The Ministry of Housing and Urban Development says Federal Government in Nigeria is considering Public Private Partnership (PPP) as reliable means to fund the Centenary City Project.
Abuja Centenary City
Minister of Housing and Urban Development, Malam Ahmed Dangiwa, made this known in a statement signed on his behalf by Salisu Haiba, Director, Press and Public Relations in the ministry on Tuesday, February 18, 2025, in Abuja.
Haiba stated that Dangiwa spoke when he received a high-level delegation from the Centenary City Plc, led by its Vice Chairman, Anyim Pius Anyim, former Senate President, and former Secretary to the Government of the Federation.
The Minister said the Centenary City Project Plc was a Federal Government Legacy Project to celebrate and mark Nigeria’s centenary in 2014.
He added that it was designed to create a smart city, attract global investment and position Nigeria as a prime destination for business and development.
Dangiwa also said that the concept of the Centenary City Project aligned with the Renewed Hope City agenda, being an inclusive city with various living options and facilities such as sports, medical tourism, among others.
He said: “It is important to engage the Public Private Partnership option in addressing the housing deficit and create jobs for the people.
“This is part of the ministry’s plan under the Renewed Hope Agenda, giving that government alone cannot fund the entire housing deficit currently being faced in the country.
“This government has a priority of ensuring that affordable houses are provided to Nigerians and creating an enabling environment for PPP to flourish.”
Dangiwa explained that the ministry had received some expression of interest from potential investors and more investors would be invited to explore opportunities at the Centenary City project.
He, therefore, directed the Department of PPP in the ministry to engage the team from the Centenary City PLC for investor partnerships and introduce them to the Infrastructure Concession Regulatory Commission (ICRC) for partnership.
On his part, Anyim called for the ministry’s collaboration to bring the vision to fruition.
He said that the ministry could partner the Centenary City project by sourcing and facilitating the participation of investors and developers, while securing funding that would enable cooperative societies and individuals to own homes in the city.
Dr Shuaib Belgore, the Permanent Secretary, Ministry of Housing and Urban Development, reaffirmed the commitment of the ministry to its core mandate of ensuring access to affordable housing for all Nigerians.
He assured the delegation that the ministry is dedicated to building, maintaining and managing public housing assets across the country.
As an extension of its support to the Government of the Democratic Republic of Congo (DRC) for the development of a regional battery and electric vehicle value chain, the Economic Commission for Africa (ECA) and its partners are raising awareness among national stakeholders of the BEV project on the negative impacts of mining and industrial activities in the DRC on the one hand and the benefits of green and inclusive industrial policies on the other.
Mining in Nigeria
In Kolwezi (DRC) from February 18 to 19, 2025, more than 60 experts from the public, private, academia and civil society are discussing inclusive and greening approaches to mining transformation.
The increase in global demand for critical minerals for the green energy transition and the manufacture of electric vehicle batteries is contributing to further pressure on producing countries such as the DRC.
With its large reserves of lithium, copper, manganese, nickel and cobalt, the DRC occupies a strategic position in this energy transition. These metals are essential for the production of green energy and the manufacture of batteries for electric vehicles.
For ECA and its partners, it is crucial that the development of the regional BEV value chain integrates greening and inclusiveness from the outset.
Jean Luc Mastaki, Director of the ECA’s Sub-Regional Office for Central Africa, explains the meaning of the initiative, saying: “The cross-border special economic zone between the DRC and Zambia will be launched very soon, its pre-feasibility study has been validated. We have the CAEB which is already functional. The Buenassa company is in the process of installing a cobalt and copper refinery. The Kolwezi stage is crucial because it allows the various public, private and social actors to act hand in hand so that present and future generations can make the most of this industrial revolution. No one should be left behind.”
Through various forums, African policymakers have expressed their desire to see this mining boom support the creation of new industries with higher added value and job creation across the continent, thus fueling the economy for the well-being of local communities as enshrined in the African Mining Vision.
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Felix Omatsola Ogbe, on Monday, February 17, 2025, visited the facilities of Samsung Heavy Industries Nigeria (SHIN), and Africoat Nigeria Limited, a pipe coating plant, located at Takwa Bay, Lagos.
