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Tag: AfDB

  • 650m Africans live without electricity – AfDB

    The African Development Bank, (AfDB) on Wednesday says that no fewer than 650 million Africans currently live without electricity.

    Dr Victor Oladokun,  AfDB Director, Communication and Media Relations disclosed this while welcoming African Journalists on a Media Tour to Saemaul Undong Model village project, in Yamoussoukro, Cote d’Ivoire.

    “About 650 million people in Africa are currently without light  and some communities till today never see electricity.

    “We have a commitment to ensure universal electricity commitment and few other commitments,’’ he said

    He said that Africa by 2050 would have a population close to two billion, a population of China and Indian put together.

    He added that about 90 per cent of the people living in rural areas in Africa live in darkness.

    “A state like Lagos in Nigeria has about 25 million population, five million commutes out of Lagos.

    “Lagos, like Addis are likely to double its population  to 40 to 45 million  in the next 20 years, are we prepared? he asked

    He said that the continent needed  to work hard to be able to manage the population with the basic needs.

    He noted that bank had five key areas of focus to ensure effective development of the region

    The five key areas he said include, Light up Africa, feeding Africa, Integrating Africa, Industrializing Africa and Improve quality of life in Africa.

    He said that the bank had continued to expand its office to take business closer to consumers in the field.

    According to him, the bank has established 40 offices in different countries in the region as against 14 that it use to have.

    “As a bank, we need to be closer to the consumers and the private sector,’’ he said

    He added that the bank had refocused its effort to ensure that rural areas were develop adding that developing the urban centres would not bring the desired result in the region (NAN)

  • AfDB releases economic outlook

    African Development Bank (AfDB) yesterday released its first highlights of 2018 African Economic Outlook in Arabic, Hausa and Kiswahili. The bank said the three languages are among the most widely spoken by over 300 million Africans. Releasing the report in local languages aims to increase accessibility of the publication’s findings to a large segment of Africans and promote linguistic inclusiveness. This release is also the latest innovation for increasing the relevance and timeliness of the African Economic Outlook.

    For the first time in the publication’s 15-year history, the 2018 edition of the report was launched early in the year – on January 17, 2018 – at the bank’s headquarters by its president, Akinwumi Adesina.

    The 2018 edition of the African Economic Outlook focuses on infrastructure. As noted by Akinwunmi, “Infrastructure projects are among the most profitable investments any society can make. When productive, they significantly contribute to propel and sustain a country’s economic growth.” Based on preliminary results, the African Development Bank estimates that investment needs for infrastructure will be in the range of $130-170 billion a year, much higher than the commonly cited US $93 billion.

    Another milestone was the release of regional Economic Outlooks for Africa’s five sub-regions, at the Bank’s regional hubs on March 12, 2018. These self-contained reports focus on priority areas of concern for each sub-region and provide analysis of the economic and social landscape. Specifically, the regional Economic Outlook focuses on the importance of the Congo Basin forest for Central Africa; assesses the manufacturing sector potential in Eastern Africa; discusses food security and rural poverty in North Africa; analyzes competition in food value chains in Southern Africa; and addresses labour markets and job issues in West Africa.

     

     

    With these new improvements, the Bank aims to transform the African Economic Outlook series (main and regional editions) into a flagship that provides comprehensive and rigorous analysis, reliable and up-to-date data and reference material on Africa’s development challenges for researchers, investors, civil society organizations, development partners, and the media. In the coming years, a particular emphasis will be placed on promoting linguistic inclusiveness by expanding the number of local languages in which the AEO is released.

    The bank will also take its knowledge products to influential development stakeholders such as local government officials or local non-governmental organisations, especially in rural areas, which are often not fully engaged in critical development discussions. Through such efforts, the African Development Bank will further celebrate Africa’s linguistic diversity and multilingualism, while fostering home-grown solutions to Africa’s challenges.

     

     

  • AfDB funds energy workshop

    The Economic Community of West African States (ECOWAS) Centre for Renewable Energy and Energy Efficiency (ECREEE) is organising a regional workshop to present the findings from the pre-feasibility study on Business Opportunities for Women in a Changing Energy Value Chain in West Africa.

