General
AfDB Develops Mechanism for Revenue Generation in Extractive Industry
By Adedapo Adesanya
The African Development Bank (AfDB) has developed a three-year project in response to demands by member countries for technical assistance to monitor revenues generated from their extractive industries.
The AfDB made this known during a virtual inception workshop for the Financial Modelling Project in the Extractive Sector (FIMES) organised by the African Natural Resources Centre (ENRC) of the bank in Abidjan, Cote d’Ivoire.
According to the project report, FIMES will be implemented in eight transitional countries – Guinea, Liberia, Mali, Madagascar, Niger, Sierra Leone, South Sudan and Zimbabwe from 2020 to 2022.
The project, which is the first of its kind for the bank, is aimed at enhancing the abilities of the focal countries to improve domestic resource mobilisation from the extractive sectors.
Presenting the background information on the FIMES project, Mrs Vanessa Ushie, Division Manager, Policy Analysis, (ENRC, AfDB) said the project was aimed at the overall economic resilience of the continent.
Mrs Ushie also said that the scheme would build the capacity of government institutions to elaborate and use financial modelling of extractive projects to inform strategy setting and negotiate contracts and concessions.
She said: “20 government officials in each beneficiary member country will participate in the training, learning and knowledge activities as national beneficiaries, that is, 180 officials in the eight countries.
“Set criteria for selection of beneficiaries in the national cohort to include relevance to primary job function on extractive revenue management, knowledge of extractive sector fiscal issues’ potential multiplier effects (trainer-of-trainers approach) and IT proficiency.
“The project commits to at least 40 per cent of beneficiaries in the eight countries to be women.
“National Focal Point (NFP) main coordinating actor in each beneficiary country must be nominated by the national government to play this role.’’
She said the NFPs coordinate the national government’s engagement on the project, interface with the AfDB and other stakeholders and manage the selection of project beneficiaries.
Mrs Ushie added that the project components would focus on capacity building, peer learning and knowledge exchange, and FIMES’ Virtual Knowledge Hub.
In his contribution, Mr Yero Baldeh, Director, Transitional States Coordination Office, AfDB said the project was “competitively selected from the 2019 proposals’’.
He said the selection was done with a view to building capacity for the financing model and in turn, strengthen domestic resource mobilisation, institutional capacity and resilience in the selected transition member countries.
“The goal is to improve efficiency, sustainability and employer management practices in the artisanal and small scale mining sector in the selected transition countries.
“Through this project, the bank is strengthening the human capacity of government regulatory agencies among others to facilitate the formalisation of artisanal and small scale mining to generate employment and improve economic scales of several stakeholders, especially those along the artisanal and small scale mining value chain.’’ He added.
He reaffirmed the bank’s commitment to collaborate with member countries and its centre to proactively set up joint efforts to increase inclusiveness and accelerate development and support for policy reforms in the extractive sector.
In another contribution, Mrs Marie-Laure Akin-Olugbade, Director-General, West Africa Region, AfDB said the project would help the capacity of member governments to use financial modelling for optimising revenues from the extractives sector.
“This is a priority of the bank and is part of the strategy of the bank in putting together policies to strengthen resource mobilisation, industrialisation and the development of infrastructure,’’ she said.
Mr Akin-Olugbade noted that the Covid-19 pandemic had affected economies of member countries severely, and added that governments needed to strengthen economic resilience in order to recover.
Also, Mrs Josephine Ngure, Acting Director-General, Southern Africa Region, AfDB, said it was important for countries to have a robust and evidence-based framework to process the impact of policy decisions on extractives projects.
Mrs Ngure, who was represented by Mr Pietro Toigo, Country Manager, AfDB Office in Mozambique, added that countries should estimate the amount to which they secure fair shares of resources over the course of the project.
“This is particularly important because robust modelling gives you a sense of the impact over the whole lifespan of a project and helps policymakers not to concentrate on short term gains that may impair the ability of the state to generate revenue in the future,’’ he said.
She called for coordination and leadership across the departments in ministries that were charged with the various aspects of extractive projects.
However, Mrs Nnenna Nwabufo, Acting Director-General, East Africa Region, AfDB, lamented that most African countries exported extractive resources as raw materials with little value-added.
She noted that exportation of raw mineral resources was not beneficial to the sustainable economic development of the continent.
“We look forward to FIMES leading to increased transparency and accountability in the management of financial gains for the benefits of the countries rather than personal agenda of individuals or political interest groups,’’ she said.
She added that there was also the need to create an enabling environment that fostered linkages between projects in the extractives industry and the broader economy thereby contributing to inclusive and sustainable development.
The Director then called on the bank and it’s development partners to support member countries to build strong democratic institutions.
By Dipo Olowookere
The younger sister of the former Minister of Power, Mr Adebayo Adelabu, Mrs Olaide Busayo Adegoke John-Paul, has been rescued by officials of the Nigeria Police Force (NPF).
The woman was freed from her kidnappers along with her twin sons, Peter and Paul, on Saturday evening.
They were abducted on Wednesday morning while the former employee of the Central Bank of Nigeria (CBN) was taking her children to school in Ibadan, Oyo State.
