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EHINGBETI 2021: AfDB President, Akinwumi Adesina Speaks

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Your Excellency, President Muhammadu Buhari GCFR, President of the Federal Republic of Nigeria;
Honorable Babajide Olusola Sanwo-Olu, Executive Governor of Lagos State;
Your Excellencies, Executive Governors, Honorable Ministers,
Honorable Commissioners and senior members of the Lagos State Government
The Youth and the Women of Lagos,
Esteemed members of the media,
Distinguished Guests,
Ladies and Gentlemen.

Let me start Mr President by offering my congratulations to you on the election, yesterday, of my sister, Ngozi Okonjo-Iweala as the Director General of World Trade Oraganisation. What a day it is. The first woman to become the head of that organization. The first black person. And of course, the first African. And of course, should I add with pride, the first Nigerian.

Mr President, you supported me greatly as well when I was re-elected for my second term as President of Africa Development Bank. Go Nigeria. Congratulations to everybody.

I wish to commend you, Governor Sanwo-Olu for your visionary leadership and selfless commitment to the people of Lagos State. You are young, dynamic and focused with an eye on the future – the future Lagos.

I will like to congratulate all the past governors of Lagos State, who have worked to make it what it is today. Just last week, we lost one of them, the late Chief Lateef Kayode Jakande, the dynamic, people-centered governor – the “action governor” of Lagos. May his soul rest in peace.

As a child growing up in Nigeria, some of my most fun memories was to have a chance to travel to Lagos. I loved the beans “ewa aganyin” sold by the incredible women – local chefs – and would do anything to travel more than 120 kilometers from Ibadan just to have a taste and go back.

Lagos is a melting pot of fun, always buzzing with such excitement, that I used to ask my Dad “when are we going to the Bar Beach in Lagos?”.

Everyone wants to be in Lagos, forget the noise, forget the traffic — so much so that the population of Lagos grew from 500,000 persons in 1959, just before Independence in 1960, to nearly 20 million inhabitants today.

The city is expanding at an astonishing rate of 77 persons every 60 minutes. By 2030, Lagos is projected to be one of the ten largest cities in the world, alongside Cairo and Kinshasa.

To understand the potential of Lagos, think of the size of the economy. The GDP of Lagos estimated at over $80 billion, is far larger than that of Ghana at $67 billion, and compares closely to Kenya’s GDP of $95.5 billion.

If you are looking for a place to invest in Africa: think Lagos! According to the United Nations, Lagos will become the third-largest consumer market in the world within the next decade, with its population projected to reach 36 million people.

The greater wealth of Lagos, in the future, will come from the youth of Lagos. Today, almost two-thirds of the population is under the age of 30. That means some 2/3 of my speech should be devoted to how to unlock this demographic youth advantage and turn it into wealth for Lagos!

The youth are not the problem of Lagos, the youth are the assets of Lagos. It is time to create youth-based wealth in Lagos.

The past must yield to the present, the old to the new. The dominant phrase should not be “the young shall grow”, it must be “the young have arrived”.

Not only must there be a generational shift, there must be a wealth shift by unlocking the potential of the youth. We must not see the youth as risks, we must see the youth as assets.

The young shoots are springing up. Today, Lagos has its own Silicon Valley. Yabacon Valley has emerged as one of the leading tech hubs in Africa with between 400 and 700 active start-ups worth over $2 billion, second only to Cape Town.

Andela, a global technology start-up based in Yabacon Valley, recently attracted $24 million in funding from Facebook founder Mark Zuckerberg.

The $200 million investment by Stripe (a Silicon Valley firm) in the local payments company Paystack, and $400 million into three Fintech companies in just one week in 2019 signals the huge potentials of Lagos to attract global digital commerce and financial services.

The African Development Bank is implementing a programme to support Africa’s youth in computer coding for employment. Launched in 2018, the Bank’s “Youth in Africa Coding for Employment Program” has already equipped over 80,000 young people with ICT skills to enhance their employability in this digital era.

I applaud the government of Lagos for launching its “Digital Skills Initiative Lagos” to equip one million students with digital skills by 2023.

The youth do not need empowerment. Look around, often those who say they are empowering them are actually simply empowering themselves. The youth do not need handouts. The youth need investment.

That’s why the African Development Bank is developing the establishment of Youth Entrepreneurship Investment Banks. They will be financial institutions for young people, run by first-rate young bankers and financial experts, to drive youth-wealth creation in Africa.

The African Development Bank will put its capital at risk for the future of the youth of Africa, and that is a risk worth taking!

