rise by 4.5 per cent to $70,827.12 after US President Donald Trump announced a five-day pause to airstrikes against Iranian energy infrastructure, citing “productive” diplomatic talks. Meanwhile, Iranian officials denied the existence of talks, but the crypto market largely brushed it off.
Solana (SOL) improved by 6.7 per cent to $91.66, Ethereum (ETH) expanded by 5.8 per cent to $2,157.56, Dogecoin (DOGE) grew by 5.7 per cent to $0.095, Cardano (ADA) jumped 5.2 per cent to $0.2630, Ripple (XRP) soared 4.2 per cent to $1.43, and Binance Coin (BNB) climbed 2.3 per cent to s$639.92.
However, TRON (TRX) dropped 2.8 per cent to $0.3049, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited resumed trading activity on Monday after a two-day break last Thursday and Friday for Eid al-Fitr.
At the resumption of trading of shares yesterday, investors embarked on profit-taking, crashing Customs Street by 1.07 per cent at the close of transactions.
The sell-offs were mainly in the banking, consumer goods and insurance sectors, which closed lower by 2.02 per cent, 1.13 per cent, and 0.16 per cent, respectively.
The trio made nonsense of the 0.31 per cent growth posted by the energy index and the 0.17 per cent increase recorded by the industrial goods counter.
Consequently, the All-Share Index (ASI) contracted by 2,142.83 points to 199,014.02 points from last Wednesday’s 201,156.85 points, and the market capitalisation decreased by N1.376 trillion to finish at N127.750 trillion compared with the previous N129.126 trillion.
Consolidated Hallmark was the worst-performing stock for the day after it lost 9.64 per cent to close at N4.50, Deap Capital depreciated by 8.37 per cent to N5.91, GTCO declined by 8.18 per cent to N105.00, International Energy Insurance lost 7.67 per cent to trade at N2.77, and Nigerian Breweries slumped by 7.29 per cent to N70.00.
Conversely, Presco appreciated by 10.00 per cent to N1,871.20, Zichis improved by 9.91 per cent to N9.43, John Holt expanded by 9.70 per cent to N13.00, Premier Paints grew by 9.62 per cent to N25.65, and Sovereign Trust Insurance gained 8.74 per cent to settle at N2.24.
Market participants transacted 848.8 million equities worth N53.3 billion in 139,458 deals on the first trading session of this week compared with the 6.1 billion equities valued at N130.1 billion traded in 58,562 deals in the preceding trading day, indicating a spike in the number of deals by 138.14 per cent, and a shrink in the trading volume and value by 86.09 per cent and 59.03 per cent apiece.
UBA was the most active stock on Monday, with a turnover of 114.2 million units worth N5.5 billion. Wema Bank traded 112.0 million units valued at N2.9 billion, Access Holdings transacted 54.8 million units for N1.4 billion, Zenith Bank exchanged 38.2 million units worth N4.1 billion, and Zichis sold 32.2 million units valued at N272.6 million.
By Adedapo Adesanya
Oil prices dropped over 10 per cent on Monday after US President Donald Trump said he would postpone any military strikes against Iranian power plants for five days.
Brent futures fell by $12.25 or 10.9 per cent to settle at $99.94 a barrel, while the US West Texas Intermediate (WTI) crude lost $10.10 or 10.3 per cent to trade at $88.13 per barrel.
President Trump claimed that constructive talks to resolve hostilities in the Middle East were going, hours before a deadline that threatened to escalate the four-week-old war over the Strait of Hormuz, where roughly 20 per cent of global oil and liquefied petroleum gas (LNG) flows through and which disruption has already driven a sharp spike in crude prices and heightened fears of a prolonged supply shock.
The Iranian media claimed there had been no direct or indirect contact with President Trump.
Iran’s Revolutionary Guards had said they would attack Israel’s power plants and those supplying US bases across the Gulf region if America follows through with Mr Trump’s threat to “obliterate” Iran’s power network. The war has already damaged major energy facilities in the Gulf and effectively halted shipping through the strait.
Amid the tussle, it was reported that two tankers bound for India sailed through the Strait of Hormuz on Monday carrying LNG loaded in the United Arab Emirates and Kuwait.
The head of the International Energy Agency (IEA), Mr Fatih Birol, estimated that since the current crisis, which started with bombings against the regime in Tehran on 28 February, there have been losses of 11 million barrels of oil per day and about 140 billion cubic metres of gas.
Mr Birol said that about 5 million barrels of oil had been lost in the two previous crises in 1973 and 1979, while Russia’s 2022 invasion of Ukraine removed about 75 billion cubic metres of natural gas from international markets.
The supply crunch has led to a temporary waiver of US sanctions on Russian and Iranian oil already at sea. Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move.
There was a surplus in global oil markets at the start of 2026, but recent developments have sparked shortages and growing anxieties around the world.
Beyond supply, some demand has also been affected as global air travel remains severely disrupted after the Iran war forced the closure of key Middle Eastern hubs including Dubai, Doha and Abu Dhabi, stranding tens of thousands of passengers.
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