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Korea is a model for Africa’s industrialization, says Adesina
53rd Annual Meetings of the African Development Bank opened in Busan, Korea, on Monday with a call on African Governments to create the right environment for the private sector to lead the continent’s industrial revolution. Participants also advocated for a balance between the role of the State and the private sector.
Korea was presented as a good model for industrialization which African countries can learn from.
“Korea’s example is incredible. Korea was as poor as any African country in the 1960s with a low per capital income. Today, thanks to the determination of its people and its commitment to industrialization, Korea is the 11th biggest economy in the world, an example Africa should learn from,” said African Development Bank President, Akinwumi Adesina at a media breakfast.
Discussions around the media breakfast table focused on the theme of the 2018 Annual Meetings, “Accelerating Africa’s Industrialization,” and the need to tell the great stories of Africa – the story of a resurgent continent ready to take its rightful place in the industrial world.
“If you look at countries that have industrialized – China, South Korea, Singapore and many others – the role of the State was clear. One of the things that I think we need to take out of this conversation is that the State has a great role to play in Africa’s industrial revolution, particularly in terms of industrial policy, providing direction, support for infrastructure, and directing capital to particular industries,” he stressed. “Ethiopia is a very good example.”
Adesina explained that industrialization was selected as the theme of the 2018 Annual Meetings to further showcase what Africa can learn from a country like Korea.
“There is nowhere better than Korea to address this theme. Korea’s incredible success over the last 60 years provides a perfect model to the African Development Bank to redouble its efforts towards Africa’s economic development. Africa is a tremendously blessed continent, but it needs to industrialize, create lots of jobs, and be more competitive in the global market.”
For Africa to witness true agricultural transformation, technologies need to reach farmers to enhance productivity. This was the message of the Leadership4Agriculture Forum, held on Day 1 of the meetings.
“We cannot say we have leadership when we still have 65 percent of the land in Africa uncultivated. We must develop solutions to agriculture and ensure that the sector can grow to a US $1-trillion business,” Adesina said.
Participants in Monday’s Leadership4Agriculture session included Ministers and key partners involved in the development of agricultural industrialization of the continent. They emphasized the need to enhance the competitiveness of Africa’s agriculture sector and to develop industrial value chains required to power the growth of the sector to a world-class industry.
Mima Nedelcovych, President and Chief Executive, Initiative for Global Development, said the African agriculture sector required efforts to improve its competitiveness and called for reforms to ensure that low-interest rate lending is available to the agriculture sector.
“We have to take action as well as talk. Talk is important, but we also want to take people to task,” said Jennifer Blanke, the Bank’s Vice-President for Agriculture, Human and Social Development, on moving past discussing agricultural challenges to executing solutions for them.
How to leverage the continent’s youth to accelerate economic prosperity through industrialization was the focus of a session on “Bridging innovation and industry: African youth solving continental challenges.”
Badr Idrissi, a young Moroccan industrialist, co-founded ATLAN Space, a start-up that uses artificial intelligence and drone technology to solve some socio-economic problems. The innovation has helped Morocco to effectively fight illegal fishing.
“They say that artificial intelligence is not meant for Africa. We are here to prove that wrong,” Idrissi said.
Idrissi used his 12-year international work experience at Microsoft and Nokia to develop and provide tech solutions, which have created employment for several young Moroccans.
In Kenya, a young banker, Lorna Rutto, quit her job to co-found EcoPost, a social enterprise that has created thousands of sustainable jobs for people in marginalized communities, in addition to conserving the environment.
“I was inspired by what I thought was going wrong in my community. Trees were being cut down and plastic waste was all over the place,” Rutto told the session. “It was very scary for me to resign a good bank job, but I had to fulfil my ambition as an entrepreneur. That was when I developed the idea that waste was a resource and not a thing to throw away.”
EcoPost has so far transformed over 3 million kilograms of plastic waste into plastic lumber, saved over 500 acres of forest and helped mitigate climate change in Kenya.
Adesina commended the young entrepreneurs for converting challenges into opportunities and urged them to continue representing the industrialization of Africa.
“Young people are not just the future of Africa, they are the present,” said Adesina. “They represent entrepreneurship and energy. This must be nurtured, harnessed and scaled up to propel Africa’s industrial revolution and the Bank is here to harness that.”
The Minister-designate for Power, Joseph Olasunkanmi Tegbe, has firmly clarified that he never promised to fix Nigeria’s national electricity grid within three months, describing such claims circulating in sections of the media as a misrepresentation of his Senate screening remarks.
A statement issued after his appearance before the Senate stressed that Tegbe was deliberate and cautious in his presentation, avoiding unrealistic timelines while outlining a structured reform pathway for the power sector.
According to the clarification, Tegbe explained that while Nigerians can expect early signs of progress, particularly in grid stabilisation within his first 100 days in office, comprehensive reforms will be guided strictly by technical assessments, stakeholder consultations, and sector realities.
He noted that critical challenges such as gas supply constraints, metering gaps, infrastructure decay, and commercial inefficiencies require coordinated interventions that cannot be resolved through arbitrary timelines.
