Adesina gave the advice while delivering a keynote at the 14th Convocation Ceremony of the National Open University of Nigeria (NOUN), on Friday in Abuja.

He said that the era of donor dependency was over and Africa must take charge of its development trajectory.

According to him, the era of free money is gone, benevolence is not an asset class.

“African nations must learn to develop through investment discipline and not by counting aid as revenue,” Adesina said.

The AfDB president identified five critical lessons the continent must internalise, in light of changing global dynamics.

He said that Africa must first adopt fast-paced and disciplined investment approaches, shedding decades of reliance on aid.

Adesina urged countries to ramp up domestic resource mobilisation, not merely through increased taxation, but by enhancing transparency in the management of natural resources.

He said further that the continent must curb corruption, and ensure international corporations paid fair value in royalties and taxes.

“The continent must tackle illicit financial flows and ensure efficient use of its vast natural wealth.

“A fundamental mindset shift is required from aid to trade and investment as the primary driver of development.

“This, involves improving business environments, ensuring legal protections for investors, and reducing the cost of doing business,” the AfDB president said.

He encouraged African countries to build capacity for structuring investments into critical national assets, to unlock greater economic value.

Adesina also emphasised the urgency of fully operationalising the African Continental Free Trade Area (AfCFTA), promoting local production and regional trade.

“Africa must end the export of raw materials. That path leads to poverty. The path to wealth lies in value addition,” he said.

Reiterating institutional achievements under his leadership, Adesina said the AfDB’s general capital increased from $93 billion in 2015 to $318 billion in 2024.

He said AfDB, during his time, was twice ranked the most transparent financial institution in the world.

According to him, the African Development Fund, its concessional arm, is now ranked second globally outperforming all OECD bilateral donors.

“With pride, I leave behind a transformed, world-class institution, ready to help Africa navigate a complex global landscape,” Adesina said.

He commended the African Union’s inclusion in the G20 and South Africa hosting the G20 Summit for the first time, calling them “important markers of Africa’s growing voice on the global stage”.

As Adesina prepares to conclude his decade-long tenure later this year, he said that Africa must chart its future through self-reliance, sound policies, and strategic alliances.

The AfDB president said that with vision, political will, and a mindset shift, Africa would not only survive, but thrive in the face of global uncertainties.
NAN

Market capitalisation rose by N377 billion or 0.58 per cent to close at N65.847 trillion, compared with N65.470 trillion posted on Wednesday.

Similarly, the All-Share Index (ASI) climbed by 601.25 points or 0.58 per cent, to settle at 104,788.25 from N104,187.00 earlier recorded.

The uptrend was driven by strong buying interest in medium and large capitalised stocks such as Caverton Offshore Support Group, VFD Group, Neimeth, among others

Meanwhile, the market breadth closed positive with 47 gainers and 11 losers

On the gainers’ chart, FG152028S1 grew by 100 per cent to close at N100.00 while Caverton Offshore Support Group increased by 10 per cent to close at N2.31 per share.

VFD Group soared by 9.92 per cent to close at N79.80 and Neimeth International Pharmaceutical gained by 9.92 per cent to close at N2.88 per share.

Veritas Kapital Assurance grew by 9.57 per cent to close at N1.03 per share.

On the losers’ chart, ABC Transport dropped by 10 per cent to close at N1.26 while Eterna fell by 9.90 per cent to close at N32.30 per share.

CAP Plc declined by 7.45 per cent to close at N43.50 and Regalins lost by 3.64 per cent to close at 53k per share.

Also, the Nigerian Exchange Group dropped by 3.23 per cent, to close at N34.50 per share.

A total of 432.56 million shares worth N9.719 billion were exchanged across 12,027 transactions.

This is compared to 376.61 million shares valued at N11.89 billion that was exchanged across 11,576 transactions earlier.

Transactions in the shares of Access Corporation topped the activity chart with 77.861 million shares worth N1.62 billion.

Ellah Lakes followed with 44.24 million shares valued at N132.76 million while Fidelity Bank transacted 32.46 million shares worth N614.78 million.

Zenith Bank traded 30.20 million shares valued at N1.466 billion and United Bank for Africa sold 20.45 million shares worth N718 million. (NAN)

NOSDRA Director-General, Mr Chukwuemeka Woke, stated this on Wednesday in Abuja during a visit by Renaissance Africa Energy’s Managing Director, Tony Attah.

Renaissance, a consortium of independent oil firms, has completed the acquisition of Shell Petroleum Development Company in Nigeria.

The acquisition gives Renaissance control of Shell’s onshore assets across the Niger Delta region.

Woke said Renaissance must address environmental issues resulting from Shell’s past operations and honour all liabilities incurred.

He assured the agency’s continued collaboration with Renaissance, particularly on projects like the Bodo cleanup and related efforts.

“As regulators, NOSDRA ensures oil operations align with international environmental standards and national laws,” Woke emphasised.

He added, “This acquisition does not exclude Shell’s responsibilities — they are now Renaissance’s to bear.”

He urged Renaissance to prioritise environmental sustainability and energy security while complying with all regulations.

He also noted the significance of abiding by the Polluter Pay Principle and addressing oil spills caused by third-party activities.

Earlier, the Renaissance MD clarified the company is not replacing Shell, but has a distinct mission.

“Our aim is to lead Africa in clean energy generation and security,” Attah stated.

He promised a viable partnership with NOSDRA and strong commitment to environmental preservation.

Attah identified energy poverty, environmental conservation and regulatory adherence as key industry challenges.

He outlined Renaissance’s focus on clean, affordable energy, especially natural gas, to fuel Nigeria’s industrial growth.

The company seeks NOSDRA’s partnership in achieving its goals while ensuring regulatory compliance. (NAN)