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  • ECOWAS Commission, AfDB Jointly Review 2020- 2025 RISP

    ECOWAS Commission, AfDB Jointly Review 2020- 2025 RISP

    By Joyce Remi-Babayeju

    The ECOWAS Commission and the African Development Bank (AfDB), on Tuesday in Abuja began a joint consultation meeting on the mid-term performance reviews
    of the Regional Integration Strategy Paper (RISP) for West Africa for 2020-2025.

    The meeting, which began today, Tuesday, September 5th, will end on Friday, September 8, 2023.

    In a statement made available to Daybreak today, the meeting will focus on a number of topics, including the challenges and prospects of regional integration in West Africa, the state of cooperation between the Commission and the Bank, the Bank’s strategic orientation and priority areas of intervention, and future priority projects between the two institutions.

    Furthermore, interventions to be discussed include economic affairs, agriculture, human development and social affairs, infrastructure, energy and digitalization, political affairs, peace and security, transportation, energy, and information and communication technology.

    Expected outcomes of the meeting is a report outlining the primary conclusion and recommendations of the Bank’s engagement with the Commission and it will be submitted to the leadership of both the Bank and the ECOWAS Commission.

  • $538m: Buhari lauds as AfDB, others fund Nigeria’s agric sector

    $538m: Buhari lauds as AfDB, others fund Nigeria’s agric sector

    President Muhammadu Buhari on Wednesday in Senegal, lauded the provision of $538.05m by the African Development Bank, the Islamic Development Bank, and the International Fund for Agricultural Development for the first phase of the Special Agro-Industrial Processing Zones for Nigeria programme.

    This was as he said urged his counterparts to allocate at least 10 per cent of their nations’ budgets to agriculture as agreed in the Malabo Declaration of the African Heads of State and Government.

    ‘I am pleased with the partnership approach used for Nigeria by the multilateral financing institutions, with the African Development Bank providing $210m, the Islamic Development Bank and the International Fund for Agricultural Development providing $310m, and the Government of Nigeria providing $18.05m,” Buhari said in his goodwill message to the Feed Africa Summit of Heads of State and Government in Dakar.

    Special Adviser to the President on Media and Publicity, Femi Adesina, revealed this in a statement he signed on Wednesday titled ‘How Africa can feed itself, produce surplus for export, by President Buhari.’

    Applauding the efforts of the African Development Bank to launch SAPZ, Buhari said ‘‘The Special Agro-Industrial Processing Zones for Nigeria, which is in the first phase will cover seven States in the Federation.

    ‘‘These very innovative public-private partnership models will help us to transform the agriculture sector much faster and use it to generate wealth.

    ‘‘They will also allow our countries to develop integrated infrastructure around our agricultural processes and add value to the production of crops, livestock, and fisheries.’’

    He described the SAPZs as game changers for the structural transformation of the agricultural sector.

    Therefore, he urged his counterparts to give special attention to the zones as member states develop their Food and Agriculture Delivery Compacts.

    Buhari also cited the rising inflation globally and the effects of the Russia-Ukraine conflict that have driven up food prices, especially for basic staples such as wheat and maize.

    He enumerated measures that African leaders must take to change the state of things.

    ‘‘We must ensure that we feed ourselves today, tomorrow, and well into the future. The starting point is to raise agricultural productivity. This requires the access of farmers to quality farm inputs, especially improved seeds, and fertilizers and mechanization.

    ‘‘To succeed, we must strongly support farmers. There is no doubt that we need to subsidize our farmers, but we must do so in ways that are transparent, remove rent seeking behavior and effectively deliver support to farmers.

    ‘‘The share of budget allocation to agriculture should be increased across Africa, especially for investments in critical public goods, such as research and development, infrastructure, especially roads, irrigation, and energy.

    ‘‘As leaders, let us decisively ensure that we meet the 10 per cent allocation of our budgets to agriculture as agreed in the Malabo Declaration of the African Heads of State and Government. We must reduce the rate of rural to urban migration through the development of rural areas,’’ Buhari advised.

