by Fred Nwaozor The tourism sector in Nigeria is a largely untapped yet highly promising component of the national economy. With her vast landmass, rich cultural diversity, and varied ecosystems, Nigeria possesses the natural and human resources required to build a thriving tourism industry. Tourism, if properly harnessed, can serve as a major source of revenue, employment, and international goodwill for the country. Nigeria’s cultural diversity is one of its greatest tourism assets. With over 250 ethnic groups, each with distinct languages, traditions, festivals, and cuisines, the country offers a wide range of cultural experiences. Traditional festivals such as the Argungu Fishing Festival, Osun-Osogbo Festival, Durbar Festival, and New Yam festivals attract both local and international visitors. The country is also blessed with numerous natural attractions that have strong tourism potential. These include scenic landscapes such as the Obudu Mountain Resort in Cross River ...
AfDB elects New President, Sidi Tah
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The Mauritania's former Economy minister, Sidi Ould Tah on Thursday,29th May 2025 clinched victory with 76.18 percent of votes in the third round of an election in Abidjan, Ivory Coast for the post of president of the Africa Development Bank (AfDB).
His closest challenger, Zambian economist Samuel Munzele Maimbo, was second on 20.26 percent.
Ould Tah succeeds Nigeria's Akinwumi Adesina, who has been in charge of the AfDB since 2015, to become Africa's next "super banker". He would be reportedly inaugurated in September, 2025.
The latest contest took three rounds of voting to secure the requisite majority of votes from all member countries and a majority of votes from African nations.
The AfDB is one of the world's largest multilateral development banks and is funded by member subscriptions, loans raised on global markets as well as repayments and income from loans.
Ould Tah faces a disrupted international economic environment, probably due to the US President Donald Trump's tariff announcements.
Beyond tariffs, the AfDB is also facing the threat of losing 500 million dollars in US funding for its projects to support low income countries on the continent.
In the lead-up to the election, all the candidates in the race promised to make the AfDB even more effective to transform Africa, continuing Adesina's five priorities to light up, feed, industrialise, integrate and improve quality of life.
"I am proud of the legacy we are leaving behind for... my successor, for the bank and for Africa," the outgoing president, Adesina said in a speech on Tuesday, two days earlier.
"We have built a world-class financial institution that will continue to advance Africa's position within a rapidly changing global development and geopolitical environment," he added.
Adesina said 565 million people had benefited from AfDB projects during his decade in charge.
Major projects include support for the construction of the Gabal El Asfar wastewater treatment plant in Egypt – the largest in Africa.
"The bank also helped finance a bridge connecting Senegal and the Gambia, expanded the port of Lome in Togo and supported sanitation projects in Lesotho and access to electricity in Kenya," Adesina boasted.
"From 2015 to this year, the bank's capital more than tripled from $93 billion to $318 billion." he added.
