Economy
Africa Urged To Prioritize Mechanized Farming
By Modupe Gbadeyanka
Limited use of improved technology is a major reason for low agricultural productivity across Africa, the African Development Bank (AfDB) has said at the ongoing African Green Revolution Forum (AGRF) in Nairobi.
“Low use of technology is partly why Africa continues to be a net importer of food ,” Chiji Ojukwu, the AfDB Director for Agriculture and Agro-Industry stated Tuesday, adding that over 60 percent of the continent’s land has irrigation potential, yet only five percent of it is under irrigation.
Speaking at a session on “Agriculture Infrastructure, Technology and Mechanization,” Ojukwu said it was impossible for Africa to be competitive while its farmers were still spending too much time tilling acres of land manually. “We cannot feed Africa with this kind of agriculture. We must mechanize. Mechanization of agriculture is imperative. Let us do what we can to push this agenda,” he stressed.
Statistics from the AfDB indicate that African farmers have 10 times fewer mechanized implements per farm area than farmers in other developing regions and access has not grown as quickly as in other regions.
Nigeria has embarked on a pilot project to provide tractors and fertilizer to farmers with the aim of boosting agricultural production. Abdullahi Abubakar, the Deputy Director for Engineering and Mechanization in the Federal Ministry of Agriculture and Rural Development, said his department has partnered with Agricultural Equipment Hiring Enterprises (AEHEs), and is currently working with 110 centres to provide services to smallholder farmers. “Mechanization makes the farmer more efficient, displacing unskilled labour and allowing the farmer to till a large parcel of land over a short time,” he said.
The African Green Revolution Forum saw the AfDB reiterate its commitment to supporting its regional member countries to create AEHEs, as well as providing concessional debts to be on-lent for equipment hiring and purchasing through commercial banks.
But most important, as with mechanization, is solving Africa’s water problem. Experts say the continent is facing diminishing water supplies, thus making irrigation a challenge. According to the World Bank, water scarcity can translate into growth-rates decline as much as 6 percent of GDP by 2050 as a result of water-related losses in agriculture, among others.
“Mechanization starts with water management,” said Patrick Nduati Mwangi, Principal Secretary in Kenya’s Ministry of Water and Irrigation. He cited the Government’s efforts to irrigate a 10,000-acre model farm in the arid coastal region in order to boost food security.
The use of Information and communications technology (ICT) was mentioned as pertinent to Africa’s agricultural transformation, and is seen as a tool to woo the youth into entrepreneurship in agriculture (‘agri-preneurship’).
“The youth are not finding agriculture interesting because there is a gap which needs to be filled by information. The youth can bridge this gap by utilizing applications that provide information on farming methods, disease control, soil improvement technologies and market opportunities,” Gift Mafuleke, a youth farmer from South Africa, told delegates.
Already the AfDB is rolling out its ENABLE (Empowering Novel Agri-Business Led Employment) Youth initiative, in partnership with the International Institute of Tropical Agriculture.
The program seeks to bolster youth entrepreneurship in agriculture and agri-business. The initiative will see the Bank train the next generation of agriculture entrepreneurs, also referred to as ‘agri-preneurs’, in several countries, and provide them with seed money through banks to finance their bankable business plans.
ENABLE Youth is also seen as an innovative initiative to address youth unemployment through agriculture. The initiative, under Feed Africa, the Bank’s Strategy for African Agricultural Transformation during the period 2016-2025, will embark on a number of approaches aimed at responding to the challenges of technology and mechanization.
These include: increasing investment to disseminate proven technologies for agricultural productivity improvement through the Technologies for African Agricultural Transformation initiative (TAAT); establishing a facility for on-farm mechanization leasing; investing in infrastructure and training to reduce on-farm and post-harvest losses; scaling-up and replicating innovative models to organize and aggregate farmers; accelerating and coordinating development of enabling hard infrastructure (energy, water, and logistics); building market centres and associated service infrastructure; and launching large scale farmer e-registration systems.
By Aduragbemi Omiyale
One of the leading local energy firms, Oando Plc, delivered an impressive financial performance in the first six months of 2026, according to details of its results filed to the Nigerian Exchange (NGX) Limited.
