Tag: AfDB

  • AfDB okays $3.9m to electrify homesin Nigeria, others

    AfDB okays $3.9m to electrify homesin Nigeria, others

    The African Development Bank (AfDB) has approved a $3.9 million technical assistance initiative designed to transform energy commitments into actual power connections for millions of Africans living without electricity, marking a significant step toward the ambitious Mission 300 goal of electrifying 300 million people by 2030.

    The two-year programme, officially designated as AESTAP Mission 300 Phase II, will deliver direct technical support to 13 African countries where national energy plans have been drafted but implementation has lagged.

    The beneficiary nations span the continent from Chad in the north to Lesotho in the south, including major economies like Nigeria, Kenya, and Ethiopia, alongside smaller nations such as Gabon, Mauritania, and Malawi. Tanzania, the Democratic Republic of Congo, Madagascar, Namibia, and Uganda round out the list of participating countries.

    The approval comes at a critical juncture for African energy access. While dozens of countries across the continent have launched National Energy Compacts over the past year, outlining how governments plan to expand electricity access and attract investment, the gap between planning and execution has remained substantial. These compacts represent binding commitments from governments to strengthen power sectors through regulatory reforms, improved utility performance, and coordinated investment strategies.

    Read Also: AFDB clears Nigerian firm Sargittarius

    According to Director of Energy Financial Solutions, Policy and Regulation , AfDB, Wale Shonibare,  the programme  addresses this implementation challenge directly. “Countries have made bold commitments through their energy compacts.  Now, through AESTAP Mission 300 Phase II, we are helping them implement those commitments so that more households, entrepreneurs, and communities actually get electricity,” Shonibare explained.

    The technical assistance will focus on four key intervention areas that address fundamental barriers to electricity expansion. First, governments will receive support to reform electricity regulations, improve planning frameworks, and restructure tariffs to create environments where private and public investments can proceed with confidence. Second, the program will work to strengthen national utilities, helping them deliver more reliable power while reducing technical and commercial losses that currently drain resources from already strained systems.

    Third, the initiative will enhance data collection, research capabilities, and knowledge sharing across participating countries through instruments including the Electricity Regulatory Index and regional energy forums. Finally, and perhaps most significantly, expert advisers will be embedded within national Compact Delivery and Monitoring Units to help governments coordinate reforms across multiple ministries and track implementation progress in real time.

    The programme builds directly on AESTAP Mission 300 Phase I, a $1 million initiative approved in December 2025 that focused on establishing and operationalizing the Compact Delivery and Monitoring Units themselves. These government-embedded teams serve as coordination hubs responsible for orchestrating energy reforms across different agencies and monitoring progress against compact commitments. Phase I concentrated on creating institutional capacity within these units through staff training, monitoring tool development, and strategic planning support.

    Funded through the Sustainable Energy Fund for Africa, Phase II represents the African Development Bank Group’s contribution to accelerating compact implementation by supporting critical upstream policy and regulatory reforms. The program will operate in coordination with Mission 300 partners including the World Bank, national governments, and various development organizations to ensure aligned and mutually reinforcing efforts.

    The combined $4.9 million investment across both phases underscores the development community’s recognition that technical expertise and coordination capacity often prove as critical as financial capital in expanding energy access. For the 13 participating countries, the programme offers specialised support to overcome the complex regulatory, institutional, and technical obstacles that have historically slowed electricity rollout even when funding is available.

  • Reps to probe non-release of N174b AfDB, JICA agric loan

    Reps to probe non-release of N174b AfDB, JICA agric loan

    The House of Representatives yesterday resolved to probe the circumstances leading to the non-release of about N174.250 billion meant for the National Agriculture Growth Scheme Agropocket pocket from the consolidated revenue fund of the federation.

    The funds made up of N55.295 billion accessed from the African Development Bank (AfDB)  and N118.955 billion accessed from the Japanese International Cooperation Agency (JICA) to implement the support for 550,000 smallholder farmers with subsidized critical agricultural inputs for rice, maize, soya beans and cassava value chains under the 2025 wet season and 2025/2026 dry season farming.

    In its resolution following a motion of urgent public importance sponsored by Bello Kaoje (APC, kebbi), the House directs in its Committee on Agricultural Production and Services to carry out a.comprehensive investigation into the circumstances leading to the non-releases of the intervention funds.

