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Kenyatta, Adesina call for accelerated private sector investment in infrastructure

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President Uhuru Kenyatta has made an urgent call for developing and funding bankable infrastructure projects to drive Africa’s growth agenda.

In his keynote address at the Africa50 General Shareholders Meeting held in Kenya’s capital, Nairobi, President Kenyatta said support for bankable projects in energy, transport, ICT, water and sanitation provide unprecedented opportunities for private sector participation.

“The private sector must step up and help us close the infrastructure gap on the African continent. Public funding is limited, and there are competing priorities,” he said.

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Also, Kenyatta announced Kenya would double its current shareholding investment in Africa50 to US$ 100 million. “We must have the confidence to trust and invest in our own infrastructure. Let us grow our partnership and make Africa50 a success.”

According to statistics provided by the African Development Bank (AfDB) the continent’s infrastructure funding requirements stand at close to US$ 170 billion a year, leaving a financing gap of US$ $68 – 108 billion.

African Development Bank President and Chairman of Africa50, Akinwumi Adesina, said, “We need to act with speed and urgency. Our people expect nothing else.” He emphasized the importance of tackling factors that inhibit private sector infrastructure investments, including high costs of financing, weak regulations,  lack of cost reflective tariffs, low profitability, and weak regulatory frameworks for public-private partnerships.

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Private sector infrastructure financing in Africa remains low, averaging US$ 6 billion per year. In 2016, the figure dipped to US$ 2.6 billion.

Adesina said Africa requires new models of financing infrastructure. “We must work smart to attract greater levels of investment financing for infrastructure development in Africa. Globally, there is approximately a US$ 120 trillion pool of savings and private equity. Africa must creatively attract some of this into the continent,” he added.

In response to Africa’s infrastructure finance deficit, the African Development Bank has launched the Africa Investment Forum (AIF) set to take place in South Africa in November 2018. The transaction-based forum is expected to be a gathering of global pension funds, sovereign wealth funds and institutional investors, and key private sector players.

Adesina commended President Kenyatta for the country’s bold commitment to and investments in infrastructure development over the last 5 years. Infrastructure accounts for 77% of the Bank’s Kenya portfolio.

“Mr. President, you were one of the first African leaders to support the creation of Africa50, which I am honored to chair,” said Adesina. “The African Development Bank, of which I am President, helped create Africa50 because we believe new institutional models are needed to close Africa’s huge infrastructure financing gap. Africa50 will be a game changer on infrastructure financing.

He urged countries that have not yet become shareholders of Africa50 to do so.  Africa50 currently has a shareholding base of 25 African states.

Africa50 Chief Executive Officer, Alain Ebobissé, said his organisation was committed to ensuring the speedy execution of African infrastructure projects.

Three years after its founding, Africa50 has become a key player in driving infrastructure investments, with commercial rates of return in Africa. It has mobilized over $850 million in infrastructure investments and expects to mobilises up to US$3 billion through its private sector window. Africa50 has made major investments in a number of shareholder countries, including Egypt (400 MW solar power plants), Nigeria, Senegal and Kenya, among others.

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Nigeria’s Oil Output Rises to 1.68m Barrels Per Day

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Nigeria’s crude oil and condensate production rose to 1.68 million barrels per day in August 2026, representing a 0.4 per cent increase from the 1.67 million barrels per day recorded in July.

The Nigerian Upstream Petroleum Regulatory Commission disclosed this in its latest production report released on Sunday.

Excluding condensate, the country produced an average of 1,500,190 barrels of crude oil per day in August, allowing Nigeria to meet its Organisation of Petroleum Exporting Countries quota for the fourth consecutive month.

Daily combined crude oil and condensate production ranged between 1.64 million barrels and 1.71 million barrels during the month under review.

A breakdown of production by terminals showed that Bonny Terminal recorded the highest output at 320.04 thousand barrels per day, followed by Forcados Terminal with 317.40 thousand barrels per day.

Qua Iboe Terminal recorded an average production of 171.72 thousand barrels per day, while Escravos Oil Terminal posted 131.71 thousand barrels per day.

Bonga ranked fifth among the highest-producing terminals, with an average output of 92.50 thousand barrels per day.

The NUPRC attributed the modest improvement in August production largely to the resolution of operational challenges involving the Single Buoy Mooring at the Erha field.

The commission said the challenges had adversely affected production in the preceding month.

“The restoration of normal evacuation and production operations at the asset contributed positively to overall production volumes during the period under review,” the commission’s spokesperson, Eniola Akinkuotu, said in a statement on Sunday.

The regulator added that production activities across most other producing assets remained relatively stable during the month.

