FEC approves Nigeria's membership of Asian Infrastructure Bank

The Federal Executive Council (FEC) on Monday approved Nigeria's full membership of the Asian Infrastructure Investment Bank (AIIB) as a non-regional member, a move aimed at bolstering infrastructure investment and accelerating economic growth.
The Council also endorsed a bill to establish the National Cocoa Management Board, signalling a renewed commitment to reviving Nigeria's cocoa industry.
Briefing journalists after the meeting, which was presided over by President Bola Tinubu at the Presidential Villa in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the AIIB decision as a strategic step in Nigeria's international economic engagement.
'Council approved Nigeria's membership of the Asian Infrastructure Investment Bank as a non-regional member. Though headquartered in Asia and largely made up of Asian countries, the AIIB also welcomes non-regional members like Nigeria,' Edun said.
He explained that Nigeria had received an invitation to join the multilateral development bank in 2021 and had now completed all legal, administrative, and financial requirements. Nigeria's subscription includes 50 shares valued at $100,000 each, amounting to a total commitment of $5 million.
'This bank supports infrastructure and economic development projects. Our membership gives us access to financing and partnership opportunities that align with our Renewed Hope Agenda,' Edun added.
The Finance Minister also shared updates from the recent IMF/World Bank Spring Meetings in Washington D.C., noting that international partners had commended Nigeria's ongoing economic reforms. He pointed to the IMF's Article IV Consultation report and Fitch's recent upgrade of Nigeria's credit outlook from 'B-' to 'B with a positive outlook' as indicators of international confidence.
According to him, President Tinubu reaffirmed the government's resolve to shift from economic stabilisation to rapid and inclusive growth capable of lifting millions out of poverty.
In a related development, the Minister of Agriculture and Food Security, Abubakar Kyari, announced that the FEC had approved the transmission of a draft bill to the National Assembly to establish the National Cocoa Management Board.
Kyari noted that cocoa remains Nigeria's most valuable non-oil foreign exchange earner, but stated that the country continues to lag behind top producers such as Ghana and Côte d'Ivoire, both of which have national boards overseeing their cocoa industries.
'We are following the model of Ghana and Côte d'Ivoire. These countries have robust regulatory structures for their cocoa sectors. Through our engagement with them, we realised the importance of having a national board in place to coordinate production, processing, and marketing,' Kyari said.
Ahead of the decision, the Ministry had constituted a Cocoa Management Committee to explore the feasibility of establishing a board. Its findings informed the draft bill now approved by the Council for legislative consideration.
Kyari stated that the proposed board would include representatives from federal and state governments, the private sector, and research institutions, including deputy governors from cocoa-producing states and the Cocoa Research Institute of Nigeria.
'The goal is to strengthen the entire cocoa value chain and restore Nigeria's global standing as a major cocoa producer,' he added.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

