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AfDB Empowers African Women Businesses with $7bn

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AfDB Nigeria Country office

By Adedapo Adesanya

The African Development Bank Group (AfDB) has announced the approval of a new Gender Equality Trust Fund (GETF), aimed at pushing forward gender equality and women’s empowerment across the continent.

The fund is worth $7 billion and will see a first tranche of up to $2 billion given to the beneficiaries in credit, with a further $5 billion. The fund is purely to support women-empowered businesses in Africa.

The AfDB, in a statement over the weekend, explained that the GETF, which was funded by donors, would support the delivery and scale-up of the Bank’s Affirmative Finance Action for Women in Africa (AFAWA) programme and promote gender transformative lending and non-lending operations.

According to the bank, the GETF, which is the first thematic fund on gender in its history, is to run for an initial period of 10 years and was aimed at pushing forward gender equality and women’s empowerment across the continent.

The statement reads, “The Africa Guarantee Fund (AGF) has been chosen as the first implementing partner to facilitate access to finance for women-owned small and medium-sized enterprises (SMEs).

“AGF is a Pan-African entity that provides financial institutions with guarantees and other financial products to support SMEs in Africa.

“AGF has a network spread out over 42 African countries and 150-plus financial institutions, which AFAWA will leverage.

“This first transaction is expected to unlock up to $2 billion in credit for women empowered businesses across the continent.”

The bank further explained that AFAWA is its flagship pan-African initiative which aims to bridge the $42 billion financing gap facing women in Africa, adding that through AFAWA, the Bank is spearheading a major push to unlock women’s entrepreneurial capacity and economic participation for maximum development impact.

According to the AfDB, anchor investors in the GETF are the governments of France, the Netherlands and the United Kingdom. The bank also added that apart from the G7 donors and the Netherlands, other countries are showing strong interest in contributing to the initiative, including Rwanda and Sweden.

The AfDB said it would continue to mobilize resources in order to unlock $5 billion worth of financing for women-empowered businesses in Africa, especially as AFAWA is also an implementing partner of the Women Entrepreneurship Finance (We-Fi) Initiative.

Speaking on the development, President of the AfDB, Mr Akinwumi Adesina, said, “It’s a great day for us as a bank.

“It is a great day for the continent and the women of Africa as this facility provides innovative ways to tackle the access to finance challenges for African women business owners.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Senate Passes Electoral Act Amendment Bill, Blocks Electronic Transmission of Results

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Godswill akpabio Senate President

By Modupe Gbadeyanka

The Senate on Wednesday passed the bill to amend the Electoral Act of 2022 after delays, which almost pitched the institution against several Nigerians.

Last week, the upper chamber of the National Assembly headed by the Senate President, Mr Godswill Akpabio, set up a panel to look into the matter, with the directive to submit its report yesterday, Tuesday, February 3, 2026.

However, after the report was submitted yesterday, the red chamber of the parliament said it was going to take an action on it on Wednesday.

At the midweek plenary, the Senate eventually passed the Bill for an Act to Repeal the Electoral Act No. 13, 2022 and Enact the Electoral Act, 2025.

However, some critical clauses were rejected, including the proposed amendment to make is mandatory for the Independent National Electoral Commission (INEC) to transmission election results electronically from polling units to the INEC Result Viewing (IReV) portal.

The clause was to strengthen transparency and reduce electoral malpractice through technology-driven result management.

It also rejected a proposed amendment under Clause 47 that would have allowed voters to present electronically-generated voter identification, including a downloadable voter card with a unique QR code, as a valid means of accreditation.

The Senate voted to retain the existing 2022 provisions requiring voters to present their Permanent Voter’s Card (PVC) for accreditation at polling units, and upheld the provision mandating the use of the Bimodal Voter Accreditation System (BVAS) or any other technological device prescribed by the electoral umpire for voter verification and authentication, rather than allowing alternative digital identification methods as proposed in the new bill.

The Senate also reduced the notice of election from 360 days to 180 days, with the timeline for publishing list of candidates by INEC dropped from 150 days to 60 days.

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Amupitan Says 2027 Elections Timetable Ready Despite Electoral Act Delay

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Incorruptible INEC Chairman

By Adedapo Adesanya

The Independent National Electoral Commission (INEC) has completed its timetable and schedule of activities for the 2027 general election, despite pending amendments to the Electoral Act by the National Assembly.

INEC Chairman, Mr Joash Amupitan, disclosed this on Wednesday in Abuja during a consultative meeting with civil society organisations.

Mr Amupitan said the commission had already submitted its recommendations and proposed changes to lawmakers, noting that aspects of the election calendar might still be adjusted depending on when the amended Electoral Act is passed.

He, however, stressed that the electoral umpire must continue preparations using the existing legal framework pending the conclusion of the legislative process and presidential assent to the revised law.

According to him, the commission cannot delay critical preparatory activities given the scale and complexity involved in conducting nationwide elections.

The development highlights INEC’s commitment to early planning for the 2027 polls, even as stakeholders await legislative clarity that could shape parts of the electoral process.

Yesterday, the Senate again failed to conclude deliberations on the proposed amendment to the Electoral Act after several hours in a closed-door executive session. The closed session lasted about five hours.

Lawmakers dissolved into the executive session shortly after plenary commenced, to consider the report of an ad hoc committee set up to harmonise senators’ inputs on the Electoral Act Amendment Bill.

When plenary resumed, the Senate President, Mr Godswill Akpabio, did not disclose details of the discussions on the bill.

Despite repeated executive sessions, the upper chamber has yet to pass the bill, marking the third unsuccessful attempt in two weeks.

The Senate, however, said it will not rush the bill, citing the volume of post-election litigation after the 2023 polls and the need for careful legislative scrutiny.

Last week, the red chamber of the federal parliament constituted a seven-member ad hoc committee after an earlier three-hour executive session to further scrutinise the proposed amendments.

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REA Expects Further $1.1bn Investment for New Mini Power Grids

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Mini Power Grids

By Adedapo Adesanya

The Managing Director of the Rural Electrification Agency, (REA), Mr Abba Aliyu, is poised to attract an estimated $1.1 billion in additional private-sector investment to further achieve the agency’s targets.

He said that the organisation has received a $750 million funding in 2024 through the World Bank funded Distributed Access through Renewable Energy Scale-up (DARES) project.

He added that this capital is specifically intended to act as a springboard to attract an estimated $1.1 billion in additional private-sector investment, with the ultimate goal of providing electricity access to roughly 17.5 million Nigerians through 1,350 new mini grids.

Mr Aliyu also said that the Nigeria Electrification Project (NEP) has already led to the electrification of 1.1 million households across more than 200 mini grids and the delivery of hybrid power solutions to 15 federal institutions.

According to a statement, this followed Mr Aliyu’s high-level inspection of Vsolaris facilities in Lagos, adding that the visit also served as a platform for the REA to highlight its decentralized electrification strategy, which relies on partnering with firms capable of managing local assembly and highefficiency project execution.

The federal government, through the REA, underscored the critical role the partnership with the private sector plays in achieving Nigeria’s ambitious off-grid energy targets and ending energy poverty.

Mr Aliyu emphasized that while public funds serve as a catalyst, the long-term sustainability of Nigeria’s power sector rests on credible private developers who are willing to invest their own resources.

He noted that public funds are intentionally deployed as catalytic grants to ensure that the private sector maintains skin in the game which he believes is the only way to guarantee true accountability and the survival of these projects over time.

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