Economy
Global Africa Business Initiative’s ‘Unstoppable Africa’ 2025 puts Africa at the center of global growth
Africa’s economic ambitions make waves as heads of state, business leaders, investors, and policymakers gathered for Unstoppable Africa 2025, the flagship forum of the Global Africa Business Initiative (GABI). The gathering which took place at the Marriott Marquis, in Times Square, marked a decisive shift in the global conversation – from doing business in Africa to doing business with Africa – with energy, critical minerals, healthcare, education, and the creative industries driving a powerful narrative of Africa as the engine of the world’s next wave of growth. The event was held just ahead of the 80th United Nations General Assembly and was hosted by UN Secretary-General António Guterres and H.E. Mahmoud Ali Youssouf, Chairperson of the African Union Commission. CNN’s Larry Madowo and Al Jazeera’s Folly Bah Thibault returned as moderators. In his opening remarks at Unstoppable Africa 2025, António Guterres, Secretary-General of the United Nations, highlighted Africa’s growing influence at a time of global disruption and opportunity. “The world meets at a time of turbulence and opportunity, and Africa stands at the centre of that opportunity. Africa is home to the world’s youngest population, has vast energy resources, and extraordinary creativity across sectors -from fintech and agribusiness to fashion and artificial intelligence. Our challenge and responsibility is to turn these extraordinary possibilities into sustainable prosperity, in line with the Sustainable Development Goals, Agenda 2063, and the Pact for the Future.” Ms. Sanda Ojiambo, Assistant Secretary-General and CEO of the UN Global Compact, added: “The time has come to embrace a new narrative for Africa. This narrative is imperative. We are shifting from doing business in Africa to doing business with Africa. Since our last forum, GABI has maintained momentum by convening alongside several African organizations and continues to do so.” GABI was formed in 2022 to rebalance the way business is done in Africa. Its focus is on sustainable business aligned with Agenda 2063 and the SDGs. GABI prioritizes several themes: Energy, Trade, Digital Transformation, Food Systems, Education, Health, Fashion & Creative industries, and Sports.
GABI and its partners aim to build a strong, inclusive private sector that derisks economies, attracts investment, creates jobs, and promotes prosperous, sustainable communities across Africa. One highlight was a closed door meeting between the UN Secretary-General, Mahmoud Ali Youssouf, H.E. João Lourenço, President of Angola, UN Deputy Secretary-General, Strive Masiyiwa and other African business leaders. Fourteen CEOs and heads of multilateral organizations, representing companies based in 16 African countries with a combined revenue of US$22 billion, called on governments to do more to improve the business environment. They emphasized the need for policies that support industrial growth, regional trade, and long-term investment.
Founder and Executive Chairman, ECONET Global and Cassava Technologies, Strive Masiyiwa said: “Unstoppable Africa has become a powerful platform for African and global leaders, and the world’s biggest companies to engage with Africa.” Throughout the day, participants highlighted key priorities for Africa’s development, including expanding access to energy, accelerating clean energy adoption, improving healthcare and education, and supporting creative and sports industries. Reflecting on Africa’s potential, H.E. Mahmoud Ali Youssouf, Chairperson of the African Union Commission, said: “Unstoppable Africa is more than a slogan. It is, first and foremost, a recogniti on of our potential and a determination to act, to transform the daily lives of African citizens. Building a just, sustainable, and prosperous world will be anchored in shared values, environmental stewardship, and equitable partnerships among governments, international institutions, the private sector, and civil society”. A trade session explored Africa’s position in a rapidly changing global economy. In light of rising protectionism, tariff disputes, and the weakening of long-standing trade agreements, speakers examined how Africa can adapt to a more fragmented global landscape.
World Trade Organization (WTO) Director-General Dr. Ngozi Okonjo-Iweala set the scene in a fireside chat, noting that global companies are seeking to diversify supply chains and that Africa stands out as a destination for growth. She highlighted opportunities in industries such as textiles and oil palm and emphasized that, with over one-third of key mineral reserves, local processing can support green energy supply chains.
H.E. João Lourenço, President of Angola, highlighted the potential of the Lobito Corridor to boost regional trade and industrial growth. He noted that the corridor connects the Atlantic and Indian Oceans, supports a broad economic zone, and can attract private investment to drive production, processing, and exports across Africa. H.E. Duma Boko, President of Botswana, called for harmonized laws and systems across Africa to facilitate trade. He emphasized the importance of shared investment in infrastructure, including the Lobito Corridor, and urged stronger public-private partnerships, faster approvals, and streamlined processes to enable business growth. Another session focused on Africa’s growing importance in the global supply of critical minerals essential to the energy transition and digital technologies. Hon. Bogolo Kenewendo, Minister of Minerals and Energy of Botswana, outlined plans to develop local hubs around mines to ensure processing and value addition happen within the country, keeping more economic value in Botswana and strengthening domestic industry.
Mr. Paul Hinks, Chairman and CEO of Symbion Power and HYDRO-LINK, highlighted the strategic importance of rare earths and other critical minerals. He noted global reliance on China for processing and emphasized the growing demand from partners like the United States for alternative, locally processed sources to strengthen supply chain resilience. Dr. Rajiv Shah, President of the Rockefeller Foundation, highlighted that by the end of the week, 32 nations are expected to sign energy agreements detailing new policies and plans to expand electrification. African leaders also aim to mobilize over $50 billion in affordable finance, supporting Mission 300, the continent-wide goal to accelerate access to reliable power. An insightful panel on financing Africa’s green industrial future highlighted the importance of local financial leadership in driving the continent’s energy transition. Alain Ebobissé, CEO of Africa50, called for Africans to take the lead in driving the continent’s development while engaging global partners. He emphasized the need for speed and increased investment, noting that African institutional investors manage over US$2 trillion, yet less than 3% is allocated to infrastructure. Increasing this to 5% could significantly close the funding gap.
In the side event, the Africa Business Leaders Coalition (ABLC), convened a round table focused on unlocking trade in Africa. 14 CEOs representing over US$20 billion of annual turnover in Africa, shared candid feedback with the Deputy Chair and Commissioner for Economic Development, African Union Commission, Her Excellency, Selma Malika Haddadi, calling for harmonised regulations across the continent. Day Two of Unstoppable Africa 2025 will continue with discussions on trade, digital innovation, food systems, and investment opportunities across the continent.
Economy
Nigeria champions African-Arab trade to boost agribusiness, industrial growth
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Economy
FEC approves 2026–2028 MTEF, projects N34.33trn revenue
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
Economy
CBN hikes interest on treasury Bills above inflation rate
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
-
News3 days agoNigeria to officially tag Kidnapping as Act of Terrorism as bill passes 2nd reading in Senate
-
News3 days agoNigeria champions African-Arab trade to boost agribusiness, industrial growth
-
News3 days agoFG’s plan to tax digital currencies may push traders to into underground financing—stakeholders
-
Finance1 week agoAfreximbank successfully closed its second Samurai Bond transactions, raising JPY 81.8bn or $527m
-
Economy3 days agoMAN cries out some operators at FTZs abusing system to detriment of local manufacturers
-
News1 week agoFG launches fresh offensive against Trans-border crimes, irregular migration, ECOWAS biometric identity Card
-
News3 days agoEU to support Nigeria’s war against insecurity
-
Uncategorized3 days agoDeveloping Countries’ Debt Outflows Hit 50-Year High During 2022-2024—WBG
