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Obaseki, private sector to set up trust for Edo Int’l film festival

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EDO —THE Edo State Governor, Mr. Godwin Obaseki, has said his government will partner with the private sector to set up a trust to ensure the sustainability of the Edo State International Film Festival (ESIFF).

Obaseki said this during a Meeting with the Edo State Commissioner for Art Culture Tourism and Diaspora Affairs, Uyi Oduwa Malaka and German student-filmmakers, at the Government House in Benin City.

He said, “We have decided to create an ESIFF Trust and all the activities of the event will be transferred to that trust. It will be driven purely by the private sector. We did it with Alaghodaro where we have a trust; they raise their money and have full government support and help the government promote and attract business to Edo State.

“I have mandated that we create a trust manned by those in the creative industry to give direction to this body, which will be responsible for promoting the film festival. We will still give support until the trust can stand on its own and carry out its activities.

“We are ready to work with you in the film academy as this is a natural progression from the film festival. All the facilities will be transferred to the trust; you have the responsibility to raise additional money and make investment.”

Hailing the German Government for the support for his administration, leading to the successes recorded over the past seven years, including in the fight against illegal migration and human trafficking, the governor said, “Our efforts have yielded fruits in the last seven years, especially in the creative industry. We have attracted support and we will soon be exporting people with skills to Europe and other parts of the world.

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“We have moved from desperation, created hope and now actualizing the hope with our creative industry, using it as a platform for our youths to showcase their talent and export the same to the world.

“The State has significantly made progress in the creative industry and the German government has supported us in the area of job creation from manufacturing, technology and other areas to encourage our youths to remain here to develop the State and nation.”

He further stated, “We have also got interventions and support in the creative industry to support our youths in the creative business and we are growing tremendously in the industry.

“We started the Edo International Film Festival last year and never knew that we were doing something remarkable that would bring people across the country and outside into the State.

“This second edition has made me know that we have created a marketplace for films where producers and stakeholders in the industry meet. We have created a place and a platform where exchange takes place, where people who are selling and distributing products meet young stars, give them products and direction on how to succeed in the Industry.”

According to him, “The Edo International Film Festival has become the premier festival and a marketplace for the exchange of film products in West Africa, producing real content as we are developing real people, skills, and talent to do production across the Country.

“For the assistance and collaboration with the German Government, I want to use this opportunity to thank the German Minister of Culture; she has been an amazing friend to the State and has made the partnership possible as we have a positive impact on the cultural exchange programmes and other collaborations with the German Culture Ministry. These exchange programmes are really remarkable.”

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“I hope we can have a mechanism where those trained in these exchange programmes have the responsibility to form a faculty to train other youths in the State and Nigeria to enable us continually have knowledge transfer,” Obaseki charged.

On her part, Uyi Oduwa Malaka said the partnership between the State and Germany has given birth to cultural exchange, adding that “the journey has been the one of a lot of cultural exchange and learning as the German student filmmakers have been in Edo State for 21 days shooting at various locations across the State.”

Also, Mr. Mark Szilagyi of the Filmakademie Baden-Worttemberg and leader of the delegation, commended the governor for his sustained investment in the creative sector and for supporting young people to realize their full potential.

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AfDB’s Chief Adesina Warns Of Tariff ‘Shock Wave’

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An onslaught of tariffs by the United States will send “shock waves” through African economies, the president of the African Development Bank said on Friday, warning of reduced trade and higher debt-servicing costs.

The comments come as US President Donald Trump has upended global markets by pushing — and then retracting — a slew of tariffs in recent days.

A baseline 10-percent levy remains in place for all countries, along with higher tariffs on Chinese imports to the United States — scrambling decades of global trade policy.

Those new levies — with 47 African countries at risk of even higher tariffs — will cause local currencies to weaken on the back of reduced foreign exchange earnings, AfDB President Akinwumi Adesina said in the nation’s capital, Abuja.

“Inflation will increase as costs of imported goods rise and currencies devalue against the US dollar,” Adesina said in a speech at the National Open University of Nigeria, according to prepared remarks which also touched on migration and decreased foreign aid.

“The cost of servicing debt as a share of government revenue will rise, as expected revenues decline.”

As some observers watch for countries around the world to turn to other trade partners — including China — Adesina warned that Europe and Asia “will buy less goods from Africa” amid the global shocks.

The Trump administration’s current trade posturing also makes it nearly certain that the US African Growth and Opportunity Act, a major duty-free agreement for 35 African countries that expires this year, will not be renewed, Adesina said.

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“Chances of renewal and extension are now extremely low,” he said, predicting serious blows for Lesotho and Madagascar, which are major clothing, diamond and vanilla exporters.

Old models ‘no longer work’
Adesina is set to step down as head of the bank — a major lender to economic development projects on the continent — at the end of his second term later this year.

But much of his speech focused on the future of the continent, from critical mineral deals to reduced foreign aid to emigration.

He said the global financial system has failed to deliver for Africa “especially on matters of debt, climate change and access to greater financing”, while “restrictive immigration policies” in rich countries pose challenges for labour mobility.

