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Speech Delivered by Dr. Akinwumi A. Adesina – President, African Development Bank Group

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African Development Bank

The African Development Bank was ranked last year by the Washington D.C.-based Center for Global Development as the “Best Multilateral Development Bank in the World”

ABIDJAN, Ivory Coast, May 30, 2023/APO Group/ — 

PROTOCOLS

Your Excellencies,

I wish to thank President Muhammadu Buhari for his personal invitation to me to attend the ceremonies for the swearing-in of the incoming President-elect, H.E. Bola Ahmed Tinubu.

Congratulations Mr. President on Nigeria’s 7th consecutive democratic transition.

Congratulations to the incoming President and Vice President.

I wish to thank the Secretary to the Government of the Federation, Boss Mustapha, Chairman, and members of the Presidential Transition Council, for inviting me to speak at this inauguration lecture for the incoming President of Nigeria.

It is such a great honor, to share my views and perspectives, as the nation gets ready to have a passing of the baton between H.E. President Muhammadu Buhari, and the incoming-President, H.E. Asiwaju Bola Ahmed Tinubu.

It is your turn!

I wish to congratulate you Mr. President for your stewardship of Nigeria for the past eight years. Thank you very much for all your strong support for me, as President of the African Development Bank Group.

Without your strong support for me in 2015, and then in 2020, I would not have been President of the African Development Bank. There is a saying that “anyone that is sent on an errand must come back and report to the one who sent him or her.” Mr. President, you sent me on an errand, and I am here to give you a report.

I am pleased to let you know that the African Development Bank was ranked this year by Publish What You Fund as the “Most Transparent Institution in the World.”

The African Development Bank was ranked last year by the Washington D.C.-based Center for Global Development as the “Best Multilateral Development Bank in the World”.

Dear Mr. President, as you leave, you can take pride that the mission for Africa is being well executed.

I wish to congratulate the incoming President, H.E. Bola Ahmed Tinubu, GCFR, who will take over the mantle of stewardship of Nigeria tomorrow.

I am delighted that my very dear friend and brother, President Uhuru Kenyatta, former President of Kenya was invited to deliver the inauguration lecture. He was a great leader for Kenya.

I am sure he must be wondering why there are two Kenyans on the same panel.

Well… I lived in Kenya for close to ten years.

I remember, one day when then President Goodluck Jonathan visited Kenya and I accompanied him as a minister, as the two Presidents were introducing members of their delegations, President Jonathan said, “Meet Dr. Adesina, Minister of Agriculture”, to which President Kenyatta responded, “Yes, Adesina is the Kenyan on loan to Nigeria as Minister.”

We all laughed!

Thank you, President Kenyatta, for your incredibly insightful and excellent speech.

Your Excellencies,

The election of a new President always elicits hope.

Nigeria will be looking to you, as President Tinubu, on your first day in office, with hope.

Hope that you will assure security, peace, and stability.

Hope that you will heal and unite a fractious nation.

Hope that you will rise above party lines and forge a compelling force to move the nation forward, with inclusiveness, fairness, equity, and justice.

Hope that you will drastically improve the economy.

Hope that you will spark a new wave of prosperity.

And hope must be brought to the present, as hope deferred makes the heart grow weary.

Your Excellencies,

The starting point must be macroeconomic and fiscal stability. Unless the economy is revived and fiscal challenges addressed boldly, resources to develop will not be there.

No bird can fly if its wings are tied.

Nigeria currently faces huge fiscal deficits, estimated at 6% of GDP. This has been due to huge federal and state government expenditures, lower receipts due to dwindling revenues from export of crude oil, vandalism of pipelines and illegal bunkering of crude oil.

According to Nigeria’s Debt Management Office, Nigeria now spends 96% of its revenue servicing debt, with the debt-to-revenue ratio rising from 83.2% in 2021 to 96.3% by 2022.

Some will argue that the debt to GDP ratio at 34% is still low compared to other countries in Africa, which is correct; but no one pays their debt using GDP.

Debt is paid using revenue, and Nigeria’s revenues have been declining.

Nigeria earns revenue now to service debt—not to grow.

The place to start is to remove the inefficient fuel subsidies.

Nigeria’s fuel subsidies benefit the rich, not the poor, fueling their and government’s endless fleets of cars at the expense of the poor. Estimates show that the poorest 40% of the population consume just 3% of petrol.

Fuel subsidies are killing the Nigerian economy, costing Nigeria $10 billion alone in 2022. That means Nigeria is borrowing what it does not have to if it simply eliminates the subsidies and uses the resources well for its national development.

