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African Economic Conference Opens in Abuja Focusing on Industrialization

The 11th African Economic Conference (AEC) kicked off in Abuja, Nigeria, yesterday with a consensus on the need to scale up the continent’s agricultural transformation to spur industrialization and inclusive growth.
Opening the conference, Nigeria’s Vice-President, Yemi Osinbajo, highlighted how the Nigerian Government and private sector partners are leveraging resources for agricultural transformation in the midst of the global economic recession, which has resulted in the country losing up to 1 million barrels of crude oil daily.
Vice-President Osinbajo, who spoke on behalf of President Muhammadu Buhari, disclosed numerous efforts being made by the Government to support agriculture and its value chains to diversify and transform the economy in the absence of oil resources, which formed the backbone of the economy.
He expressed the hope that the conference would come up with evidence-based research and knowledge of good practices that can help Nigeria and other African countries to transform their agricultural production for more sustainable growth.
Over 300 participants are attending the annual event, co-organized by the African Development Bank (AfDB), UN Economic Commission for Africa (ECA) and United Nations Development Programme (UNDP), on the theme, “Feed Africa: Towards Agro-Allied Industrialization for Inclusive Growth.”
AfDB President, Akinwumi Adesina, reminded participants that Nigeria was chosen to host the conference largely because of its enormous potential in agriculture, which, if well harnessed has the potential to become a global powerhouse through agro-industrialization.
In a keynote speech, Adesina noted that agriculture, which contributes over 28% of the GDP of Africa, holds the key for the accelerated growth, diversification and job creation for African economies.
“Agriculture provides the basic raw materials needed for industrial development. Food accounts for the highest share of consumer price index and providing cheap food is critical for taming inflation. When inflation is low, interest rates decline and it brings greater private sector investments. A more productive, efficient and competitive agriculture sector is critical for boosting rural economies, where majority of the population live in Africa,” Adesina said. “The future of Africa depends on agriculture.”
Citing examples in Africa (Ethiopia, Kenya and Rwanda) and from Asia, and South Korea in particular, Adesina illustrated how Africa can make agriculture a solid foundation to build a strong food and agro-industrial manufacturing base quickly.
Current estimates indicate that 65% of all the uncultivated arable land in the world that can feed 9 billion people by 2050, lies in Africa. At the same time, the continent spends US $35 billion annually importing food. This has huge implications for Africa not only in terms of lost income and rising unemployment. With the food and agribusiness sector projected to grow from US $330 billion to $1 trillion by 2030, the continent simply cannot afford to unlock this hefty opportunity.
According to Adesina, there is a need for “Growth Enhancement Support” for farmers: a system whereby small-scale farmers are provided with targeted input support to be able to use new technologies. The establishment of large “Staple Crop Processing Zones” and “Agro-industrial zones”, with the required infrastructure and risk-sharing facilities will also be very helpful.
He said that the AfDB has earmarked $800 million for ‘Technologies for African Agricultural Transformation’ (TAAT), targeting 40 million farmers over ten years, to take new agricultural technologies to scale.
TAAT would support people like Noel, a young graduate “agri-preneur” from Bukavu in Democratic Republic of Congo who, together with his colleagues, moved into agribusiness just over a year ago. They now generate US $4,000 per week from well packaged cassava flour sold to bakeries for the production bread. The combination of cassava and wheat flour to produce delicious loaves is now a good income generating activity across the continent.
“Our goal is simple: support massive agro-industrial development all across Africa. To make this happen, there is need for well-directed public policies to incentivize the agricultural sector, especially agribusiness and food manufacturing companies,” Adesina emphasized.
For his part, Acting ECA Executive Secretary, Abdalla Hamdok, emphasized the need for new policy approaches to incentivize production, which would require a stronger role by the State as well as the kind of leadership that provides a clear vision on agro-allied industrialization.
The UN Assistant Secretary General and Director of UNDP Regional Bureau for Africa, Abdoulaye Mar Dieye, urged African governments to work together with their bilateral and multilateral partners to support the continent’s agro-allied industrialization agenda. Speaking to Africa’s agricultural potential, Dieye said: “Agriculture can be the golden gate to Africa’s prosperity; it is the high octane oil that, if properly processed, can radically transform the continent.”
In this regard, developed and emerging countries would do well to remove unfair trade barriers, harmful agricultural export subsidies and regional protectionism that limit Africa’s access to markets and turns the continent to a dumping ground.
Prof. Eric Maskin of Harvard University and co-recipient of the 2007 Nobel Prize in economics made a short presentation on why globalization is accelerating inequality instead of reducing it. Maskin called for greater skills education and training, to provide people usually in rural agricultural areas with requisite skill that would enable them get jobs in agro-industry establishments.
“Governments need to get involved in skills training and education in agriculture because that is where the unskilled are mostly located. There is no higher priority than investing in people,” he said.
News
Firms Face Gaps Between AI Ambition and Execution