The National

7 hours ago

• The National

Why womenomics is becoming a mathematical necessity

The theory of 'womenomics' – that increasing women's workforce participation boosts economic growth – was popularised nearly three decades ago by Kathy Matsui, a former Goldman Sachs executive, based on her study of imbalances in Japan. The International Monetary Fund, the World Bank and the OECD have consistently promoted a similar thesis: investing in greater female labour force participation pays off in the form of higher GDP. In 2015, McKinsey put a number on the idea, by estimating that $28 trillion could be added to global economic output over the ensuing decade if women played an identical role in labour markets to that of men. In a world economy reeling under crises and profound change, is womenomics still relevant? Maybe more so than at any point in history. The global economy is now faced with a historically low growth rate of 2.8 per cent this year. For advanced economies the forecast is just 1.4 per cent, while for emerging and developing economies it's 3.7 per cent. Short-term headwinds are symptoms of a momentous longer-term transformation, driven by technology and geopolitics and making just about every type of indicator far more uncertain and difficult to predict. In this context, countries are seeking strategies to boost growth through domestic measures. They are working towards more regional and bilateral trade agreements, pursuing industrial policy often with security and self-reliance considerations, boosting local demand and consumption, and aiming to attract local and foreign investment to newly emerging growth areas. Central to these endeavours is talent. In past waves of globalisation, many countries competed on the basis of cheap labour alone. This will no longer suffice. Trading will require more refined skills, boosting domestic demand will need a focus on analysing local incomes and spending behaviour, and attracting investment will require a focus on the quality of local human capital. In 109 of the 148 countries covered in the World Economic Forum's Global Gender Gap Report 2025, women are enrolled in tertiary degrees in equal or higher numbers than men. And yet, men continue to comprise 65 per cent of workers without a tertiary degree, and 60 per cent of those with one. Among tertiary educated women, just 29.5 per cent make it to top leadership, despite representing 40.3 per cent of the overall workforce. Even for women with master's or bachelor's degrees, top-level representation plateaus below 31 per cent. Women's talent remains a stranded asset in much of the world. The cheapest form of stimulus in a down economy can therefore come by bringing university educated women into the workforce, including leadership roles. This is particularly true at a time when already constrained fiscal space limits other options. There's also a secondary, but no less important, role for womenomics in a turbulent economy driven by geopolitical conflict, threatened by climate change and facing both the risks and opportunities of new technologies. Solving problems often relies on a diversity of thought, knowledge and experience. So does the creativity necessary to unleash innovation in the form of new technologies and scientific breakthroughs. This is true across teams and organisations. The pattern holds for entire countries. Economies that tap into the full spectrum of their talent and human capital are best positioned to accelerate innovation, productivity and prosperity, even more so amid unprecedented uncertainty. Demographic pressures create a third vital role for womenomics in an uncertain economy. With the exception of countries in sub-Saharan Africa and parts of emerging Asia, much of the world is faced with a declining working-age population. It peaked in Germany in 1986, in the US in 2007 and in China in 2010. Even with technology driven job losses, there is a net rise in demand for talent for growing roles in agriculture, teaching, technology, health and more. Amid increased polarisation and pushback on migration, greater female labour participation will be a mathematical necessity to maintain productivity. Yet, the question remains: is progress possible? In two decades of tracking gender parity, despite slow movement in global averages, we've found that the answer is a resounding 'yes'. Since 2006, gender gaps have closed in terms of senior economic leadership (by more than 17 percentage points), in professional and technical roles (by seven percentage points), higher education (by about 16 percentage points), and representation in both governing cabinets and legislative bodies (by nearly 13 and 15 percentage points, respectively). Among the 100 countries we have consistently tracked over the years, 99 have closed gender gaps – some remarkably quickly, through a blend of smart strategy and policy. Economies sprinting to parity include Bangladesh, Ethiopia, Mexico, Saudi Arabia and the UAE. Among regions, Latin America and the Caribbean made the biggest leap over the years. If its progress continues at current rates, it's on track to become the first region to close the overall gap. Of course, there are looming risks to contend with. Technology is displacing jobs in fields that employ a majority of women, while more pervasive use of AI may disproportionately impact women's white-collar careers. Fragmenting trade and global supply chains could roll back decades of progress for women who have increasingly gained formal employment in export-driven industries like clothing and textiles in lower and middle-income countries. In addition, inadequate care economies in most countries are disproportionately placing the burden on women who would otherwise be in the formal workforce. But relatively small investments in care infrastructure, gender-lens reskilling and upskilling, and supporting job transitions for women in trade and tech-disrupted sectors would provide immense returns. It may not be a new concept, but womenomics is essential for navigating the new economy.

Arabian Business

18 hours ago

• Arabian Business

GCC tourism spending projected to hit $223.7 bn by 2034

The Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) has released data showing visitor spending in GCC countries is expected to reach $223.7 billion by 2034. The projections indicate that incoming visitor spending will contribute 13.4 percent to total exports by 2034, according to a statement by the Emirates News Agency (WAM), which cited the Centre's latest analysis. GCC visitor spending jumps 28.9% since 2019 to reach $135.5 billion GCC countries have recorded progress across multiple tourism indicators, with international visitor spending reaching $135.5 billion in 2023. This figure represents a 28.9 percent increase compared to spending recorded in 2019. The region has secured the top position in the Middle East and North Africa's 2024 Safety and Security Index. All GCC member states scored above the regional average of 5.86 points on the index, which operates on a scale from 1 to 7 points. GCC countries have also achieved recognition for passport strength, with all six nations ranking among the top performers in the Arab region for passport power. The Centre's data highlights the tourism sector's growing contribution to the GCC economy, with visitor spending showing recovery and growth following the 2019 baseline period.