    The President also noted that the future of agriculture in Africa would depend on getting more youth into agriculture, which means making agriculture attractive for them.

    This means enabling easy access to land, finance, technologies, information, and markets, he said.

    Therefore, he requested that the Food and Agriculture Delivery Compacts arising from the Summit must address ways to improve empowerment of the youth and women in agriculture.

    Buhari also called for affordable financing to support smallholder and commercial farmers, emphasizing the need for dedicated financing windows from the central banks.

    He said ‘‘Access to affordable finance is critical for the success of efforts to support smallholder farmers and commercial farmers. Commercial banks do not lend much to agriculture due to the perception of high risks.

    ‘‘Generally, less than 3 per cent of total financing by commercial banks in Africa go into agriculture.

    “We must therefore reduce the risks of lending faced by commercial banks. But we must go beyond commercial lending. Where possible and countries can afford to, the central banks can also dedicate significant resources to complement lending from commercial banks.”

    He commended the President of the African Development Bank, Dr. Akinwunmi Adesina, for the vision to driv

  • How African Diaspora Remitted $95.6bn – AfDB

    How African Diaspora Remitted $95.6bn – AfDB

    The President, African Development Bank Group (AfDB), Akinwumi Adesina, has described Africans in the diaspora as critical to the continent’s economic development as they constitute the continent’s largest financiers through remittances, which has now reached $95.6bn.

    Mr. Adesina made the disclosure yesterday at an event ‘Development Without Borders: Leveraging the African Diaspora for Inclusive Growth and Sustainable Development in Africa’, organised by the bank, in collaboration with the African Union Commission, the International Organisation for Migration and the African Continental Free Trade Area Secretariat.

    The AfDB president was quoted in a statement by the bank issued yesterday saying “The value of remittances from the African diaspora doubled from $37 billion in 2010 to $87 billion in 2019, reaching $95.6 billion by 2021. 

    Yet official development assistance to Africa in 2021 was $35 billion, or 36% of the remittances from the diaspora. Egypt and Nigeria are among the top 10 remittance recipients globally, with $31.5 billion and $19.2 billion respectively in 2021.”

    Adesina also stressed that Africans in the diaspora had become the largest financiers of Africa, with the funds from them not being debts.

    He further noted that while remittances had helped to meet financial, food, education, and health needs, as well as serve as countercyclical sources of finance and social protection, more can be done to tap into these remittances for Africa’s development.

    “We must eliminate the Africa-premium charged on remittances, as the cost of remitting funds to Africa is twice what it is for South Asia. We must tap the massive opportunities offered by diaspora bonds,” he added.

    The president described diaspora bonds as an effective instrument to harness remittances for the development of Africa. But despite its great potential, he added, only four African countries (Ethiopia, Kenya, Ghana, and Nigeria) had successfully issued diaspora bonds, often with mixed results.

    According to Adesina, the flow of remittances to Africa was high, rising, and stable, while offering huge opportunities to serve as collateral to secure financing for African economies.

    He urged African countries to securitise remittances to promote investments, especially for infrastructure on the continent, stressing that the diaspora can offer a lot more than remittances and investments.

  • AfDB to Fund Business Women with $500m

    AfDB to Fund Business Women with $500m

    The African Development Bank (AfDB) expects to disburse $500 million for women businesses in 2022.

    The President of AfDB, Dr Akinwumi Adesina, said this at the ongoing Finance in Common Summit in Abidjan, Côte d’Ivoire.

    The third edition of the summit is co-organised by the bank and the European Investment Bank with a focus on ‘Green and Just Transition for a Sustainable Recovery’.

    He said: “We must revitalise hope for women.

    “That’s why the African Development Bank, with strong support of the French government, the UK, Netherlands and Nordic countries, launched the Affirmative Finance Action for Women.

