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Akinwumi Adesina, AfDB Chief says Nigeria Must Unleash an Industrial Revolution

Dr. Akinwumi Adesina, the President of the African Development Bank has said Nigeria urgently needs to revolutionise its industrial sector to become an economic giant. When it does, this will transform the lives of its people and Africa as a whole.

Adesina said: “Malaysia and Vietnam have used aggressive horizontal and vertical diversification of industrial production to move from low-value to high-value market products. The result is reflected in the comparative wealth of the three countries. While the per capita export value is $7,100 for Malaysia and $3,600 for Vietnam, it is only $160 for Nigeria.”
The African Development Bank head told an audience of top government officials, leading industrialists, and other stakeholders that for now, Nigeria was developing too slowly and far below its potential. He was speaking at the 2023 BusinessDay CEO Forum. He also appealed to Nigeria’s new president, Bola Tinubu, to revive what he called the country’s comatose manufacturing sector and reposition Nigeria as an industrial hub.
Speaking on the theme ‘The Day the Lion Roared: making Nigeria a global industrial and economic giant,’ Adesina emphasised that Nigeria’s prosperous future could only be secured by strongly supporting the private sector to unlock wealth that would lift all its people.
“Nigeria should never be a poor country, and Nigerians are tired of being poor,” Adesina said, adding, “Nigeria must move decisively from managing poverty to managing wealth The challenge is for the lion to roar. Then we will have the making of an economic giant…Industrial manufacturing can earn Nigeria ten times what it earns from oil dependence.”
To achieve this, Adesina urged decision-makers to implement the right policies, investments, infrastructure, logistics, and financing frameworks, driven by a highly skilled, dynamic, and youthful workforce. He said this included closing the huge gap between policy ideas and action. He called on the Nigerian government to transform its ports and remove administrative hurdles to improve their efficiency.
He stressed: “Ports are not military zones, there are zones of economic and industrial transformation.”
Adesina illustrated his position drawing from the popular motion picture, The Lion King, in which Simba, the young lion cub, grew up to become the Lion King after his late father was murdered by his uncle Scar, ruling the kingdom, and restoring its glory.
Adesina, encouraged Nigeria to be proactive and ambitious for its manufacturing sector by integrating it into global and regional value chains. He explained that this includes rapidly moving up the value chain in areas of comparative advantage and greater specialisation and competitiveness.
He said a well-developed and policy-enabled manufacturing sector, with export orientation, would spur greater innovation, industrial policy for export market development, and structural transformation of the economy.
He added. “Instead of being consumed with conserving foreign exchange, the focus would shift to expanding foreign exchange through greater export value diversification.”
Adesina cited many examples from Malaysia and Vietnam. He said that while both countries had moved into “global manufacturing growth,” creating massive wealth and jobs for themselves, Nigeria remained in “survival mode,” still unable to replace its imports of petroleum products, despite being one of the largest exporters of crude oil.
He warned that Nigeria’s industries would remain uncompetitive if the country did not resolutely address the shortage and reliability of electricity.
The African Development Bank is investing heavily in the Nigerian power sector. The investment will support the implementation of the Power Sector Recovery Programme. The Bank has committed $200 million to the Nigeria Electrification Project to help bridge the gap in access to electricity, and $257 million to the Nigeria Transmission Project to strengthen the grid and regional interconnections.
Similarly, the Bank launched the $20 billion Desert-to-Power initiative to bring electricity to 250 million people in 11 countries in the Sahel region, including northern Nigeria.
The Desert-to-Power initiative will create the world’s largest solar power zone. The initiative is building on lessons learned from successful projects already financed by the Bank, such as the Noor Ouarzazate solar power project in Morocco and the Ben Ban solar project in Egypt.
Adesina also spoke about how the African Continental Free Trade Area represented a huge opportunity for Nigeria to embark on export-led industrial production. With a collective GDP of $3.3 trillion, the African Continental Free Trade Area is the largest free trade area in the world in terms of the number of participating countries.
He spoke of the urgent need for rapid investment in digital skills for manufacturing, retooling of the workforce, vocational training, digitisation of industrial processes, and investment in digital infrastructure as well as the enabling environment.
The African Development Bank is helping Nigeria improve its digital skills. Partnering with Agence Française de Développement, the Islamic Development Bank, and the Nigerian Government, it recently launched the $618 million Investment in i-DICE, a digital and creative enterprises programme that is projected to create six million jobs and add $6.3 billion to the Nigerian economy.
The audience also heard from the African Development Bank President how the institution is working with central banks and countries to design and support the establishment of youth entrepreneurship investment banks.
These will be new financial institutions led by young, professional, and highly competent experts and bankers to develop and deploy new financial products and services for young people’s businesses and ventures.
Adesina also told the gathering that several African leaders were working with the African Development Bank to create youth entrepreneurship investment banks. He urged Nigeria’s new government to embrace the initiative, which he said would be “game-changing for Nigerian youth.”
The African Development Bank is working closely with the Nigerian Government, seven state governments, and the Federal Capital Territory to design agro-industrial special processing zones. These are dedicated zones that will create at least 1.5 million jobs. The Bank and its partners have already mobilised $520 million for the first phase of these zones in Nigeria.
Concluding his remarks, Adesina said: “The day Nigeria wakes up and becomes a lion king, everything will change for its people, and everything will change for all of Africa…That future is already here. It is time to re-imagine industrial manufacturing in Nigeria.”
Welcoming guests earlier, BusinessDay publisher Frank Aigbogun emphasised that Nigeria’s economy urgently needs to be revitalised, including the enthronement of a competitive private sector, to achieve higher and more sustainable growth rates capable of giving hope to the people.
Aigbogun said: “Our dominant youth population demands focused and steady growth. “We believe that the leaders of today and tomorrow must be better prepared for the rapid and disruptive changes in the world we live in, so that they can proactively create frameworks and collaborations that ensure the optimisation of the nation’s resources.”
Other forum speakers included Ralph Mupita, group president and CEO of MTN Group, Osagie Okunbor, managing director of Shell Petroleum Development Company and Chairman of Shell Companies in Nigeria, Edo State Governor Godwin Obaseki, and Jigawa State Governor Umar Namadi.
Obaseki identified the country’s dysfunctional education system as one of its biggest development challenges. “For us, it’s about people, it’s about developing talent, and our focus in the last six years has been to strengthen basic education,” Obaseki said.
News
NITDA Partners OGP to Drive Presidential Digital Goals