NCDMB visit
The visit is consistent with Ogbe’s determination to assess oil and gas facilities across the country as a prelude for their participation in ongoing and upcoming major oil industry projects.
NCDMB played key roles in accelerating approvals for the new projects, which include Ubeta gas development project, currently being developed by Total Energies, and Bonga North deep water project, for which Shell Nigeria Exploration and Production Company Limited (SNEPCo) had announced the final investment decision (FID) in December 2024. Similarly, Zabazaba deep-water project is being readied by ENI and Shell, just as preparations for the HI and HA gas projects are being made by (SNEPCo).
The NCDMB’s boss conveyed the agency’s determination to continue partnering with IOCs to develop new projects, and to ensure they execute key scopes of those projects using local firms with proven capabilities, as mandated by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. He asserted that NCDMB’s mandate and activities are contributing to actualizing President Bola Ahmed Tinubu’s economic agenda, particularly in catalyzing new oil and gas projects, job creation and economic revitalization.
At the Samsung Heavy Industries, the Managing Director, Mr. Jin Lee highlighted the firm’s in-country capacities, which include heavy fabrication and FPSO integration quayside. He reiterated the company experience in executing major oil and gas projects, notably the fabrication and integration of six modules for the TotalEnergies’ Egina FPSO in 2018.
The Business Development Manager, SHIN, Mr. David Bruce Inglis, said the company trains welders in different specialisation and had trained 560 welders during the execution of the Egina project, including women. He said the facility employed over 1000 persons at the peak of the Egina project, but the capacity was now scaled down to 131, owing to lack of projects. The company he said has the database of past employees and would re-engage some of them if they win a new major project.
He also hinted that the company planned to manufacture oil and gas components and equipment in Nigeria for export to other parts of the world. He confirmed that the SHIN facility had adequate installed capacity and capabilities for export, and Nigeria enjoys a vintage geographical location for such business opportunities.
At Africoat, the NCDMB boss challenged the firm’s management to resolve the protracted dispute they have with their bankers, as well as their landlord, Lagos Deep Offshore Logistics (LADOL), which stopped the plant from operating since its completion in 2017. He suggested that a peaceful settlement would allow for the plant to be rehabilitated, before it can work for the industry, and benefit the investors, and create jobs for the economy.
The Managing Director of Africoat, Mr. Frank Twynam, confirmed that efforts were ongoing to resolve the impasse. He noted that $US42 million was invested to develop the corrosion and concrete weight coating plant, hinting that a robust plan was already in place to restore the facility once the dispute is resolved.
In line with its 2030 ambition to decarbonise the hydrogen used in its European refineries, TotalEnergies has signed agreements with Air Liquide to develop two projects in the Netherlands, for the production and delivery of some 45,000 tons a year of green hydrogen produced using renewable power, generated mostly by the OranjeWind offshore wind farm, developed by TotalEnergies (50%) and RWE (50%).
TotalEnergies
These projects will cut CO2 emissions from TotalEnergies’ refineries in Belgium and the Netherlands by up to 450,000 tons a year and contribute to the European renewable energy targets in transport.
Green hydrogen production by TotalEnergies and Air Liquide
The two companies have signed an agreement to set up a joint venture, equally held by TotalEnergies (50%) and Air Liquide (50%), which will build and operate a 250 MW electrolyzer near the Zeeland refinery. This project will enable the production of up to 30,000 tons of green hydrogen a year, most of which will be delivered to Zeeland’s platform.
The electrolyser will be commissioned in 2029 and will cut the site’s CO2 emissions by up to 300,000 tons a year. This project represents a global investment of around €600 million for both partners and has made requests for support under European and national subsidy programs. Project funding will also be sought by the partners.
Supplying TotalEnergies’ Antwerp platform with green hydrogen
In addition, as part of Air Liquide’s 200 MW ELYgator electrolyser project located in Maasvlakte (Netherlands), TotalEnergies has signed a tolling agreement for 130 MW to be dedicated to the production of 15,000 tons per year of green hydrogen for the TotalEnergies platform in Antwerp.
