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Economy

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

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AfDB Nigeria Country office

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.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Economy

Investors Transact N63.517bn Shares in 60,782 Deals in Five Days

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domestic investors NGX

By Dipo Olowookere

Last week, investors bought and sold 3.281 billion shares worth N63.517 billion in 60,782 deals compared with the 1.818 billion shares valued at N47.226 billion transacted in 64,222 deals in the preceding week.

Data showed that Sovereign Trust Insurance, Champion Breweries, and Jaiz Bank were the most attractive stocks, accounting for 1.621 billion units sold for N3.244 billion in 1,528 deals, contributing 49.42 per cent and 5.11 per cent to the total trading volume and value, respectively.

Financial equities dominated the activity chart in the five-day trading week, with 2.302 billion units worth N25.014 billion traded in 27,625 deals, contributing 70.17 per cent and 39.38 per cent to the total trading volume and value, respectively.

Consumer goods stocks followed with the sale of 421.846 million units for N3.796 billion in 6,149 deals, as services shares exchanged 228.075 million units for N800.274 million in 4,741 deals.

Livestock Feeds topped the price gainers’ log after chalking up 22.16 per cent to settle at N10.20, Caverton jumped by 15.38 per cent to N3.00, FTN Cocoa expanded by 14.20 per cent to N1.85, CWG gained 13.21 per cent to N9.00, and Tantalizers surged by 13.13 per cent to N2.93.

The price losers’ chart was led by Neimeth after its value went down by 17.00 per cent to N2.49, MeCure declined by 10.36 per cent to N11.25, International Energy Insurance slipped by 10.26 per cent to N1.75, University Press retreated by 10.00 per cent to N4.32, and Conoil also fell by 10.00 per cent to N331.20.

Business Post reports that when the market closed last Friday, 38 stocks appreciated versus 30 stocks of the preceding week, 46 equities depreciated compared with 58 equities a week earlier, and 66 shares closed flat, in contrast to 62 shares in the previous week.

The All-Share Index (ASI) and the market capitalisation lost 0.55 per cent in the week to finish at 105,955.13 points and N66.352 trillion, respectively.

Similarly, all other indices finished lower except the insurance, AseM, MERI growth, consumer goods and commodity, which appreciated by 0.89 per cent, 0.04 per cent, 0.89 per cent, 0.03 per cent and 0.02 per cent, respectively.

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Economy

From Courtrooms to Chaos: Suits LA Brings Hollywood’s Power Struggle to Your Screen on Showmax

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In Hollywood, reputation is everything, and for entertainment lawyer Ted Black, keeping the biggest names in showbiz out of trouble is his full-time job. Suits LA takes the high-stakes legal drama of the original series and raises the bar, moving the action from New York’s corporate towers to Los Angeles’ power circles, where one bad deal could mean the end of a career.

Led by Teen Choice winner Stephen Amell (Arrow), Suits LA follows Ted as he navigates a cutthroat industry where billion-dollar contracts, scandalous lawsuits, and celebrity egos collide. The legal drama also features Gabriel Macht reprising his fan-favourite role as Harvey Spectre, alongside appearances from real-life Hollywood elites. With its gripping storytelling, the Suits franchise expands into new, high-stakes territory that’s already one of IMDb’s Most Anticipated New TV Shows of 2025.

Watch the trailer: https://www.youtube.com/watch?v=G0KMvx4y2-o

But while Suits LA brings power struggles to the courtroom, here are other must-watch titles that explore the battle for control, survival, and dominance in different ways:

Yellowjackets S1-3 | New Episodes Saturdays

What happens when survival instincts take over, and the line between humanity and savagery blurs? Yellowjackets tells the gripping tale of a high school girls’ soccer team whose plane crashes deep in the wilderness, leaving them to fend for themselves. As the story unfolds in two timelines, the past, where their descent into chaos begins, and the present, where the survivors struggle with the haunting aftermath, dark secrets and unsettling truths come to light.

Starring Emmy nominees Melanie Lynskey, Christina Ricci, and Juliette Lewis, alongside Yellowjackets breakout star Sophie Thatcher (also seen in Heretic), the series masterfully blends psychological horror, mystery, and drama. Described by The Guardian as “a chilling mix of Lost and Lord of the Flies,” Yellowjackets keeps audiences on edge with every twist.

Watch the trailer: https://www.youtube.com/watch?v=JuHe_y-UQJk

The White Lotus S3 | New Episodes Monday Nights

Far from Nigeria’s mystical past, another world of power and deception unfolds in Thailand, where the guests of The White Lotus resort check in for what they believe will be a luxurious escape. Instead, their secrets, ambitions, and betrayals set off a chain of events that none of them could have foreseen.