The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, CCIE, has reaffirmed Nigeria’s commitment to open governance, transparency and inclusive digital development as the Open Government Partnership (OGP) team formally presented the award and certificate received at the OGP Global Summit Spain 2025 to the Agency’s leadership.

Nigeria emerged as the overall global winner in the Digital Governance category in recognition of the country’s excellence in deploying digital tools and policies to strengthen government transparency, accountability, and citizen engagement. In addition, Nigeria received the Regional Award for advancing Open Digital Governance across Africa and the Middle East, reaffirming its leadership role in promoting open government principles and driving digital transformation across the region.
These recognitions were largely attributed to initiatives led by NITDA in collaboration with civil society partners, such as Dataphyte, which showcased innovative and inclusive approaches to digital governance at the summit.
The summit, which was organised in Vitoria-Gasteiz, Spain, brought together more than 1,500 high-level representatives of governments, civil society leaders, and policymakers from around the world to exchange experiences, best practices, and progress on open government initiatives and implementation on key issues.
Receiving the OGP delegation at NITDA, Inuwa described the recognition as a national honour rather than an institutional one, stressing that the award reflects Nigeria’s collective efforts across government, civil society and the private sector in advancing open governance principles through the digital space.
According to him, such global recognition comes with heightened responsibility to deliver on commitments made under the OGP framework.
“This is not just about NITDA. It is a national recognition, and every recognition comes with responsibility,” the DG said.
“If we fail to execute the commitments we have made, it will not only affect our image locally but also at the international stage. This is also not something NITDA can do in isolation,” he added.
Inuwa linked the achievement directly to the Renewed Hope Agenda of President Bola Ahmed Tinubu, noting that digital transformation, transparency, economic diversification, job creation and efficient public service delivery remain central presidential priority areas.
He emphasised that leveraging digital technologies to deepen openness and accountability aligns with national objectives of strengthening institutions, improving governance outcomes and building trust between government and citizens.
Highlighting the importance of collaboration, the NITDA boss underscored the role of the OGP platform as a catalyst for a strong multi-stakeholder approach in Nigeria’s digital ecosystem.
He called on civil society organisations, development partners, the private sector and other government institutions to provide technical expertise, guidance and sustained engagement to ensure effective implementation of agreed commitments.
“We need to leverage the OGP platform. We need your expertise, your guidance, your support and your commitment to hand-hold us in delivering on these commitments,” he said.
He further noted that “a multi-stakeholder approach in the digital space is critical to fostering a resilient ecosystem that delivers real value to citizens.”
Inuwa disclosed that NITDA has already begun internal reviews of its OGP commitments and has tasked its representatives, including Dr Rousseau, to work with colleagues to develop a clear execution strategy.
He proposed the creation of joint work streams with OGP stakeholders to support implementation, ensure accountability and keep all parties on track.
“We are humans. Oversight and collaboration help us stay focused. With commitment, nothing is impossible, and I believe these goals are achievable,” he added, assuring the delegation of NITDA’s readiness and political will to deliver on all agreed commitments.
Inuwa also welcomed the idea of engaging the political leadership of OGP, including the Honourable Minister of Budget and Economic Planning, with a view to briefing President Tinubu on the achievement. He noted that celebrating milestones is important, as it reinforces morale and demonstrates that Nigeria’s efforts in digital governance are gaining global recognition.
“It’s also good when there are wins, we should celebrate, because we too never knew that the little things we are doing are noticed not just within Nigeria, but globally, to the extent of earning us this award,” he asserted.
He concluded by expressing gratitude to the Nigerian National OGP Secretariat and the global OGP leadership, reaffirming NITDA’s commitment to strengthening collaboration and building a more productive working relationship that will translate open governance principles into measurable national impact.
Earlier in his remark, Mr Olusoji Apampa, who led the OGP deelegation, said the honours were earned through a strong partnership between government and civil society, with NITDA playing a critical role, particularly in commitments focused on improving digital governance in Nigeria.
Apampa expressed hope that the awards would serve as added momentum to deepen ongoing commitments under NITDA’s leadership and accelerate the practical implementation of reforms aimed at strengthening digital governance across the country.
News
PalmPay Launches N400 Million World Travel Carnival, Rewarding Users with Free Global Trips