    Kaoje recalled that President Bola Tinubu declared a state of emergency on food security shortly after his inauguration in 2023, adding that in addition to funding efforts by the Nigerian Government a lot of agricultural interventions were received through the efforts of several development partners all aimed at boosting agricultural production.

    According to him, sometime in February 2023 Nigeria negotiated with the Afrcan Development Bank (AfDB) and signed an agreement for a twenty-five (25) year tenor loan to support National Agriculture Growth Scheme Agro-pocket Project for an amount not exceeding $134 000 000.

    Read Also: AfDB Group mobilises private capital to close continent’s financing gap

    He said the first tranche of $99,665,000 00 was released to the Federal Government Consolidated Account after deducting the Front End-Fee (FEF) of 0.025%.

    He alleged that the Federal Ministry of Finance (FMF) out of the total sum of $134 Million USD disbursed by the African Development Bank (AfDB) released the sums of N55,986,301,549.95 and N40,486,800,000.00 to the Federal Ministry of Agriculture and Food Security/National Agricultural Growth Scheme and Agro Pocket (NAGS-AP) Project account at Central Bank of Nigeria (CBN) leaving a balance of N55,295,810,075.00 outstanding (undisbursed).

    He said: “The plan is for the Federal Ministry of Agriculture and Food Security/National | set Agriculture Growth Scheme and Agro-pocket (NAGS-AP) Project to | or honour its obligations to the agro-dealers that provided agricultural “ inputs to 280,000 targeted registered wheat farmers under the first phase of the 2024/2025 dry season programme and distribution of agricultural inputs to 150,000 rice farmers under the second phase”.

    He further alleged that sometime in April 2024, Nigeria negotiated with the Japan International Cooperation Agency (JICA) and signed a loan agreement on or about the 24th April, 2024 for a Food Security Emergency Support Loan for an amount not exceeding 15,000,000,000 (Fifteen Billion Japanese Yen).

    Kaoje said: “On or about the 25 March, 2025, the Japanese International Cooperation Agency (JICA) disbursed the sum of 12,000,000,000 (Twelve Billion Japanese Yen), less Front-End-Fee (FEF) of 0.025per centequivalent of $78,778,800.00 which represents N118,955,186,000 to the Consolidated Revenue Fund of the Federation as the first tranche.

    “The plan is for the Federal Ministry of Agriculture and Food Security through the National Agriculture Growth Scheme and Agro-pocket (NAGS-AP) Project to implement the support for 550,000 smallholder farmers with subsidized critical agricultural inputs for rice, maize, soya beans and cassava value chains under the 2025 wet season and 2025/2026 dry season farming.

    “The respective funds for farm inputs were time bound for the 2024/2025 dry season farming which has passed, the 2025wet season which has also passed and the 2025/2026 dry season farming which is currently passing.

    “This ugly situation has left many farmers stranded for critical farm inputs and consequently reduced agricultural output in the 2025 harvests because the affected farmers could not go to farm during the seasons due to non-supply of critical inputs.

    “These funds were accessed from development partners for targeted purposes and despite disbursement to the Consolidated Revenue Fund of the Federation, the funds have been unduly withheld from the implementing Ministry/Agency by the Federal Ministry of Finance beyond the timeframe for the utilization of the funds.

    “Failure to release these funds for use to boost our agricultural production, the chances are the 2026 farming season will be greatly impacted negatively.”

  • AFDB clears Nigerian firm Sargittarius

    AFDB clears Nigerian firm Sargittarius

    The African Development Bank (AfDB) has removed Sargittarius Nigeria Limited and its affiliates from its sanction list.

    The bank had imposed penalties on several companies because of its investigation into procurement processes linked to the Urban Water Supply and Sanitation improvement Project in Oyo and Taraba States in 2014 and 2016.

    The company noted that the issues relating to the infractions in the bid submissions were related to errors in two bidding forms, while the correct originating and supporting documents were attached to the bids, each running into over 600 pages. 

    The company maintained throughout the process that the errors were inadvertent, not fraudulent, and did not confer any advantage, particularly as it did not win the bids.

    Sargittarius Nigeria Limited fully cooperated with AfDB’s Office of Integrity and Anti-Corruption during the investigation, providing all requested documentation and clarifications. 

