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AfDB doubles commitment, pledges US$ 25 billion to climate finance for 2020-2025

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The African Development Bank (AfDB) will double its climate finance commitments for the period 2020-2025, the Bank’s President announced today at the One Planet Summit taking place in Nairobi. Akinwumi Adesina said that the Bank would commit at least US$25 billion towards climate finance.

Speaking at a plenary in the presence of Heads of State, including President Uhuru Kenyatta of Kenya, and French President Emmanuel Macron, Adesina also announced the Bank is on course to achieve its target of allocating 40% of its funding to climate finance by 2020, a year ahead. The Bank’s commitment on the target, the highest among all multilateral development banks, has progressed steadily from 9% in 2016 to 28% in 2017 and 32% in 2018.

Considering Africa’s high vulnerability despite contributing the least to climate change, the African Development Bank has successfully raised its adaptation finance from less than 30% of total climate finance to parity with mitigation in 2018. The African Development Bank will continue this trend into the future.

“The required level of financing is only feasible with the direct involvement of the entire financial sector,” said Adesina. “Consequently, the Bank launched the African Financial Alliance for Climate Change (AFAC) to link all stock exchanges, pension and sovereign wealth funds, central Banks and other financial institutions of Africa to mobilize and incentivize the shift of their portfolios towards low carbon and climate resilient investments.”

The Bank made another milestone announcement. “It is not good enough to simply ask countries to stay away from polluting technologies,” Adesina said. “We have to be proactive in exploring alternatives. We will therefore be launching the ‘green baseload’ facility under the Sustainable Energy Fund for Africa (SEFA 2.0) to provide concessional finance and technical assistance to support the penetration and scale-up of renewable energy, to provide affordable and reliable renewable energy baseload.”

Several donors, including Canada, Denmark, Germany, Norway, Italy, the UK and USAID have indicated their interest in this transformative instrument, which will also help to replace coal. The African Development Bank has played a critical role in building Africa’s clean energy capacities. The Bank’s last investment in a coal project was 10 years ago. Additionally, and in line with its ambitious New Deal on Energy for Africa, 95% of all Bank investments in power generation over the 2016-18 period have been in renewables.

The “Desert to Power” program, a $10 billion initiative to build a 10 GW solar zone across the Sahel—the largest in the world— would provide electricity for 250 million people.  Together with partners such as the Green Climate Fund and the EU, the Bank has now financed the first project under this Initiative: The Yeleen Rural Electrification Project in Burkina Faso.

Key Bank projects include the co-financing of the 510 MW Ouarzazate Solar Complex in Morocco, one of the largest solar complexes in the world.

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Oseni mourns ex-Oyo lawmaker Akeem ‘Able’, says Oyo APC has lost loyal progressive

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The lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni, has mourned the death of a chieftain of the All Progressives Congress (APC) in Oyo State and former member of the Oyo State House of Assembly, Hon. Akeem Abimbola Oladipupo, popularly known as Able, describing his demise as a painful loss to the progressive family.

Oladipupo, who represented Ibadan North-West Constituency in the Oyo State House of Assembly, was widely regarded as a grassroots politician and committed party loyalist until his passing.

Oseni, who is also the Chairman, House Committee on Federal Roads Maintenance Agency and the APC candidate for Oyo South Senatorial District, said the late politician’s death had created a vacuum within the party and among those who benefitted from his unwavering commitment to public service.

In a condolence statement issued on Monday by his Media Aide, Idowu Ayodele, and made available to journalists in Ibadan, the Oyo State capital, the federal lawmaker described the late Oladipupo as a dependable progressive, humble political actor and loyal party stalwart whose impact would remain indelible.

He said the deceased dedicated his life to serving humanity, strengthening the progressive movement and supporting the aspirations of many at the grassroots.

Oseni said, “The death of Hon. Akeem Abimbola Oladipupo (Able) came to me as a rude shock. Oyo State and the progressive family have indeed lost a committed, loyal and selfless leader whose passion for service, humility and dedication to the people stood him out.

“He was not just a politician but a bridge-builder, a dependable ally and a grassroots mobiliser who believed strongly in the ideals of our great party. His contributions to the growth of the APC in Oyo State and his service to humanity will remain unforgettable.”

The APC senatorial candidate noted that the late former lawmaker remained steadfast in promoting peace, unity and political development, adding that his simplicity and accessibility endeared him to many across political divides.

According to Oseni, the late politician’s legacy of service and sacrifice would continue to inspire younger politicians and party faithful.

He, however, urged members of the APC, associates and family members of the deceased to take solace in the remarkable life he lived and the positive impact he made during his lifetime.

Oseni also prayed for the repose of the deceased’s soul and for God to grant his family the fortitude to bear the painful loss.

