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.

By Dipo Olowookere

BUA Foods Plc reaffirmed its position as a leading food business on the Nigerian Exchange (NGX) Limited with a 124 per cent surge in profit after tax (PAT) in the first quarter of 2025.

In the unaudited financial statements released on Friday, the firm said its post-tax profit was N125.3 billion as of March 31, 2025, versus the N55.8 billion recorded in the same period of 2024, as its pre-tax profit went up by 118.7 per cent to N136.4 billion from N62.4 billion.

The financial results of the firm between January and March 2025 analysed by Business Post showed that the revenue increased by 24 per cent to N442.1 billion from N356.9 billion, driven by a 145 per cent jump in the flour business to N176.2 billion from N80.9 billion, a 12 per cent rise in pasta to N41.5 billion from N37.04 billion, and a 1617 per cent growth in rice to N13.02 billion from N780 million despite an 11 fall in the sugar segment to N211.3 billion from N238.2 billion.

It was observed that the company ended the period with a 39 per cent appreciating in gross profit to N160.9 billion from N115.4 billion amid a 16 per cent leap in cost of sales.

BUA Foods ended the first of the four quarters of the year with an operating profit of N138.9 billion versus the N104.7 billion achieved in the same period of last year, representing a 33 per cent uptick.

“We are pleased to begin 2025 on a strong note, as our business continued to demonstrate resilience and adaptability amidst a still-evolving macroeconomic landscape.

“Despite operating in a high-cost environment, our proactive supply chain measures and improved internal efficiencies enabled us to sustain strong operational momentum,” the chief executive of BUA Foods, Mr Ayodele Abioye, stated.

“Our ongoing investments in production capacity, product/package innovation and route-to-market development continue to impact our results positively, enabling fulfilment of customer and consumer demand.

“As we look ahead, we remain focused on deepening our market penetration and accelerating innovation to meet changing consumer needs. With a stabilizing economy and growing emphasis on food security, we are confident that our unique and integrated business model, strong financial position, and robust execution will continue to enhance our strategic growth and create lasting value for all stakeholders throughout 2025,” he added.

By Aduragbemi Omiyale

Shareholders of Dangote Sugar Refinery Plc have continued to express astonishment over the sterling performance of the firm in the 2024 financial year despite the harsh economic climate it operates in.

Last year, the sugar miller improved its turnover by 51 per cent to N665.6 billion from N441.5 billion a year earlier, with the earnings per share (EPS) rising to N15.80 from N6.00 in 2023.

They praised the board and management of Dangote Sugar for making the company a leader in the Nigerian sugar industry, despite prevailing economic challenges.

They also lauded the company’s impact on broader society through its Corporate Social Responsibility (CSR) initiatives, which they said have benefited not only shareholders but Nigerians at large.

Speaking at the 19th Annual General Meeting (AGM) of the organisation on Tuesday, the president of the Association for the Advancement of the Rights of Nigerian Shareholders, Mr Farouk Umar, said, “Our turnover of N665.6 billion represents a 51 per cent increase compared to N441.5 billion in the same period in 2023. Earnings per share rose from N6 to N15.80.

“In the current economic climate, many companies are struggling to grow revenues or maintain profitability. We must commend the board for their efforts in expanding operations and increasing shareholder value.”

Also, the president of the De-Impressive Shareholders’ Association of Nigeria, Mr Olagoke Samson Olusegun, showed encomiums on the chairman of Dangote Sugar, Mr Aliko Dangote, and the executive team for steering the company to higher levels of success.

On his part, the chairman of the Trusted Shareholders Association of Nigeria (TSAN), Mr Mukhtar Mukhtar, described Dangote Sugar’s performance as commendable and expressed shareholders’ confidence in continued profits and dividends.

Another shareholder, Mr Patrick Ajudua, attributed the company’s sustained success to its adaptability and ability to weather economic headwinds, congratulating the firm on its 25th anniversary, remarking that Dangote Sugar has come of age and is poised for even greater achievements.

At the meeting, Mr Dangote, represented by Mrs Bennedikter Molokwu, said in 2025, efforts would be made to build a sustainable business, target the production of 1.5 million metric tonnes of refined sugar annually and at the same time generate over 75,000 employment opportunities, in the company’s value chain.

The chief executive of Dangote Sugar, Ravindra Singh Singhvi, reiterated the company’s goal of achieving self-sufficiency in sugar production for Nigeria, with a target of producing 700,000 tonnes of sugar locally within the next five years.