    “I am delighted that last year, we disbursed $534 million for women businesses and this year we expect to disburse another $500 million for women.

    “Women run Africa, so when women win, Africa wins!”

    Adesina further said the bank planned to invest $10.5 billion in agriculture over the next five years.

    “We’re looking forward to working together to help unlock the potential of Africa to feed itself and to help also feed the world,” he said.

    The AfDB president also said the bank was driving the transformation of agriculture in Africa by supporting the establishment of special agro-industrial processing zones with $779 million.

    He said it had already begun in 12 countries.

    “I would like to especially thank our partners, the International Fund for Agricultural Development, Japanese International Cooperation Agency and the Islamic Development Bank, who have provided $669 million of co-financing towards the establishment of Special Agro-Industrial Processing Zones in Africa.”

    Furthermore, he spoke on what the bank was doing to revitalise hope for the youth.

    “That’s why the African Development Bank is working together with Agence Française de Development to develop the Youth Entrepreneurship Investment Banks.

    “Together with other partners including African governments, African central banks, African financial institutions, the European Investment Bank, the European Union Commission, and the Mastercard Foundation.

    “The Youth Entrepreneurship Investment Banks will be new financial institutions that will provide new financial ecosystems around the businesses of the youth across Africa,” he stated.

    However, he said participants at the summit must keep working together to leverage investments to tackle development challenges and mobilise more financing globally and leverage private capital.

    “We must work smarter. We must leverage. We must tilt private financing to complement all our efforts.

    “We must reform and improve the effectiveness of global financial architecture to address the growing development challenges around the world financing to achieve the Sustainable Development Goals,” Adesina said.

    The AfDB president also spoke on the Africa Investment Forum scheduled to hold in Abidjan, Côte d’Ivoire in November.

    According to him, “That’s what we are doing on the Africa Investment Forum, which has become Africa’s premiere investment platform to attract private investments to Africa.

    “Launched in 2018, the Africa investment forum has in three years helped to mobilise $110 billion in investment interests’ commitment to Africa.

    “In March of this year, the Africa Investment Forum secured investors’ interest commitment for $16 billion to finance the Lagos-Abidjan Highway, which will transform the economies and trade within West Africa.

    “That’s the power of working together.”

    He also said the Finance in Common summit had collective lending volumes of $2.3 trillion annually.

    Adesina, however, said it could be deployed more effectively to help drive the achievement of the Sustainable Development Goals (SDGs).

    Furthermore, he said the solution to global challenges was finance.

    “So, let’s connect. Let’s cooperate. Let’s leverage. Let’s work in common. Let’s deliver finance in common. Together we can. Together we must. Together we will,” he said. (NAN)

  • Russia-Ukraine War could put $10bn food production at risk – AFDB

    Russia-Ukraine War could put $10bn food production at risk – AFDB

    In a statement the African Development Bank Group (AFDB) President, Dr. Akinkumi Adesina says Fertilizer crisis triggered by the Russian war in Ukraine could put more than $10bn worth of food production at risk in Africa.

    He stated this during his visit to Washington DC, for a three-day official visit, which includes several bilateral engagement with stakeholders on Africa Development .

    Adesina added that, the bank is focused on boosting massive food production to combat the looming global food crisis in African caused by the war in Ukraine.

    The Ministers jointly agreed to finance Africa’s economic resilience in turbulent times and a substantial replenishment of the African Development fund.

  • AfDB Boss celebrates former President Obasanjo at 85

    AfDB Boss celebrates former President Obasanjo at 85

    Dr Akinwumi Adesina, the President, African Development Bank (AfDB) has congratulated former President Olusegun Obasanjo on his 85th birthday.

    Adesina, in a goodwill message issued on Saturday, described Obasanjo’s contributions to Nigeria, Africa and the world as exemplary.

    “On behalf of myself, my wife, Grace and the entire family of the African Development Bank, I am writing to wish you a very happy 85th birthday.

    According to Adesina, your life has continued to inspire.