The wealth and prosperity of Lagos must be for all – a Lagos by all, a Lagos for all.

Progress is being made, as the poverty rate in Lagos has declined in the past one decade, from 40.3% in 2009 to 4.5% in 2019. That is a remarkable achievement. Congratulations!

Yet, more than 50% of the population of Lagos live in slums, without water, sewage, or electricity. While some advocate for slum upgrades, I do not believe in slum upgrades.

There are no five star slums!

Significant investments will be needed for decent and affordable housing for low-income people, in roads, electricity, water, sewage systems, and waste disposal, for local governments, especially those in poor areas.

A prosperous Lagos must also be a healthier Lagos; and a healthier Lagos will be a more productive Lagos.

The future Lagos must be knowledge-based. Two of the universities in the State, Lagos State University and the University of Lagos, rank 2nd and 3rd in University rankings in Nigeria. They also rank 10th and 14th among African Universities.

A lot more work is needed to deepen the tertiary education system, especially in science, technology, engineering and mathematics; and connect them to well-funded secondary and primary schools, to build the human capital for growth and prosperity.

We must turn the universities in Lagos to world-class universities, and connect them better to industries, to provide the students with the knowledge and skills for the jobs of tomorrow.

The future Lagos must be one that is climate-smart, green and resilient. With global climate change, and rising sea-levels, the city faces significant risks of flooding and coastal erosion. Climate-proofing the development of Lagos must therefore be an urgent priority.

The landmark Eko Atlantic project, to save the sea shores of Lagos, and the rest of the state from the waves of the Atlantic, is one of the most innovative climate resilient urban infrastructure development that I have seen, anywhere.

There is a need to invest massively in greening the transport system, reducing pollution, and making the transport system more efficient.

The African Development Bank is looking into supporting the Lagos Metropolitan Transport Authority in its drive to introduce Compressed Natural Gas into the public transportation system.

And by using drones, CCTV cameras and satellites, Lagos should be turned into a smart city, to enhance security, which will further boost attractiveness for investors.

This is all the more important with the establishment of the African Continental Free Trade Area, the world’s largest free trade zone worth $3.3 trillion in combined GDP.

Lagos is well positioned.

Developing inter-connections with the Apapa Port (when you can get there!) with more efficient road and rail systems will enhance its linkage to countries along the Lagos-Abidjan corridor, a major part of the Trans-African Highway.

The African Development Bank will continue to support transformative projects that will benefit Lagos State and the Nigerian economy.

For example, the African Development Bank is financing the development of the Abidjan-Lagos Highway Corridor. This project, which is part of the Trans African Highway, will dramatically improve road connectivity between Lagos and other coastal cities in West Africa.

The African Development Bank will support the Lagos Sky-Train project, which will help to decongest the city and provide safe, reliable and affordable public transport services.

The African Development Bank is also supporting the Lagos State government to implement our first sub-national financing operation in the power sector. This will pilot the rollout of electricity cooperatives, as franchises, that will provide reliable electricity services to 60,000 households in unserved and under-served periurban and rural areas.

To make faster progress, the private sector must be mobilized to support the creation of the new Lagos – the Lagos we want. Public-private partnerships should be prioritized.

Fiscal incentives should be provided for the private sector to invest in infrastructure, housing and digital financial services for wider financial inclusion, especially for women.

After all, women run Lagos!

Resource mobilization will continue to be critical, especially leveraging the institutional investors such as the pension funds. Lagos itself should have its own sovereign wealth fund to finance its future.

Taxes have been the key for financing Lagos, the highest in Nigeria, estimated at N 400 billion in 2019.

But to whom much is given much is expected.

Taxes require a social contract between the government and the citizens. The taxes of the people belong to the people, not in pockets of individuals.

There must be accountability for the taxes collected from citizens, through transparent tax collection and administration.

Your Excellency, Mr. President, Your Excellency the Executive Governor of Lagos, distinguished ladies and gentlemen,

I see a greater Lagos.

A Lagos where dreams are made.

A Lagos where visions are turned into realities.

A Lagos where women thrive.

A Lagos where the youth shine.

A Lagos, thriving and prosperous, with wealth shared by all.

A Lagos, where like my experience growing up, we can pass on to the
future generations to come and see — with pride.

Lagos is a center of excellence.

Lagos — arise now and excel!

Thank you all very much.

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Health Challenge: King Charles May Relinquish Throne to Prince William

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Prince William and Kate Middleton are said to be secretly preparing for wearing the crowns as King Charles has reportedly decided to leave the throne for his eldest son amid worsening health challenge.