    The workshop will take place at the African Development Bank Group Headquarters in Abidjan, Côte d’Ivoire.

    The regional workshop and the study are part of a larger project, which seeks to develop a pipeline of investment-ready, women-owned energy businesses across the West African region.

    The project, entitled: “Feasibility Study on Business Opportunities for Women in a Changing Energy Value Chain in West Africa”, is funded by the bank through the New Partnership for Africa’s Development (NEPAD) Infrastructure Project Preparatory Facility (IPPF) Special Fund, which assists African countries in the preparation of regional infrastructure projects in energy, transport, information, communication and technology (ICT), and transboundary water.

    As an energy sector project, the feasibility study will produce a high quality gender responsive, regional energy market development strategy that taps into the innate entrepreneurial capacity of women. Specifically, the project will produce four country-focused feasibility studies of energy businesses that make the most of the global megatrends shaping the new energy system, namely: technological breakthroughs, climate change and resource scarcity, demographic and social change, economic growth and rapid urbanisation.

    Covering four West African countries (Côte d’Ivoire, Ghana, Nigeria and Senegal), it is envisaged that the project will contribute to the ongoing energy transition in West Africa by promoting an energy system that facilitates decarbonisation, decentralisation and digitalisation.

     

  • Wema Bank secures $35m, AfDB, ICD fund for SMEs

    Wema Bank Plc has secured $35 million credit line from two multilateral development finance institutions.

    Tt  signed a $15 million credit line agreement with the African Development Bank (AfDB) to grow financial support to small and medium scale businesses.

    The bank has also secured a $20 million facility from the Islamic Corporation (ICD) for the Development of the Private Sector. The agreement was signed at the 3rd Africa Islamic Finance Forum.

    The line of credit will be channeled towards funding small and medium scale enterprises (SMEs) operating in Nigeria.

    The Managing Director of Wema Bank Plc, Segun Oloketuyi, said the funds will help bolster the Bank’s vision of building a sustainable retail sector by supporting micro, small and medium scale enterprises.

    SMEs are one of the greatest contributors to Nigeria’s economic growth. Research has shown that the sector has a similar effect worldwide, contributing to over 55 per cent of Gross Domestic Product (GDP) and over 65 per cent of total employment in high-income countries.

    Also, SMEs account for over 60 per cent of GDP and over 70 per cent of total employment in low-income countries, while they contribute over 95 per cent of total employment and about 70 per cent of GDP in middle-income countries.

    “We believe efforts like this, ultimately helps to create jobs, accelerate industrialization, redistribute wealth and fight poverty,” Oloketuyi said.

  • AfDB, ISA to boost solar energy development in Africa

    In a major boost for its Light Up and Power Africa Initiative, the African Development Bank (AfDB) has entered into partnership with the International Solar Alliance (ISA) to scale up solar energy in Africa.

    The AfDB and ISA will support technical assistance and knowledge transfer for solar development in sun-shine rich African countries.

    Both parties will also develop finance instruments for off-grid solar projects, as well as large-scale solar independent power producers for African ISA member countries.

    As part of the new agreement, ISA will support the AfDB’s Desert to power solar initiative –through which the bank intends to turn Africa’s deserts into new sources of energy.

    Working with partners to develop 10,000 mw of solar power systems across the Sahel, the initiative is expected to provide electricity to 250 million people, with 90 million of these being on off-grid systems.

    A statement from the AfDB said the partnership agreement was sealed on the margins of the Founding Conference of the International Solar Alliance (ISA) held in New Delhi, India on March 11. The Conference was co-chaired by Prime Minister Narendra Modi of India and President Emmanuel Macron of France.

    “This signing is an important milestone for the Bank in its efforts to lead the continent’s transformation towards sustainable energy, through the use of solar technologies, and in its bid to reach universal access to energy in Africa,” said Amadou Hott, Vice President, Power, Energy, Climate and Green Growth at the African Development Bank.

    In his opening remarks at the conference, President Macron identified the three top priorities of ISA as the identification of solar projects, mobilisation of public and private finance at scale with a focus on guarantee instruments, and transfer of innovative technology solutions and capacity building.

    Prime Minister Modi underscored the need to ensure that better and affordable solar technology is available and accessible to everyone.

