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The Director-General of West Africa Region, African Development Bank (AfDB), Lamin Barrow, states the bank’s cumulative financing approvals in Nigeria stand at 10.9 billion dollars.

African Development Bank Invests $10.9 Billion in Nigeria

Barrow said this at the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture on Monday in Abuja.

The News Agency of Nigeria (NAN) reports that the event is being held as part of the activities to celebrate the Bank’s 60th Anniversary with stakeholders.

“Over the last 60 years, the Bank has grown into a trusted partner and the continent’s premier development financial institution.

“Our cooperation with Nigeria has expanded over the years, especially considering that Nigeria is the largest shareholder.

“Since it started operations in the country, cumulative financing approvals has reached 10.9 billion dollars and our portfolio currently stands at 4.9 billion dollars supporting projects in the public and private sectors,” he said.

Barrow stated that the President of the AfDB, Dr Akinwumi Adesina, upon assuming office eight years ago, prioritised the High 5 – of Power, Feed, Industrialise, Integrate, and Improve the quality of life for the people of Africa.

He mentioned that these were the accelerators for achieving the SDGs and the targets in the African Union’s Agenda 2063.

During this period, projects and programmes supported have impacted over 400 million people, according to him.

He said: “this Interactive Session provides an opportunity to discuss ways of addressing the many challenges faced by youths and women in Agro-business, including access to finance.

“We applaud the Federal Government of Nigeria in spearheading various initiatives and programmes to increase production and productivity in the sector.

“And its efforts to create job opportunities for the youths and women, and combat food insecurity in the wake of the high food inflation currently witnessed in Nigeria.”

According to him, the workshop will enhance the knowledge and skills of participants in preparing bankable proposals to unlock financial support for their enterprises.

Meanwhile, Mrs Marie-Laure Akin-Olugbade, AfDB’s Vice-President, Regional Development, Integration and Business Delivery Complex, during her keynote presentation, identified agriculture as a business.

“We are here to reimagine Africa’s future. A future powered by agriculture that backs the perception of agriculture as a low-income, low-status occupation that attracts only 21.5 per cent of youth.

“Where Women, comprising 50.8 per cent of Africa’s population, continue to face systemic challenges including gender-based discrimination, marginalisation, violence, and unequal access to education, land, resources, opportunity and a voice.

“Africa is home to 65 per cent of the world’s remaining arable land enough to feed 9.5 billion people in the world. Agriculture is a business,” she said.

According to the vice-president, growth in the agricultural sector is two to four times more effective in reducing poverty than growth in other sectors.

She said by 2030, Africa’s food and agriculture market is projected to be valued at 1 trillion dollars.

“These numbers alone demonstrate the central importance of agriculture as a cornerstone of Africa’s economy and a solution to the continent’s and the world’s food insecurity.

“The question, therefore, is not whether Africa can feed itself, it is how quickly we can make it happen,” she said.

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While reiterating AfDB’s efforts towards food security, Akin-Olugbade said the bank was collaborating with partners to allow private agribusinesses to establish industries that processed and added value to agricultural commodities.

“So, to our policymakers, I say this: The time for bold action is now. Every policy should ask: Are we going beyond empowering to invest in our youths?

“How does this support our women farmers? How does this move us closer to food sovereignty?

“To the youths and women: You are not just the future of Africa’s agriculture. You are its present. Your innovation, resilience, determination are the seeds from which a new African agricultural revolution will grow,” she said.

The vice-president said that by working together and focusing on these transformative initiatives, we would unlock the full potential of Africa’s agriculture.

She then expressed AfDB’s commitment to nurture the growth, ensure that Africa’s future in agriculture is bright and prosperous for all.

NAN reports that the event was attended by government officials, partners, women and youths in agriculture, and stakeholders in the agric value chain. (NAN)

The leadership struggles currently unfolding at SiBAN (Stakeholders in Blockchain Technology Association of Nigeria) highlight a deeply entrenched issue in Nigerian organisational structures – godfatherism.

