Economy

African Industry Generates “Merely” $700 of GDP per Capita—AfDB

Published

8 years ago

25/03/2018

By Modupe Gbadeyanka

The African Development Bank (AfDB) has disclosed that the African industry generates merely $700 of Gross Domestic Product (GDP) per capital.

The lender, in a statement, noted that while Africa has enjoyed strong economic growth for almost two decades, the continent has not seen a commensurate rise in industrialization.

In order to change the narrative, the bank is holding a meeting in May this year with the theme ‘Accelerating African Industrialization: Bringing the future to the present.’

This programme is the 53rd Annual Meeting of the Board of Governors of the African Development Bank and 44th Meeting of the Board of Governors of the African Development Fund, the concessional arm of the Bank Group scheduled to take place from May 21-25, 2018 in Busan, Korea.

The lender revealed that the $700 of GDP per capita generated by the continent’s industry is barely a fifth in East Asia ($3,400).

In addition, it said African exports consist of low technology manufactures and unprocessed natural resources, which represent more than 80 percent of exports from Algeria, Angola or Nigeria, for example.

AfDB said Africa’s rapid industrialization holds the potential for a win-win scenario – for the world, and certainly for the continent.

It would also help raise productivity by spurring technological progress and innovation while creating higher-skilled jobs in the formal sector; promote linkages between services and agricultural sectors; between rural and urban economies; and among consumers, intermediates and capital goods industries, it opined.

The bank pointed out that industrialization will also make the prices of manufactured exports less volatile or susceptible to long-term deterioration than those of primary goods, as well as help African countries escape dependence on primary commodity exports.

“The theme is generating a lot of interest at a time when Korean and Asian companies are increasingly active in Africa.

“What lessons can Africa learn from Korea’s development experience? Can relations between both regions, built on a win-win formula, enable Africa claim a more significant share of world trade? Can Afro-Asian commercial and financial ties favor the development of the African private sector? What are the most effective policy levers that could foster structural transformation on the continent? How can the continent learn from the experiences of Korea and leading African nations such as Mauritius, Morocco, Ethiopia, and Rwanda in the industrialization process? These and other questions will be debated during the Busan Annual Meetings,” AfDB stated.

The annual meetings are one of the largest economic gatherings on the continent. Thousands of delegates, Heads of State, public and private sectors stakeholders, development partners and academics, will reflect on Africa’s industrialization − one of the Bank’s High 5 strategic priorities and an avenue to improve the living conditions of Africans.

During the meetings, the Bank will organize a series of knowledge events to generate new ideas for developing and financing Africa’s industrialization.

Highlights of the meetings will include a high-level presidential panel, which will be a platform for political leaders from Africa and Korea to present their visions and strategies for industrialization as well as ideas for overcoming implementation challenges.

The Bank will launch the updated version of the African Economic Outlook (AEO) 2018 – the Bank’s flagship economic publication.

Several knowledge events are on the programme such as Pathways to Industrialization, where panellists will deliberate on the various trajectories African countries can follow towards sustainable industrialization.

A panel on Future of Work and Industrialization will examine how Africa can adapt its educational systems and workers’ skills to suit new economic realities, particularly for industrial development of the continent, among other sessions.

Economy

Tinubu Okays Extension of Ban on Raw Shea Nut Export by One Year

Published

5 hours ago

26/02/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.

A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.

It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.

The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.

To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.

He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.

The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.

Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.

Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.

The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.

Economy

NASD Bourse Rebounds as Unlisted Security Index Rises 1.27%

Published

5 hours ago

26/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.

This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.

At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.

However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.

At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.

At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.

Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.

Economy

Investors Lose N73bn as Bears Tighten Grip on Stock Exchange

Published

6 hours ago

26/02/2026

Dipo Olowookere

By Dipo Olowookere

The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.

At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.

A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.

However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.

Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.

RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.

Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.

Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.

Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.