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AfDB Seeks $42 billion to Bridge Financing Gap Hindering African Women Enterprises

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AfDB Seeks $42 billion to Bridge Financing Gap Hindering African Women Enterprises

By: Michael Mike

The African Development Bank (ADB) has said it is presently seeking $42 billion to bridge the current financing gap hindering women-owned and women-led enterprises across the Africa continent.

The Director General, Nigerian Country Department of the bank, Dr Abdul Kamara made the disclosure on Tuesday in Abuja
at the High-Level Dialogue on Investment in Gender Equality and Ending Violence Against Women for Rights and Development organised by United Nations Women in partnership with ADB.

The event is part of the global “16 Days of Activism against Gender-Based Violence” campaign, which runs from November 25 (International Day for the Elimination of Violence against Women) to December 10th (Human Rights Day).

It brought together key stakeholders to address the pressing issue of gender-based violence in Nigeria, where women and girls continue to face various forms of discrimination and violence.

Kamara said the bank has a very clear stance on Gender Based Violence (GBV), stating that in 2024, ADB celebrated 25 years of gender mainstreaming in all its operations geared towards evidence based reduction in gender gaps and more importantly, in accelerating gender equality.

He said: “One area where the bank has made very visible impact in the economic empowerment in the last seven years is increasing access to finance through a special initiative called AFAWA which is an acronym for Affirmative Finance Action for Women in Africa.

“In the context of this Pan African Initiative, the African Development Bank seeks to bridge the financing gap of $42 billion currently hindering women-owned and women-led enterprises across the continent and I am glad to report that we disbursed over a billion dollars of this across Africa, seeking to increase access to finance for women.

“This is just one among many initiatives of the bank that are responding directly to the problem gender equality. In Nigeria, all our programmes and projects are gender mapped and have gender experts working with the government to design actions that will bridge gender gaps, looking to access to financing for women, access to market, access skills but most importantly access to jobs and incomes.

“Just last month, we approve here in the bank, $100 million in the programme called Youth Entrepreneurship Investment Bank for Nigeria. This is a non deposit bank, it is an access to finance. This operation will improve gender responsive, youth entrepreneurship and enterprise development by boosting financial services to foster a thriving entrepreneurial ecosystem and affirmative action for jobs focusing on women,” he said.

In his remarks, Minister of Budget and National Planning, Sen. Atiku Bagudu said GBV was a growing concern that required immediate attention and collective action, noting that despite progress made toward dealing with violence, women and girls continue to face violence, discrimination and marginalisation.

Bagudu, who was represented by Permanent Secretary in the ministry, Dr Vitalis Obi, said empowering women was crucial to breaking this cycle of violence and that can be done by creating and promoting gender responsive policies as well as practices.

He said: “We must take decisive action to prevent and protect our women from all forms of violence and to create a society where everyone feels safe irrespective of their gender. One of the ways by which we can bridge this persistent gap is by institutionalising gender responsive budgeting in all sectors of the economy.

“Gender responsive budgeting is the strategic approach that integrates gender perspectives into the entire budget cycle. Allocate adequate resources to the programmes that will address GBV, women empowerment and education,” he said.

On her part, the Chairperson, Nigerian Governors’ Spouses Forum, Prof. Olufolake Abdul-Razaq, said they remained steadfast in advocating gender responsive budgeting across the 36 states and FCT, spending institutional framework that integrate gender perspectives and championing initiatives to protect women rights.

The Kwara State First Lady said the forum was firmly committed to ensuring that all gender laws become a cornerstone of governance at the sub-national levels, adding that the well-being of women and girls remained a pivotal indicator of how well any nation was faring in driving her developmental plan.

“It is time to address the structural barriers that perpetrate inequality for women and girls to reach their full potentials. This is my believe and it is not only an act of justice but a strategic investment in resilience and productivity of our nation as this no doubt stands as a veritable gift to commemorate the 2024 16 days of activism against GBV.

“The Nigerian Governors Spouses Forum really made an effort in the last couple of years…We are also working to get women into leadership because we believe that when women are in leadership position they will help us to sustain this drive of bringing developments to women,” she added.

In her opening remarks, the UN Women Country Representative to Nigeria and ECOWAS, Beatrice Eyong, said GBV was not just a human rights issue but also an economic issue a statistics showed that the menace was costing the Nigerian government 1.5% of its Gross Domestic Product.

“We are talking in terms of billions of dollars that the country is losing every year because of Gender Based Violence. So Gender Based Violence is linked to the achievement of Sustainable Development Goals. So if we do nothing, we will not get out of poverty and we will not get sustainable development.

“The World Economic Forum estimated in its global gender gaps report of 2022 that it will take about 132 years for the world to achieve gender equality. What does this mean for Nigeria? At this space, some of us, including our daughters might not experience gender equality in their time.