    “The joint declaration recognizes the Bank’s New Deal on Energy for Africa, its energy policy and its leadership in working with governments, the private sector, and bilateral and multilateral energy sector initiatives to develop a Transformative Partnership on Energy for Africa” the statement said.

    The declaration lays out areas of deeper cooperation between ISA and the AfDB, including developing innovative financial instruments to reduce risks and costs associated with solar investments and to leverage climate financing and commercial co-financing and mobilising concessional financing through the Sustainable Energy Fund for Africa (SEFA) and other Bank-hosted funds.

     

  • Three win AfDB’s Farming is cool art contest

    Three win AfDB’s Farming is cool art contest

    Three young students, Ezra Anthony, Precious Nnenna Enyinwa and Vivien Okoro have won the African Development Bank’s (AfDB’s) Farming is cool art contest. The winners went home with cash prizes of N1 million, N500,000 and N250,000 for first, second and third places.

    AfDB President Dr. Akinwunmi Adesina presented the prizes to the winners while Vice President Yemi Osinbajo, who represented President Muhammadu Buhari, opened the new office complex.

    Twenty contestants aged 10 to 16 years took part in the contest. It was part of AfDB’s goal to see a shift in agriculture on the continent, hoping to feed itself and eradicate malnutrition by 2025.

    At the inauguration of its complex at Abuja, AfDB inspired secondary school pupils with the Farming is cool contest to launch African economic outlook for 2018, as well as to share the high 5.

    According to Senior Director, Nigeria Country Department, AfDB, Ebrima Faal, the conest was conducted to sow a seed of awareness on the development of the nation’s economy.  He noted that the Farming is cool campaign strives to flip the script on farming as a last resort by emphasising and promoting it as a viable wealth-creation option.

    “Its target is the youth and children to encourage positive thought and action towards an agricultural revolution,” he added.

    Also, AfDB stepped up the pace by focusing on the five priorities that are crucial for accelerating Africa’s economic transformation. The high fives include – light up and power Africa, industrialise Africa, integrate Africa, improve the quality of life for  Africans.

    Seond position winner, Enyinwa, interpreted her painting as harnessing agriculture to alleviate poverty in Africa. Her paintings focused on the five priorities tagged as high five: light up and power Africa, feed Africa, industrialise Africa, integrate and improve the living condition of the people of Africa, which she represented with symbols, electric bulb, basket of food, silhouette of hand shake, education and, silhouette of industry.

    Eyinwa explained that feed Africa requires ‘’all of us to strengthen our efforts in agriculture, and to do this we need to get all hands on deck. We need to get more young people involved in farming. Young farmers are the future of Africa. Our rich Africa soil can produce all the food we need to put food on every table and sell the rest to make enough money to send everyone to school in order to achieve the high fives’’.

  • AfDB strengthens regional collaboration on research

    AfDB strengthens regional collaboration on research

    Strengthening regional collaboration on Science, Technology and Innovation (STI) education and research networks was the subject of a panel discussion held at the Third Africa STI forum held in Cairo, the African Development Bank has said.

    Scientific Research and Technology are expected to play a huge role in development and industrialization in the coming years, the bank said. They are strategic to Africa’s industrialization and can enable the continent to leapfrog to the fourth industrial revolution.

    Africa has several distinguished research centers and regional specialized facilities funded by a number of countries. These are centers of excellence designed to provide scientific and innovative solutions to development challenges in Africa.

    However, scientific research requires adequate financial resources and infrastructure to ensure effective results. Head of New Technologies and Innovation at the UN Economic Commission for Africa, Kasirim Nwuke, believes that in order for countries to achieve integration, they need to start by assessing the competitiveness condition in member states and address policy issues.

    Director General, West and Central Africa Research and Education Network, Boubakar Barry,  says that it fundamental for research centers in the continent to stay connected among themselves and continue to have access to research results achieved in different regions. In modern times, ICT facilitates the achievement of this goal.

    Executive Director, African Academy for Science, Nelson Torto said that the Academy plays an advocacy role in the continent, in addition to honoring scientific achievement. It was founded by a group of the highly distinguished scientists in Africa and funded by a number of countries as well as grants from different global bodies. The Academy has 400 Fellows, one- third of them females.