    The errors had also been identified and corrected internally through the company’s control processes well before the commencement of the AfDB investigation.

    In line with best practices, the company has since developed and implemented an integrity compliance programme and continues to engage proactively with development partners to strengthen its governance and compliance frameworks.

    Reacting to the development, an official of Sargittarius Nigeria Limited stated that the company was pleased that this unfortunate incident was now over, and further affirms the company’s track record of integrity and ethical business practice.

    This brings closure to the matter and reinforces AfDB’s commitment to due process, as well as the importance of transparency and accountability in projects financed by development institutions.

  • AfDB, Nedbank Group partner on South Africa’s housing

    AfDB, Nedbank Group partner on South Africa’s housing

    African Development Bank Group (AfDB) and Nedbank Group have signed a landmark deal to boost access to affordable housing in South Africa and strengthen trade across the continent.

    The financing package comprised two components: a ZAR 2.5 billion social bond investment in Nedbank Group Limited and a $60 million trade finance Risk Participation Agreement with Nedbank Limited of South Africa.

    Together, the initiatives aimed to narrow   the continent’s trade finance gap, accelerate intra-African trade, and improve access to housing—two essential drivers of inclusive economic growth.

    The social bond is listed on the Johannesburg Stock Exchange, with proceeds channeled through Nedbank’s Sustainable Finance Fundraising Framework.

    Funding will prioritise affordable housing for women and first-time homeowners, as well as green-certified units, reinforcing the Bank and Nedbank’s shared commitment to gender equality, climate resilience, and financial inclusion. The bond will contribute to achieving AfDB ‘s  vision for inclusive growth.

    “This partnership builds on our shared commitment to drive financial access for underserved communities and transform living conditions across South Africa.It marks a significant milestone in our nearly two-decade relationship with Nedbank Group, unlocking critical financing where it’s needed most while strengthening our financial system’s resilience,” AfDB ‘s Director General for Southern Africa, Kennedy Mbekeani said.

    The $60 million trade finance Risk Participation Agreement will provide crucial credit risk cover for Nedbank’s partnership with local banks issuing documentary letters of credit and similar trade instruments across the continent, including in Low-Income Countries and Transition States. The mechanism will help close the continent’s trade finance gap and accelerate intra-African trade.

    Read Also: AfDB hails Ekiti over payment of N1.45bn compensation to landowners

    “This landmark partnership with the AfDB Group represents a pivotal step in our drive to deliver real impact for communities across South Africa and the continent. By mobilising funding for affordable housing, especially for women and first-time buyers, and supporting trade finance for local banks, we are helping to unlock opportunities for inclusive growth and sustainable development. It underscores our commitment to enabling financial access, fostering climate resilience, and driving economic transformation through innovative, purpose-driven sustainable financing,” Chief Executive, Nedbank Group, Jason Quinn said. 

    The AfDB ‘s Director for the Financial Sector Development Department, Ahmed Attout, said: “We are proud of our shared commitment to sustainable financing, particularly through local debt capital markets. This intervention builds on our previous support in 2020, when we invested in Nedbank’s inaugural green bond to support renewable energy access in South Africa. It also demonstrates the Bank’s leading role in bridging the continent’s trade finance gap.”

    The initiative aligns with AfDB ‘s  Ten-Year Strategy (2024 – 2033) to transform African economies through industrialisation, regional integration, and improved quality of life for all Africans.

  • AfDB hails Ekiti over payment of N1.45bn compensation to landowners

    AfDB hails Ekiti over payment of N1.45bn compensation to landowners

    The African Development Bank (AfDB) has commended the Ekiti State Government for what it described as the transparent and timely payment of N1.45 billion in compensation to 195 landowners affected by the land acquisition for the Ekiti Knowledge Zone (EKZ) project.

    Governor Biodun Oyebanji in June approved the compensation following a comprehensive valuation exercise conducted in line with current market rates and the 2022 enumeration of lands, economic trees, and assets across the project site.

    The Ekiti Knowledge Zone, spanning about 208 hectares across Ago-Araromi and Ijan-Ekiti, is  a modern smart city designed to drive innovation, ICT training, research and knowledge-based enterprise development.