Obinna Iwuno, SiBAN Leadership, and the Influence of Godfatherism in Nigeria’s Blockchain Sector – Insights by Adedayo Showemimo

Cabals and godfathers, who wield influence from behind the scenes, have long played a pivotal role in stifling progress and maintaining the status quo in various sectors of Nigerian society. SiBAN, an organisation aimed at promoting blockchain technology and cryptocurrency in Nigeria, is now facing a similar internal battle, threatening to derail the efforts of its president, Obinna Iwuno, and his progressive Board of Trustees, which boasts respected thought leaders and practitioners in the blockchain space such as Rabiu Abdulhameed Jibia, Dania Oluwaseun Narudeen, Emeka Ezike, and Mela Claude Ake.

Godfatherism, a term used to describe the influence of powerful individuals or groups, often without formal titles but with substantial sway over organisational decisions, is not new in Nigeria. This influence can be beneficial when it supports growth and progress. However, more often than not, it is wielded to maintain personal interests, block reforms, and ensure that new, innovative leadership is subdued or removed. This dynamic is seen across political, economic, and even technological sectors, and unfortunately, SiBAN has not escaped its clutches.

Blockchain technology, known for decentralisation and transparency, stands in stark contrast to the centralisation of power represented by godfatherism. The irony is that even in a body like SiBAN, created to foster innovation and decentralisation, old systems of control and suppression still persist. These dynamics are now threatening the leadership of Obinna Iwuno, a progressive leader seeking to drive blockchain and crypto adoption in Nigeria.

Under Obinna Iwuno, SiBAN has made strides toward positioning Nigeria as a key player in the global blockchain space. His leadership has been characterised by a forward-thinking approach that embraces innovation, regulatory collaboration, and engagement with global stakeholders. However, Iwuno’s vision has not come without resistance. The ‘cabals’ entrenched in the organisation – who have enjoyed long-standing influence – are working overtime to undermine his efforts.

In response to the ongoing challenges, Iwuno made a powerful statement, dismissing recent negative blog posts as mere distractions from those seeking to derail progress.

“The recent blog posts are mere distractions aimed at discrediting my leadership and slowing down the progress SiBAN has made in positioning Nigeria in the global blockchain landscape. These attacks are not a reflection of our work, but rather the handiwork of a few who refuse to embrace the change and innovation we represent” he said.

Internal Power Struggles Threaten Growth at SiBAN

Despite the clear vision for growth and innovation, these internal power struggles—largely driven by those who favour maintaining the status quo—threaten to disrupt the work that Iwuno and his team have been undertaking.

These factions oppose the changes that would democratise decision-making, introduce transparency, and bring fresh ideas into the fold. For a technology as disruptive and forward-thinking as blockchain, this resistance is not only ironic but also counterproductive to the mission of the organisation.

Describing some of the detractors as ‘sore losers’, SiBAN President, Obinna Iwuno stated, “Some of them are also sore losers from the last election, like Senator Ihenyen, the then incumbent president whom I defeated in the last elections. Instead of conceding defeat and acting honourably in advancing SiBAN, he has remained bitter. Someone like Chris Ani is actually an unregistered member of SiBAN and has attempted to reduce the association to a WhatsApp group.”

In a sector driven by innovation, rapid development, and decentralisation, the very presence of godfatherism is a hindrance. It breeds conservatism, discourages risk-taking, and suffocates new ideas. The old guard, often invested in their own influence, may not fully appreciate the potential for growth that blockchain offers Nigeria, choosing instead to prioritise their own grip on power.

Many of those opposing Iwuno’s leadership appear to fear losing control over the resources and decision-making processes within SiBAN. In this respect, their actions mirror those seen in other Nigerian sectors, where powerful interests work to suppress new leadership that threatens their dominance. Unfortunately, in their quest to protect their vested interests, they risk stalling SiBAN’s progress and, by extension, Nigeria’s potential leadership role in the African blockchain space.

For Iwuno and his team, the path forward will not be easy. The key lies in fostering unity, transparency, and collaboration, even as detractors continue to undermine their efforts. Public accountability and engagement with stakeholders, both locally and globally, can help to highlight the importance of the work being done under Iwuno’s leadership.

It is also crucial for Iwuno to continue building partnerships with regulators, the Nigerian government, and international organisations. The broader blockchain community is watching SiBAN, and signs of internal dysfunction could damage Nigeria’s credibility in this growing industry.

The World Bank Group has called on the Nigerian government to invest its oil wealth in ways that benefit all citizens, not just a select few.

