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Africa Requires $700b Yearly to Finance Development Needs

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By Dipo Olowookere

Financing Africa’s development needs will require an estimated $600-700 billion per annum and according to the African Development Bank’s (AfDB) African Economic Outlook 2018, of this, about $130-170 billion a year in infrastructure will be needed.

It is estimated that by 2050, just 32 short years from now, Africa’s growing population will tip the scales at a whopping 2 billion, with a youth of 840 million. In the process, the continent will overtake the populations of China and India combined.

To address these challenges, the African Development Bank has launched the Africa Investment Forum, a platform to mobilize private equity funds, sovereign wealth funds and the private sector to facilitate infrastructure projects with the capacity to transform the continent.

The Premier of Gauteng Province, Africa’s seventh largest economy, David Makhura, endorsed the Forum as a game changer for financing Africa’s infrastructure development at the launch of the African Investment Forum in Johannesburg.

“It’s an honour to receive a vote of confidence from one of the most influential, respected and credible institutions of our continent. I want to assure the African Development Bank, and members of the African and global investor community that we are ready to host a highly successful Africa Investment Forum in November. We have an impeccable track record of hosting continental and global events of the magnitude and significance represented by the Africa Investment Forum,” Makhura said at the formal launch of the Forum.

The Bank and the Government of Gauteng Province recently signed a memorandum of agreement to host the inaugural edition of the Africa Investment Forum from November 7 to 9, 2018 in Johannesburg, South Africa.

Makhura referred to the Africa Investment Forum as more than a Davos of Africa, stating that “we as the Gauteng Provincial Government are very pleased to have won the bid to host this biggest and unparalleled investment platform on the African continent. It’s a great platform that will translate Africa’s professed potentials into real opportunities and progress.”

He added, “The November Inaugural Africa Investment Forum fits very well with the investment drive of President Ramaphosa and will be one of the most important platforms for our government and local businesses to pitch for greater levels of investment. Gauteng-based investment companies have already invested more than $30 billion in different regions of Africa. We have a 15-year infrastructure masterplan with a portfolio of bankable projects that require more than $150 billion over 10 years.”

While Africa is the next investment frontier, there is an urgent need to bridge the gap between available capital and bankable projects, said African Development Bank President Akinwumi Adesina, noting the Africa Investment Forum will help make Africa a place where its young people want to live and thrive in.

“The overall Investment gap for Africa to achieve overall economic development is actually much higher and stands at $200 billion to $1.2 trillion a year. Impediments to bankable projects must be resolved to create win-wins for governments, development finance institutions and other relevant stakeholders. Africa must invest in its own development if it wants others to do so,” he said.

“This is the essential reason for the new approach of the Africa Investment Forum, a multi-stakeholder, multi-disciplinary platform that will incentivize collaboration for the economic and social development of Africa. This will primarily be about transactions and investment deals for Africa’s economic development and not a talk shop.”

Adesina noted that financing Africa’s development is and has always been a collective and cooperative task, requiring broad-based partnerships with the private sector.

“We know that the money is there. By 2020, there will be close to $111 trillion assets under management globally that are invested around the world often at very low interest rates. Within Africa, the assets under management of domestic institutional investors will rise to $1.8 trillion by 2020, tripling from $634 billion in 2014. Most of this money isn’t invested in Africa. But Africa should invest in its own development if it wants others to do so.”

Key industry leaders have endorsed the Forum as a unique opportunity for the private sector to invest in transformative projects across key sectors of strategic interest in Africa.

Investor Relations and Communication Executive at Harith General Partners, Pule Molebeledi, described the investment guarantee component of the AIF as a game changer.

“This will be a major catalyst for projects that are currently stuck in the pipeline,” he said.