Zawya

2 days ago

• Zawya

Cassa Depositi e Prestiti and SACE provide EUR250 Million to Africa Finance Corporation

Africa Finance Corporation (AFC) ( the continent's leading infrastructure solutions provider, has secured a landmark EUR 250 million 10-year term loan facility from Cassa Depositi e Prestiti (CDP) the Italian Financial Institution for Development Cooperation. The transaction is backed by a guarantee from SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, covering up to 80% of the facility amount. The financing builds on engagement at the Mattei Plan-Global Gateway summit, attended by Italian Prime Minister Giorgia Meloni, European Commission President Ursula Von der Leyen, CDP, SACE and AFC, where the parties confirmed their intent to collaborate. The facility is structured to cultivate Italian supply chain opportunities in infrastructure and renewable energy generation, including the supply of components for the Lobito Railway Corridor - a commercial railway line that will run through Angola and extend to the borders of Zambia and the Democratic Republic of Congo. This long-term facility deepens AFC's strategic partnership with both CDP and SACE, while reinforcing its mandate to mobilise high-quality, long-tenor capital in support of delivering sustainable infrastructure across Africa. "Cassa Depositi e Prestiti confirms its role as a strategic partner in supporting infrastructure projects with a high social and economic impact in Africa. With this financing - said Dario Scannapieco, Chief Executive Officer of CDP - we are strengthening business and technological relations between Italy and Africa, enhancing talent and innovation. We are convinced that investing in strategic projects not only creates new opportunities for our companies but also helps to build lasting and shared ties capable of fostering growth and well-being for local communities." 'We are proud to contribute to the involvement of Italian companies in the transport and logistics sector to realise a significant strategic project like the Lobito Railway Corridor within the Mattei Plan,' said Alessandra Ricci, CEO of SACE. 'This collaboration reaffirms SACE's commitment to promoting new connections for Italian companies seeking to diversify their exports and embrace new growth opportunities.' ' Our partnership with CDP, further strengthened by SACE's guarantee, exemplifies the power of blended finance in unlocking capital for infrastructure development in Africa,' said Banji Fehintola, Executive Board Member and Head, Financial Services, AFC. ' The Lobito Corridor is a transformational project that will open new trade routes for resources, support regional industrialisation, accelerate job creation and strengthen Africa's position in global value chains, while delivering long-term, inclusive growth. ' Distributed by APO Group on behalf of Africa Finance Corporation (AFC). SACE Media gallery: Media Enquiries: Communications Africa Finance Corporation Email: communications@ SACE Press Office ufficiostampa@ CDP Media Relations Tel: +39 06 42213990 Website: Follow CDP on: LinkedIn: X: Facebook: Instagram: YouTube: About Lobito Corridor Rail Project: The railway line will be approximately 830 km long and will connect Chingola in Zambia to Luacano in Angola with the aim of facilitating the transportation of agricultural products, minerals and consumer goods. The greatest opportunities for the Italian supply chain in the region lie in sectors such as energy, renewables, transportation and logistics. About CDP: Cassa Depositi e Prestiti is the National Promotional Institute which has been supporting the Italian economy since 1850. The main goal of CDP is to accelerate the industrial and infrastructural development of Italy to boost its economic and social growth. CDP focuses its activities on sustainable development at local level, supporting the innovation and growth of Italian enterprises, also in the international arena. It partners local authorities, in a financing and advisory capacity, to create infrastructures and improve services of public value. CDP also participates actively in international cooperation initiatives to realize projects in developing countries and emerging markets. Cassa Depositi e Prestiti is entirely financed by private capital, through the issuing of Postal Savings Bonds and Postal Savings Passbooks, and through issues on national and international financial markets. About SACE: SACE is the insurance and financial group controlled by the Ministry of Economy and Finance, specialising in supporting the growth of Italian companies through a wide range of solutions to facilitate export and innovation, including financial guarantees, factoring, risk management and protection, advisory services and business matching. With a network of 11 offices in Italy and 13 worldwide in target countries for Made in Italy products, SACE serves over 60,000 companies, supporting their growth in Italy and globally, with a portfolio of insured operations and guaranteed investments totalling EU 267 billion across approximately 200 foreign markets. About AFC: AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC's approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa's infrastructure development needs and drive sustainable economic growth. Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in core infrastructure sectors. AFC has 45 member countries and has invested over US$15 billion since its inception.