The President of the African Development Bank (AfDB), Akinwumi Adesina, has called on Nigeria to industrialise its critical minerals sector to shield itself from growing global trade disruptions.Speaking at the 14th Convocation Lecture of the National O… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader AfDB warns of export shocks, urges Nigeria to manufacture with minerals By Busola Bamidele on May 4, 2025 The President of the African Development Bank (AfDB), Akinwumi Adesina, has called on Nigeria to industrialise its critical minerals sector to shield itself from growing global trade disruptions. Speaking at the 14th Convocation Lecture of the National Open University of Nigeria (NOUN), Adesina stressed that Nigeria's mineral wealth and low production costs give it a competitive edge, especially in solar panel manufacturing. He urged the country to ditch raw material exports and embrace value-added production backed by clear industrial policy. Read also: Bolt launches electric tricycles to boost driver earnings, reduce commuter costs AI projected to add $58bn to nigeria's GDP by 2030 AfDB warns of export shocks, urges Nigeria to manufacture with minerals AI to power $58bn boost for Nigeria's economy by 2030 FG disburses ₦1.48bn ⁶ to 29,000 small business owners His warning follows new U.S. tariffs affecting 47 African nations, which he said have effectively nullified AGOA, a trade program granting duty-free access to U.S. markets. The fallout could deepen export shocks, weaken currencies, and hike inflation. Adesina labelled raw material exports as "the door to poverty" and highlighted Indonesia's success with domestic mineral processing. He also cited AfDB's "Mission 300" and youth-focused initiatives like the $100m Youth Entrepreneurship Investment Bank and $614m I-DICE program as critical to driving growth and job creation in Nigeria.

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Bolt has introduced electric tricycles in Lagos as part of a new initiative to help drivers reduce fuel expenses, access affordable vehicle ownership, and improve their livelihoods. The ride-hailing platform unveiled the new scheme in partnership… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader Bolt launches electric tricycles to boost driver earnings, reduce commuter costs By sbinsights on May 4, 2025 Bolt has introduced electric tricycles in Lagos as part of a new initiative to help drivers reduce fuel expenses, access affordable vehicle ownership, and improve their livelihoods. The ride-hailing platform unveiled the new scheme in partnership with SGX, offering drivers a lease-to-own model that allows them to operate brand-new electric tricycles without upfront payment and take full ownership after 24 months. The project targets the deployment of 1,000 electric tricycles by the end of 2025, with a focus on providing cheaper transport alternatives in underserved, high-density areas where ride-hailing is often out of reach for many commuters. Read also Bolt launches electric tricycles to boost driver earnings, reduce commuter costs AI projected to add $58bn to nigeria's GDP by 2030 AI to power $58bn boost for Nigeria's economy by 2030 FG disburses ₦1.48bn ⁶ to 29,000 small business owners Nigeria hosts first digital trade hackathon to unlock AfCFTA benefits for small businesses "This initiative is about transforming how mobility works for the people who power our platform," said Caroline Wanjihia, Bolt's Regional Director for Africa and International Markets. "By giving drivers tools to cut fuel costs and eventually own their tricycles, we're building long-term economic empowerment." Osi Oguah, General Manager at Bolt Nigeria, added that the new EV tricycles will create a more inclusive transport system while helping drivers build sustainable income. Drivers in the scheme will operate within SGX-managed fleets and exclusively on the Bolt platform, with lease terms linked to their weekly performance. The electric tricycles represent a new, lower-cost ride category for Bolt users, aligning with broader efforts to promote sustainable urban mobility and improve access to affordable transport.

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Artificial intelligence could add as much as $58 billion to Nigeria's economy by 2030, driven by strategic investments, smart regulation, and widespread adoption across sectors. This projection was made by Ola Williams, Managing Director of Mic… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader AI projected to add $58bn to nigeria's GDP by 2030 By sbinsights on May 4, 2025 Artificial intelligence could add as much as $58 billion to Nigeria's economy by 2030, driven by strategic investments, smart regulation, and widespread adoption across sectors. This projection was made by Ola Williams, Managing Director of Microsoft Nigeria and Ghana, in a commentary drawing lessons from Nigeria's mobile money revolution and its potential to replicate similar gains through AI. She noted that Sub-Saharan Africa stands to gain $136 billion in productivity, cost savings, and new revenues from AI by 2030, with Nigeria expected to capture 43% of that value due to its proactive strategy. "Nigeria's leadership in mobile money, with over a third of new accounts in West Africa in 2023, shows how local solutions, when backed by regulation and infrastructure, can reshape an economy," Williams said. She identified AI as a general-purpose technology—akin to electricity or the internet—capable of powering a new wave of industrial transformation. Read also AI projected to add $58bn to nigeria's GDP by 2030 AI to power $58bn boost for Nigeria's economy by 2030 FG disburses ₦1.48bn ⁶ to 29,000 small business owners Nigeria hosts first digital trade hackathon to unlock AfCFTA benefits for small businesses FCCPC says it won't back down as WhatsApp's parent threatens exit over $220m fine Williams stressed that success will depend not only on innovation but also on mass adoption. "To benefit most from AI, Nigeria must extend its use beyond the tech and finance sectors into agriculture, education, healthcare, and manufacturing," she said. She praised the Central Bank of Nigeria's mobile money policies as a model for regulating AI, emphasizing trust, clear frameworks, and deep market knowledge. "We need the same regulatory foresight for AI," she added. On infrastructure, she pointed to the role of telecom investments in scaling mobile money and called for even bolder commitments to support AI development. Local firms are already making moves. Fintech startup WallX is using AI for credit scoring in underserved markets, while Access Holdings has deployed Microsoft's Copilot to boost staff productivity. Williams concluded with a call for Nigeria to become not just a consumer but a global exporter of AI-powered solutions, saying, "AI presents a generational opportunity to drive inclusive economic growth and elevate Nigeria's place in the global tech economy."

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