Rather, support should be given to private sector refineries and modular refineries to allow for efficiency and competitiveness to drive down fuel pump prices. The newly commissioned Dangote Refinery by President Buhari—the largest single train petroleum refinery in the world, as well as its Petrochemical Complex—will revolutionize Nigeria’s economy.

Congratulations to Aliko Dangote for his amazing $19 billion investment!

Your Excellencies,

There is an urgent need to look at the cost of governance.

The cost of governance in Nigeria is way too high and should be drastically reduced to free up more resources for development. Nigeria is spending very little on development.

Today, Nigeria is ranked among countries with the lowest human development index in the world, with a rank of 167 among 174 countries globally, according to the World Bank 2022 Public Expenditure Review report.

To meet Nigeria’s massive infrastructure needs, according to the report, will require $3 trillion by 2050. According to the report, at the current rate, it would take Nigeria 300 years to provide its minimum level of infrastructure needed for development.

All living Nigerians today, and many generations to come, will be long gone by then!

We must change this. Nigeria must rely more on the private sector for infrastructure development, to reduce fiscal burdens on the government.

Your Excellencies,

Much can be done to raise tax revenue, as the tax-to-GDP ratio is still low.

This must include improving tax collection, tax administration, moving from tax exemption to tax redemption, ensuring that multinational companies pay appropriate royalties and taxes, and that leakages in tax collection are closed.

I am pleased to let you know that the African Development Bank was ranked this year by Publish What You Fund as the “Most Transparent Institution in the World.”

However, simply raising taxes is not enough, as many question the value of paying taxes, hence the high level of tax avoidance. Many citizens provide their own electricity, sink boreholes to get access to water, and repair roads in their towns and neighborhoods.

These are essentially high implicit taxes.

Nigerians therefore pay the highest ‘implicit tax rates’ in the world.

Governments need to assure effective social contracts by delivering quality public services. It is not the amount collected, it is how it is spent, and what is delivered. Nations that grow better run effective governments that assure social contracts with their citizens.

Your Excellencies,

We must rebalance the structure and performance of the economy.

A very common refrain in Nigeria, with every successive government, is “We need to diversify the economy.”

But is it so?

The economy of Nigeria is one of the most diversified in Africa, with the oil sector accounting for only 15% of the GDP, and 85% is in the other sectors.

Nigeria’s challenge is not diversification. Nigeria’s challenge is revenue concentration.

This is because the oil sector accounts for 75.4% of export revenue and 50% of all government revenue.

The solution, therefore, is to unlock the bottlenecks that are hampering 85% of the economy. These include low productivity, very poor infrastructure and logistics, epileptic power supply, and inadequate access to finance for small and medium-size enterprises.

Nigeria must also shift away from import substitution approach to export-focused industrialization. Nations do not thrive through import substitution; they thrive from export-bound industrialization.

Your Excellencies,

For faster growth, Nigeria must decisively fix the issue of power, once and for all.

There is no justification for Nigeria not having enough power.

The abnormal has become normal.

Nigeria’s private sector is hampered by the high cost of power. Providing electricity will make Nigerian industries more competitive.

And it is not brain surgery.

Take two examples: Kenya and Egypt.

With the support of the African Development Bank, Kenya, under President Kenyatta, was able to expand electricity access from 32% in 2013 to 75% in 2022. What an incredible achievement within 10 years!

Today, 86% of Kenya’s economy is powered by renewable energy. And in one project—the Last Mile Connectivity Project—the Bank’s support allowed Kenya to connect over 2.3 million poor households to electricity—that is over 12 million people provided with affordable connection to grid power.

In 2014, Egypt had electricity deficit of 6,000 megawatts, but by 2022 it had 20,000 megawatts of surplus power generation capacity. Amazing!

I commend the Government of Nigeria on the recent commissioning of the several power projects. But there is still much to do.

Nigeria should invest massively in renewable energy, especially solar. The African Development Bank is implementing a $25 billion Desert-to-Power program to provide electricity for 250 million people across the Sahel, including the northern parts of Nigeria.

Your Excellencies,

For inclusive development, Nigeria must completely revive its rural areas.

Nigeria’s rural areas are forgotten and have become zones of economic misery.

To revive and transform these rural economies, we must make agriculture their main source of income, a business and a wealth creating sector. To be clear, agriculture is not a development sector. Agriculture is a business.

The development of Special Agro-industrial Processing Zones will transform agriculture, add value for agricultural value chains and attract private sector food and agribusinesses into rural areas.

