Connect with us

Business

USAID: State2State Trains Bauchi LG Personnel, CSOs on Disability Inclusion Awareness

Published

on

State2State, a USAID funded project, trained local government Workers and Civil Society Organisations (CSOs) on disability inclusion awareness in Bauchi.

It was gathered that the training is a two capacity building workshop being carried out by the United States Agency for International Development’s (USAID) funded intervention, State Accountability, Transparency, and Effectiveness (State2State) Bauchi field office.

The State Team Lead (STL) of the S2S Intervention, Rabi Ekele said the training was aimed at developing the knowledge and skills of the participants towards ensuring that policy initiatives address the needs, priorities, and rights of person with disability (PWD) and to possibly cascade the training in their respective LGAs, Organizations and communities.

She also said that State2State is very particular about social inclusion in all their areas of focus that cut across basic education, primary health care and WASH.

The STL implored the participants to participate actively during the sessions saying that it is a two way learning process that could afford the facilitators to learn something from the participants too.

“We are very happy to have you join us for this awareness training and I do hope it would add value to your respective organizations with a view to imbibing social inclusion culture in organisational structures and implementation of your programs and activities,” she said.

Also speaking, the gender and social inclusion advisor of USAID State2State, Kusan Niyang informed the participants that the training will focus on the concept of disability, social inclusion and its prevalence at both global, national and sub-national level.

Niyang added that key topics around legal frameworks, Impairment, barriers, disabilities approaches and other related topics relevant to training will be presented during the training.

ALSO READ:  Senate Passes 2024-2026 MTEF, Investigates Tax Waivers

The GESI advisor also disclosed that at the end of the training it is hoped that participants will be able to identify key stakeholders and the roles they can play for inclusive development and also take the inclusive needs of PWD in programme planning implementation.

Our correspondent reports that the training attracted participants from LG administration of Bauchi, Katagum, Misau and Alkaleri LGAs, CSOs, PWD, Community Leaders and the Media.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

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

Published

on

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.

ALSO READ:  Supreme Court Indefinitely Extends Legal Tender Status Of Old N200, N500, N1000 Notes

“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”.

ALSO READ:  Think Tank Warns Tinubu Administration Over Poor Capital Budget Implementation

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.

Continue Reading

Business

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

Published

on

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.

ALSO READ:  Supreme Court Indefinitely Extends Legal Tender Status Of Old N200, N500, N1000 Notes

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.

ALSO READ:  Fluctuating Petrol Prices Threatening Our Businesses, Oil Marketers Lament

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)

Continue Reading

Business

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

Published

on

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.

ALSO READ:  Shamies Foundation Provides Nourishment to 1,000 Households To Combat Adversity

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

Continue Reading