    The World Bank is supporting these efforts through a center of excellence established within the frame of a regional initiative. “The center aims at meeting labor market demands, and providing scientific solutions for development challenges” says Javier Botero Alvarez, Lead Education Specialist, Education Global Practice, World Bank.

    This goal will be achieved through strengthening the capacity of universities in a number of countries competitively selected. The center is covering ten priority sectors and includes sixteen countries. The initiative is expected to have a positive impact on industry, improve the skills STEM asset and strengthen national TVET system.

  • AfDB okays $10million bond support fund

    AfDB okays $10million bond support fund

    Board of the African Development Bank (AfDB) has approved  $10 million to the African Local Currency Bond Fund (ALCB Fund), to further enhance its portfolio and promote the development of domestic capital markets across the continent.

    The loan with a seven-year tenor including a two-year grace period, will support opportunities for local African corporate issuers to access and diversify their long-term funding sources in local currency and crowd in local institutional investors.

    The ALCB Fund was incorporated in December 2012 by German Development Bank (KfW) on behalf of the German Federal Ministry of Economic Cooperation and Development and is licensed as an open-ended Fund, domiciled in Mauritius with initial paid-in capital of $47 million.

    The Fund is designed to promote local currency bond issuers in high-impact sectors by providing technical assistance to facilitate corporates bond issuances and champion best practice across various domestic debt markets.

    Geographically, the Fund is expected to invest in all African countries where local currency bonds are possible. It has invested in Botswana, Ghana, Kenya, Zambia, Lesotho, Senegal, Côte d’Ivoire, Nigeria, Uganda, Malawi, Gabon and Togo. As of December 31, 2017, the Fund had made 27 investments across 19 companies and in 10 currencies.

    The products and services offered by the ALCB Fund are designed to improve access for non-sovereign issuers to long-term funding in local currency, reduce currency and maturity mismatches and increase local financial intermediation.

  • Nigeria ranks lowest in industrial GDP, says AfDB

    Nigeria may have lost her position as the biggest economy on the continent, according to a report by the African Development Bank (AFDB).

    The report, made available to The Nation, showed that South Africa is the highest in Industrial Gross Domestic Product (GDP) with 44.8 percent.

    It is followed by Egypt, with 30.1 per cent; Cote d’Ivoire, 29 percent; Kenya, 23.3per cent and Ghana 21 per cent.

    Others are Ethiopia 21 per cent, Cameroon 17.9 percent and Nigeria 13.1 percent.

    In the report titled: Industrialise Africa, the bank profiled the top eight countries on the continent and the contribution of industrial Gross Domestic Product (GDP) to their economies, noting that industrial GDP is low across the continent.

    AfDB President, Dr. Akinwunmi Adesina, said the bank has put some measures in place to help boost the continent’s industrial GDP by 13 percent in 2025 and drive overall GDP from $2.3 trillion to $5.6 trillion.

    He said: “To industrialise Africa, the AfDB is committed to mobilising capital, de-risking investments for the private sector, and leveraging capital markets. This is essential for moving Africa’s Industrial agenda forward and for building an Africa of the 21st century must be well positioned to take its place in global value chains.

    ‘’The bottom line is that we need to produce more and we need to produce better. Most of all, we need to add value to our resources and raw materials, and turn them into processed products,” he said.

  • AfDB plans electricity for 29.3m Africans by 2020

    The African Development Bank (AfDB) plans to reach 29.3 million people in African with electricity by 2020.

    The President of the Bank, Akinwumi Adesina, spoke at the High Level Event on “New Way of Working: From Vision to Action-National, Regional and Global Dimensions” at the United Nations Economic Commission for Africa in Addis Ababa, Ethiopia, on Sunday. He pledged support for the New Way of Working as “crucially important” and indicated that it requires a new way of tackling development issues.

    United Nations agencies signed a “Commitment to Action” document at the World Humanitarian Summit in which they agreed on a New Way of Working in crises.

    “The African Development Bank is today at the forefront of investing in renewable energy in Africa. The share of renewable energy in the Bank’s energy portfolio increased from 14% when I became President in 2015 to 100% last year,” Adesina said.