- Industrial Revolution: Govt Must Play Key Roles, Says Adesina
The President, African Development Bank, Dr. Akinwumi Adesina, has advised governments on the continent to create the right environment for an industrial revolution.
Adesina, according to a statement by the AfDB, gave the advice at the 53rd meeting of the bank in Busan, Korea, on Monday.
The AfDB president said African governments should create the right environment for the private sector to lead the continent’s industrial revolution.
“Korea’s example is incredible. Korea was as poor as any African country in the 1960s with a low per capital income. Today, thanks to the determination of its people and its commitment to industrialisation, Korea is the 11th biggest economy in the world, an example that Africa should learn from,” he stated.
Adesina, spoke at a media breakfast, focused on the theme of the 2018 annual meeting: ‘Accelerating Africa’s Industrialisation’.
“If you look at countries that have industrialised – China, South Korea, Singapore and many others – the role of the state was clear. One of the things that I think we need to take out of this conversation is that the state has a great role to play in Africa’s industrial revolution, particularly in terms of industrial policy, providing direction, support for infrastructure and directing capital to particular industries. Ethiopia is a very good example,” he noted.
Adesina explained that industrialisation was selected as the theme of the 2018 meeting to further show what Africa could learn from a country like Korea.
He said, “There is nowhere better than Korea to address this theme. Korea’s incredible success over the last 60 years provides a perfect model to the African Development Bank to redouble its efforts towards Africa’s economic development.
“Africa is a tremendously blessed continent, but it needs to industrialise, create lots of jobs and be more competitive in the global market.”
According to him, for Africa to witness true agricultural transformation, technologies need to reach farmers to enhance productivity.
“We cannot say we have leadership when we still have 65 per cent of the land in Africa uncultivated. We must develop solutions to agriculture and ensure that the sector can grow to a $1tn business,” Adesina added.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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