President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has issued a critical warning on Nigeria\u2019s economic future, stressing that without urgent reforms in power and infrastructure, the country risks a prolonged period of stagnation.<\/p>\n
Speaking at the 20th Anniversary Dinner of Chapel Hill Denham in Lagos, Adesina called for decisive policy shifts to unlock Nigeria\u2019s economic potential and reclaim its status as an industrial powerhouse.<\/p>\n
\u201cWithout stable electricity, Nigeria\u2019s economy is stuck in slow motion,\u201d he warned. \u201cYou can\u2019t industrialise, compete globally, or generate jobs without reliable power.\u201d<\/p>\n
He emphasised that energy access is more than just lighting homes\u2014it\u2019s essential for productivity, economic inclusion, and technological advancement. Adesina stated that Nigeria must abandon diesel-powered systems and transition to a 21st-century energy grid, backed by clean and scalable solutions, with the private sector playing a leading role.<\/p>\n
He urged reforms such as cost-reflective tariffs, enforceable power purchase agreements, and access to blended finance to attract investment. \u201cThe market must work. Investors need clarity, certainty, and contracts that are bankable,\u201d Adesina said.<\/p>\n
The AfDB president announced a joint initiative with the World Bank\u2014\u201cMission 300\u201d<\/strong>\u2014to connect 300 million Africans to electricity by 2030, adding that Nigeria must position itself as a major beneficiary.<\/p>\n Beyond energy, Adesina pointed to Nigeria\u2019s vast infrastructure deficit as a major growth inhibitor. He advocated for long-term investment in roads, rail, seaports, telecoms, and broadband to boost productivity and competitiveness, especially under the African Continental Free Trade Area (AfCFTA).<\/p>\n \u201cNo investor will remain in a market where goods can\u2019t move or data can’t flow,\u201d he said. \u201cInfrastructure is not optional\u2014it is foundational.\u201d<\/p>\n Adesina also called for the mobilisation of local pension and sovereign wealth funds, development of local capital markets, and modern financing frameworks like originate-to-distribute to de-risk projects and make them bankable.<\/p>\n Turning to industrialisation, he lamented Nigeria\u2019s declining manufacturing strength. \u201cIn the 1980s, Nigeria was assembling cars and producing textiles. Today, that industrial base is eroded,\u201d he said, citing Nigeria\u2019s manufacturing export value per capita at just $160 compared to Vietnam\u2019s $3,600 and Malaysia\u2019s $7,100.<\/p>\n Adesina stressed that Nigeria must transition from raw material exports to value-added production by building industrial zones and easing regulatory barriers. \u201cEvery barrel of oil and ton of cocoa must create jobs at home\u2014not abroad,\u201d he stated.<\/p>\n He also highlighted the importance of a knowledge economy, urging deeper investments in universities, research, and innovation to curb brain drain and attract global talent back to Nigeria.<\/p>\n In agriculture, Adesina touted the $1.3 billion Special Agro-Industrial Processing Zones (SAPZ) program, co-financed by AfDB, Islamic Development Bank, and IFAD, as a game-changer that can create jobs and transform rural economies.<\/p>\n \u201cThese agro-industrial zones will turn rural areas into engines of growth and reduce migration by generating income and opportunity,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":" President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has issued a critical warning on Nigeria\u2019s economic future, stressing that without urgent reforms in power and infrastructure, the country risks a prolonged period of stagnation. Speaking at the 20th Anniversary Dinner of Chapel Hill Denham in Lagos, Adesina called for decisive policy shifts to […]<\/p>\n","protected":false},"author":3,"featured_media":5757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"AfDB\u2019s Adesina urges Nigeria to reform power, infrastructure, and manufacturing or risk long-term economic stagnation and decline.","_seopress_robots_index":"","footnotes":""},"categories":[37,35],"tags":[],"class_list":["post-7685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/7685"}],"collection":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/comments?post=7685"}],"version-history":[{"count":1,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/7685\/revisions"}],"predecessor-version":[{"id":7689,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/posts\/7685\/revisions\/7689"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media\/5757"}],"wp:attachment":[{"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/media?parent=7685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/categories?post=7685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shakamomodu.com\/index.php\/wp-json\/wp\/v2\/tags?post=7685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}