Under this agreement, TotalEnergies will supply the renewable electrons produced by the OranjeWind project to Air Liquide to be transformed into green hydrogen. The project is expected to be operational by the end of 2027 and will reduce CO2 emissions at the Antwerp site by up to 150,000 tons per year.
“Following the first partnership agreement with Air Liquide to supply the Normandy refinery with green hydrogen, and the agreements to supply the Grandpuits and La Mède biorefineries with renewable hydrogen, the partnership with Air Liquide takes on a new dimension and marks a new step in TotalEnergies’ ambition to decarbonize the hydrogen consumed by its refineries in Europe by 2030,” said Vincent Stoquart, President, Refining & Chemicals at TotalEnergies. “By supplying these two electrolysers with renewable electricity from our offshore wind project in the Netherlands, TotalEnergies is leveraging its positioning as an integrated electricity company.”
Emilie Mouren-Renouard, member of the Air Liquide Executive Committee, in charge of Europe operations, said: “Flagship projects such as the ones we are announcing today, will play a key role in reducing emissions, particularly in hard-to-abate sectors such as industry and heavy mobility. We are proud to lead the way on European renewable and low-carbon hydrogen production, and to accompany TotalEnergies in their journey to decarbonizing their industrial assets.
“These two projects will complete the five Air Liquide low carbon units already in operation or construction in Europe. This illustrates our capacity to offer concrete solutions to our customers, to reach our carbon neutrality ambition by 2050, and to support Europe’s leadership ambition towards decarbonized growth. It also demonstrates the ability of Air Liquide to develop solid business models in the energy field of low carbon hydrogen.”
TotalEnergies and the decarbonization of its European refineries
According to TotalEnergies, the organisation is committed to reducing the carbon footprint of producing, converting and supplying energy to its customers.
“One of the pathways identified by the Company is using low-carbon hydrogen to decarbonise its European refineries, a move that should help reduce its annual CO2 emissions by around three million tons by 2030,” TotalEnergies submitted, adding that, in order to fully decarbonise the hydrogen used in its European refineries, it has already contracted over 170,000 tons of green hydrogen annually at: La Mède , Grandpuits and Normandy in France, Leuna in Germany and its refineries in Belgium and the Netherlands.
The Nigeria National Petroleum Company Limited (NNPC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo) on Monday, February 18, 2024, donated medical equipment to the Benjamin Olowojebutu Foundation (BOF) to enhance healthcare outreach in underserved communities across Nigeria’s South-West, North-Central, and South-South regions.
L-R: Adviser, Community Relations, NNPC Upstream Investment Management Services (NUIMS), Usman Mohammed; Head, Social Investment and Performance , Shell Nigeria Exploration and Production Company Limited (SNEPCo) Elohor Abu ; SNEPCo’s Health Manager and Transformation, Dr. Ajike Oladoyin; Deputy Manager, External Relations, Edith Lawson and Dr. Benjamin Olowojebutu during the donation
The initiative will enable the non-profit organisation to conduct nearly 5,000 fibroids and hernias surgeries, alongside dental procedures for an additional 5,000 individuals.
SNEPCo Managing Director, Roland Adams, said the partnership with NNPC and BOF is part of the social investments of the company that is improving lives across Nigeria. Speaking through the Health Manager and Transformation, Dr. Ajike Oladoyin, he reaffirmed SNEPCo’s dedication to improving healthcare accessibility and quality for Nigerians, particularly in regions that lack such services.
The Chief Upstream Investment Officer of NNPC Upstream Investment Management Services (NUIMS), Oluwaseyi Omotowa, who was represented by Deputy External Relations Manager, Edith Lawson, said: “The donation is a testament of our dedication to corporate social responsibility and the commitment of NNPC Ltd to enhancing healthcare delivery in Nigeria. It aligns with our broader objective of fostering sustainable development and empowering communities across the nation. We understand the challenges faced by healthcare providers, and through this contribution, we hope to alleviate some of these burdens and enable healthcare professionals to deliver even more efficient and effective care.”