The African Development Bank is committed to working with other multi-lateral development partners, private equity funds, sovereign wealth funds, insurance funds, private sector and stakeholders to ensure that the Africa Investment Forum becomes Africa’s key springboard for African investment and for meeting the continent’s massive infrastructure and development needs. This is the first time ever that several multilateral development banks will come together on a single platform designed to bring a major pipeline of bankable projects to completion.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Middle East Crisis: AfDB, Others Task Africa on Long‑term Structural Reforms

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Africa Long‑term Structural Reforms

By Dipo Olowookere

The need for Africa to protect itself from many external shocks not of its making has again been emphasised by the African Development Bank (AfDB), the African Union Commission (AUC), the United Nations Development Programme (UNDP), and the UN Economic Commission for Africa (UNECA).

On the margins of the 58th session of the Economic Commission for Africa in Tangier, Morocco, the continent was tasked to strengthen regional integration, accelerate African-led financial solutions, and invest decisively in energy, food, and trade resilience so as to move from vulnerability to preparedness.

The meeting focused on the spikes in energy, food and fertiliser prices caused by the ongoing conflict in the Middle East.

The United States and Israel launched airstrikes on Iran in February 2026, and since then, global oil prices have surged by more than 50 per cent as of late March. Twenty-nine currencies in Africa have weakened, raising the cost of servicing external debt and importing food, fuel, and fertiliser.

Disruptions linked to Gulf energy supplies limit access to ammonia and urea during the critical March–May planting season. This will affect agricultural production, compounding risks of crisis and emergency levels of food insecurity, especially for low‑income households and import‑dependent economies.

To address these issues, the quartet has asked African leaders to, in the short-term, stabilise fuel, food, and fertiliser supply, and execute medium‑term reforms to strengthen energy security, targeted social protection, and regional trade under the African Continental Free Trade Area (AfCFTA).

They also tasked leaders to come up with long‑term structural reforms towards stronger domestic resource mobilisation and African financial safety nets, including accelerated implementation of the African Financing Stability Mechanism.

“Continued escalation of the conflict worsens global instability, with serious implications for energy markets, food security, and economic resilience, particularly in Africa, where economic pressures remain acute,” the chairperson of AUC, Mr Mahmoud Ali Youssouf, said.

Also commenting, the UN Under-Secretary-General and Executive Secretary of UNECA, Mr Claver Gatete, said, “Africa has been hit by too many external shocks not of its making. Crises like this reinforce why Africa must finance more of its own future and strengthen regional solutions that build resilience before the next shock hits.”

On her part, the UN Assistant Secretary‑General and Director of UNDP’s Regional Bureau for Africa, Ms Ahunna Eziakonwa, submitted that, “With the right mix of policy choices, financing tools, and political resolve, Africa can weather this shock and emerge more resilient, more self-reliant, and better positioned to shape its own economic future.”

“As global crises multiply, Africa’s response must evolve from managing shocks to fostering resilience. African institutions and development partners need to act swiftly and in concert, leveraging their comparative advantages to cushion short-term shocks while laying the foundations for long-term resilience,” the president of AfDB, Mr Sidi Ould Tah, stated.

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Oyetola Sets Accountability Bar for Maritime Agencies

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gboyega oyetola

By Adedapo Adesanya

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has issued a strong warning to heads of agencies under the ministry, demanding strict accountability and measurable results.

Mr Oyetola issued the warning during the signing of performance bonds with heads of maritime agencies at the Ministerial Management Retreat, held alongside the 2026 first-quarter stakeholders’ engagement in Lagos on Thursday, where he emphasised the need for performance-driven governance.

“Let me emphasise that all Departments and Agencies under the Ministry must remain firmly focused on delivering tangible results,” he said.

In a statement by Mr Bolaji Akinola, Special Adviser to the Minister, Mr Oyetola noted that performance bonds to be signed during the retreat are binding commitments that will be closely monitored and rigorously evaluated.

“These are not ceremonial documents. They are binding commitments. Accountability will not be optional,” the Minister declared.