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Governors Push N100,000 Minimum Wage to Ease Workers’ Economic Burden

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State governors have proposed a new national minimum wage of N100,000 for Nigerian workers as part of efforts to cushion them from the biting effects of inflation and the rising cost of living.

Governor AbdulRahman AbdulRazaq of Kwara State, who is also the Chairman of the Nigeria Governors’ Forum (NGF), disclosed the proposal on Saturday in a post by the state government’s official Facebook page. He said the move aims to improve workers’ welfare while ensuring that government finances remain sustainable.

“State governments recognise the urgent need to improve workers’ welfare in response to the current economic realities facing Nigerians,” AbdulRazaq said.

“We are actively engaging with the Federal Government and organised labour to arrive at a wage structure that is fair to workers and sustainable for government finances.”

The NGF chairman explained that ongoing discussions are focused on balancing the need to boost workers’ purchasing power with the capacity of governments to deliver essential public services and development projects.

“The goal is to improve the living conditions of workers while ensuring that states can continue to meet their obligations and sustain projects that directly impact citizens,” he added.

The proposed N100,000 minimum wage is expected to intensify national debates on salaries, inflation, and broader economic reforms as Nigerians continue to contend with rising food prices, transportation costs, and other living expenses.

Currently, Nigeria’s statutory minimum wage stands at N70,000 per month. Some states, including Lagos, Rivers, and Imo, are already paying above the national benchmark to support workers amid the country’s economic challenges.

Meanwhile, the Nigeria Labour Congress (NLC) has continued to call for a comprehensive review of salaries, insisting that workers deserve a living wage that reflects present-day economic realities rather than merely guaranteeing survival.

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Petrol hits N1,533/litre as cooking gas prices jump nationwide

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The average retail price paid by consumers for Premium Motor Spirit, popularly known as petrol, rose to N1,532.93 per litre in April 2026, representing a 23.69 per cent increase compared to the N1,239.33 recorded in the corresponding period of 2025, findings by the National Bureau of Statistics (NBS) have shown.

The sharp rise in petrol prices came amid mounting inflationary pressure and worsening living costs, with Nigerians grappling with soaring transportation and food expenses that have continued to shrink household purchasing power.

The NBS disclosed this in its Premium Motor Spirit (Petrol) Price Watch for April 2026, released on Friday.

The report further showed that on a month-on-month basis, petrol prices rose by 18.97 per cent from N1,288.54 recorded in March 2026, underscoring persistent volatility in the downstream petroleum market.

A breakdown of prices across states revealed that Yobe recorded the highest average retail price for petrol at N1,599.05 per litre during the review period.

Edo and Bauchi followed closely with average prices of N1,595.74 and N1,589.07, respectively.

However, Niger residents paid the least for petrol at an average of N1,403.89 per litre, while Sokoto and Katsina recorded N1,404.16 and N1,406.28 respectively.

At the zonal level, the South-South recorded the highest average retail price at N1,566.76 per litre, while the North-West posted the lowest at N1,508.81.

The latest petrol price increase comes as millions of Nigerians continue to battle the ripple effects of rising inflation, with higher energy costs worsening transportation fares and the prices of essential commodities.

Similarly, the NBS said the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas, also known as cooking gas, rose by 13.73 per cent month-on-month to N8,706.93 in April 2026 from N7,655.73 recorded in March.
On a year-on-year basis, the price increased by 10.42 per cent from N7,885.60 recorded in April 2025.

Lagos recorded the highest average price for refilling a 5kg cylinder at N9,745.10, followed by Nasarawa at N9,451.70 and Bayelsa at N9,422.74.

In contrast, Anambra recorded the lowest average price at N7,204.76, while Ondo and Ogun followed with N7,239.49 and N7,825.75, respectively.

At the regional level, the North-West recorded the highest average retail price for refilling a 5kg cylinder at N9,025.07, followed by the North-East at N8,847.16, while the South-East posted the lowest average price at N8,224.37.

Also, the average retail price for refilling a 12.5kg cylinder of cooking gas increased by 13.89 per cent month-on-month to N22,382.20 in April 2026 from N19,652.83 in March.

Compared to April 2025, the price rose by 10.43 per cent from N20,268.06.

According to the NBS LPG Price Watch for April, Katsina recorded the highest average retail price for refilling a 12.5kg cylinder at N25,596.71, followed by Kogi at N24,558.25 and Gombe at N24,438.97.

Ogun recorded the lowest average price at N19,564.36, while Bauchi and Anambra followed at N20,178.87 and N20,511.90 respectively.

The North-West recorded the highest zonal average retail price for refilling a 12.5kg cylinder at N23,276.95, followed by the North-Central at N22,865.29, while the South-East posted the lowest average at N21,060.92.

The latest figures signal growing pressure on household energy costs, raising concerns over the implications for inflation and the cost of living in the coming months.

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