Artificial intelligence (AI) will this year become a central pillar of leadership strategy, shaping how organisations plan to grow, compete and reinvent their operating models.

However, the gap between ambition and execution will remain one of the defining challenges of 2026.
This is one of the key findings of Accenture’s latest Pulse of Change report, which shows that global executives’ intent around AI is strong and accelerating.
The study is grounded in a global survey of 8 000 executives and employees, and is designed to measure AI adoption, strategy and workforce impact across industries and regions.
According to the report, across industries, leaders are no longer asking whether AI should be adopted. Instead, they are focused on how AI can be scaled to deliver measurable enterprise value, transform decision-making and unlock new revenue streams.
A total of 86% of surveyed C-suite executives plan to increase their AI investments in 2026, signalling that AI has moved from experimentation to a board-level growth priority, it notes.
Shifting AI priorities
One of the most notable changes highlighted in the report is how executives now view the purpose of AI.
“While early adoption focused heavily on automation and cost reduction, company leaders are increasingly positioning AI as a driver of growth,” it states.
“Nearly eight in 10 surveyed executives believe AI will contribute more to revenue generation than cost savings in the year ahead, reflecting a strategic pivot toward AI-enabled products, services and customer experiences.”
According to the study, daily AI usage among senior leaders has risen sharply, with 38% of surveyed executives now using AI tools every day, compared to 8% at the start of 2024. This signals that AI is no longer delegated solely to technology teams; it is becoming embedded in executive workflows, strategic planning and decision-making processes.
While leadership engagement with AI is deepening, the report suggests that enthusiasm at the top does not automatically translate into impact across the organisation.
Scaling AI remains elusive
Despite growing investment and executive confidence, only 32% of respondents report achieving sustained, enterprise-wide impact from AI. Most companies remain stuck in isolated use cases or pilot programmes that fail to scale meaningfully across business units, the report notes.
“Executives largely believe they have articulated a clear vision for AI-driven change, but employee perceptions tell a different story. Just 18% of workers strongly agree that leadership has communicated a compelling AI vision, and only one in five say they understand how AI will affect their role in the future.
“This disconnect suggests that while executives are planning ambitious AI transformations, those plans are not always translating into clarity or confidence on the ground.”
The result is a growing execution gap: leaders are moving faster in strategy than organisations are moving in practice.
Human-AI collaboration
Despite these challenges, the report reveals a strong foundation for progress. Employees largely recognise the benefits of AI, with 79% stating that AI has positively influenced their ability to learn new skills.
Many also associate AI with increased innovation and problem-solving capacity, indicating that resistance is less about fear of technology and more about lack of involvement in change design.
“However, comfort with advanced AI capabilities remains limited. Only 27% of surveyed employees say they are comfortable delegating tasks to AI agents, and regular AI usage among workers has declined slightly compared to previous months. This points to the need for executives to focus not just on deployment, but on trust, enablement and shared ownership of AI systems.”
For executives planning to scale AI in 2026, the message is clear: value will come from treating AI as a workforce transformation initiative, not just a technology investment, the report asserts.
“In the year ahead, AI success will be defined less by how much organisations spend and more by how effectively executives align people, processes and technology. Those who bridge the gap between executive intent and employee experience will be best positioned to turn AI from a strategic promise into a sustained competitive advantage.”
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New Horizons Invests N50m to Empower Almajiris with Skills

New Horizons Nigeria has launched a N50 million initiative aimed at transforming 21 Almajiri children into skilled computer technicians within 90 days, to tackle youth unemployment and harness human potential.