“This is therefore a call to collective actions by all international organisations, government agencies, community stakeholders and even the private sector to address the under-representation of women and barriers to gender equality,” she noted.

The UN Resident Coordinator in Nigeria Mohammed Fall, on his part said: “Gender inequality and violence against women remain among the greatest challenges to sustainable development, not just in Nigeria but globally. These issues incur heavy costs—socially, economically, and individually—limiting our collective potential for progress.”

He added that: “Violence and harmful practices against women and girls happen every day in Nigeria, and most of the time they are not reported. The Nigerian Demographic and Health Survey in 2018 found that 9 percent of women aged 15 to 49 had suffered sexual assault at least once in their lifetime and 31% had experienced physical violence. Restrictions and implications from the COVID-19 pandemic exacerbated the gender-based violence (GBV) in the nation.”

He said: “The United Nations remains steadfast in its support for Nigeria’s journey towards creating an inclusive society where every woman and girl can thrive. We are committed to coordinating partnerships, providing technical expertise, and facilitating dialogues to ensure measurable impacts in Nigeria.”

AfDB Seeks $42 billion to Bridge Financing Gap Hindering African Women Enterprises

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Air Peace flight aborts take-off in Abuja after engine failure

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Air Peace flight aborts take-off in Abuja after engine failure

By: Zagazola Makama

Passengers on board an Air Peace flight from Abuja to Asaba escaped a potential disaster on Friday after the aircraft suffered an engine failure while preparing for take-off at the Nnamdi Azikiwe International Airport, Abuja.

The incident occurred shortly after the aircraft had gained speed and was almost closing in on the runway for take-off when a loud blast was heard, followed by flashes of light. There was, however, no fire outbreak.

The pilot immediately aborted the take-off procedure and taxied the aircraft safely back to the terminal, where all passengers were safely disembarked.

Eyewitnesses said the situation caused panic among passengers, some of whom broke into prayers and songs of thanksgiving after the aircraft came to a halt.

A passenger, told Zagazola Makama that the pilot maintained composure and quickly announced that the flight would no longer proceed due to a technical issue.

“We had gained full speed on the runway when we suddenly heard a loud bang. The plane shook slightly, and there was a flash like lightning. The pilot calmly informed us that there had been an engine failure and that we would return to the terminal,” the passenger said.

Air Peace officials were yet to issue an official statement as at the time of filing this report. However, sources at the airport confirmed that engineers were already inspecting the affected aircraft to determine the cause of the failure.

No injuries or damage were reported, and all passengers were safely evacuated in accordance with aviation safety procedures.

The Nigerian Civil Aviation Authority (NCAA) is expected to investigate the incident in line with standard air safety protocols.

Air Peace flight aborts take-off in Abuja after engine failure

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Tuggar Promotes Dr. Elias’s Candidacy for ICJ Position

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Tuggar Promotes Dr. Elias’s Candidacy for ICJ Position

By: Michael Mike

Nigeria has solicited the support of the international community for the candidacy of Dr. Taoheed Olufemi Elias for the International Court of Justice (ICJ) job.

The ICJ is the principal judicial organ of the United Nations.

While formally presenting the candidate to the foreign diplomats in Abuja ahead of the ICJ elections scheduled for November 2025, the Minister of Foreign Affairs, Ambassador Yusuf Tuggar said on Thursday, that Nigeria, Africa’s most populous nation, has not had a representative on the Court for over three decades.

The last time somebody from the ECOWAS sub-region served on the court was 2011, when Judge Abdul Koroma of Sierra Leone completed his second term.

Tuggar stated that Dr. Elias’ nomination reflects Nigeria’s belief in the enduring relevance of international law as the foundation for peace, justice, and mutual respect among the international community.

He said: “The occasion is more than a formal introduction. It is a reaffirmation of Nigeria’s enduring commitment to international law, to multilateralism, and to ensuring the legal voices and traditions of Africa, especially our ECOWAS sub-region, continues to play its rightful role in the world. Since the Court’s establishment in 1945, Africa has consistently contributed jurists of great distinction, yet no candidate from the ECOWAS region has served on the ICJ since 2011, when Judge Abdul Koroma of Sierra Leone concluded his second term.

“Even more striking, Nigeria, Africa’s most populous nation, has not had a national on the Court for over 30 years. This long absence is not a matter of pride, but of perspective. It underscores the importance of equitable geographical representation and the need for voices from West Africa to again be heard within the world’s highest judicial body.

