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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.
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Only 1 in 3 Families Fully Secure their Devices, Kaspersky Study Reveals

On International Day of Families observed on May 15th, a global Kaspersky study* reveals that while 47% of respondents talk about online safety, only 33% secure all their family devices – highlighting the need for proactivity from Family Digital Managers.

As online threats develop and every generation joins the online space, cybersecurity habits have become an essential part of life for every family. Typically, in every family, one or two people become so-called Family Digital Managers, responsible for managing subscriptions, setting up new devices, or thinking about cyber protection. Kaspersky has conducted a survey to find out what measures modern families take to stay safe online.
According to Kaspersky’s data, a significant portion of respondents adopt an educational approach to cybersecurity within their families:
47% regularly coach elderly relatives and children on safe online practices
45% advise family members to adopt password manager solutions
42% encourage the use of multi-factor authentication (MFA)
An equal 42% actively review and adjust privacy settings on both family devices and critical online accounts
Although a growing awareness of the importance of proactive, family-focused digital protection can be observed, when it comes to the implementation of security solutions, the trend is slightly different. 10% of respondents take no measures at all to protect their loved ones online, rising to 21% among those aged 55+.
As for the parental control apps, 67% of families with children under 18 years use this tool to monitor and secure their kids’ online activity. Parental control, such as the Kaspersky Safe Kids solution, can help restrict children’s access to inappropriate content and also gently manage their online habits by limiting access to certain websites and apps, controlling their screen time, and even enhancing their physical security by tracking their geolocation.
The most worrying number is that only 33% of respondents – just 1 in 3 – install security solutions on all family members’ devices. Kaspersky experts highlight that the current threat landscape shows that mobile devices and tablets as well as PCs all require comprehensive cyber protection, as they are often targeted by cybercriminals.
According to the survey, only 30% of respondents set up new devices for their families. Setting up a new device is not often regarded as a step that contributes to cyber safety; however, some actions performed before the device is put into use can significantly enhance its security.
For instance, experts recommend installing a security solution first, to scan the device for hidden threats and make web browsing safe from the first queries. What’s more, reviewing privacy settings on a new device allows you not to share data that you would like to keep private with some applications and services.
The research also shows that the older generation (55+) is generally less included in family security habits. Around 1 in 5 (21%) of this age group globally do not take any measures to protect their family online and only a quarter (24%) install security solutions for family members. The most popular security measure among them turns out to be a password manager, as 40% of this age group recommend their family members to use it.
“We are now using a lot of gadgets and digital services, and with every new device and every additional hour spent online, the potential entry points for cybercriminals continue to grow, exposing us to a wider range of cyber threats. At the same time, not every generation adapts to these rapid changes with the same ease.
“That’s why having someone in the family take on the role of a ‘Family Digital Manager’ can be so valuable, especially when it comes to protecting kids and elder people from digital cyberthreats, give advice and help with the use of trusted security solutions,” comments Brandon Muller, Technical Expert at Kaspersky.
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The Nigeria Prize for Science & Innovation Records New Height as 2026 Edition Attracts 237 Entries

For the first time since it was established in 2004, the 2026 edition of The Nigeria Prize for Science and Innovation has recorded an historic milestone, attracting a record-breaking 237 entries.