    “Your selflessness toward causes in Africa as well as global issues, have always shown that your heart and passion are to drive transformation and seek solutions to pressing development challenges facing Africa and developing nations.

    “Anyone that knows you would immediately wonder how someone at your age can work several times harder than people who are half your age.

    “Your passion and commitment to the younger generation are further exemplified by your always finding time and resources to encourage and support the youth, especially in agriculture.

    “You have remained engaged with former Heads of State and Government across Africa, to relentlessly find solutions to challenges and mediate to resolve conflicts.

    “This includes service as UN High Representative, African Union High Representative and election observer in several countries.

    “I wish that I would be as strong as you when I get to your age.

    “Your contributions to Nigeria, Africa and the world are exemplary.

    “May God continue to grant you grace, strength and good health as you continue to provide selfless service to humanity, and especially to Africa.

    “I look forward to seeing you at your 85th birthday lecture in Abeokuta to be delivered by President Paul Kagame, President of the Republic of Rwanda.

  • 40% of Nigerian youths Jobless — Dr. Akinwumi Adesina

    40% of Nigerian youths Jobless — Dr. Akinwumi Adesina

    The President of African Development Bank, AfDB, Dr. Akinwumi Adesina has lamented the state of joblessness among Nigerians, saying that about 40 percent of youths are unemployed.

    Dr. Adesina, who made the disclosure in a lecture he delivered during the 80th birthday celebration of General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, said the youths are discouraged, angry and restless, as they look at a future that does not give them hope.

    In the lecture titled, “Nigeria – a country of many nations: a quest for national integration”, Dr. Adesina , however said all hope is not lost as youths have a vital role to play if the country should arrive on its destined destination.

    Meanwhile, a youth group, under the aegis of Prudent Youth Association of Nigeria, PYAN, has called, Dr Akinwumi Adesina to join the race for 2023 presidential election.

    The group said in a statement by its Public Relations Officer, Mr Haruna Awode that Adesina has outstanding qualities needed at the critical moment to address the myriad of problems confronting Nigeria as a nation.

    Speaking further, Dr. Adesina noted that, “For Nigeria to be all that it can be, the youth of Nigeria must be all they can be. “

    He said, “The future of Nigeria depends on what it does today with its dynamic youth population. This demographic advantage must be turned into a first-rate and well-trained workforce, for Nigeria, for the region, and for the world.

    “We should prioritize investments in the youth: in up skilling them for the jobs of the future, not the jobs of the past; by moving away from so-called youth empowerment to youth investment; to opening up the social and political space to the youth to air their views and become a positive force for national development; and for ensuring that that we create youth-based wealth.

    “From the East to the West, from the North to the South, there must be a sea change in economic, financial, and business opportunities for young Nigerians.

    “The old must give way to the new. And there must be a corresponding generational transfer of power and wealth to the youth. The popular folk talk should no longer be “the young shall grow,” it should, rather, be: “the young have arrived.”

    “The young shoots are springing up in Nigeria. Today, Nigeria’s youth are leading in the FinTech Industry. two companies – PayPal Interswitch are both valued at $1 billion.

    “A third company, Flutterwave more than tripled its valuation in less than a year to over $3 billion what does this tell us? The future is here and young entrepreneurs are central to it.”

    Adesina recalled that, “The African Development Bank approved $170 million in December of last year for Nigeria to support its program to expand digital and creative industries, by unleashing the incredible entrepreneurship of Nigeria’s youth.

    “The African Development Bank is also exploring the establishment of Youth Entrepreneurship Investment Banks — financial institutions for young people, run by first-rate young bankers and financial experts, to drive youth-wealth creation. “

    “Nigerians deserve wealth, not poverty. There cannot and should not be a Nigeria for the rich, and another Nigeria for the poor.

    “We must build one Nigeria, where every citizen has the right to a decent life. We must build a better nation. We must start building again, not splintering again.

    “We must re-build trust, equity, and social justice, to propel strong cohesiveness as a nation.