    The AfDB’s commendation came after a verification visit by a team of its officials, led by Dr. Mohammed Hamadina, the Bank’s Social Safeguard Specialist, and Mr. Uzoma Okoroafor, Environmental Safeguard Expert. 

    The team visited affected communities to confirm that all Project Affected Persons had been duly compensated in line with the African Development Bank’s Involuntary Resettlement Policy, which guarantees fairness, inclusion, and full payment to all affected individuals.

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    Speaking during the visit, Dr. Hamadina confirmed that all affected persons had received payment based on the valuation of their land and economic assets captured during the 2022 assessment.

    He expressed the  Bank’s satisfaction with the thoroughness, fairness, and transparency of the process, noting the state government had not only complied with AFDB’s safeguard standards but also demonstrated genuine sensitivity to the needs and welfare of the affected communities.

    Hamadina added that the step by step approach adopted by the government from the enumeration to valuation and eventual payment reflected a model of accountability and inclusiveness that other states could emulate in executing development-oriented projects.

    “AfDB is a development-focused institution. Any individual who loses property or livelihood to an AfDB-backed project must be adequately compensated in a way that uplifts and does not disadvantage them.

    “What we have seen here in Ekiti shows transparency, fairness, and commitment to community welfare. AFDB’s priority is to ensure that every intervention improves lives and strengthens trust in governance,” he said.

    Okoroafor said the Knowledge Zone project was conceived to empower people and accelerate the state’s economic transformation, adding that the exercise reinforced the Bank’s confidence in Ekiti’s approach to inclusive development.

    “This project is about the people. It is designed to serve as a model for innovation and sustainable growth. What we have witnessed in the compensation process demonstrates accountability and fairness,” he added.

    Technical Adviser to the Governor on Green Economy, Ecological Matters and Climate Change, Dr. Akinyemi Akinyugha, described the verification exercise as a vital step toward ensuring transparency and accountability.

    “This process confirms our administration’s commitment to fairness, inclusiveness, and due process. The Ekiti Knowledge Zone is now in its infrastructure development phase, and every affected person has been carried along,” Akinyugha said.

    He thanked the AfDB for its diligence and appreciated the cooperation of the host communities, assuring that the state would continue to maintain open engagement with all stakeholders.

    Chairman of Ago-Araromi Community Mr. Ojo Bankole, lauded both the AfDB and the Ekiti state government for their transparency and accountability,pledging continuous community support for the project.

    Another beneficiary, Mr. Aduloju Ayodeji, described the process as “open, fair, and professionally handled,” noting that it had boosted confidence in the state government’s handling of major development projects.

  • Nigeria secures AfDB commitment for agric expansion as SAPZ rolls out to 24 states

    Nigeria secures AfDB commitment for agric expansion as SAPZ rolls out to 24 states

    …as Shettima meets St. Kitts PM on strengthening Africa–Caribbean ties

    Nigeria has secured enhanced funding commitments from the African Development Bank (AfDB) to operationalise the second phase of its Special Agro-Industrial Processing Zones (SAPZ), expanding the programme from eight states and the FCT to 24 states.

    Vice President Kashim Shettima made the request on Friday in New York during a bilateral meeting with AfDB President, Dr. Sidi Ould Tah, on the sidelines of the 80th Session of the United Nations General Assembly (UNGA).

    Justifying the country’s request, the Vice President said Nigeria is the largest shareholder in AfDB and its portfolio hovers in the neighbourhood of over $10 billion.

    In a statement issued by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said “we urge you to further support us in the phase 2 Special Agro-Industrial Processing Zones (SAPZ).

    “You assisted us with $300 million when you were in Liberia. We want to thank you, but like Oliver Twist, we are asking for more because we are poised to diversify our mono-product economy into agriculture, especially value-added agricultural export.

    “And we have the potential in all the agro-ecological zones in Nigeria. From the mangrove forest swamps in the south to the Sahelian region in the far north, you can virtually grow anything. In states like Kebbi, the soil is very fertile,” he emphasised.

    VP Shettima added that Nigeria boasts a resourceful youth population that is development-oriented and eager to be co-opted into the workforce of the 21st century.

    The Vice President implored the AfDB President to also look into the issue of the bank’s support for innovation-driven enterprises, instead of focusing only on MSMEs, noting that the digital space offers a vista of opportunities for Africa’s development.