Special agro-industrial processing zones will help turn rural areas into new zones of economic prosperity and create millions of jobs.

The African Development Bank, Islamic Development Bank and the International Fund for Agricultural Development are currently supporting the implementation of a $518-million Special Agro-Industrial Processing Zones’ program in 7 states and the Federal Capital Territory.

We are ready to help expand this to every state in the country. We are equally ready to help revamp agricultural lending institutions to help modernize the food and agriculture sector.

Your Excellencies,

The best asset of Nigeria is not its natural resources; Nigeria’s best asset is its human capital. We must invest heavily in human capital to build up the skills Nigeria needs to be globally competitive, in a rapidly digitized global economy.

We must build world class educational institutions, and accelerate skills development in science, technology, engineering, and mathematics, as well as in ICT and computer coding, which will shape the jobs of the future.

Your Excellencies,

There is an urgent need to unleash the potential of the youth. Today, over 75% of the population in Nigeria is under the age of 35. This presents a demographic advantage. But it must be turned into an economic advantage.

Nigeria must create youth-based wealth.

We must move away from the so-called “youth empowerment programs”. Youths do not need handouts. They need investments. The current banking systems do not and will not lend to the youth. Special funds, while palliative in approach, are not systemic and are also not sustainable.

What’s needed to unleash the entrepreneurship of the youth in Nigeria are brand new financial ecosystems that understand, value, promote and provide financial instruments and platforms for nurturing business ventures of the youth at scale.

The African Development Bank and partners including Agence Francaise de Developpement and the Islamic Development Bank launched the $618 million I-DICE program to develop digital and creative enterprises. They will create 6 million jobs and add $6.3 billion to Nigeria’s economy.

Your Excellencies,

The African Development Bank is currently working with Central Banks and countries to design and support the establishment of Youth Entrepreneurship Investment Banks. These will be new financial institutions, run by young, professional, and highly competent experts and bankers, to develop and deploy new financial products and services for businesses and ventures of young people.

Several African countries plan to establish Youth Entrepreneurship Investment Banks.

Nigeria should establish the Youth Entrepreneurship Investment Bank.

Your Excellency, Mr. President-elect,

Nigeria’s economy needs to soar!

You have an opportunity to make history.

History by building a resurgent Nigeria.

A united and prosperous Nigeria.

It is Nigeria’s turn!

I wish you all the best for success.

May God bless—and help you.

And may God bless the Federal Republic of Nigeria.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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Yellow Card Secures Crypto Asset Service Provider Licence in South Africa

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Yellow Card

Stablecoin adoption is surging throughout Africa, with sub-Saharan Africa having the highest adoption rate in the world at 9.2%

JOHANNESBURG, South Africa, November 20, 2024/APO Group/ — 

Yellow Card (www.YellowCard.io), Africa’s leading stablecoin-based infrastructure provider, has been issued a Crypto Asset Service Provider (CASP) licence by the Financial Sector Conduct Authority (FSCA) in South Africa.  

Commenting on the FSCA’s decision to issue the licence to Yellow Card Financial South Africa, Chris Maurice, Yellow Card’s co-founder and CEO, said, “The CASP licence underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent.This achievement reflects our dedication to providing secure, compliant and transformative solutions for our customers both in South Africa and across Africa.  

The CASP licence underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent

Stablecoin adoption is surging throughout Africa, with sub-Saharan Africa having the highest adoption rate in the world at 9.2%. In South Africa alone, where the number of total users of crypto assets is estimated to amount to 5.8 million people, stablecoins have experienced growth of 50% month over month since October 2023, displacing bitcoin as the country’s most popular cryptocurrency.  Yellow Card is excited to play a pivotal role in this financial revolution in South Africa. 

Yellow Card, which launched in South Africa in 2020, has facilitated over US$3 billion in transactions in the last several years and now operates in 20 countries across the continent. The company recently completed a US$33 million Series C financing, led by Blockchain Capital and existing investors, including Polychain Capital, Valar Ventures, Third Prime Ventures, Coinbase Ventures, and Block, Inc. (Square/Cash App), reflecting strong investor confidence in its mission.   

As the stablecoin landscape continues to evolve, Yellow Card is committed to leading the charge in making digital assets accessible and secure for businesses across Africa. With the recent licensing and funding, the company plans to expand its B2B offerings by enhancing its stablecoin rails, upgrading infrastructure, and advancing its B2B API and Widget. These efforts will empower businesses with seamless solutions for liquidity management and their general operations. 

To learn more about Yellow Card, visit: https://YellowCard.io/

Distributed by APO Group on behalf of Yellow Card Financial.

