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Senate C’mtee Pledges Speedy Agricultural Extension Services Bill Passage

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Sen. Saliu Mustapha, Chairman, Senate Committee on Agriculture, Production Services and Rural Development, has assured of the speedy passage of agricultural extension services delivery revitalisation bill.

Mustapha gave the assurance at a one-day technical session on the draft agricultural extension service delivery revitalisation bill organised by Women Farmers Advancement Network and country representatives (WOFAN-ICON2) project in Abuja on Wednesday.

The News Agency of Nigeria (NAN) reports that the bill aims at ensuring effective implementation of a national agricultural extension policy and strategy sustainable agricultural extension service in the country.

It also aims to promote human resource development, career progression, and professionalism in agricultural extension and encourage women and youth to actively participate and invest in agriculture.

Mustapha said although the bill was still in progress, the legislation on the bill would improve the lives of farmers, especially in the rural areas.

“With the advancement in technology and global development of agricultural extension service around the world, it is my expectation that the draft bill should as much as practicable incorporate digital agriculture essential service as it is done in other countries.

“There is need to expand the scope of the technical committee by enriching the draft bill with other jurisdictions in order to have the wider application and stand the test of time,” he said.

Mustapha said that he would discuss with his colleagues in the National Assembly to give the bill the needed attention and a wider scope.

“We’re also looking at opportunities because the most important thing is adding value and making sure it is practicable and works.

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“So, the most important thing is the value addition to make sure because for me we should start thinking of how agriculture should be a means of livelihood.

“With the insecurity we have in the country today, if agriculture is working the way it ought to, it will have reduced the problem by 70 to 80 per cent of it,” Mustapha said

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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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