PalmPay, Nigeria’s leading digital banking platform, has announced the launch of its ₦400 million festive rewards campaign, designed to reward users with cash prizes and fully sponsored international travel experiences for everyday transactions on the PalmPay app.

The campaign will run from December 17, 2025, to January 8, 2026. The campaign is designed to reward everyday transactions with extraordinary experiences. It runs alongside PalmPay’s Purple December brand campaign, which focuses on wrapping up the company’s key brand and community initiatives for the year.
At the centre of the rewards campaign is the PalmPay World Travel Carnival, an interactive card collection experience that allows users to earn city cards by completing transactions on the app. Users are required to collect five city cards – London, New York, Dubai, Sydney, and Cape Town and combine them into a World Card, which unlocks a share of the prize pool.
The more World Cards a user creates, the larger their share of the cash rewards. Any extra uncombined cards can be swapped with friends and other PalmPay users to help complete additional World Cards.
Beyond cash rewards, the Carnival also offers Free Global Trips. In each round, the top two users with the highest number of eligible transactions (₦100 and above) and at least one World Card will win an all-expense-paid international trip.
The travel grand prize covers:
- Visa fees
- Round-trip international airfare
- 5-day, 4-night hotel accommodation
- Side attraction
- Meal expenses
- Airport pick-up and drop-off
- All transportation for scheduled tour activities during the trip
Winners will be determined through a transparent leaderboard system, with prizes credited automatically at the end of each round on December 25, December 31, and January 8.
Participation is simple:
- Complete tasks on the PalmPay app, such as Airtime, Data, Transfers, and other specific transactions listed in the app, to earn cards.
- Collect all five city cards.
- Swap cards with friends to complete your collection.
- Combine cards to form a World Card and earn cash rewards.
- Perform more transactions to climb the leaderboard for a chance at the global trip prize.
To ensure fairness, PalmPay has instituted strict rules: no cheating, bots, fake accounts, or manipulation. Any violations may lead to disqualification or account bans. Additionally, the Free Travel Prize is limited to one per user throughout the campaign.
Speaking on the launch, Femi Hanson, Head of Marketing & Communication, “This festive rewards campaign is about turning everyday banking into meaningful value for our users. With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank—where smart financial decisions unlock bigger opportunities.”
News
REA, NBS Partner to Deliver Comprehensive Energy Data for Nigeria

The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to conduct a nationwide energy survey aimed at closing long-standing data gaps in Nigeria’s power sector. The initiative is expected to guide policy, attract investment, and accelerate universal electricity access.

Signed in Abuja, the agreement establishes a National Energy Survey based on the Multi-Tier Tracking Framework (MTF), a globally recognized methodology that measures electricity access not only by grid connection but also by quality, affordability, reliability, and usage of electricity and clean cooking solutions.
The survey will be implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. Dr. Abba Aliyu, REA Managing Director/CEO, said the partnership underscores REA’s commitment to evidence-based rural electrification planning and will generate detailed insights on electricity access and off-grid solutions nationwide.
Prince Adeyemi Adeniran, Statistician-General of the Federation/CEO of NBS, emphasized that reliable statistics are essential for effective policymaking, assuring that NBS will provide technical oversight, sampling expertise, and quality assurance to meet global standards.
The survey will assess energy access, household affordability, expenditure patterns, and the adoption of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions. REA will provide sector expertise and policy alignment, while NBS manages regulatory approvals, methodology, and technical supervision.
Funded and technically overseen by the World Bank, the exercise will run for 18 months, with the resulting data expected to improve national energy planning, programme targeting, and private sector investment, particularly in underserved and rural communities.
Officials said the collaboration reflects the Federal Government’s commitment to strengthening inter-agency coordination, enhancing energy data availability, and advancing Nigeria’s goal of universal electricity and clean cooking access.
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