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Telecoming and MTN Partner to Launch cloud gaming in South Africa

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MTN Cloudplay will allow MTN users in South Africa to access a wide range of cloud-based video games, providing a high-quality gaming experience without the need for downloads or high-end gaming consoles

JOHANNESBURG, South Africa, November 20, 2024/APO Group/ —

  • Both companies extend their collaboration to introduce cloud gaming in South Africa.
  • MTN Cloudplay aims to revolutionize digital entertainment with affordable, high-quality gaming access.

MTN, Africa’s leading telecommunications operator with over 290 million subscribers across the continent, announces the launch of Cloudplay, a revolutionary new cloud gaming service, with Telecoming (www.Telecoming.com), a sportech company specializing in developing and distributing mobile experiences for sports and entertainment. This project marks a new milestone in the ongoing collaboration between the two companies.

MTN Cloudplay: A Game Changer

MTN Cloudplay will allow MTN users in South Africa to access a wide range of cloud-based video games, providing a high-quality gaming experience without the need for downloads or high-end gaming consoles. The service will allow customers to stream high-end PC games to their mobile phones, enabling them to play anywhere, anytime.

This service seeks to democratize access to high-quality mobile gaming for the whole family; including various genres which include retro games and exciting popular gaming titles with multi-device gameplay, at an affordable price of only R79 per month.

Jason Probert, General Manager for Digital Services at MTN South Africa shared his thoughts on the collaboration:

Customers can use their existing Steam licenses on the service, and have access to more than 300 games on the service for only R79 per month

“We’re thrilled to launch MTN Cloudplay in South Africa. We’re committed to enabling our customers to enjoy the benefits of a modern connected life and the advent of 5G means that it is now possible to stream and play games without the need for a PC or console. Customers can use their existing Steam licenses on the service, and have access to more than 300 games on the service for only R79 per month.”

Alí Karaosman, MEA Director of Telecoming says “It is very exciting for us to extend our collaboration with MTN, bringing our nearly decade-long experience in this market and supporting the operator in this innovative digital entertainment offering, we are convinced that MTN Cloudplay will revolutionize the way users in South Africa enjoy video games. For Telecoming, this partnership with MTN is a strategic step in our mission to bring esports and innovative digital services to Africa. We are committed to continuing to develop technological solutions that enhance digital leisure for people in the region.”

Service Details

MTN Cloudplay is available to all MTN users in South Africa since November 2024. With a vast library of over 340 games from over 50 publishers, this cloud gaming service offers an unmatched gaming experience on any device.

MTN Cloudplay is accessible to MTN subscribers. Users can visit https://Cloudplay.MTN.co.za to explore the platform and enjoy a wide selection of gaming titles.

Highlights

  • Extensive Game Library: Enjoy classics like Contra, PacMan and Mortal Kombat and modern hits like Hogwarts Legacy and Borderlands 3.
  • Bring Your Own License (BYOL): Access games you’ve purchased on Steam, such as Grand Theft Auto V and Fallout 4.
  • Multi-Device Access: Play on any device and switch seamlessly between them.
  • Low Latency: Experience responsive gameplay with minimal lag.
  • Subscription: Available directly on https://Cloudplay.MTN.co.za or via the MTN Play https://Play.MTN.co.za website for R79 per month.

Distributed by APO Group on behalf of Telecoming.

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rainx Launches the101 Range of 5G Fixed Wireless Access (FWA) Routers for Mobile Network Operators (MNOs)

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rainx

The industry’s smartest and most aesthetically pleasing 5G and Wi-Fi 7 router opens new opportunities for service providers globally

JOHANNESBURG, South Africa, November 20, 2024/APO Group/ — 

rainx, a leader in 5G Fixed Wireless Access (FWA) solutions, has launched the101 range (https://apo-opa.co/40UwYYE), an advanced ecosystem of fixed wireless 5G and Wi-Fi access products designed to meet the high standards of modern Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs) and their customers.

This lineup includes the101 and the101 Pro 5G smart routers, the101 Xtender smart mesh Wi-Fi extender, and the101 Loop – a new category of product designed for today’s always-connected customer, powered by MediaTek. Together, these solutions redefine 5G FWA, enabling operators to enhance network quality, reduce churn, and drive new revenue streams. The routers also offer a collection of 101 skins to suit the users’ style, creating devices that are designed to be on show.