The dismantling of USAID, America’s main foreign development arm, along with cuts by European countries, “means that the old development models that Africa has always relied on will no longer work.”

At the same time, however, Adesina argued that “aid is not the way to develop”, and that “Africa cannot blame others for not taking in its rising migrant population”.

“It must create the right environment for its own youth to thrive, right here on the continent,” he said.

Whether and how that happens though, is contingent on both African and foreign powers — including the United States as it pursues a deal on critical minerals with the Democratic Republic of Congo.

Though Adesina didn’t reference the deal directly, he warned that “Africa must also carefully negotiate its engagement in the global geopolitical rush for critical minerals and rare earth elements”.

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Much of Africa’s vast mineral wealth is mined locally but processed abroad, leaving many countries at the bottom of the supply chain.

The continent “must move away from exporting raw minerals and move into processing and value addition to benefit from the high returns at the top of global value chains”, Adesina said.

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Africa’s Real GDP Expected to Increase by 4% in 2025, According to Afreximbank

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Afreximbank’s Research Report indicates that Africa’s real Gross Domestic Product (GDP) is anticipated to grow by 4.0% in 2025, despite the prevailing global economic fragility.

The 2025 African Trade and Economic Outlook (ATEO) Report, produced by Afreximbank, forecasts that Africa’s real GDP will rise to 4.1% in 2026 and 4.2% in 2027.

As reported by the News Agency of Nigeria (NAN), the 2025 ATEO offers a comprehensive analysis of Africa’s economic and trade performance, projecting the continent’s growth trajectory in the near to medium term.

The report emphasizes key macroeconomic and trade developments that are pivotal to Africa’s recovery, detailing opportunities for sustainable growth amid increasing global and domestic uncertainties.

Notably, the report reveals that 41% of African economies are expected to grow by at least 5%, nearly double the global average of 21%, highlighting the continent’s expanding role as a catalyst for global growth.

The gradual recovery of Africa is expected to be bolstered by rising global demand for African exports, a trend of disinflation, and the execution of structural reforms aimed at diversifying economies across the continent.

However, the report also identifies potential downside risks to Africa’s economic outlook, including escalating geopolitical tensions and fluctuating commodity prices.

The report warns that an economic slowdown in the United States and China could affect international financial conditions and diminish demand for African resources. Additionally, internal conflicts and climate change pose threats to stability and growth.

On a more optimistic note, the report points to potential upside risks, such as a projected decline in global interest rates beginning in 2025, should geopolitical conditions remain stable, which may enhance access to financing.

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Moreover, the African Continental Free Trade Area (AfCFTA) offers a significant opportunity to strengthen economic integration and intra-African trade, thereby reducing vulnerability to external shocks in the medium term.

To mitigate potential downside risks, the report recommends several short-term strategies, including adopting a nuanced and proactive monetary policy stance, enhancing resilience against climate-related and geopolitical disruptions, boosting domestic consumption, and accelerating the implementation of the AfCFTA agreement.

In the medium term, it suggests a shift towards economic diversification through strategic investments in human capital development and workforce training in key emerging sectors.

Furthermore, the report emphasizes the importance of improving economic governance, public infrastructure, and initiatives to bolster intra-African trade dynamics.

The report outlines several challenges and solutions for Africa to achieve stability and sustainable development in an increasingly uncertain global landscape.

The first challenge is Africa’s reliance on commodity exports, which leaves countries vulnerable to fluctuations in global commodity prices. To mitigate this risk, a structural shift towards a more diversified and resilient economy is essential.

The second challenge pertains to debt sustainability, with many African nations allocating over 50% of their revenues to servicing debt due to substantial development financing needs. Ensuring debt sustainability will require more efficient public spending and prioritization of growth-oriented investment projects.

The third challenge involves human capital and skill development. The report advocates for increased government investment in healthcare and fostering collaboration between public and private sectors. Strengthening training in science and technology is vital for skill development and successful structural transformation.

The fourth challenge concerns the inadequate social outcomes of economic growth in Africa, marked by slow progress in poverty reduction. To enhance growth that reduces poverty, it is crucial to improve basic public infrastructure and services, along with reducing dependency on natural resources through structural transformation. Addressing inequalities should be central to sustainable development goals, ensuring equitable access to quality education, healthcare, energy, transport infrastructure, and financial services.

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The final challenge identified is the rising concern over environmental degradation and the increasing frequency of extreme weather events. For sustainable economic development, promoting green growth must align with comprehensive policy frameworks that address climate change adaptation and mitigation strategies while recognizing the continent’s development needs and challenges.

The 2025 ATEO provides an extensive analysis of Africa’s economic and trade performance, projecting the continent’s growth trajectory in the near to medium term. (NAN)

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Africa must shift from aid to investment-led growth – Adesina

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The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has advised African countries to overhaul their development models, embrace investment-led strategies instead of continuing to rely on aid for economic growth.

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.

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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

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