The Prince of Wales, heir to the throne, is ‘quietly preparing’ to become the new king as the monarch’s increasingly ailing condition is causing huge alarm inside the Palace, according to a news report.

The King is being asked to delegate more responsibility to Prince William, the local media reported.

“William is just as worried about his father and wants to take as much pressure off him as he can. Kate’s still being eased in, but she’s made it clear she’s keen to step up as much as possible,” according to the insider.

“It’s clear to everyone that William and Kate are quietly preparing to be king and queen themselves, and it’s only a matter of time before Charles formally hands it all over.”

“He’s already started the process and is delegating a lot more, which is why you’re seeing William’s schedule getting a lot busier.”

The Palace insider claimed: “Queen Camilla is convinced Charles is a workaholic and she’s pushing him to slow down and focus on his health.”

King Charles, who had been put on light duty following the diagnosis, has returned to his royal engagements and in September.

Queen Camilla reportedly said her husband “is doing very well,” while attending the opening of the new state-of-the-art Dyson Cancer Center at the Royal United Hospital in Bath, England.

While the King and Queen are putting on a brave face, a second insider previously told the outlet things may be more grim behind the scenes, adding: “The palace is giving the impression that Charles is on the mend, but he’s still very sick.”

William has been slowly stepping up and preparing himself to replace dad, even as Princess Kate recovers from cancer too as she announced on September 9 that she has completed preventative chemotherapy.

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PDP Has Tolerated Wike for Too Long, Says Party’s Ex-Auditor Nnaji

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A former National Auditor of the Peoples Democratic Party (PDP,) Barr Ray Nnaji, has warned that the party has tolerated the FCT Minister Nyesom Wike for too long.

Nnaji stated this during a media interview, while offering his view on the crisis plaguing the party.

This comes amid the challenge from Wike daring any governor or leader of the PDP to publicly call him a mole.

The minister threw the challenge when he appeared on Channels Television’s Politics Today programme.

He had previously dared State governors elected under the platform of the PDP over his threat that he will put fire in their states.

Wike said he had no apology to anybody, insisting that heaven will not fall.

However, lamenting on what has become of the party, the former auditor stated that no right member of the PDP will commend what’s happening in the party, saying he doesn’t see Wike being in APC and the PDP at the same time.

Nnaji also said that the PDP wasted time in replacing its former National Chairman, Iyorchia Ayu, insisting that the vacuum created room for the crisis.

He said: “No right member of the PDP will commend what’s happening in the party.

“I don’t see Wike being in APC and the PDP at the same time. It’s the soul of Rivers State they are pursuing for the purposes of 2027.

“You know quite well that Wike used his power as a former governor to make sure that APC was assisted to come to power, that was why he was compensated with a ministerial appointment.

“He (Wike) wanted to pull the structure he had then into the APC. That explains why the APC dissolved its Rivers state executives, which prompted the members to go to the court.

“Wike himself, and those 25 State House of Assembly members who defected, when they found out that others weren’t following them, the problem in the state started.

“The main fact is that the acting Chairman failed to do what he ought to do. It cannot be blamed on the acting Chairman alone, it should be blamed on the Party entirely because the constitution is very clear.

“When a vacancy exists, what do you do? Of course, the constitution provided answers to all those things, but they failed to do it.

“Iyorchia Ayu was from North Central, when he left the position, Damagun came just to fill the gap.

“The party shouldn’t have wasted time in replacing Iyorchia Ayu. The party would have replaced Ayu with another person from that zone. If that would have been done, I don’t think we would have entered into this crisis.

“I don’t think it is as difficult with the party as it was with Amodu Sheriff, which ended up in the Supreme Court before the 2019 election.

“I still believe that the party will still come out of it, even though they didn’t do what they ought to have done early enough.”

On setting up a reconciliation committee, Nnaji had this to say: “I don’t know who they are reconciling with. Is it Wike or the governor?

“From the look of things, the government is not ready to play ball, when Wike wants the structure. And if you give Wike the structure, the governor becomes a follower of Wike.

“That is not what the governor wants, he’s supposed to be the leader of the party in the State and take charge.

“Wike, seeing what’s happening, believes he has done his parallel congress and produced a structure. Of course, the governor has his own structure, who the national picks will be another issue.

“I learnt Wike was invited to the disciplinary committee, I don’t know the outcome of the invitation but they waited too long to allow Wike to this point.

“He was not part of the formation of the party but he’s the most beneficiary of the PDP. Going ahead to seek the destruction of the party he has benefited a lot from doesn’t augur well for him, especially in the future.

