Economy
How Africa Can Achieve Economic Reform—Adesina
By Dipo Olowookere
President of the African Development Bank (AfDB), Mr Akinwumi Adesina, has highlighted what steps Africa can take to bring about the much needed economic transformation.
The AfDB chief, during his three-day visit the Netherlands, said expanded partnerships and investments in Africa are some of the things Africa must do to achieve this goal.
During his visit to the Netherlands, he met with government officials and private and public sector business leaders and affirmed the accord between the bank and the Dutch government’s development agendas and foreign policy.
At a meeting with Sigrid A.M. Kaag, Minister for Foreign Trade and Development Cooperation, in the Hague, on August 29, Mr Adesina spoke about investing in Africa and commended the Netherlands for its support, which has extended to legal systems, water, food and nutrition, and gender. He also congratulated the government for its Development Policy, which emphasizes global fragility, gender and climate.
“Africa is growing economically. Foreign direct investment is on the increase. This is due to political stability and improved governance. Africa is open and ready to do business,” Mr Adesina said.
Mr Kaag said the adoption of renewable energy by a growing number of African countries was a key element to reducing fragility of countries and to fighting climate change and said this aligned closely with her government’s policy.
“I am happy to see where we can work together on gender, fragility, and conflict prevention in countries in Africa”, the Minister said.
Making a similar point, Peter van Mierlo, Chief Executive Officer of the Netherlands Development Finance Company (FMO), called for greater harmonization between the work of FMO and the Bank in the area of energy, agriculture and institutional investment. President Adesina met with him and other officials, the same day.
“A benefit for Africa is that it can skip development cycles that often developed countries had to go through”, Mierlo said.
Commercial banks are withdrawing from trade finance and as such FMO and African Development Bank would be able to work jointly in boosting trade financing, Mierlo said. Currently, joint projects between FMO and the Bank are estimated at $55 million.
Addressing a High-level Roundtable with Dutch Business Leaders, hosted at Netherlands Enterprise Agency (RVO), on August 29, Mr Adesina presented the Africa Investment Forum (AIF), the Bank’s innovative marketplace scheduled for November 7-9 in Johannesburg, South Africa. The AIF will bring together project sponsors, lenders, fund managers and investors, to attract investment and capital for development, projects in Africa.
“Our role is to mobilise capital for Africa. We have done this through the High 5 Agenda. In the energy sector, the African Development Bank is investing $12 billion over the next 5 years, with the goal of leveraging $40-50 billion. The bank will also be investing $24 billion, over 10 years, in agriculture to implement its Feed Africa Strategy,” Mr Adesina said.
Susan Shannon, Vice President for Government Relations, Policy & International Organisations for Shell, who was present at the meeting, said the move towards cleaner and renewable energy in African countries had resulted in a higher level of engagement by the oil giant on the continent.
“Shell can work with the African Development Bank to expand access to energy in Africa”, Shannon said.
On August 30 in Wageningen, at the Sustainable Development Goal Conference, Mr Adesina repeated the lender’s call to end hunger on the continent.
“What Africa does with agriculture will determine the future of food in the world”, he said. “The greatest agenda we have is how to unlock Africa’s agricultural potential. If Africa can get the right technology to raise productivity, transform its savannahs, turn agriculture into a business and address the issue of nutrition. Africa can feed itself in 10 years and contribute to feeding the world in the years to come.”
By Adedapo Adesanya
President Bola Tinubu has called on the World Bank to support Nigeria’s ongoing economic reforms, with a focus on agriculture, youth employment, and private sector growth.
The president sought this assistance when he received a delegation from the World Bank led by Anna Bjerde, Managing Director of Operations, at the State House, Abuja on Tuesday, noting that the bank’s support will boost his administration’s strategy to strengthen the economy and expand opportunities for Nigerians.
“Since we went into this tunnel of reform, we have our hands on the power and we’re never going to look back. Initially, it was painful and difficult, but those who win are not the ones who give up in difficult times,” Mr Tinubu said.
The president highlighted the importance of mechanization and modernization of agriculture to increase productivity and create opportunities for Nigeria’s large young population.
“We have mechanization centers to help farmers with improved seedings and fertilizers to enhance their programs. The goal is to move farmers from small-scale holders to large cooperatives that can create opportunities for Nigerians,” he explained.
Mr Tinubu also pointed to the petrochemical sector and other domestic industries as areas where the government is working to improve outputs and strengthen local markets. He stressed that reforms are continuous and must be grounded in transparency, accountability, and stability.
“The first reaction to reforms was high inflation, but it has come down dramatically, and the Naira is now stable. We want to help investors operate with ease, reduce bureaucracy, and develop the skills of our people,” he said.
On her part, Ms Anna Bjerde commended the administration for its consistent and steady approach to reforms over the past two years. She highlighted that Nigeria has become a global example of reform implementation, giving confidence to investors and policymakers worldwide.
“The results achieved in the last two years are commendable. Your steady communication of the importance of reforms has given confidence and clarity, and there is no turning back,” Ms Bjerde said.
She emphasized the importance of job creation, particularly for Nigeria’s youth, noting that Africa’s young population is growing rapidly and that SMEs are central to employment generation.
“Agriculture is a huge part of the economy and a major employer. Innovations in mechanization, cooperatives, value-chain development, and infrastructure can be scaled to create more opportunities,” Ms Bjerde said.