The World Bank urges the Nigerian government to prioritize using oil wealth to improve the welfare of its citizens.

The World Bank’s Chief Economist, Indermit Gill, has expressed concern over the widespread suffering in Nigeria, particularly affecting children and youth due to inflation, poor education, healthcare, and unemployment. He highlighted that reforms implemented between 2003 and 2007 had the potential to revitalize the Nigerian economy but were unfortunately not maintained.

“During those four years, Nigeria implemented fiscal and exchange rate reforms. It introduced unprecedented transparency into the recording and allocation of oil revenues. It renegotiated its Paris Club debt, which had created this debt overhang that was choking the economy, and the payoff was immense and immediate.”

He expressed deep concern that the federal government’s economic reforms, including changes to fiscal policy, monetary policy, and exchange rates, are negatively impacting all Nigerians, particularly those struggling with rising costs of food and transportation.

“So, oil wealth should be used for the welfare of all Nigerians, as it has been used to benefit just the elite for too long. The elite are also being hurt by these reforms that started last year, but they have done very well in the past, and they have built substantial buffers. The ordinary Nigerians are being hurt even more.

They were affected much more by the policies of the past. They don’t have any buffers, so their welfare should be uppermost in our minds today,” Mr Gill remarked yesterday at the 30th Nigerian Economic Summit in Abuja.

“The government must do everything in its power to protect the most vulnerable citizens against hardships because their lives and the lives of Nigeria’s 110 million children depend on it, and it must stay the course of reform because Nigeria’s long-term future and the future of the 110 million children depend on it.”

A call for Nigerian policymakers to prioritize non-oil growth and a competitive exchange rate was made, with the current exchange rate deemed competitive. The private sector was urged to protect the vulnerable and maintain competitiveness, as this is seen as the best opportunity for them.

In response, President Bola Tinubu, through Vice President Kashim Shettima, acknowledged the difficulties faced by Nigerians but stated that tough economic reforms are the only path forward.

Shettima asserted that Nigeria’s economic challenges, while present, are manageable and insignificant if appropriate policies are implemented. He emphasized the global and domestic nature of these challenges, aligning with the summit’s theme of “Collaborative Action for Growth, Competitiveness, and Stability.”

Gill, speaking at the Transcorp Hilton, traced Nigeria’s current economic challenges back to the early 1980s, when oil prices plummeted after the 1970s boom. He attributed the situation to flawed fiscal and exchange rate policies.

The World Bank Vice President presented a seven-point agenda for sustainable growth:

Learn from past policy mistakes.
Allow market forces to determine the exchange rate.

Maintain sustainable public debt.
Adopt fiscal rules based on world prices.
Ensure complete transparency in revenue accounting and allocation.
Develop a public investment program focused on economic diversification.
Prioritize transparency – a key difference between Norway’s success and Nigeria’s challenges.

stay the course.

”Earlier, the Minister of Budget and Economic Planning, Atiku Bagudu, stated that one of the immediate gains of the administration’s reforms “is increased revenue, which has improved funding for the three tiers and enhanced their ability to meet their obligations, including the payment of the new minimum wage.”

The government has implemented several financial measures since last year’s summit, including a N2.17 trillion supplementary budget, the 2024 annual budget, and an amendment to the 2024 budget.

Speakers at the summit acknowledged that Nigeria faces a critical juncture as it undertakes significant reforms with wide-ranging implications.

However, Gill stressed the importance of maintaining the current administration’s signature reforms, despite their challenges, to achieve economic recovery.

“Nigeria must stay the course for at least another 10 to 15 years to transform its economy. If it does that, it will become an engine of growth in Sub-Saharan Africa and help to transform the region.

“I hope Nigeria will thrive; the President’s signature reforms are essential to start that thriving process. They are crucial to breaking from the past and charting a more hopeful course for all Nigerians. These include the unification of what used to be multiple exchange rates, allowing that unified exchange rate to be determined by the market, and, of course, the elimination of fuel subsidies,” he stated.

The World Bank Chief also urged the Central Bank of Nigeria to stay focused on managing inflation and resist short-term capital inflows that might push up the naira’s value too quickly. “It should rebuild foreign exchange reserves as a cushion against oil price volatility,” he added

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