“It is in this spirit that Nigeria proudly presents Dr. Elias, an eminent jurist whose personal merit and professional breadth fully justify this candidacy. Dr. Elias embodies the qualities envisaged in Article 2 of the Statute of the Court, a person of high moral character possessing the qualifications for the highest judicial office and recognised competence in international law. He is a Nigerian national and a member of the Nigerian Bar, but his reputation extends far beyond our borders.

“He is a distinguished scholar, a seasoned international civil servant, and a respected judge. His career demonstrates a rare and balanced combination of academic excellence, multilateral service, and judicial experience. As a widely published scholar, Dr. Elias has taught in leading universities and contributed to many of the most relevant debates in contemporary international law.

“He is a full member of the Institut des Droits Internationaux, an honour reserve for jurists of outstanding distinction. But, Your Excellencies, he is not merely an academic who comments on international law. He is a practitioner who has lived and shaped its evolution.

“His practical experience finds more than two decades of work within the United Nations system. Recall, Your Excellencies, distinguished guests, that under the United Nations Charter, the ICJ is the principal judicial organ of the United Nations. At the UN, he began as a junior legal officer and rose to the rank of UN Assistant Secretary General.

“Along that path, he held senior positions in multiple international organisations, serving at the intersection of law, diplomacy, and administration. This exposure has given him a deep understanding of how international law functions in practise, how it underpins peacekeeping, humanitarian action, disarmament, and sustainable development. With these elections, I do not believe that other candidates bring to the court such a thorough and real grasp of the UN’s legal architecture and its operational realities.

“Equally impressive is his judicial experience. Dr. Elias has served as a judge and president of several international administrative tribunals, presiding with fairness, clarity, and respect for due process. He presently serves as a judge ad hoc of the International Court of Justice, where he participates in the court’s deliberations and contributes to its jurisprudence with independence and restraint.

“This blend of scholarly reflection, institutional experience, and judicial temperament is unique and is precisely what the court requires at this moment in history, when international disputes are increasingly complex and the demand for legal clarity is greater than ever. Your Excellencies, this candidacy is not about Nigeria alone. It is about ensuring that Africa, and West Africa in particular, retains its rightful presence in shaping the global rule of law.

“Electing Dr. Elias would restore that balance and reaffirm the principle that all regions must share in the custodianship of international justice. It is also about upholding multilateralism in an era when global challenges, from climate change to maritime security, test our collective will. The ICJ stands as a beacon of peaceful dispute settlement.

“Nigeria has always believed that international law must remain the cornerstone of international order. Our record speaks clearly. When Nigeria has appeared before the court, we have respected its judgments and implemented them in full.

“That fidelity to the rule of law informs our decision to present a candidate of the highest calibre. Dr. Elias’ candidacy reflects the very ideals that unite us as members of the diplomatic community, that is integrity, competence, and commitment to justice. He is not a regional candidate.

“He is a candidate for the international community. We all know how complex the global judicial system can be. That is why we require people with the requisite expertise.

“If you look at the differences between francophone, anglophone, for instance, talking about the judicial systems, it is quite complex. That is why we need competent hands. In supporting him, you will be helping to strengthen not only the court but the principle that law, not power, should guide relations among nations.

“Nigeria therefore respectfully seeks your government’s kind support for the election in November 2025, both in the United Nations General Assembly and in the Security Council. Your endorsement will affirm a shared belief that the ICJ must continue to embody diversity, excellence, and independence. Your Excellencies, Nigeria is proud to present Judge Tauhid Orufemi Elias, a jurist of learning, experience, and vision.

“He represents continuity with Africa’s distinguished contribution to the ICJ and renewal for our collective faith in the rule of law. As we look ahead to the elections, I am confident that his presence on the bench will strengthen the court’s credibility and advance our common pursuit of peace through law.”
End

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ActionAid Nigeria Says Nigeria’s Macroeconomic Growth Has Shown No Impact in Citizens Living Standard

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ActionAid Nigeria Says Nigeria’s Macroeconomic Growth Has Shown No Impact in Citizens Living Standard

By: Michael Mike

ActionAid Nigeria has expressed concerns that the country’s macroeconomic growth has failed to translate into better living standards for the majority of citizens.

ActionAid Nigeria, in a statement on Thursday by its Country Director, Andrew Mamedu said since 1960 when Nigeria got her independence, the Federal budget has climbed increasingly. Between 1999 and 2025 the Nigerian budget has climbed from approximately $3.1billion (excahange rate source: Oanda ₦299billion) to $36billion (exchange rate source Oanda ₦54.9trillion in 2025) yet, poverty rates in the same period have also increased proportionately in Nigeria from 42.7% of a population of 123 million people in 1999 to 52.5% of 230 million people today.   