    “The tides are high, I know, and our boat rocks from time to time. Yet, I have hope. Hope for a better Nigeria … a renewed nation. Hope for a nation that is helped and healed by God. A nation, where the sacrifices of Nigerians past and present shall not be in vain.

    “I pray and long for a better Nigeria. For a nation, built not on the division of its past, or the foundations of ethnicity, but on a new foundation, the foundation of equity, fairness, justice, and unity, one Nigerian to the other.

    “For a new Nigeria, where one from the north shall be at home in the east; where one from the east shall break bread with one in the north; one where the one in the west shall eat from the same plate with one in the north; and wash hands in the same basin as one in the east. “

    He said for Nigeria to realize its dream, “The constituent States in Nigeria must be more financially autonomous through greater fiscal prudence. If States focus on unlocking the huge resources they have, based on areas of comparative advantage, they will rapidly expand wealth for their people.

    “With their increased wealth they will be able to access capital markets to secure long-term financing to fast-track their growth and development.

    “States that adopt this strategy would have less of a need for monthly trips to Abuja for grants. Instead, part of their federal revenue allocations can be saved as internal ‘state sovereign wealth funds’.

    “This can then be used as guarantees against borrowings from capital markets. They would be free from needing to exclusively rely on the federal government.

    “As a way out of the economic quagmire, much has been said about the need for restructuring. I know the discussions are often emotive. Restructuring should not be driven by political expediency, but by economic and financial viability – the necessary and sufficient conditions for political viability.

    “Surgeries are tough. They are better done well, the first time. The resources found in each state or state groupings should belong to them. The constituent entities should pay federal taxes or royalties for those resources.

    “The achievement of economically viable entities and the viability of the national entity requires constitutional changes to devolve more economic and fiscal powers to the states or regions.

    “The stronger the states, or regions, the stronger the federated units. In the process, our union would be renewed. Our union would be stronger. Our union would be equitable. Our union would be fully participatory. “

    The group, while justifying its call on Adesina to join the murky water of police argued that as a former minister of Agriculture and the incumbent two terms President of AfDB, given his antecedents, Adesina could be trusted to successfully run the affairs of Nigeria.

    According to the body, “At the moment, Nigeria does not just need people with political exposure to lead as president; the exalted office should be occupied by a young, vibrant, intellectual with experienced and focused mind.

    “Academically, Adesina has a track records of brilliancy. He was the first to graduate with a First Class Honours, bachelor’s degree in Agricultural Economics, from the Obafemi Awolowo University), Nigeria, in 1981.

    “He holds a master’s degree and a PhD in Agricultural Economics (1988) from Purdue University, USA, where he won the Outstanding PhD thesis award for that year.

    “He has demonstrated that his outstanding academic performance was not a fluke, as he has applied this in meeting the social and economic needs of humanity at both national and international stages.

    The group said that as a former Minister of Agriculture and the incumbent president of AfDB, Adesina has not disappointed or failed the nation, especially the youths.

    The globally renowned development economist, scholar and agricultural development expert, with more than 30 years of international experience has rather proved his worth at every given opportunity.

    “It is on records that as the Minister of Agriculture in Nigeria from 2011-2015, Adesina reformed the agriculture sector.

    “Within his four years as a minister, Adesina changed agriculture in Nigeria from that of subsistence to a viable business through private sector led investments, while he also expanded the country’s food production.

    “Under his tenure, Nigeria ended 40 years of corruption in the fertilizer sector by developing and implementing an innovative electronic wallet system, which directly provides farmers with subsidized farm inputs at scale using their mobile phones.

  • AFDB Facilitates Establishment Of Onion Commodity Exchange In Sokoto

    AFDB Facilitates Establishment Of Onion Commodity Exchange In Sokoto

    By Muhammad Goronyo,Sokoto

    Early this week Sokoto state Governor, Aminu Waziri Tambuwal has revealed that the African Development Bank (AfDB) will soon facilitate the establishment of an Onion Commodity Exchange in the state.