    “We can catalyse and accelerate the digital space in Africa. Already, out of the eight unicorns in Africa, five are from Nigeria – Moniepoint, Jumia, and the rest. We want to once again reiterate that we are with you, we are for you, and we will stand by you,” VP Shettima told Dr Tah.

    In his remarks, Minister of Environment, Mallam Balarabe Lawal, sought the support of the bank for the Pan African Great Green Wall Initiative, especially Nigeria’s Great Green Wall Project.

    He said, “I want to appeal for the extension of your support to Nigeria’s National Agency for the Great Green Wall. The agency is responsible for containing desertification in the Sahelian part of Africa. I also want to plead that you look at what we have done so far in addressing environmental degradation in the 11 frontline States.

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    “We have already submitted our proposal to the Ministry of Finance on the issue of clean cooking policy, which is also directly linked to the afforestation process. It is important because it will address two issues of deforestation and health.”

    On his part, Minister of Housing and Urban Development, Alhaji Ahmed Dangiwa, appealed to the AfDB boss to support the ministry in addressing the housing deficit, adding that the housing sub-sector needs substantial funding.

    In his remarks, AfDB’s President, Dr Sidi Ould Tah, assured that under his leadership, the bank will spare no effort to provide Nigeria with the support it deserves in terms of developing its human capital.

    “My vision for the bank is not as a lending institution, but as a catalyst institution with which to mobilise resources and capital from all over the world to Africa. I hope we can really bring capital to the continent to make the transformation of our continent possible and bring value to the agricultural sector.

    “This is why my four cardinal points are: mobilise large-scale capital through partnerships, reform Africa’s financial architecture, convert the continent’s demographic dividend into economic strength for job creation, and industrialise Africa by harnessing its natural resources to add value and build resilient infrastructure.

    “These points form my roadmap to guide the bank’s strategy and accelerate Africa’s development, and I’m confident that with your support, the bank will be able to bring transformation to the continent,” the AfDB President said.

    VP Shettima meets St. Kitts Prime Minister to strengthen Africa-Caribbean ties

    Earlier, Vice President Shettima held a bilateral meeting with the Prime Minister of St. Kitts and Nevis, Terrance Drew, where they recommitted to strengthening economic and cultural ties.

    VP Shettima assured drew of President Bola Ahmed Tinubu’s determination to rekindle friendship and brotherhood between both nations.

    He said, “Going forward, we should have robust engagement and understanding. We should stand by each other. We should stand for one another. We should support each other’s interests.

    “For St. Kitts and Nevis, and Nigeria, what binds us together supersedes whatever divides us. The majority of the population of the Caribbean is of African descent. A large chunk of them are English-speaking countries. Quite a number of them belong to the Commonwealth. So, the commonalities we share are so significant, but contact has been low, relative to what it ought to be.”

    “So, your Excellency, I want to assure you that my boss is very keen on rekindling that friendship, that sense of brotherhood and sisterhood, and see to it that going forward, we should have robust engagement and understanding,” he added.

    Shettima further recalled that President Tinubu was in Saint Lucia earlier in the year, as part of his broader package of reaching out to Caribbean-Africans in the diaspora.

    On his part, Dr Drew, who decried the low level of trade and contact between Caribbean countries and Africa, expressed the country’s readiness to work closely with Nigeria to boost trade on the African continent.

  • AfDB invests $25m in TCX for local currency hedging across Africa

    AfDB invests $25m in TCX for local currency hedging across Africa

    The African Development Bank Group (AfDB) has approved a $25 million equity investment in The Currency Exchange Fund (TCX), a specialized global institution that provides long-term local currency hedging solutions in emerging and frontier markets.

    The move represents a strategic effort to strengthen African capital markets, reduce debt vulnerabilities, and expand access to financing in fragile and underserved economies. TCX operates as a development-focused fund, offering tailor-made hedging instruments that enable local currency lending in countries where conventional hedging markets are underdeveloped or absent.

    By helping borrowers protect themselves from foreign exchange (FX) volatility, TCX reduces the financial risks associated with hard currency borrowing, particularly in economies with unstable exchange rates.

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    The AfDB’s investment is expected to bolster TCX’s capital base, improving its risk-bearing capacity, expand TCX’s reach across illiquid and less liquid African currencies and mobilize additional Development Finance Institutions (DFIs) and private investors.

