Economy
AfDB to Grant Nigeria $650m Annually to Drive Economic Transformation
By Adedapo Adesanya
The African Development Bank (AfDB) has approved a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650 million annually to drive Nigeria’s economic transformation.
According to a statement published on its website, the fund will not only drive economic transformation but also build resilience and foster broad-based prosperity across the country.
“The Board of Directors of the African Development Bank Group has a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650 million annually to drive economic transformation, build resilience, and foster broad-based prosperity across the country,” a part of the statement read.
Under the new strategy, the bank will provide $2.95 billion over the first four years, complemented by an estimated $3.21 billion in co-financing from development partners.
The Strategy Paper will focus on two key priority areas, which include: promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialization.
According to the Abidjan based bank, the strategy aims to close Nigeria’s critical infrastructure gap – estimated at $2.3 trillion between 2020 and 2043 – by investing in climate-friendly roads, power, and water systems, and supporting agribusinesses that create jobs, especially for women and youth.
The investments are projected to support Nigeria’s ambition to double the size of its economy to $1 trillion and to create 1,561,000 jobs.
The strategy paper aligns with Nigeria’s long-term development plans, including the Agenda 2050, the National Development Plan 2021-2025, and the 2023 Renewed Hope Agenda.
The Country Strategy also supports Nigeria’s efforts to capitalize on opportunities offered by the African Continental Free Trade Area by boosting energy access, improving transportation networks, and enhancing market access for farmers, agro-entrepreneurs, and businesses.
Commenting on the strategy, Director General of the African Development Bank Nigeria Office, Mr Abdul Kamara, noted that the “strategy takes a transformative partnership between the bank and Nigeria to a new level
“By investing in sustainable infrastructure and inclusive agricultural growth, we are not only building roads, power systems, and transforming agriculture – we are building pathways to prosperity for millions of Nigerians,” he said.
Millions of Nigerians, including women, youth, micro-, small- and medium-sized enterprises, State governments, and rural communities, are expected to benefit from improved access to finance, enhanced supply chains, training, and business opportunities.
By supporting greener, more resilient infrastructure and agricultural systems, the strategy also strengthens Nigeria’s adaptation efforts, mitigating the effects of floods and droughts, easing farmer-herder conflicts, and contributing to a stronger and united future.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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