Mr Oyetola reiterated the need for data-driven decision-making, robust monitoring and evaluation frameworks, and alignment with the Ministry’s strategic objectives.

“At the institutional level, we must remain disciplined and accountable. Every department and agency must deliver measurable outcomes,” he added.

He explained that the retreat was designed to foster alignment between policy formulation, implementation, and stakeholder expectations.

“The integration of this engagement enables us to listen, reflect, and recalibrate,” he said.

The agencies include the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers’ Council (NSC), National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, and the Council for the Regulation of Freight Forwarding in Nigeria.

He also announced a 160 per cent increase in revenue generated by agencies under the ministry, attributing the growth to sweeping reforms and a renewed focus on accountability.

“In 2023, our agencies generated N700.79 billion. By the end of 2025, this figure had risen to approximately N1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” he stated.

The Minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.

“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.

Mr Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.

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Presidency Explains Reason Tinubu Met Jos Attack Victims at Airport

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Tinubu Angwan Rukuba jos victims

By Modupe Gbadeyanka

The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, has explained why Mr Bola Tinubu addressed the victims of the Plateau attacks at the airport on Thursday evening.

The decision of President Tinubu to console victims of the attacks, which left over 20 persons dead, at the Yakubu Gowon Airport in Jos last night has continued to generate reactions.

He was criticised for not visiting the victims at the epicentre, Angwan Rukuba, instead of having them to travel to meet with him at the airport.

In a statement on Friday, Mr Onanuga said his principal’s itinerary for yesterday included two main engagements: receiving the Chadian President, Mahamat Idriss Déby Itno, and proceeding to Iperu, Ogun State.

“After Governor Caleb Mutfwang’s briefing, President Tinubu suspended the trip to Ogun. Overnight, the Presidential Villa made arrangements for the visit to Jos, with presidential assets quickly deployed. However, the President could not postpone the scheduled visit by the Chadian leader.

“The President of Chad was at the Presidential Villa for a very important bilateral meeting focused on strengthening security collaboration between the two countries. The meeting ran longer than expected, affecting President Tinubu’s scheduled departure for Jos.

“Upon arrival in Jos, the visit encountered some logistical challenges. While the road distance from the airport to Jos township is approximately 40 minutes, the runway does not support night flights due to the absence of navigational aids. The constraints made it unfeasible to drive into town,  meet victims for on-the-spot assessment and return to the airport before dusk.

“Consequently, state and federal officials decided to bring representatives of the affected community to a hall adjoining the airport so the President could meet with them promptly while adhering to flight restrictions. Among the people in the hall were the Minister of Defence, the Chief of Army Staff and the Inspector General of Police, who had visited Rukuba, the epicentre of the conflict.  President Tinubu deployed the high-level team to Rukuba, including the Senior Special Assistant on Community Engagement, to undertake critical groundwork on security and community engagement, with a view to stabilising the area before his arrival.

“Beyond expressing his condolences to the victims, President Tinubu’s objective was to engage with critical stakeholders in Plateau State on ending the recurring, decades-old conflict that has resulted in needless loss of lives and property.

“President Tinubu’s visit to Jos was not merely symbolic. It was a strategic, high-level engagement aimed at bringing all stakeholders together to address the root causes of conflict and insecurity in the state.

“He interacted with the victims, consoled them, and listened to them. He also listened to local leaders and assured them that the federal government would deliver justice and end the cycle of violence. He promised the deployment of 5000 AI-enabled cameras to monitor the city and enhance the identification and arrest of troublemakers.

“Furthermore, the President invited the community leaders to Abuja for further talks on finding a lasting solution to the recurring violence in the state.

“The meeting, televised live, was solemn and reassuring, boosting residents’ confidence. President Tinubu achieved the purpose of his visit, despite the naysayers’ attempts to ridicule it. He dropped an unmistakable message:  sustainable peace must be built with the people, not imposed on them,” the presidency explained.

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