Economy
AfDB to Raise Africa’s Overall GDP to $5.6tr by 2025
By Dipo Olowookere
The African Development Bank (AfDB) has revealed plans to boost the continent’s industrial Gross Domestic Product (GDP) by 130 percent by 2025 and drive its overall GDP from $2.3 trillion to $5.6 trillion.
This was made known in its latest reported titled Industrialise Africa and obtained by Business Post on Sunday.
In the report, the continent’s lender said of the eight African nations profiled, South Africa had the highest industrial GDP with Nigeria the lowest.
South Africa has 44.8 percent, Egypt 30.1 percent, Cote d’Ivoire 29 percent, Kenya 23.3 percent, Ghana 21 percent, Ethiopia 21 percent, Cameroon 17.9 percent and Nigeria 13.1 percent.
AfDB, in the report, said it plans to industrialise Africa by placing a stronger focus on areas where it can best leverage its experience, capacities and its finances to support countries through six ‘Flagship Programs’, which are at the core of the Bank’s Industrialise Africa priority.
It explained that to deliver its contribution to these programs, the Bank will significantly increase its level of funding over the next decade by fostering successful industrial policies, attracting and channelling funding into infrastructure and industry projects, and growing liquid and effective capital markets.
Also, the bank said it plans to promote and drive enterprise development, promote strategic partnerships in Africa, and develop efficient industry clusters cross the continent.
The lender further stated in the report that it hopes to help Africa move from agriculture to agro-industries, from raw natural resource exports to high-value semi-processed or processed exports and, hence, to curb high unemployment rates and lay the groundwork for greater diversification of economies.
It noted that this industrial revolution must be underpinned by technological progress, reallocation of new investments into high-return emerging markets and by offering Africa opportunities to leapfrog over its development gap.
Stakeholders acting on the industrialisation agenda of the continent estimate that structural transformation requires industrial GDP to grow by an average of 11.5% per year (corresponding to a cumulative growth of 130% by 2025), while GDP per capita growth would have to almost double to 4% per annum.
The experience of other industrialising economies would seem to indicate that Africa can realistically achieve these objectives by increasing industrial GDP in the next 10 years from $751 billion to $1.72 trillion within the next decade. This would raise continental GDP to $5.62 trillion and African GDP per capita to $3 368 by 2025.
“For this to happen, there is a need for a comprehensive and resolute continental industrial policy that is country-adjustable to local contexts and that can be aligned with the country’s development goals.
“This will require vision and commitment from political leaders but also from the African Development Bank and the broader development community called upon to provide support through technical assistance, capacity building, continuous dialogue and advisory services,” the report said.
Lessons from the experiences of the African Development Bank, UNIDO, UNECA and other development organisations highlight five key enablers that have been common to almost all countries that have rapidly industrialised their economies.
In successful industrialising countries, these enablers have typically been integrated into a comprehensive industrial policy that has enabled businesses, both large and small, to develop along the value chains of selected, high-potential industrial sectors.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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