Connect with us

Economy

Osinbajo to ECOWAS bank: Evolve innovative ways of mobilising resources to end poverty

Published

8 years ago

on

By Omoh Gabriel

Vice President Yemi Osinbajo has urged ECOWAS Bank to invest in the future of youths in the subregion in order to reduce the level of poverty confronting the continent. Speaking at the 15th Ordinary meeting of the board of the Bank in Abuja the Vice President said “one of the crucial issues today which will decisively impact the future is how the ECOWAS Bank for Investment and Development EBID, can make a difference in the lives of our young people.

“Are there opportunities for strategic investments in relevant education, especially in the underserved disciplines such as Science, Education Engineering and Maths? Perhaps also the rising scale of foreign investment inflows into business start-ups by our young people should be taken by our local financing institutions like the EBID as a challenge to be just as relevant and invested in the dreams and ambitions of local talents. Here in Nigeria we would like to see you become even more active in supporting our investment and infrastructure ambitions”.

Osinbajo also said “our government is working hard to attract greater local and foreign investments, and we have put in place the needed reforms required to create an enabling environment for these investments. With our robust Economic Recovery and Growth Plan (ERGP), and our ongoing business environment reforms, we are confident that investing in Nigeria is and will continue to be a smart business decision.
“And we do not approach this selfishly. There is no doubt that a successful Nigerian economy  with our population being– more than half of the size of the ECOWAS community, and now rated the largest economy by GDP in Africa,  will positively impact the whole of our subregion. Nigeria’s economic buoyancy is in a real sense the buoyancy of our subregion.

“Permit me to underscore the importance of agriculture in the economic resurgence of West Africa. Today without much effort Agriculture is a significant contributor to the GDP of almost all our States. We play to our natural strength if we fund agriculture, focusing on improved inputs cutting edge extension services and agro processing. An important initiative is the West Africa Agricultural Productivity Program. The program aims to achieve 6 per cent agricultural growth and increased food production and availability in West but it is a World Bank Program.

“We in WestAfrica and especially the bank can certainly do more especially with mobilising resources for a major West African agricultural fund with an emphasis on promoting inclusion and jobs. I think that the emphasis of that fund must be agriculture for inclusion and for jobs. Because clearly the fastest way for providing jobs today especially for many of our teeming population many of whom are still in the rural areas is the provision of agriculture but not subsistence agriculture but smart agriculture, agriculture that aims to provide real jobs that can make a real impact in the lives and livelihoods of our citizens.

“We are of course aware of the numerous challenges that the Bank has faced in recent times, arising from the lack of adequate resources.  These challenges have limited its capacity to function optimally as a true financial arm of the Community. Clearly a well-resourced EBID could play a pivotal role in financing the achievement of the objectives of Vision 2020, which envisages the transformation of the ECOWAS Space from an ECOWAS of States to an ECOWAS of People, in which the people are prosperous, properly governed, and have the capacity to access and harness the enormous resources of the Community. So, clearly it is in our interest as member states to do more to address the Bank’s funding challenges, as the Bank  seeks to innovatively mobilise resources from across the continent and beyond, in line with its corporate objectives.

“The bank has since its auspicious founding proved to be one of the wisest and most farsighted decisions taken by ECOWAS since its inception; a sub-regional financial institution whose primary mission is to contribute to the integration and economic development of the fifteen Member States of our Community, by investing in and supporting both private and public sectors. This was clearly what the sub-region required then but perhaps more so now.  And the bank must be commended for its catalytic role in many game changing investments in energy, infrastructure, and even banking. In Energy the Desert Connection to link Nigeria-Benin-Togo, which was co- financed with the ADB and West African Development Bank. In Infrastructure, the bank contributed to the funding of Tinapa, in Cross River State of Nigeria. Tinapa remains one of the most visionary projects designed to make Cross Rivers state an international commercial and tourism hub.

“The bank also supported an electricity project in Conakry, Guinea, a road link between Côte d’Ivoire and Ghana, and guaranteed a 10 billion CFA bond issue for the port of Dakar and the creation of an investment bank in Benin. The bank also demonstrated remarkable resourcefulness at the height of the many conflicts in our sub-region to establish a Conflict Resolution Fund.

“But I must say that the role of the bank today is even more crucial and we all know why. But just to re-emphasize the point. Recent trends in global economic development have had significant impact on local and regional economies. The economies of our various countries have faced falling government revenues, on account of commodity price slumps; declining economic growth; and the challenge of creating jobs on a scale that can cope with our rising populations – all of these and more have translated into greater pressure on governments to urgently diversify resource-dependent economies.

“The more than 300 million citizens of our various countries are looking up to us for policies and interventions that will break the hold of poverty and inequality on their lives. Of even greater moment is the fact that the sub-region, like the continent, is a youthful one, 70 percent of our population is under 35 with all the implications for providing education and livelihoods that that will mean. So without question the challenges of today call for greater creativity and foresight in supporting and making investments in member countries”

Related Topics:
Continue Reading

Economy

Nigeria champions African-Arab trade to boost agribusiness, industrial growth

Published

2 days ago

on

December 5, 2025

By

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.

Continue Reading

Economy

FEC approves 2026–2028 MTEF, projects N34.33trn revenue 

Published

2 days ago

on

December 4, 2025

By

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.

Continue Reading

Economy

CBN hikes interest on treasury Bills above inflation rate

Published

2 days ago

on

December 4, 2025

By

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.

Continue Reading

Trending