“Production activities across most other producing assets remained relatively stable, with operators sustaining implementation measures aimed at optimising production efficiency, maintaining asset integrity, and minimising operational disruptions,” the statement said.

The latest figures indicate a continued improvement in Nigeria’s oil production, with the country maintaining its OPEC quota compliance for the fourth consecutive month.

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Oyo South: Oseni Approves N100m for Ibadan Community Road Rehabilitation

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The All Progressives Congress (APC) candidate for Oyo South Senatorial District, Hon. Aderemi Oseni, has approved N100 million for the immediate rehabilitation of a major access road linking seven communities in Ido Local Government Area of Oyo State.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, announced the intervention on Saturday at a town hall meeting with residents and community leaders from Power Line, Awonsoso, Siba, Olupoyi, Balogun, Baba Agba and Agaloke communities.

‎The lawmaker said the decision followed a request by the community stakeholders, who identified the poor condition of the road as their most pressing need. He assured the residents that the rehabilitation would be completed within four months.

‎Oseni said the intervention was part of his commitment to people-centred representation, stressing that his legislative activities had been focused on issues capable of improving the lives of Nigerians.

He said, “Within the three years plus, I have sponsored bills and moved motions that are carefully designed to positively impact the lives and livelihoods of citizens.”

According to him, some of the legislative initiatives include moves to amend the Federal Medical Centres Act to establish a Federal Medical Centre in Ido Local Government Area, stronger sanctions for contractors who fail to execute government projects according to specifications, and measures to improve accountability in the management of public contracts.

Oseni added that he had also advocated subsidised farm machinery for farmers, measures to reduce the cost of cancer treatment, improved food storage through modern silos and processing facilities, as well as urgent action on flooding and recurring building collapses in major cities among several others.

‎The lawmaker said his engagements with communities across Oyo South should not be viewed solely through the prism of the 2027 elections, despite the commencement of political activities.

“My visit here today is not to solicit for votes, but to listen and find practical ways to attend to the requests and plights of my people,” he said.

‎Oseni also disclosed that he had facilitated the distribution of 31 transformers across Ido and Ibarapa, with about 80 per cent of the cost funded through his foundation. He added that  other interventions had included solar-powered street lights, boreholes, bridges, public toilets, educational support,  infrastructure, health care services,  youth and women empowerment, and assistance to artisans, traders and markets across the senatorial district.

The APC chieftain further noted that some youths had also received N1 million each as seed capital to start small businesses.

‎Oseni acknowledged that his primary responsibility as a federal lawmaker was to make laws and provide effective representation, but said the gap created by ineffective governance at the grassroots had made it necessary for him to support communities through interventions.

He urged youths to remain focused and resilient, recounting how he worked as a bus conductor to raise money for his secondary education before becoming an engineer, businessman and legislator.

Earlier,  Chief Muibi Adegoke, Baale of Awonsoso, and Chief Azeez Saka, Baale of Elere Apata, commended the lawmaker for what they described as his performance in legislation and community development. They pledged their support for his political aspiration ahead of the 2027 election.

‎The meeting was attended by traditional rulers, religious leaders, community elders, women and youth leaders from the affected communities.

(c) Mega Icon Magazine 

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Oyo APC Guber Candidate, Alli, Celebrates Archbishop Wale Oke at 70

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The All Progressives Congress (APC) governorship candidate in the 2027 Oyo State election, Senator Sharafadeen Alli, has congratulated the Archbishop of the Sword of the Spirit Ministries, Francis Wale Oke, on his 70th birthday.

Alli, in a statement on Tuesday, described the cleric as one of the foremost spiritual leaders produced by Ibadan, saying his contributions to the spread of Christianity had brought honour to Oyo State and impacted lives beyond Nigeria.

The senator described Oke as a “kingdom general” whose leadership and commitment to the gospel had positively influenced communities and nations across the world.

He said, “On behalf of my family and the APC family in Oyo State, I warmly congratulate one of our state’s most illustrious figures, Archbishop Francis Wale Oke, as he marks the landmark age of 70 years today.

“I join millions of Nigerians in celebrating a generational leader, a reformer and a dependable voice for peace and national development. Your dedication over the last five decades to destiny moulding, spiritual upliftment and the expansion of the Christian faith is unparalleled.”

Alli also commended the archbishop’s leadership qualities and his achievements in various capacities, particularly as the National President of the Pentecostal Fellowship of Nigeria.

The APC candidate noted that Oke’s influence extended beyond the pulpit, describing his years of service as a testament to his commitment to spiritual development and nation-building.

He prayed for continued grace, good health and many more years of fruitful service for the celebrant.

“As you continue to expand the Kingdom and impact destinies, I pray for renewed grace, robust health and many more fruitful years. Ibadan and Oyo State are immensely proud to have you,” Alli added.

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