Winner of 15 Emmys, the critically acclaimed series returns with a new cast, including Emmy nominees Carrie Coon, Jason Isaacs, Parker Posey, and Walton Goggins, alongside BAFTA winner Aimee Lou Wood. As TimeOut puts it, “Much as we’ll all miss Jennifer Coolidge, RIP Tanya, the third run of The White Lotus should be February’s most talked-about telly.”

Watch the trailer: https://www.youtube.com/watch?v=XwQRkOK5KC

 Heretic | Now Streaming

The fight for survival takes an even darker turn in Heretic. Two young missionaries knock on a door, hoping to share their faith, but instead, they step into a nightmare. What follows is a chilling test of belief and endurance as they become trapped in a house where nothing is as it seems.

Featuring Hugh Grant in a terrifying role alongside Sophie Thatcher (Yellowjackets) and Chloe East (The Fabelmans), Heretic was named one of Rotten Tomatoes’ top horror films of 2024. Men’s Health raves, “Arguably [Hugh Grant’s] best performance from the last decade,” while Empire Magazine warns, “You’ll never watch Notting Hill the same way again.”

Watch the trailer: https://www.youtube.com/watch?v=O9i2vmFhSSY

Godzilla X Kong: The New Empire | Now Streaming

While humans fight their battles in courtrooms and luxury resorts, another kind of war is brewing beneath the Earth. Godzilla and Kong, once bitter rivals, must now unite against a powerful new enemy that threatens their very existence. Featuring BAFTA winner Rebecca Hall, Oscar nominee Brian Tyree Henry, and Teen Choice winner Dan Stevens (Downton Abbey), this film was among the ten biggest box office hits of 2024 and earned a Best Fantasy Film nomination at the 2025 Saturn Awards. With jaw-dropping action sequences and stunning visual effects, Godzilla X Kong delivers pure blockbuster spectacle.

Watch the trailer: https://www.youtube.com/watch?v=qqrpMRDuPfc

From Hollywood power struggles to high-stakes resorts and monster showdowns, Showmax has something for everyone. And with the Shikini Offer, you can stream it all for less.

Get Showmax Mobile for just ₦1,000 or enjoy the multiple-device plan for ₦2,000. Don’t wait—sign up now at www.showmax.com/deals to get started. or download the Showmax app to start watching today.

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Economy

Market Sheds 0.25% as Tantalizers Stocks, Others Shed Weight

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Tantalizers

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited suffered a 0.25 per cent hair cut on Friday after investors offloaded some stocks, including Tantalizers, which topped the losers’ chart.

The company was the worst-performing equity during the session after it shed 9.85 per cent to settle at N2.93, Jaiz Bank lost 9.72 per cent to trade at N3.25, Neimeth declined by 9.45 per cent to N2.49, Dangote Sugar tumbled by 7.76 per cent to N35.05, and Lasaco Assurance shrank by 5.96 per cent to N2.68.

On the flip side, Royal Exchange gained 10.00 per cent to finish at 88 Kobo, Linkage Assurance soared by 9.57 per cent to N1.26, Guinea Insurance appreciated by 9.52 per cent to 69 Kobo, Enamelware inflated by 9.05 per cent to N25.30, and Red Star Express rose by 8.41 per cent to N5.80.

Business Post reports that the market breadth was negative on the last trading session of the week, with 24 depreciating shares and 22 appreciating share, showing a weak investor sentiment.

Apart from the insurance index, which closed higher by 0.12 per cent, and the commodity space, which closed flat, every other sector crumbled.

The consumer goods counter deflated by 1.08 per cent, the banking industry went down by 0.22 per cent, the energy sector fell by 0.18 per cent, and the industrial goods counter retreated by 0.03 per cent.

At the close of trades, the All-Share Index (ASI) decreased by 265.81 points to 105,955.13 points from 106,220.94 points and the market capitalisation dropped N166 billion to end at N66.352 trillion compared with Thursday’s value of N66.518 trillion.

A total of 750.6 million stocks worth N11.1 billion exchange hands in 10,584 deals during the session versus the 341.7 million stocks valued at N16.7 billion transacted in 11,233 deals a day earlier, implying a rise in the trading volume by 119.67 per cent, and a decline in the trading value and number of deals by 33.54 per cent and 5.78 per cent apiece.

Champion Breweries topped the activity chart with 350.4 million units worth N1.4 billion, Tantalizers sold 53.1 million units for N157.1 million, Custodian Investment traded 51.1 million units valued at N1.0 billion, Lasaco Assurance transacted 36.5 million units worth N97.7 million, and Access Holdings exchanged 30.7 million units valued at N723.0 million.

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