    It will also help mitigate the FX risks faced by micro, small and medium-sized enterprises (MSMEs), infrastructure developers, and public institutions.

    According to the Bank, the initiative is a critical step in addressing the root causes of debt distress, which often stem from mismatches between hard currency debt obligations and local currency revenues.

    Since its inception, TCX has hedged more than $17 billion in notional amounts, including over $4 billion across 31 African countries.

    Around 18 per cent of its global outstanding portfolio currently focuses on fragile and low-income markets, where access to financial risk management tools is most limited.

    The AfDB’s participation is expected to unlock additional volumes of hedging in priority sectors such as public debt management (supporting Debt Management Offices and development banks), infrastructure and energy access projects and microfinance and SME development, vital for job creation and economic inclusion.

    Ahmed Attout, Director of AfDB’s Financial Sector Development Department, emphasized the significance of the investment:

    “This investment in TCX marks an important milestone in the Bank’s effort to deepen African capital markets and address the root causes of debt distress. It will unlock local currency financing for MSMEs, infrastructure, and many sectors across Africa.”

    He added that the transaction is part of the Bank’s broader strategy to promote innovative financial solutions that improve access to sustainable financing.

    Ruurd Brouwer, Chief Executive Officer of TCX, welcomed AfDB’s equity stake: “We are thrilled to welcome AfDB to TCX’s capital base, joining fellow DFIs, impact investors, and governments that support our local currency hedging solution. This partnership will protect borrowers from currency risk and promote the development of African capital markets.”

    The operation aligns with the AfDB’s Ten-Year Strategy (2024–2033), which prioritizes financial sector development and resilience.

    By reducing FX exposure, the investment aims to strengthen Africa’s ability to manage debt sustainably, attract private sector investment, and expand inclusive financing. This is especially critical for fragile states and low-income countries, where external shocks can quickly escalate into debt crises.

    As global volatility and tightening financial conditions continue to challenge developing economies, such measures are expected to play a decisive role in stabilizing African economies and supporting long-term development.

  • NAIDA denies fraud allegations in AfDB-funded $134m agric programme

    NAIDA denies fraud allegations in AfDB-funded $134m agric programme

    The Nigeria Agro Input Dealers Association (NAIDA) has dismissed allegations of fraud and fund diversion in the $134 million African Development Bank (AfDB)-funded National Agricultural Growth Scheme, Agro-Pocket (NAGS-AP), describing recent media reports as “misleading and unsubstantiated.”

    In a statement signed by its President, Kabiru Umar Fara, the association responded to a September 15, 2025, article published by a media organisation which accused senior government officials of diverting funds meant for agro-input suppliers under the programme.

    NAIDA said no evidence had been presented to prove that any official personally benefited from funds allocated to suppliers.

    “The assertion that money earmarked for agro dealers was used for unrelated items is false and remains unsubstantiated,” the statement read.

    While acknowledging that there have been delays in payments to some suppliers, NAIDA stressed that this should not be misinterpreted as fraud.

    It explained that the delays were linked to verification processes, reconciliation of delivery reports, quality checks, and compliance with AfDB and federal procurement standards.

    The association further clarified that some payments had already been made, while others were in the final processing stage.

    “Once suppliers meet all contractual obligations and submit the required documentation, payments will be made, and will be made as per the agreed schedule. No funds have been withheld arbitrarily,” Fara said.

    On concerns raised by agro dealers over delayed payments, NAIDA expressed regret over the hardship experienced by some members, adding that the programme managers were working to expedite outstanding payments.

    NAIDA also underscored that NAGS-AP is subject to stringent AfDB audits, monitoring, and financial oversight.

    “All disbursements and payments are documented, reported to AfDB, and open to audit. Allegations of misappropriation will be taken seriously, and we are ready to cooperate with any credible investigation,” the association stated.

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    The body described claims that officials acted in bad faith, or that the programme’s challenges could derail Nigeria’s agricultural emergency plan and fuel food inflation, as defamatory, speculative, and alarmist.

    To strengthen transparency, NAIDA disclosed that NAGS-AP had agreed to make public a payment schedule showing suppliers who have been paid and those pending, along with reasons for delays.

