Economy
AfDB to Prioritise Private Sector in Climate, Green Growth Financing
By Adedapo Adesanya
The African Development Bank (AfDB) has revealed plans to plug the gaps in the much-needed finances on the continent by leveraging the private sector, especially in climate and green growth.
This was disclosed by Mr Kelvin Urama, the first Vice President for the Economic Governance and Knowledge Management Complex of the bank, during the virtual Pre-Annual Meetings media conference.
The briefing was organised to herald the bank’s annual meetings, scheduled to hold from May 22 to May 27 in Sham El Sheikh, Egypt, where COP27 was held last year.
According to Mr Urama, the need for financing for Africa is very humongous for the public sector financing to meet those demands.
“This year, the bank will focus on how to leverage the private sector to address the financial gaps for achieving the paramount actions and bring good transitions on the continent.
“To do this, we have structured five different and very interesting knowledge events for the meeting, one of them is the presidential dialogue.
“This will feature our heads of the state having a dialogue with the bank’s president on the changing global financial architecture and the role of the multilateral development banks.
“How do we position the MDBs and the MDB reforms within the era of trying to mobilise financing more for Africa to reach all the financing gaps we had already highlighted?”
Mr Urama said there would be an inauguration of the African Economic Outlook 2023 which will focus again on mobilising private sector financing for climate change and green growth in Africa.
He said, “Here, the report will have key areas on looking at the macro-economic performance and outlook on the continent.
“It will also examine youth innovative financing mechanisms to mobilise private sector financing in Africa for climate and green growth.
“Also, we will talk about how to harness micro capital to address the gap on the continent and innovative financing instruments for crowding in private sector investment in Africa.
“The next is on harnessing micro capital to finance climate change and green growth in Africa, and then we have a study on key actions to achieve inclusive growth and sustainable development in Africa.’’
He said this would identify the blueprint for the continent’s development for the next 40 years.
It would put Africa on sustained growth of 7 to 10 per cent GDP annually and consistently for the rest of this incubation period of the agenda 2063.
“And ultimately, it will be able to address poverty and all the other development challenges that Africa faces,’’ Mr Urama added.
Similarly, Mr Quaynor Solomon, Vice President, Private Sector, Infrastructure and Industrialisation Complex, called for Africa to always think innovatively and creatively to address its challenges.
Mr Solomon said the meeting would allow the continent to deliberate on avenues to address all the climate change challenges on the continent.
He further said it was important for the continent to leverage innovation measures to tackle the issue of climate change in Africa.
On his part, the Secretary-General of AfDB, Mr Vincent Nmehille, said the Boards of Governors would review the annual reports on the bank’s finances, operations and other activities during the preceding year.
Mr Nmehille said the governors would also adopt resolutions in key decisions and conclusions of the annual meetings.
Further, the secretary-general said the governors would dialogue on approaches towards addressing three strategic challenges Africa would face in the coming year.
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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