The unfortunate incident reportedly occurred at about 7:30 am on June 3, 2026, throwing residents of the area into panic. The 43-year-old mother was taken from her vehicle by the gunmen and driven away with her 12-year-old twin sons.
This evening, in an operation by security operatives, the victims were rescued, while two of the suspected kidnappers were fatally shot in a gun duel, and two firearms were recovered from the gang.
The police are now combing the area where the rescue operation took place to apprehend some of the fleeing kidnappers, who are believed to have escaped with gunshot wounds.
The news of the rescue of the kidnapped victims has thrown the family of the former Minister into a frenzy.
By Modupe Gbadeyanka
The federal government and the Honeywell Group are strengthening a partnership aimed at achieving sustainable development in Nigeria.
The company on Thursday held a meeting with the Minister of Interior, Mr Olubunmi Tunji-Ojo, in Abuja. Both parties explored ways to promote economic development, reaffirming the importance of public-private sector cooperation in advancing Nigeria’s development agenda and improving service delivery for citizens.
The Senior Adviser to the Honeywell Group, Mrs Oduwaye Nsidi-Sakiri, reaffirmed the organisation’s commitment to supporting national development through constructive engagement and collaboration.
“We commend the remarkable progress that has been made. These achievements are a reflection not only of leadership but also of the dedication and hard work of the entire team within the Ministry,” she said.
She explained that the visit reflected Honeywell Group’s longstanding tradition of maintaining proactive and constructive relationships with government institutions, regulatory agencies, and other key public-sector stakeholders. She further expressed the group’s willingness to explore opportunities for collaboration in support of government initiatives and national development objectives.
Also speaking, Honeywell Group Chief Operating Officer, Mrs Tomi Ayo-Tugbo, commended the Ministry for reforms that are delivering tangible improvements in the lives of Nigerians, reiterating the firm’s commitment to supporting the country’s growth and prosperity.
On his part, Mr Tunji-Ojo praised the company for its longstanding contributions to Nigeria’s economy and acknowledged the critical role of the private sector in driving economic growth, creating jobs, and supporting national development.
He further assured the delegation of the Ministry’s readiness to engage with stakeholders and collaborate with responsible corporate organisations in advancing initiatives that promote economic development, innovation, and improved service delivery.
The Minister emphasised that the reforms being implemented across the Ministry and its agencies are designed not only to improve operational efficiency but also to strengthen national security and enhance public confidence in government institutions.
“Our goal is to build institutions that work efficiently for the people. We are committed to creating systems that are transparent, technology-driven, and capable of delivering services in a manner that reflects the aspirations of a modern Nigeria,” he stated.
“The government cannot achieve sustainable development alone. Strong partnerships between the public and private sectors are essential to building a prosperous nation. We value organisations such as Honeywell Group that have consistently invested in Nigeria and contributed to the country’s growth over several decades,” Mr Tunji-Ojo added.
By Adedapo Adesanya
The federal government has directed that no new public contracts should be awarded without first getting the funds, as part of efforts to improve project delivery across the country.
Director-General of the Bureau of Public Procurement (BPP), Mr Adebowale Adedokun, disclosed this on the sidelines of the Inaugural Hosting of The Procurement Evolution in Abuja on Thursday.
Mr Adedokun said President Bola Tinubu had approved measures to raise resources needed to settle outstanding obligations to contractors, describing timely payment as critical to an efficient procurement system.
“Mr President has given a directive on when funds should be raised to address the concerns of contractors who are yet to be paid. With this, procurement processes will be much better because payment is now tied to procurement.
“Meaning that no award will be further issued without resources or funding available. So these are the things that the President has asked us to do.”
The BPP boss said the government was also implementing 23 procurement reforms aimed at improving transparency, efficiency and value for money in public spending.
According to him, committees to drive the reforms will soon be inaugurated by the Secretary to the Government of the Federation (SGF).
He said the reforms were designed to ensure that Nigerians benefit directly through improved infrastructure, healthcare, education and better living conditions.
“The president wants Nigerians to feel the effects of this transformation by having good roads, good hospitals, good educational institutions, and a good living wage for all workers.”
The Secretary to the Government of the Federation (SGF), Mr George Akume, said public procurement remained central to the Tinubu administration’s Renewed Hope Agenda.
Mr Akume noted that ongoing reforms, including proposed amendments to the Public Procurement Act 2007, the Nigeria First Policy, Nigeria e-Marketplace initiative, community-based procurement and affirmative procurement programmes, were intended to strengthen local industries and promote economic inclusion.
The SGF, represented by Mr Abubakar Kana, Permanent Secretary, General Services Office, Office of the SGF, added that the reforms would enhance transparency, simplify procurement processes and leverage technology to improve service delivery and national development.
“As we move forward, our collective responsibility is very clear.
“We must ensure that procurement processes are simplified. without compromising accountability, that technology is fully leveraged to eliminate inefficiencies and that all stakeholders work collaboratively to achieve shared national goals.
“The federal government remains fully committed to supporting the Bureau of Public Procurement in driving these reforms and ensuring that public procurement becomes a catalyst for economic growth, infrastructure development and improved quality of life for all our citizens.”
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