Mamedu noted that: “The latest World Bank report reinforces the lived realities of Nigerians, confirming that poverty remains widespread and persistent. Although macroeconomic indicators suggest that Nigeria may be on a path toward recovery with GDP growth rates of between 3.13% and 3.9% in subsequent quarters of 2025, the benefits of such growth have not translated into real improvements in citizens’ livelihoods. Inflation may have eased marginally to 20.12% in August 2025 from 21.88% in July, while food and core inflation have also improved moderately; prices remain painfully high for the average Nigerian.” 

ActionAid Nigeria also noted that unemployment dropped from its 2020 peak of 10.85% to 5.05% in 2024, however, this statistical progress has not been felt by ordinary Nigerians. Historical analysis of the minimum wage reveals the dramatic erosion of economic value for the Nigerian worker.  The first official, unified National Minimum Wage was established in 1981 at ₦125 per month, which was equivalent to approximately £100 GBP at the prevailing exchange rate (source: OANDA, £1≈₦1.25 in 1981). By contrast, the current national minimum wage of ₦70,000 (officially adopted in 2024/2025) is worth approximately £35.63 GBP today (using the interbank exchange rate of £1≈₦1964.51 NGN). This comparison shows that the official minimum wage has lost nearly two thirds of its value in GBP terms since 1981. This stark disparity shows the failure of current wages to keep pace with cost of living and historical value. 

“Nigeria’s federal government set an ambitious target to raise the country’s tax-to-GDP ratio to 18% within three years, from the current 10%. The new tax reforms exempt individuals earning below One million naira annually and small businesses with turnovers under fifty million naira from income tax, an important but insufficient step given the scale of fiscal waste and inefficiency in government spending. 
Amidst these reforms, Nigeria continues to rely heavily on borrowing. The World Bank is expected to approve $750million in loans to Nigeria for strengthening healthcare, security and building resilient digital infrastructure.  

“Although the World Bank projects that Nigeria’s public debt-to-GDP ratio will decline for the first time in a decade from 42.9% to 39.8%, the sustainability of such debt amid poor fiscal accountability remains questionable.”

Mamedu added that: “Despite these borrowings, Nigeria continues to score low on budget transparency and citizen engagement. Weak accountability mechanisms and disproportionate spending on salaries and debt servicing have constrained the effectiveness of public expenditures. The U.S. Fiscal Transparency Report 2025 indicted Nigeria’s procurement system, citing the country’s failure to disclose key public procurement information. Past reports by the Auditor-General revealed contract fraud and procurement violations amounting to millions of dollars, while illicit financial flows continue to drain an estimated $18billion  annually twice the country’s 2025 budget deficit. 

He also reiterated that, “Nigeria’s economic indicators may suggest growth, but our people are not feeling it. When over half the population lives below the poverty line despite trillions spent in the name of development, it means something is fundamentally broken. Fiscal growth without human progress is failure.” This is why we must have a National Poverty Summit to confront our economic contradictions head-on and begin a national conversation on what truly works for the Nigerian people.”

The Country Director also called out civil society organisations, international NGOs, and local NGOs working on poverty eradication and alleviation, noting that it is an indictment on the sector if poverty continues to rise despite decades of interventions. “If after years of collective effort poverty has deepened, then we must admit that the strategies and approaches we are using are not sufficiently efficient or effective to provide the specific change Nigerians desperately want to see. This is a moment for honest reflection and renewed commitment.” 

ActionAid Nigeria therefore recommended that: “The Nigerian government must urgently convene a National Poverty Summit to move beyond fragmented policies and establish a unified, binding National Action Plan for poverty eradication. This essential emergency response requires immediate, non-negotiable action on Transparency, Accountability, and Data Integrity. This includes: strengthening anti-corruption agencies and overhauling the legal system to guarantee swift asset recovery; granting autonomy to the National Bureau of Statistics (NBS) for independent data; and making the National Social Register publicly accessible for citizen verification. Furthermore, to address the poor at their level, all state governors must be mandated to hold public town halls and declare concrete, localised action plans with clear timelines for the transparent deployment of subventions and relief funds. 

“Citizens including Citizens groups like MOT!On must actively hold leaders accountable for public spending and policy outcomes, they must take advantage of FOI Act to track government expenditures, question contracts and mobiise public pressure when government action deviate from public interest. Citizens must reject the notion that their votes or efforts are pointless and instead adopt an aggressive, year-round stance of demanding transparency and accountability from all levels of government. 

“International Non-Governmental Organisations should fundamentally review their strategy in addressing poverty issues in Nigeria. Civil society, INGOs, and NGOs must re-examine their approaches to ensure that their interventions include a shift in their approach to aggressively working with the citizenry to hold government accountable and to challenge government impunity and demand concrete results for the poor and excluded.”

ActionAid Nigeria Says Nigeria’s Macroeconomic Growth Has Shown No Impact in Citizens Living Standard

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