Business
Oyedele: Africa’s economies must reform financial systems
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for urgent reforms to the global financial architecture, saying Africa continues to face structural barriers that limit access to affordable capital and long-term industrial growth.
Speaking on the sidelines of the Africa Forward Summit in Nairobi, Mr Oyedele said African economies are still burdened by what he described as a “prejudice premium” that inflates borrowing costs and discourages long-term investment into the continent.
In a post shared on his official X handle on Wednesday, he said the current international financial system constrains Africa’s industrialisation ambitions through high borrowing costs, restrictive financing terms, limited access to long-term capital, and inadequate funding for productivity and value addition.
Beyond global reforms, the minister stressed the need for African countries to strengthen domestic systems by improving governance, ensuring policy stability, enforcing contracts, and deepening regional integration.
He warned that fragmented markets across the continent weaken competitiveness in a global economy that increasingly rewards scale and integration.
Mr Oyedele also urged African governments to mobilise domestic savings, including pension funds, while creating stronger pathways for private capital to flow into productive sectors.
ALSO READ: At Africa Forward Summit, Tinubu calls for reform of global financial architecture
He noted that with more than $120 trillion in global private capital seeking investment opportunities, Africa must position itself as a competitive investment destination rather than remain primarily a recipient of development assistance.
According to him, financing priorities must shift from raw material extraction and crisis response toward value addition, infrastructure development, skills, technology, innovation and regional value chains.
He added that Africa’s long-term growth will depend on productivity, integration and value creation rather than dependency.
PREMIUM TIMES earlier reported that President Bola Tinubu, at the Africa Forward Summit in Nairobi, said the growing economic relationship between Nigeria and France must translate into tangible development outcomes, as trade between both countries reached $4.7 billion in 2025.
The Chief Executive Officer of the Dangote Petroleum Refinery, David Bird, says the 650,000 barrels-per-day (bpd) refinery has a substantial surplus of jet fuel and is well-positioned to supply global markets.
Mr Bird disclosed this on Tuesday during a speech at the S&P Global Energy Middle East Petroleum and Gas Conference in London.
“We’re very grateful to be seen as a reliable, high-quality and dependable supplier able to land our product competitively all over the world,” Reuters quoted Mr Bird as saying.
According to him, lower demand within Africa compared to other regions has created export opportunities for the refinery.
His comments come at a time when global energy markets remain under pressure following tensions involving the US, Israel and Iran, which heightened concerns over supply disruptions around the Strait of Hormuz and contributed to volatility in fuel markets.
Jet fuel has been among the products significantly affected by these disruptions, with prices remaining elevated in many markets.
Mr Bird’s remarks also come amid persistent concerns within Nigeria’s aviation industry over the rising cost of Jet A1 fuel.
In recent months, PREMIUM TIMES has reported extensively on the pressure facing domestic airlines as aviation fuel prices surged, prompting warnings about possible disruptions and operational challenges.
Several operators, including Air Peace, United Nigeria Airlines and Ibom Air, have repeatedly complained about soaring Jet A1 prices, saying the development has strained operations and disrupted schedules.
The situation prompted government intervention after airline operators warned that sustained increases in aviation fuel costs could threaten the survival of some carriers.
Despite those interventions, airlines continue to report operational difficulties linked to fuel costs, including delays, cancellations and reduced flight frequencies.
However, the situation has also created opportunities for refiners outside the Gulf region, including Dangote Refinery, to expand exports to international markets.
Mr Bird said the refinery is currently operating at full nameplate capacity and is planning what he described as a “ruthless replication” strategy to expand output.
“We will bring 700,000 barrels per day of fully complex refining capacity on stream by the end of 2028,” he said, adding that long-lead equipment has already been procured while construction contracts are being awarded.
He added that the group could eventually increase refining capacity to 2.1 million bpd, supported by plans for another refinery in East Africa, positioning the company as a major player in global crude and refined product markets.
“Nigeria has gone from fuel scarcity to absolute fuel abundance since the Dangote refinery came online,” Mr Bird said.
According to Kpler data cited last month, the Dangote Petroleum Refinery exported an estimated 57 million barrels of jet fuel between April 2024 and April 2026.
The data showed exports rose from about 20,000 barrels per day in April 2024 to around 65,000 barrels per day by the end of that year before peaking at approximately 160,000 barrels per day during the review period.
The figures highlight the growing role of refined petroleum exports in Nigeria’s energy sector, particularly aviation fuel, as the country seeks to strengthen domestic refining capacity and reduce dependence on imported products.
BY NKECHI NAECHE-ESEZOBOR—The Founder and Executive Chairman of Baywood Holdings Limited, Emperor Chris Baywood Ibe, has praised the National Insurance Commission (NAICOM) for encouraging innovation and digital growth within the country’s financial services sector.
Speaking in Lagos, the Baywood founder, noted that the regulator’s forward-thinking approach recognizes digital ecosystems as the primary pathway to deepening insurance penetration and expanding access across Nigeria.
The commendation follows the recent deployment of an operational web aggregator license granted by NAICOM to CBI Partnering Insurtech Limited, a subsidiary of Baywood Holdings.
According to Ibe, this regulatory approval directly aligns with the Federal Government’s newly assented insurance policy, which is aimed at driving comprehensive financial inclusion through digital transformation.
He revealed that the company invested over a year into building a robust technological infrastructure before securing final regulatory approval.
Ibe stated that while the licensing process was stringent to acquire, it served as the final piece of the puzzle for the firm.
He emphasized that long before receiving the official nod, the company had invested heavily in building the technology and preparing for scale, operating on the principle that operational readiness must always precede market recognition.
Operating strictly as a technology-driven marketplace rather than a traditional insurance underwriter, CBI Partnering Insurtech plans to leverage its web aggregator status to bridge the gap between conventional insurance providers and the uninsured public.
The highly scalable platform is web-based, app-driven, and API-ready, specifically engineered to integrate insurers, Health Maintenance Organizations (HMOs), corporate entities, SMEs, and individual retail consumers into a single, unified digital ecosystem.
The post Baywood Boss Backs NAICOM’s Digital Innovation appeared first on Business Today NG.
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