She also highlighted the World Bank’s financial support for Nigeria, including public sector financing of $17 billion, private sector support of $5 billion through the International Finance Corporation (IFC), and investment guarantees exceeding $500 million. These instruments are aligned with Nigeria’s reforms, including trade, digital initiatives, and inflation management, to stimulate private sector growth and human development.
“We want to work with Nigeria to accelerate growth, improve access to finance for SMEs, and support early childhood development as part of a comprehensive human development strategy,” she added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.96 per cent on Tuesday, February 3, boosting the Unlisted Security Index (NSI) by 34.54 points to 3,641.30 points from the 3,606.76 points it ended a day earlier.
Equally, the market capitalisation of the trading platform was up during the session by N20.67 billion to end N2.178 trillion from the N2.158 trillion it ended on Monday.
The expansion witnessed by the OTC securities exchange yesterday was buoyed by the gains printed by four stocks on the bourse, with Central Securities Clearing System (CSCS) Plc up by N4.00 to sell at N44.00 per unit versus the previous day’s N40.00 per unit.
Further, Air Liquide Plc increased by N1.86 to end at N20.49 per share compared with Monday’s closing price of N18.63 per share, Afriland Properties Plc appreciated by 35 Kobo to N14.00 per unit from N3.65 per unit, and UBN Property Plc added 1 Kobo to settle at N2.20 per share, in contrast to the preceding day’s N2.21 per share.
On the flip side, there were two price losers led by FrieslandCampinaWamco Nigeria Plc, which shed 4 Kobo to close at N63.50 per unit compared with the previous day’s N63.54 per unit, and Geo-Fluids Plc lost 3 Kobo to finish at N6.81 per share compared with the N6.84 per share it traded in the preceding session.
Data showed that the volume of securities bought and sold by investors grew by 82.5 per cent to 7.0 million units from 3.9 million units, and the value of securities jumped by 5.2 per cent to N37.9 million from N36.0 million, while the number of deals decreased by 15 per cent to 34 deals from 40 deals.
CSCS Plc remained the most active stock by value (year-to-date) with 15.9 million units sold for N649.0 million, the second spot was taken by FrieslandCampina Wamco Nigeria Plc with 1.7 million units worth N110.9 million, while the third position was occupied by Geo-Fluids Plc with the sale of 11.1 million units for N73.1 million.
The most traded stock by volume (year-to-date) was still CSCS Plc with 15.9 million units exchanged for N649.0 million, followed by Mass Telecom Innovation Plc with 12.7 million units sold for N5.1 million, and Geo-Fluids Plc with 11.1 million units traded for N73.1 million.
By Adedapo Adesanya
The Naira firmed up against the US Dollar in the various segments of the foreign exchange (FX) market on Tuesday, February 3, 2026, on the back of improved forex liquidity.
In the black market window, the local currency improved its value against the Dollar during the session by N10 to sell for N1,455/$1 compared with the previous day’s rate of N1,465/$1, and at the GTBank FX counter, it gained N33 gain to close at N1,386/$1 versus Monday’s closing value of N1,419/$1.
In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency appreciated against the greenback by N17.45 to trade at N1,372.91/$1, in contrast to the preceding session’s N1,390.36/$1.
In the same vein, the Nigerian currency chalked up N21.92 against the Pound Sterling yesterday in the official market to quote at N1,877.59/£1 compared with the N1,899.51/£1 it was exchanged a day earlier, and gained N24.76 against the Euro to settle at N1,619.76/€1 versus N1,644.52/€1.
The appreciation seen indicates that available supply is mopping up demand even without any intervention from the Central Bank of Nigeria (CBN) in recent weeks, showing that market-driven currency framework is driving a stronger Naira.
Enhanced price discovery following plans by the apex bank to undertake a comprehensive revamp of the FX manual is acting as a pillar of support.
At a recent forum, the Deputy Governor, Economic Policy, CBN, Mr Muhammad Sani Abdullahi, disclosed that the bank was revamping the manual, a key regulatory document used by banks for export proceeds and other foreign trade-related transactions.
According to him, the document was already undergoing significant reforms aimed at aligning market operations with current economic realities.
Mr Abdullahi explained that the revised manual would introduce clearer rules, stronger oversight and improved processes to support transparency and efficiency in the FX market.
He said the reforms are expected to close loopholes, reduce uncertainty for market participants, and support a more orderly functioning of the foreign exchange system.
Also, Nigeria’s external reserves, which provide the CBN with the capacity to support the Naira, have continued to rise, reaching $46.59 billion as of 2 February 2026, according to CBN data.
In the cryptocurrency market, most prices still remained down as sentiment among short-term traders remaining cautious after thin liquidity and heavy liquidations pushed prices sharply lower.
Global crypto investment products saw $1.7 billion in outflows last week, marking the second consecutive week of heavy redemptions, with Solana (SOL) down by 5.2 per cent to $98.41.
Further, Bitcoin (BTC) depreciated by 2.4 per cent to $76,638.44, Binance Coin (BNB) slumped by 2.0 per cent to $761.78, Ethereum (ETH) dropped by 1.9 per cent to $2,277.16, Ripple (XRP) declined by 0.6 per cent to $1.60, and the US Dollar Tether (USDT) lost 0.1 per cent to sell at $0.9985.
However, Dogecoin (DOGE) improved by 1.7 per cent to $0.1084, Cardano (ADA) expanded by 1.2 per cent to $0.2868, and Litecoin (LTC) increased by 0.9 per cent to $60.63, while the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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