Targeted to the demands of the modern telco

As demand for 5G-enabled FWA continues to surge, MNOs face complex challenges in scaling network capacity and quality for fixed locations, while managing the concurrent load on mobile networks. Recognising this challenge, rainx has engineered the Customer Edge approach, an integrated ecosystem of products and services designed to empower operators to manage and optimise the customer experience. This begins with the101 range of 5G smart routers, which double as network probes, feeding real-time insights to theStation, a smart managed services platform.

theStation provides operators with deep network insights, enabling accurate, proactive decisions on coverage and capacity expansion. Operators can access detailed data on network performance in the home, including Wi-Fi clients, usage patterns, speed and latency – providing proactive support and direct customer communication through the101’s touch screen. This visibility gives MNOs comprehensive control over the entire FWA ecosystem, helping to streamline network load management, anticipate capacity needs, and deliver high-speed connectivity for both residential and commercial customers.

For end-users, the101 range provides an intuitive, self-service interface that empowers customers to manage their network in real time, minimising support needs and enhancing the overall customer experience.

Key Products in the101 Range include:

the101 Pro 5G smart router

Built for premium, high-demand users, the101 Pro offers advanced 5G capabilities with the new MediaTek (MTK) T830 platform that delivers sub-6Ghz 5G with speeds of up to 7 Gbps, Wi-Fi 7 and 300MHz 4 carrier aggregation. The routers offer a range of customisable skins to suit the users’ aesthetic preferences that bring the Pro’s screen to life. Its powerful hardware ensures optimal performance for bandwidth-intensive applications, including cloud gaming.

Our Customer Edge approach provides operators with the deep insights they need to make informed decisions on their networks

Ripple Messaging™ offers MNOs a direct communication channel to the device’s 2.1” touch screen for real-time support and service notifications. It includes a built-in speed test and a “Tap for Support” feature. Additionally, theStation’s managed services enable proactive device management, optimising performance with real-time updates to ensure continuous service quality and reducing operational costs.

the101 5G Smart Router

rainx’s mid-range offering is powered by an MTK T750 platform with 200MHz two carrier aggregation and AX3600 Wi-Fi 6. With a 1.8” touch screen display, it offers smart features like “Scan to Connect”, direct messaging and a built-in speed test. It’s available with a choice of 101 skins to suit customer tastes. the101 also offers managed services through theStation.

the101 Xtender Smart Mesh Wi-Fi

the101 Xtender broadens 5G coverage, enabling MNOs to deliver high-quality, uniform connectivity throughout larger spaces. As part of the mesh network, Xtenders integrate directly with 101 routers, allowing operators to address Wi-Fi coverage gaps and deliver a consistent, high-speed experience across homes or office spaces.

the101 Loop

A new portable 5G router designed for today’s always-connected consumer. With built-in 5G, a 5.5” LCD touch screen, 25W stereo sound and a cinematic camera, the Loop lets you connect in exciting new ways. MNOs can leverage the Loop’s multimedia capabilities to offer premium services, build customer loyalty and create new ARPU (Average Revenue Per User) opportunities through integrated 5G and Wi-Fi.

“Through smart hardware and services, we’re partnering with MNOs and MVNOs to unlock the potential of 5G,” said Brandon Leigh, Founder and Director of rainx. “Our ecosystem empowers operators to monetise latent 5G capacity, create new revenue streams, and addresses the shift from spiky mobile traffic to high, steady usage at fixed locations. Our Customer Edge approach provides operators with the deep insights they need to make informed decisions on their networks, manage the customer experience and generate ROI from 5G.”

“For customers, the 101range allows them to blend their aesthetic preferences with beautiful customisable skins, alongside high-performance engineering powered by the latest MediaTek CPE technology. the101 range delivers a reliable, high-speed connection that stays robust during periods of spiky traffic. The range also offers intuitive self-service features, allowing customers to easily monitor and control their router, reducing the need for support calls and creating a seamless, hands-on user experience that truly puts the power in their hands,” Leigh concluded. 

Rami Osman, Director of Business Development for MediaTek Middle East and Africa, said: “We are excited to collaborate with rainx to increase 5G FWA access across Africa, Asia and abroad to bring the benefits of fast, reliable connectivity to consumers and businesses. The MediaTek T830 has a highly integrated and compact design that provides big power savings and reduces development time and costs for customers like rainx.

“The MediaTek T830 chipset platform represents the latest advancements in both 5G and Wi-Fi connectivity and enables our customers to build extremely high-performance multi-gigabit 5G CPE products in the smallest form factors possible. Users can get a super-fast router at home of office that they can self-install and manage, reducing the lengthy installation times for fixed line broadband,” Osman said.  

Distributed by APO Group on behalf of MediaTek Inc..

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