The head of BOF, Dr. Benjamin Olowojebutu, expressed gratitude for the donation which would be useful for outreaches planned for this year in Kwara (North-Central), Ekiti (South-West) and Ebonyi and Bayelsa in the South-East and South-South respectively.
The social investments of NNPC-SNEPCo and co-venture partners (Total Energies, ExxonMobil and Nigeria Agip Exploration) have improved lives in internally displaced camps in North-East Nigeria and rebuilt hospital wards and educational institutions in addition to secondary, undergraduate and postgraduate scholarship awards and donation of cancer treatment equipment.
More than 6,000 people benefitted from an eyecare outreach which held as part of the NNPC-SNEPCo Vision First initiative in Bariga Loal Government Area of Lagos State in August last year. The initiative also saw the donation of medical equipment to health centres and charity homes in Badagry, in Lagos State, Oguta in Yenagoa, Bayelsa State.
Mining stakeholders in Nigeria have called for greater collaboration among relevant agencies, sectors, and institutions to advance the sector’s development.
Mining in Nigeria
This appeal was made on Monday, February 17, 2025, in Abuja at the 60th Nigerian Mining and Geosciences Society (NMGS) Annual International Conference and Exhibition (AICE) during a pre-conference panel discussion.
The conference is with the theme “Transformation of the Mineral, Energy, Water, and Construction Sectors through Innovations”.
One of the discussants, Mr. Olusegun Adedayo, emphasised that Nigeria needed to enhance local collaborations to compete globally in the mining sector, particularly given the rising global demand for energy minerals.
Adedayo, an advisor on mining policy and strategy, highlighted the importance of having concrete data on Nigeria’s mineral reserves to attract investors, which could only be achieved through collaboration.
He identified critical areas for cooperation, including research, funding, geoscience data collection, and prioritising specific minerals for development.
“There is a clarion call for everyone to collaborate, pool funds, research, and focus on particular minerals.
“We don’t need to be a jack of all trades. Let the academicians conduct research, let the geologists handle exploration, and let the investors put money in.
“We need to develop the sector from start to finish,” he said.
Adedayo also pointed out the issue of limited geoscience data, stating that while such data existed, it was fragmented across different agencies.
He emphasised that it needed to be centralised in one repository for easy access by both local and international investors.
“Everyone says there’s not enough geoscience data, but the truth is, data exists in silos.
“If all the data from the Nigerian Geological Survey Agency and practitioners were stored in one place, we’d have more information to work with.
“We need to focus inward on technology, research, and investment. We can’t expect others to do it for us,” he said.
Another discussant, Mrs. Aisha Gombe, emphasised the importance of collaboration in training institutions, particularly between the departments of geology and civil engineering.
She noted that many Nigerian geology departments lacked engineering geology labs, which were available in civil engineering departments and could be used for joint purposes.
Gombe, a specialist in engineering and geo-environmental practices, also stressed the need for collaboration between the Council for the Regulation of Engineering in Nigeria and the Council of Nigerian Mining Engineers and Geoscientists.
She emphasised that such collaboration was crucial to ensuring professionalism, safety, and efficiency in the mining and related industries.
In his presentation, the National President of the Miners Association of Nigeria (MAN), Dele Ayankele, decried the lack of policy sustainability in the sector, which he identified as a key challenge hindering growth.
Ayankele noted that a Federal Government think tank committee set up in 2016 to develop a roadmap for sector transformation had not seen its recommendations implemented.
He further stressed the need for sustainable policies to attract both local and international investors, alongside technological innovation to facilitate investment and mobilise the necessary funds for the sector.
The conference runs from February 16 to 21.
Sub-themes to be discussed include “Resource Management and Value Addition in the Minerals and Mining Sector” and “Managing Emerging Realities in the Nigerian Oil and Gas Sector.”
The role of geoscience in agriculture and food security will also be discussed.
Gov. Dapo Abiodun of Ogun State in Nigeria says that an Independent Power Plant that will provide 24-hour uninterrupted electricity to most parts of Abeokuta, the state capital, will be ready for inauguration in the next eight weeks.