“My commitment to this distinguished chamber and to Nigerians is clear: we will deliver visible and measurable improvement in the power sector,” Tegbe stated during the screening.
He assured that his focus would include stabilising the national grid, modernising transmission and distribution infrastructure, strengthening commercial frameworks, and enforcing accountability across the electricity value chain.
On tariff policy, the minister-designate reaffirmed that reforms would be carefully designed to balance sustainability with social protection, ensuring that vulnerable households are shielded while also restoring investor confidence in the sector.
The statement further emphasised that Tegbe’s approach reflects discipline, technical understanding, and a reform-minded agenda aimed at delivering lasting solutions rather than short-term political promises.
It added that he remains open to responsible media engagement and constructive clarification where necessary, noting that accurate reporting is essential to public understanding of ongoing efforts to reposition Nigeria’s power sector.
Tegbe reaffirmed his readiness to lead a transparent, results-driven reform process anchored on accountability, realism, and measurable progress.
A grand cultural renaissance celebrating the enduring legacy of legendary Yoruba war hero and statesman, Ogedengbe Agbogungboro, will take centre stage as the 2026 edition of Ogedengbe Fiesta holds from July 29 to 31 across Osun State and Ekiti State.
The three-day heritage festival, unveiled by organisers on Wednesday, is themed, “Ogedengbe Agbogungboro Legacy: Leadership, Security, and Statecraft for Modern Governance in Nigeria.”
The event is designed to preserve Yoruba cultural heritage, deepen historical consciousness, promote tourism and stimulate national conversations on leadership, peacebuilding and governance.
According to the organisers, the fiesta will commence with traditional homage at Atorin and heritage excursions to notable Kiriji War historical sites in Imesi-Ile, where participants will relive significant moments in Yoruba military and political history.
The programme will also feature guided visits to the historic Ogedengbe Cave, Ibu Latoosa Site and the Yoruba Peace Treaty Grove, all regarded as symbolic monuments of Yoruba resilience, diplomacy and unity.
As part of activities lined up for the celebration, participants will tour the gardens of renowned legal icon and elder statesman, Afe Babalola, in Okemesi-Ekiti.
The organisers further disclosed that a Legacy Awards and Hall of Fame Investiture ceremony would hold in Ilesa to honour individuals who have contributed immensely to the promotion of Yoruba culture, leadership and community development.
A distinguished personality lecture in honour of Aare Afe Babalola, SAN, OFR, CON, and Arole Fabunmi of Okemesi-Ekiti is also expected to headline the event, with scholars, traditional rulers, cultural enthusiasts and public intellectuals billed to discuss pathways to strengthening governance and security through indigenous values and historical lessons.
The organisers noted that all activities would commence daily by 11am, adding that the festival would serve as a rallying point for lovers of Yoruba culture, history and tourism across Nigeria and beyond.
They described the fiesta as not only a celebration of the heroic exploits of Ogedengbe Agbogungboro, but also a strategic platform to inspire a new generation of leaders through the ideals of courage, unity, patriotism and visionary leadership.
The Federal Government on Tuesday ruled out any plan to reinstate fuel subsidy despite worsening economic hardship and mounting public pressure.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated this in Paris, France, during a meeting with global investors alongside President Bola Tinubu.
Oyedele said the government would also not introduce price controls, stressing that market forces remain the preferred mechanism for determining petrol prices.
“We will not bring back fuel subsidy because it creates distortions for the economy, and we won’t introduce price control because we believe in the market,” he said.
The minister argued that the subsidy regime had long undermined economic efficiency, adding that emerging global energy shifts, including developments in Iran, present fresh investment opportunities for Nigeria.
The removal of petrol subsidy in May 2023 triggered a steep rise in inflation, worsening the country’s cost-of-living crisis.
Nigeria’s headline inflation climbed from 22.41 per cent in May 2023 to 34.19 per cent by June 2024 — its highest level in nearly two decades — driven by surging fuel, food, and transportation costs.
Food inflation further accelerated, exceeding 39 per cent by October 2024, while transport fares soared by nearly 300 per cent, compounded by currency devaluation.
Despite the economic strain, Tinubu defended the policy, saying it had stabilised the foreign exchange market.
“Subsidy that was a burden to the entire country was removed, and ever since we have achieved FX stability,” the President said, according to his Special Assistant on Social Media, Dada Olusegun.
In a related statement, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said the administration’s reforms were aimed at eliminating structural distortions, strengthening macroeconomic stability, and laying the foundation for inclusive growth.
He added that the government remained committed to fiscal discipline and transparency.
Highlighting economic progress, Oyedele disclosed that Nigeria recorded an 11.2 per cent growth in Gross Domestic Product in dollar terms in 2025, describing it as a major step towards the country’s ambition of building a $1tn economy by 2030.
He also pledged that the government would begin publishing quarterly financial reports to enhance accountability and public trust.
Also speaking, the Director-General of the Debt Management Office, Patience Oniha, assured investors of Nigeria’s commitment to prudent borrowing and sustainable debt management.
The Federal Government has continued to defend its reform agenda despite growing public discontent, insisting that the long-term gains will outweigh the current economic pains.
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