    The association urged media outlets to verify facts before publication.

    “The claims in the article are exaggerated and misleading. NAIDA remains committed to supporting smallholder farmers, ensuring timely delivery of inputs, remunerating suppliers, and operating with accountability and transparency,” Fara said.

  • New AfDB President outlines reform, youth, partnership agenda

    New AfDB President outlines reform, youth, partnership agenda

    The newly elected President of the African Development Bank (AfDB), Dr. Sidi Ould Tah, has pledged to prioritise institutional reforms, stronger partnerships, and empowerment of youths and women during his first 100 days in office.

    Speaking in his inaugural address yesterday in Abidjan, Ould Tah said the bank must urgently reposition itself as a responsive institution capable of tackling Africa’s most pressing development challenges.

    He outlined four immediate priorities to inlcude listening to stakeholders, launching a fast-track reform agenda, deepening partnerships, and accelerating solutions for inclusive growth.

    “Empowering youths and women is central. It requires finance, mentorship and technology. By supporting our talents, we will build a bright future,” Ould Tah said.

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    He emphasised that reforms would target faster operations, efficient delivery, and the removal of bureaucratic bottlenecks. Partnerships, he noted, would be strengthened with African and global institutions, as well as private sector actors, to mobilise large-scale resources.

    The new AfDB president also promised to push practical solutions to boost access to finance, create jobs, and unlock the continent’s industrial and financial potential.

    “We will be the bank that bridges divides between regions, between ambitions and execution, between public and private, between urgency and bureaucracy. The time for delivery has begun. Together, let us transform Africa’s promise into prosperity,” he declared.

    Born on December 31, 1964, in Mederdra, Mauritania, Ould Tah holds a Ph.D. in Economics from the University of Nice-Sophia-Antipolis, France, and has held several advanced degrees in economics from universities in Paris and Nouakchott.

    He was elected in May 2025 as the ninth President of the AfDB after winning 76.18 per cent of total votes and 72.37 per cent of regional votes in the third round of balloting, defeating four other contenders.

    Ould Tah succeeds Dr. Akinwumi Adesina, whose 10-year tenure ended this week

  • AfDB secures N3.4trn for agro-industrial processing in Nigeria

    AfDB secures N3.4trn for agro-industrial processing in Nigeria

    Africa Development Bank (AfDB) and its partners have mobilised 2.2 billion dollars (about N3.4 trillion) to implement special agro-industrial processing zones in Nigeria.

    Dr Akinwumi Adesina, the outgoing President of AfDB disclosed this in a paper presented at the 2025 Standard Chartered Bank Africa Summit recently held in Lagos.

    In a copy of the presentation obtained by the News Agency of Nigeria (NAN), Akinwumi said the fund would be deployed to implement the phase two of the special agro-industrial processing zones covering 24 states.

    He recalled that the bank and its partners had supported the launch of the special agro-industrial processing zones in the first eight States – Ogun, Oyo, Cross Rivers, Imo, Kaduna, Kwara, Kano and the Federal Capital Territory-.

    Adesina, a former Minister of Agriculture and Food Security, said the initiative would revolutionise Nigeria’s agricultural sector by enhancing food security, boosting domestic production and creating thousands of employment.

    According to him, investments are needed to unlock the agricultural potential in Nigeria and Africa in general, especially for value addition to agricultural commodities.

    Read Also: Nigeria leads AfDB’s agro-industrial drive across Africa

    To achieve that, he emphasised the need for the development of industrial platforms that would allow the continent to move up the agricultural value chains.

    “The AfDB is investing massively in the development of Special Agro-industrial Processing Zones across Africa, enabled with infrastructure to support the establishment of industries to process and add value across a wide range of agricultural products.

    “The bank has committed over 934 million dollar towards the development of the special agro-industrial processing zones.

    “We have mobilised co-financing of 938 million dollar from partners, including the International Fund for Agricultural Development, the Islamic Development Bank, Japan International Cooperation Agency, and the West African Development Bank.

    “We have also launched together with partners, the Alliance for Special Agro-Industrial Processing Zones to accelerate the development of these zones across Africa, with 3 billion dollar in commitments,’’ he said..

    The AfDB President also disclosed that development of the special agro-industrial processing zones is ongoing in 27 sites across 11 countries in Africa. (NAN)