Between January and June 2026, revenue surged by 20 per cent to N2.1 trillion from N1.7 trillion in the same period of 2025, driven by growth in the Exploration & Production and Trading segments of the business.
Also, the net profit grew by 8 per cent year-on-year to N68.6 billion from N63.3 billion, supported by improved operating profits and tax credits.
It was observed that the organisation deepened its domestic gas monetisation portfolio with the commencement of long-term gas supply of 11.2 MMscfd to the newly commissioned 60 MW Bayelsa Independent Power Plant.
“The first half of 2026 marks an important inflexion point in Oando’s journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation,” the chief executive of Oando, Mr Adewale Tinubu, stated.
Commenting further on the results, Mr Tinubu said, “Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92 per cent while reducing production operating costs by 18 per cent to $16.83 per boe.”
“Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio.
“In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16 per cent year-on-year growth.
“This translated into a stronger financial performance, with revenue increasing by 20 per cent to N2.1 trillion, while the business generated N179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8 per cent to N68.6 billion, reflecting the overall improvement in operating performance during the period,” he pointed out.
The Oando chief also said, “Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd.
“Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.
“Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value.
“We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders.”
By Adedapo Adesanya
Africa-focused fintech company PalmPay has joined the ranks of unicorn startups after attaining a valuation of more than $1 billion, as the digital payment platform prepares for a potential initial public offering (IPO) in Hong Kong.
According to a report by Bloomberg on Tuesday, citing people familiar with the matter, the Hong Kong-headquartered company is in advanced discussions to raise about $200 million in a new funding round that would cement its unicorn status and support its next phase of expansion.
The planned fundraising comes as PalmPay accelerates its growth strategy across Africa and Asia, while positioning itself for a public listing that could become one of the most significant fintech IPOs involving an Africa-focused company in recent years.
PalmPay’s move follows a period of rapid growth in Nigeria, where it has become one of the country’s largest digital financial services providers. Alongside OPay and Moniepoint, the company forms the trio that dominates Nigeria’s retail digital payments and agency banking market, a segment driven by millions of point-of-sale (POS) transactions processed daily.
With PalmPay’s latest valuation milestone, all three leading Nigerian fintechs have now achieved unicorn status. While OPay has previously disclosed plans to pursue a listing in the United States, Moniepoint has remained focused on expanding its banking and business services without publicly indicating IPO ambitions.
Founded in 2019 after securing a Mobile Money Operator (MMO) licence from the Central Bank of Nigeria (CBN), PalmPay has built one of the country’s fastest-growing fintech ecosystems. The company says it now serves more than 35 million registered users and over 600,000 merchants, supported by an extensive network of more than 500,000 mobile money agents nationwide.
The platform offers a broad suite of financial services, including peer-to-peer transfers, bill payments, airtime purchases, savings, credit products, merchant payment solutions and agency banking services. PalmPay says it processes as many as 15 million transactions daily, reflecting the increasing adoption of digital payments across Nigeria.
Beyond its home market, the fintech has expanded into Tanzania, Ghana, and Bangladesh, underscoring its ambition to become a leading emerging-market digital bank. Industry analysts view the expansion as part of a broader strategy to diversify revenue streams while replicating its Nigerian success in other underbanked markets.
PalmPay has attracted backing from prominent global investors, including Taiwanese semiconductor manufacturer MediaTek and smartphone maker Transsion Holdings, whose Tecno, Infinix and itel brands command significant market share across Africa. Their support has helped PalmPay leverage smartphone penetration to drive financial inclusion through mobile-first banking services.
As part of efforts to strengthen its leadership ahead of its next growth phase, PalmPay recently appointed Mr Samuel Oluyemi as Chief Operating Officer (COO) for its Nigerian business. Mr Oluyemi joined the company after more than two decades at the Nigeria Inter-Bank Settlement System (NIBSS), where he played key roles in developing the country’s digital payments infrastructure.
If completed, the fundraising and eventual Hong Kong listing would further underscore growing international investor confidence in African fintech companies despite a more cautious global venture capital environment. The proceeds are expected to support PalmPay’s geographical expansion, deepen its product offerings, invest in technology infrastructure and strengthen its competitive position in Africa’s rapidly evolving digital financial services industry.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