“If he destroys PDP, who’s sure the APC will be a comfortable place for him to stay?

“I don’t think he’s thinking from that angle. It is his personal interest that matters most for him now.

“The PDP has to make sure it puts its house in order to see if it can liberate the country come 2027.”

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Dele Momodu Makes Case for Osun As a Strong Investment Destination

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By Eric Elezuo

Notable media entrepreneur and Chairman, Ovation Media Group, Aare Dele Momodu, has declared Osun State as a strong investment destination, with evidential circumstances that set it apart among a comity of states.

The veteran journalist made the revelation at the just concluded Osun Industrial Investment Summit, held in Osogbo, the state capital, where he was the guest speaker.

He eulogised the state as the cradle of the Yoruba nation as well as the heartland of South Western Nigeria, blessed economically and academically amongst other natural and developmental advantages.

Momodu further informed that the state “possesses a rich investment landscape across the sectors. From agricultural to mining processing to digital economy, the state of the living spring confronts potential investors with enticing possibilities. From the richly, European like Owalla dam for inland beach resorts to the mesmerizing Erin Ijesa waterfalls to the multi-billion dollar cultural assets, there is no better place to invest than Osun.”

Here’s a text of his full speech at the event, which had the state governor, Senator Ademola Adeleke, and other notable state officials in attendance.

“Osun State is the cradle of Yoruba nation, the heartland of South Western Nigeria. This is the cultural capital of highly developed Yoruba people with descendants in South and North America;

“Osun State is an economically and educationally rich state, boasting of huge solid mineral resources, highly literate  population, heavy multiple University presences, varied agricultural potentials and a billion dollar developing cultural industry;

“Osun is an unusually peaceful state within a turbulent but extremely great nation, a state that accepts non-indigene with open arms and support non-native business ventures and activities with native hospitality and patronage;

“Osun is a natural tech hub of the Federation as its sons and daughters dominate the tech innovation world and with the state already building a digital economy to tap into the acknowledged talents of young Osun tech enthusiasts;

“We are all gathered here to drum up support for inflow of investment into a state with an ambitious Governor, a widely traveled leader and a 21st century manager who is positioning the state as investors’ first choice within the comity of states;

“My pitching Osun today is not out of mere filial affiliation. I am Osun and Osun is me. But it is more than that. The case for Osun as an investment destination is strong and evidence based;

“The state possesses a rich investment landscape across the sectors. From agricultural to mining processing to digital economy, the state of the living spring confronts potential investors with enticing possibilities. From the richly, European like Owalla dam for inland beach resorts to the mesmerizing Erin Ijesa waterfalls to the multi-billion dollar cultural assets, there is no better place to invest that Osun;

“Beyond the natural investment potentials, I review trade logistics and I am confronted with appealing reality. One is the national railway line that traversed the heartland of the state. Then I saw the government masterplan for an international airport with a cargo terminal integrated alongside a free trade zone;

“Free trade zone? Yes. Airport of international standard?  Yes. Railway link directly to Apapa port in Lagos? Yes. Trade logistics and connectivity are top notch;

“What of internal infrastructure? Osun as a highly urbanized city is implementing a multi-sectoral , multi-billion naira infra upgrade across health, education, roads , water and environmental sectors. The major towns are construction sites alongside huge construction ongoing across the local governments to enhance rural – urban connectivity;

“As an investor, the destination is not ripe by possessing all the above. There must be something else which can actually tip the balance of decision making;

“Are there legal frameworks? Are there policy frameworks for the various sectors?

“Again, Osun beats all limitations with the state Governor running a battle of policy coverage for the state economy. From November 2022 to date, my investigation showed that the state has successfully established state policies covering several critical sectors;

“Aside the state Industrial Development Policy, Osun now has a state ICT policy, State Tech Innovation Policy, State Electricity Market policy, State Transport policy, State Mining policy among others;

“Investors thus have nothing to worry about in the area of policy frameworks. In many cases, the policies are being transformed into actual state legislations. This deepens assurance frameworks for investors;

“One of the biggest unique selling points for the state aside from all the above rare features is the Adeleke family, a dynasty with entrenched interest in the national economy and the entertainment world. The Governor and his family are in reality one of the biggest insurance and magnet for investors;

“To the diaspora population,  my charge is to make hay while the sun shines. Rush to Osun to take a piece of the pie;

“To the global investment community, Osun is a goldmine that has more than gold. As a globally traveled serial entrepreneur myself, Osun represents the first choice. No investor will regret putting his money into such a potentially buoyant state economy.

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