Economy
Adesina Backs Strong Policies On Food Processing In Africa
By Dipo Olowookere
The challenge of post-harvest losses in Africa is one issue that has given farmers and stakeholders in the agriculture sector sleepless nights.
One person that is as well worried about this problem is the President of African Development Bank (AfDB), Mr Akinwumi Adesina, who wants African leaders to formulate policies that will tackle the menace and put an end to it.
Delivering his keynote address on Thursday at the African Green Revolution Forum (AGRF) in Nairobi, Kenya, Mr Adesina outlined the importance of policies to support the establishment of private sector-driven food processing and manufacturing companies in rural areas to deal with the immense food waste, enough to feed at least 300 million people a year.
“Massive quantities of food crops, fresh fruits and vegetables and dairy products go to waste in rural areas, while Africa depends on food imports,” Mr Adesina said.
“That is more than the 250 million people that go hungry each year in Africa,” he told a session on the “Role of Policy in Enabling Public-Private Partnerships to Achieve African Agricultural Transformation,” he added.
Reports indicate that post-harvest losses (PHL) in Africa are equivalent to the annual caloric requirement of 48 million people, and worth US $4 billion in lost revenue per year.
The agro-allied industrial zones and staple-crop processing zones in rural areas, supported with consolidated infrastructure, including roads, water, electricity, will drive down the cost of doing business for private food and agribusiness firms, Adesina said.
They will also create markets for farmers, boost economic opportunities in rural areas, stimulate jobs and attract higher domestic and foreign investments in the rural areas.
“They will turn the rural areas into zones of economic prosperity,” he said.
Kenya has instituted policies to accommodate crop processing, such as macadamia nuts, the country’s Minister of Agriculture, Livestock and Fisheries, Mr Willy Bett, told the forum.
“We have changed our policies to include processing of macadamia nuts. We want production and processing to be done here so that we boost the industry and mostly the local farmers,” he stated.
The inability of farmers to access insurance and finance was emphasised as a major setback to agriculture, with Shenggen Fan, the Director General of the International Food Policy Research Institute, blaming this for making farmers susceptible to shocks. He said access to financing was necessary to protect farmers against vulnerability.
This was reiterated by Mr Adesina, who noted that, despite accounting for some 32% of the GDP, the agriculture sector receives less than 3% of the banking sector’s financing. He called on governments to address failures and reduce the risks facing the financial sector that block lending to agriculture.
Nigeria was cited as a country that has successfully developed a national risk-sharing facility for banks to lend to agriculture.
Through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the country witnessed a 600% increase in lending by banks to the agriculture sector, rising from 0.7% of total bank lending to 5% within four years.
This has since led to banks establishing their own agricultural lending desks.
But investments in science, technology and innovation in Africa’s agriculture are equally important, according to Dominique Charron, the Director for Agriculture and Environment at the Ottawa-based International Development Research Centre.
“If you want to transform agriculture, we need to invest in innovation, ICT, science, and help build the capacity of Africa’s farmers in these areas,” Charron told the forum.
She called for part of the financial pledges to agriculture made by several organisations at the ongoing AGRF to be channelled toward innovation, ICT and science. A September 7, 2016 session on “Making Political, Policy and Financial Commitments” saw several organisations, including the AfDB, make commitments to agriculture amounting to over US $30 billion.
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By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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