Gov Dapo Abiodun of Ogun State
Abiodun stated this on Monday, February 17, 2025, after inspecting the 30 megawatts power plant located in Onijanganjangan, near Ewekoro in Ewekoro Local Government Area.
The governor explained that the project was in collaboration with private sector partnership,and the first phase of the Ogun State Light Up Project.
According to him, the project is in line with his promise to provide uninterrupted power supply to major cities and towns across the state.
Abiodun stated that Abeokuta metropolis required more than 30 megawatts of power, adding that this was the first phase of the planned 100 megawatts power generation capacity.
“I have gone around and have taken note of the progress of work so far.
“I have seen the control room, I have seen the turbines and I have seen what will be responsible for ensuring that the gas is compressed.
“We have seen the gas pipelines that will be completed in three to six weeks. The gas compressor is there, and there is a diesel tank as well.
“I can assure you that once this has been achieved, though we may not be able to supply power to the whole of Abeokuta, substantial parts of the city will now enjoy 24 hours of uninterrupted power supply,” he said.
Abiodun observed that the plant, apart from using compressed gas as its main fuel, would also make use of diesel as a backup in case of disruption in the supply of gas.
The power plant, the governor emphasised, would provide constant electricity to government institutions, health facilities, government quarters, police stations, local government offices, and higher institutions.
“It will eventually cascade to private individuals and industries when the capacity is increased.
“The state decided to go into power generation, distribution, and transmission as a result of its removal from the exclusive list by the Federal Government.
“I want to assure that similar plants will be built in Sagamu, Ijebu-Ode and Ota.
“The Ogun House of Assembly has passed into law the setting up of the Ogun State Electricity Regulatory Commission to oversee all the activities of the power sector in Ogun State,” he said.
Earlier, the Project Manager, Mr. Selvin Leo, said the project was 90 per cent completed.
Leo assured that with the availability of needed materials, equipment, and commitment from the workers, the job would be completed in record time.
The National Orientation Agency (NOA) in Akwa Ibom has issued a public health advisory to residents of the state, urging them to protect themselves from the extreme heat, which could lead to life-threatening complications.
Pastor Umo Eno, Governor of Akwa Ibom State
In a statement released in Uyo, the state capital, on Monday, February 17, 2025, the State Director of NOA, Mr. Mkpoutom Mkpoutom, noted that the region was experiencing unusually high temperatures this dry season, which experts predicted might continue for several weeks.
Mkpoutom advised residents to stay hydrated by drinking plenty of water and limiting their consumption of alcohol and caffeinated beverages.
He also recommended avoiding outdoor activities between 1 p.m. and 4 p.m. to minimise exposure to the heat.
“Residents should wear light-colored, loose-fitting clothing, and use hats, umbrellas, or sunglasses when outside,” Mkpoutom said.
He also emphasised the importance of maintaining good ventilation in homes and workplaces, using fans, cool showers, and air conditioning when possible.
The state director further advised against bush burning and improper disposal of cigarette butts, warning that flammable materials should be avoided.
Mkpoutom urged people to protect vulnerable groups, such as children, the elderly, and the disabled.
“Never leave children or pets inside parked vehicles, and ensure that the elderly and invalids stay cool and hydrated,” he said.
Additionally, Mkpoutom recommended consuming light, nutritious meals and maintaining a healthy, balanced diet to strengthen the body against heat-related illnesses.
He said symptoms of heat-related illnesses include dizziness, nausea, excessive sweating, confusion, and fainting, which might signal exhaustion or heatstroke.
Mkpoutom urged anyone experiencing these symptoms to seek immediate medical attention to prevent serious health issues.
Lafarge Africa Plc. has signed a Memorandum of Understanding (MoU) with the Lagos State Ministry of Environment and Water Resources, through the Lagos State Waste Management Authority (LAWMA) on solid waste management.
Lafarge and LAWMA officials after the signing of the MoU
The Chief Executive Officer, Lafarge, Mr. Lolu Alade-Akinyemi, said at the signing on Monday, February 17, 2025, in Lagos, that the initiative was in line with the company’s zero waste to landfill objective.
