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Africa’s population explosion is a ticking time bomb — AfDB Governors
The African Development Bank and its East and North African Governors have stressed the need for urgent measures to match the continent’s growing population and youth unemployment, which they likened to a “ticking time bomb.”
The meeting described the continent’s growing young population as a potential growth engine for the world.
“The good news is that the solution is within our reach and will require investments,” said Akinwumi Adesina, President of the African Development Bank.
At the end of a two-day consultation at the headquarters of the Bank in Abidjan, CÕte d’Ivoire, the Bank and the Governors discussed strategizes for closing Africa’s $170 billion infrastructure investment gap.
To bridge the investment gap, ensure inclusive growth, and create employment for the continent’s population, the meeting endorsed the African Development Bank-led African Investment Forum and described it as a timely opportunity to catalyze investments into projects and attract social impact financing to Africa.
Tanzania’s Minister for Finance and Planning, Isdor Mpango, called for closer involvement of the private sector in financing development on the continent.
“The African Development Bank is well positioned to advise and assist Governments and the private sector to come up with bankable projects,” Mpango said, calling for direct resources to provide budget support and investment opportunities.”
Through the African Investment Forum, scheduled for November 7-9, 2018 in Johannesburg, South Africa, the Bank and its partners intend to showcase bankable projects, attract financing, and provide platforms for investing across Africa. The forum will bring together the African Development Bank and other global multilateral financial institutions to de-risk investments at scale.
“A uniqueness of the African Investment Forum is that there will be no speeches. The only speeches will be transactions,” said President Adesina.
Rwanda’s Minister of Finance and Economic Planning, Claver Gatete said: “The African Development Bank has already discussed the concept of the African Investment Forum with us. The Rwandan Government takes this Forum very seriously.”
“Jobs will come from industrialization. The new approach using the African Investment Forum to de-risk the sector and attract investors is the way to go,” said Kiplagat Rotich, Kenyan Finance Minister.
13 per cent of the world’s population is estimated to live in sub-Saharan Africa today. That number is projected to more than double by 2050. Four billion (or 36 per cent of the world’s population) could live in the region by 2100, according to the UN Population Division. Africa is projected to have over 840 million youth by 2050 with the continent having the youngest population on earth.
According to Adesina, “We have 12 years left to the SDGs. It is an alarm bell because if Africa does not achieve the SDGs, the world won’t achieve them. The African Development Bank is accelerating development across Africa through the High 5s. We are deepening our reforms. We deepened our disbursements to the highest levels ever last year and we are leveraging more resources for Africa.”
Tunisia’s Finance Minister Zied Ladhari recalled how the Bank’s 11-year temporary relocation to his country helped strengthen the bonds between them. “We share the Bank’s vision. Africa is the continent of the future. This is a great Africa moment with the Bank at the centre. Unleashing the potential of African economies is a task which the Bank must accomplish.”
As part of the Bank’s High 5 agenda, 13 million African women have benefitted from new electricity connections and 23 million from improvements in agriculture. Also, 10 million African women have benefited from investee projects
An analysis of the African Development Bank’s impact from 2010-2017 indicates that 27 million Africans gained access to new electricity connections. 899,000 small businesses were provided with financial services. 35 million have benefitted from improved access to water and sanitation.
“With the Bank’s support, Somalia has evolved from a failed to a fragile state,” asserted Somalia’s Finance Minister, Abdirahman Beileh. “The African Development Bank has been with us throughout. Together we can reach the bright light at the end of the tunnel.”
Algeria’s Finance Minister, Abderahmane Raouia, said “The biggest challenge for Africa today is job creation. It is a stake of stability and a lever to pull economic growth upwards. We must offer job opportunities for young people to convince them to stay here on the continent.”
According to Simon Mizrahi, Director, Delivery, Performance Management and Results, the Bank needs to move from billions to trillions in its funding and leveraging effect.
Egypt’s Ambassador to Côte d’Ivoire, Mohamed El-Hamzawi, who represented the Finance Minister, said the country has seen two revolutions in 2011 and 2014. He thanked the Bank for supporting the country’s macroeconomic stabilization, financial reforms, infrastructure, and energy projects, among others.
Morocco’s Economy and Finance Minister, Mohammed Boussaid, praised the Bank’s ambition for Africa, and underscored its support for energy, agriculture and infrastructure projects. He said “a capital increase today is not a choice, it is a necessity. Today, the leading export sector in Morocco no longer belongs to traditional sectors, such as phosphates, but to the automotive industry. This generates jobs and adds value for sustainable and robust growth.”
With a substantive capital increase, the African Development will be able to execute its robust pipeline of operations (15bn in 2018 alone), including infrastructure and regional integration projects. The prospects for 2018-2020 are bright, with 50.3 million people benefitting from improved access to transport compared to 14 million in 2017. Also, more than 35 million people are expected to benefit from new or improved electricity connections, in contrast to 4.4 million delivered in 2017.
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.
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.
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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