The Almajiri-to-Tech programme, officially launched in Abuja on Monday, provides participants with full training, meals, clothing, tools, and logistics support, all fully funded.
Speaking at the launch, the Chief Executive Officer of New Horizons, Tim Akano, said the programme represents a new journey in the history of Nigeria by restoring the original purpose of the Almajiri system, which he described as “children sent out to seek knowledge.”
“The word Almajiri comes from an Arabic term meaning emigrant and seeker of knowledge. Historically, children were sent to learn morals, responsibility, and skills to add value to society,” Akano said.
He added that the disruption of this system during colonial times forced many children onto the streets, a challenge that persists today.
Akano highlighted the urgency of addressing the Almajiri issue, noting that there are an estimated 15 million Almajiris in the country, with a population growth rate of around three per cent annually.
“If we do not solve this problem as a country, we are sitting on a time bomb,” he warned.
According to him, the programme focuses on hands-on technical skills rather than theory. Trainees will learn to repair mobile phones, laptops, televisions, radios, standing fans, and other electronic devices, as well as build inverter batteries using recycled electronic waste.
“We are not teaching theory. We are teaching practical skills you can use to earn a living,” Akano said, stressing that the programme will not interfere with the participants’ Quranic education.
“We are still going to allow you, within the period of learning. Your learning computer here is not stopping your Quranic education.
“You still have time within our space here. Whenever you want to go and pray, you can pray, then come back to class,” the CEO stressed.
He added that participants will also receive daily meals, water, T-shirts identifying them as technicians-in-training, and access to all necessary tools and equipment throughout the 90-day programme.
Akano said the initiative is part of a larger mission by New Horizons Nigeria, which has spent the past 21 years training about 100,000 Nigerians annually in IT and related skills.
He said the new programme aims to “take human genius off the streets and convert it into human capital, enabling these youths to contribute meaningfully to the economy.”
He added that equipping Almajiris with skills could add 15 million people to Nigeria’s workforce and potentially increase the country’s GDP by as much as $20 billion, stressing that productivity depends on practical skills and opportunity.
“Everything that can be taught can be learned. If someone can memorize the Quran cover to cover, there is nothing that cannot be done. What they lack is information, opportunity, and infrastructure, and we are providing all of that,” Akano said.
Akano also stressed that the initiative is designed to inspire other organizations and government agencies to replicate similar programmes across the country.
“This is not just about 21 children; it is about showing Nigeria what is possible when resources meet intention and planning.
“If we succeed in empowering these Almajiris, we demonstrate that the country can turn social challenges into economic opportunities. It’s a blueprint for Nigeria’s future,” he said, noting that the initiative combines social reform, technical education, and economic empowerment.
Also speaking, one of the trainees, Fatima Umar, appreciated the organisers and promised to maximise the opportunity.
“We’ll make you proud of us. We have nothing to say here but to thank and appreciate you. May Almighty Allah continue to guide and protect you,” Umar said.
News
IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

International Monetary Fund has upgraded Nigeria’s 2026 economic growth projection to 4.4 per cent, reflecting improved macroeconomic stability and sustained reforms.

IMF
The January 2026 World Economic Outlook Update forecasts Nigeria’s growth trajectory at 4.1 per cent in 2024, 4.2 per cent in 2025, and 4.4 per cent in 2026—a 0.2 percentage point increase from the October 2025 estimate.
This aligns with sub-Saharan Africa’s projected 4.6 per cent expansion in 2026 and 2027, driven by regional stabilisation efforts.
Globally, the IMF anticipates 3.3 per cent growth amid resilient conditions tempered by trade policy shifts and technology investments. For Nigeria, declining energy prices—expected to fall seven per cent due to weak demand—pose risks, though OPEC+ coordination and China’s stockpiling provide support.
Despite the optimism, downside risks persist from Middle East and Ukraine tensions, protectionism, high debt, and fiscal deficits. The Fund recommends rebuilding fiscal buffers, ensuring central bank independence, and limiting temporary fiscal measures to maintain stability.
Nigeria’s success hinges on consistent reforms and resilience against domestic and global shocks, the IMF concluded.
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