Alade-Akinyemi said the partnership with the Lagos state government is a unique opportunity to take a significant step toward a cleaner, more sustainable future.
He said that, with the MoU, Lafarge intended to collect non-recyclable and combustible waste and divert it to the Ewekoro Plant as alternative fuel for production.
He added that managing waste effectively remained critical to environmental stewardship, community well-being, and long-term economic development.
“By redirecting non-recyclable and combustible waste from companies and dump sites across Lagos to our Ewekoro plant, we are taking a significant step toward a cleaner, more sustainable future.
“All of these will be powered by Geocycle, our waste management arm,” he said.
The Lafarge boss noted that the partnership would strengthen its leadership in sustainable construction and climate action.
According to him, it will allow both parties to make meaningful contributions to sustainable waste management in Nigeria.
Alade-Akinyemi said that by mitigating methane emissions from decomposing waste and reducing CO₂ emissions from traditional cement production, the company was taking a crucial step in combating climate change.
He said: “We have successfully deployed waste-to-energy solutions globally, and today, we are extending that expertise to Lagos.
“The waste sourced through this partnership will be utilised as an alternative fuel in our cement kilns, replacing fossil fuels, reducing our carbon footprint, and contributing to Nigeria’s decarbonisation journey. ”
He said that beyond the immediate advantages to Lagos state and Lafarge, the broader environmental impact of the initiative remained profound.
The Lagos State Commissioner for Environment and Water Resources, Mr. Tokunbo Wahab, reaffirmed the state government’s commitment to sustainable waste management and environmental preservation.
Wahab noted that the state is aiming for a zero-carbon footprint, saying that the MoU ticked the box for the ambitious target.
He said the partnership represented a significant step in the state’s journey toward achieving a cleaner and more sustainable city.
Wahab said the state recognised that waste management remained a critical component of its environmental policies.
He added that Lagos State remained committed to fostering innovative collaborations to help reduce waste, lower carbon emissions, and create a circular economy.
“This MoU reflects our shared vision for a Lagos where waste is effectively managed and utilised as a resource for economic growth and environmental sustainability,” he said.
Also, the Managing Director, Lagos State Waste Management Authority (LAWMA), Dr Muyiwa Gbadegesin, described the initiative as a milestone in the state’s journey toward a zero-waste future.
He said the partnership marked a historic step in the state’s efforts to achieve sustainable waste management.
Gbadegesin said the state had worked closely with Lafarge through extensive consultations, pilot studies, and site visits to ensure that the initiative is viable and impactful.
He noted that waste management is not just about disposal but about innovation and creating value.
“With this collaboration, we are setting a new precedence on how municipal solid waste is processed and repurposed.
“This development reinforces our vision of a circular economy where waste contributes to sustainable development rather than environmental degradation,” he said.
Africa’s economic performance is showing signs of improvement but remains vulnerable to global shocks, according to the 2025 Macroeconomic Performance and Outlook (MEO) report released by the African Development Bank (AfDB) on Friday, February 14, 2025.
At the launch of 2025 MEO Report AfDB Bank management and other dignitaries display copies. (Front row: l-r) : AU Commissioner Albert Muchanga, AfDB VP Kevin Urama, Ethiopian Finance Minister Ahmed Shide (far right), and Bank Vice President Nnenna Nwabufo (2nd left). Back row (center) Bank Vice President for Agriculture, Human and Social Development Beth Dunford, Dr. Alemayehu Taffesse of the International Food Policy Research Institute (far left);Dr. Mothae Maruping, Chair of the African Risk Capacity Group Board (far right)
The report, unveiled on the sidelines of the 38th Ordinary Session of the African Union Assembly in Addis Ababa, projects real GDP growth to accelerate to 4.1 percent in 2025 and 4.4 percent in 2026. The forecast is attributed to economic reforms, declining inflation, and improved fiscal and debt positions.