The submissions were formally handed over to the Prize’s Advisory Board at a press conference in Lagos on Thursday, marking the start of the adjudication process.
The handover marks the beginning of the search for Nigeria’s most innovative scientific mind, under the theme “Innovations in ICT, Artificial Intelligence (AI), and Digital Technologies for Development.” The theme was a deliberate retention from the 2025 edition, which concluded without a winner after no entry met the required standard for selection.
Speaking at the press conference, Sophia Horsfall, NLNG’s General Manager, External Relations and Sustainable Development, said the continued focus on digital technologies reflects both global trends and Nigeria’s development priorities. She noted that the Prize remains a platform for identifying solutions with real-world relevance.
“In this fourth revolution, digital infrastructure is as foundational to our survival as electricity or water. For Nigeria, our economic sustainability depends on our ability to move beyond promising research and into undeniable innovation that delivers,” she said.
She added that global recognition for Nigerian innovation must be earned through stringent standards. “We believe that if a Nigerian discovery is to command global respect, it must withstand the highest levels of scrutiny. It is this conviction that guided the difficult decision seven months ago”.
While acknowledging the level of interest the theme continues to attract, Horsfall maintained that expectations remain uncompromising, noting that only solutions demonstrating real impact and scalability will be considered. She added that the decision not to award a winner in 2025 reflects this commitment and sets the benchmark for the current adjudication process.
Receiving the entries, Chairman of the Advisory Board, Barth Nnaji, described the handover as a decisive stage in the Prize’s selection process, emphasising that its credibility is anchored on strict standards of excellence. He reaffirmed that the Prize remains focused on identifying innovations that translate scientific insight into tangible socio-economic outcomes.
“Our refusal to award the prize in 2025 was not a dismissal of the hard work of Nigerian innovators; rather, it reinforces that The Nigeria Prize for Science and Innovation holds a gold standard of excellence,” he stated.
He further clarified that the outcome of the 2025 edition, in which no winner was declared, should be viewed within the context of the Prize’s rigorous evaluation framework, which demands novelty, depth, relevance, and demonstrable impact. He emphasized that all entries will continue to be subjected to the same high level of intellectual and technical scrutiny.
Professor Nnaji added that the Prize seeks solutions that directly address Nigeria’s real-world challenges. “Our broader objective is to identify work that brings tangible impact to the challenges Nigeria faces, whether through digital health technologies that serve rural populations or the use of AI in preserving our cultural heritage and languages.”
Other members of the Board are Chief Dr. Nike Akande, a two-time former Minister of Industry, and Professor Baba Yusuf Abubakar, a professor of quantitative genetics and animal breeding.
The Nigeria Prize for Science and Innovation, now in its 22nd year, is valued at $100,000 and remains arguably Africa’s most prestigious science award. The winning entry for the 2026 edition will be unveiled at a world press conference scheduled for September.
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FG, World Bank Launch $65m SPESSE Funding for 24,000 Nigerians

Federal government, in partnership with the World Bank, has launched a fresh $65 million funding phase of the Sustainable Procurement, Environmental and Social Standards Enhancement (SPESSE) project aimed at benefiting more than 24,000 Nigerians through professional training and institutional capacity development.

The initiative, coordinated by the National Universities Commission (NUC), is designed to strengthen procurement systems, environmental management and social standards across public and private institutions, while promoting transparency, accountability and sustainable development practices nationwide.
Abdullahi Ribadu, executive secretary of the Commission, disclosed this in Abuja during the signing of performance contracts for the additional SPESSE financing. He explained that the intervention builds on the gains of the initial $80 million SPESSE project, which became effective in 2021.
According to Ribadu, the programme has significantly improved institutional frameworks and developed professional expertise in key governance sectors. He noted that the initiative was introduced to address the shortage of qualified professionals in procurement, environmental management and social standards within both public and private institutions.
He said: “With the support of the World Bank and under the coordination of the NUC, six centres of excellence were established across the six geopolitical zones to provide sustainable capacity building in these critical sectors”.
Ribadu stated that the participating universities were selected through a transparent and competitive process based on institutional readiness, quality assurance and sustainability.
He added that the institutions have continued to produce skilled manpower capable of advancing transparency, environmental responsibility and inclusive national development.
He described the contract signing ceremony as a renewed commitment to accountability, sustainability and institutional excellence, noting that the centres have recorded major achievements, including the introduction of specialised academic programmes ranging from short courses to undergraduate and postgraduate degrees.
The NUC boss further disclosed that three of the six centres have already commenced PhD programmes, while the remaining centres are expected to begin by July 2026.
He added that under the new funding phase, the Commission targets at least 60 PhD graduates, enrolment of 60 foreign students, staff internships and expanded student exchange programmes with international institutions.
Also speaking, Adebowale Adedokun, director-general, Bureau of Public Procurement (BPP), said the project has so far trained more than 2,700 officers from both the public and private sectors to improve procurement competence nationwide.
He said the next phase would support the rollout of Nigeria’s electronic procurement system and expand online capacity-building programmes for policymakers and small and medium-scale enterprises involved in managing public funds.
On his part, Ishtiak Siddique, World Bank Task Team Leader for SPESSE, revealed that more than 40,000 participants had benefited from training under the original project, with over 4,000 certified in procurement, environmental and social standards.
Siddique said the additional funding would focus on strengthening the capacity of federal, state and local government agencies to improve development outcomes and service delivery, stressing that sustainability remained central to ensuring continuity beyond donor support.
For her part, Prof. Folasade Ogunsola, Vice-Chancellor, University of Lagos, reaffirmed the institution’s commitment to advancing professional capacity development under the SPESSE framework through postgraduate training, institutional ownership and international collaborations.
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