Despite the positive trajectory, the report highlights that Africa’s growth remains below the 7 percent threshold required for substantial poverty reduction. The continent also continues to grapple with geopolitical tensions, structural weaknesses, climate-related disasters, and prolonged conflicts in regions such as the Sahel and the Horn of Africa. It estimated Africa’s average real GDP growth to be 3.2 percent in 2024, slightly higher than the 3.0 percent recorded in 2023.
The report notes that while inflationary pressures persist, Africa’s average inflation rate is expected to decline from 18.6 percent in 2024 to 12.6 percent in 2025-2026 due to tighter monetary policies. Fiscal deficits have widened slightly from 4.4 percent of GDP in 2023 to 4.6 percent in 2024 but are projected to narrow to 4.1 percent by 2025-2026. Public debt levels have stabilized but remain above pre-pandemic levels, with nine countries in debt distress and eleven at high risk of distress.
The MEO, published by the Bank biannually in the first and fourth quarters, responds to a critical need for timely economic data amid global uncertainty. It serves policymakers, development partners, global investors, researchers, and other stakeholders.
The 2025 report identifies 24 African nations, including Djibouti, Niger, Rwanda, Senegal, and South Sudan, as poised to exceed 5 percent GDP growth in 2025. Additionally, Africa remains the world’s second-fastest-growing region after Asia, with 12 of the 20 fastest-growing economies projected to be on the continent.
Ethiopia’s Finance Minister, Ato Ahmed Shide, praised the report’s depth of analysis. “It underscores the fragility of Africa’s economic growth, which is projected to hover around 4 percent in the near term,” he said, emphasizing the need for proactive policy measures to sustain growth and stability.
He said Ethiopia has taken bold steps to restore macroeconomic stability, build resilience, and accelerate growth, with the government prioritizing economic liberalization, private sector empowerment, and fiscal discipline.
Strengthening Africa’s Resilience
In her remarks at the report’s launch, Nnenna Nwabufo, Vice President for Regional Development, Integration, and Business Delivery at the AfDB, highlighted the continent’s potential for driving global economic expansion but said achieving this requires decisive and well-coordinated policies.
“As Africa navigates an increasingly complex economic landscape, policymakers must adopt a forward-looking approach to reinforce resilience and drive sustainable growth. Africa’s economic resilience and growth prospects remain strong, but challenges persist,” said Nwabufo, who represented the Bank Group’s President, Dr. Akinwumi Adesina.
Presenting the report, Prof. Kevin Urama, the Bank Group’s Chief Economist and Vice President for Economic Governance & Knowledge Management, underscored the need for stronger coordination between monetary and fiscal policies to manage inflation while fostering economic expansion.
He urged countries to strengthen foreign reserves to shield economies from external shocks and currency depreciations, alongside pre-emptive debt restructuring to prevent defaults and enhance financial stability.
Medium- to long-term strategies should include increasing investments in integrated infrastructure to drive economic transformation and diversification. Governments must work to enhance the business environment through regulatory reforms and long-term strategies to attract private investment, Urama said.
The 2025 MEO report outlines key policy recommendations, including implementing pre-emptive debt restructuring to enhance financial stability, investing in integrated infrastructure to support economic diversification and improving the business environment through regulatory reforms and investment strategies.
Path Forward
Panel discussions following the report’s launch underscored the importance of fully implementing continental development initiatives such as the African Continental Free Trade Area agreement. Discussions also focused on accelerating new initiatives like the proposed Africa Credit Rating Agency and the African Financial Stability Mechanism.
The panel, moderated by Dr Victor Oladokun, Senior Advisor (Communications and Stakeholder Engagement) to the Bank Group President, included contributions from the African Risk Capacity Group, represented by its chair, Dr. Mothae Maruping. Gambian Finance Minister, Seedy Keita, highlighted the AfDB’s support in implementing the country’s fiscal reforms and domestic revenue mobilization.
African Union Trade Commissioner, Albert Muchanga, called on the private sector to do more to support the African Continental Free Trade Area, including through increased investments in logistics and manufacturing.
“What I would expect [African businesses] to do is come up with logistics centers and warehouses across Africa; I would also expect the African private sector to start planning to develop an African shipping line… We are sitting on potential; the business sector has not responded,” Muchanga said.