    This, the Governor said was part of the outcomes of a high level meeting he and some of his Commissioners had with the management team of the bank last week in Abidjan, Côte d’Ivoire.

    Governor’s media aide in a statement said if it is realized the exchange will be the 15th of its kind in Africa and the fourth in the country after the Abuja Securities and Commodity Exchange, Lagos Commodities and Futures Exchange; and, AFEX Commodities Exchange Limited.

    In economic parlance, trading in Exchanges includes derivatives contracts, such as forwards, futures, options and spot trades- focusing on immediate delivery. It could also be trades on interest rates, foreign exchange futures, freight contracts instruments and environmental instruments.

    According to Gov. Tambuwal, while closing a three day training for budding entrepreneurs in the state
    on Saturday, “during our visit to the AfDB, we had engagements with them and agreed that an Onion Commodities Exchange will be established in Sokoto with the help of the bank on the framework and technical support

    He said the potential for onions trade abound in the state, thus putting it in the topmost position of states cultivating the commodity in the country.

    He cited an example of an individual in Abidjan, who transacts over N2.8 billion onion trade annually from Sokoto-Côte d’Ivoire, elaborating that the result of a survey he commissioned has revealed that from onion trade alone, the state engages in an annual transaction of between N250-N300 billion.

    The Governor , therefore, assured that his administration will continue to support indigenous farmers “because they have the potentials to increase their economic strengths and purchasing powers.

  • AFDB And Sokoto Government On Feasibility Of Raising Ranches, Grazing Reserves In Sokoto

    AFDB And Sokoto Government On Feasibility Of Raising Ranches, Grazing Reserves In Sokoto

    By Muhammad Goronyo,Sokoto
    Sokoto state government and the African Development Bank (AfDB) are working closely towards the feasibility of raising ranches and grazing reserves in parts of the state so as to improve livestock farming and curtail the preponderance of banditry and sundry crimes arising therefrom.
    Muhammad Bello in a statement said this was part of the take-always from a meeting Gov. Aminu Waziri Tambuwal of Sokoto state and a team of his Commissioners had with the management of the AfDB, led by the  President of its President, Dr Akinwumi Adesina, in the bank’s headquarters in Abidjan, Côte d’Ivoire.
    According to the state Commissioner for Animal Health, Prof. Abdulkadir Junaidu, the move is in furtherance of the state government’s ongoing efforts to achieve the same goal.
    Prof. Junaidu, who also briefed the AfDB management team during the Abidjan meeting, said the thrust towards the realization of this objective with the support of the continental bank would entail a public-private partnerships that will enhance achievement of the set goals.
    These, he explains, includes the monitoring and and improvement of the health of both the livestock and pastoralists to stem the tide of the escalation of zoonotic diseases akin to the one that heralded COVID-19 outbreak and others worldwide.
    The Commissioner also intimated that the Sokoto state government also deliberated on cattle breeding program, artificial insemination and embryonic transfer as well as pasture development with the AfDB team.
    More of the issues discussed are: the preservation and enhancement of the breeding of the Sokoto Red goat (listed among global goat breeds known as farm animals of domestic goat (Capra hircus) and small ruminants species), and other livestock for the production of meat and dairy; and, the involvement of women in the whole gamut of these enterprises.
  • Ghana: AfDB extends $75 million loan to Ghana Infrastructure Investment Fund for portfolio expansion

    Ghana: AfDB extends $75 million loan to Ghana Infrastructure Investment Fund for portfolio expansion

    The African Development Bank’s support aligns with Ghana’s Coordinated Programme of Economic and Social Development Policies 2017-2024 and Medium-Term National Development Policy Framework
     
    ABIDJAN, Ivory Coast, October 27, 2021/ — The African Development Bank (www.AfDB.org)’s Board of Directors has officially approved a  $75 million commercial loan to the Ghana Infrastructure Investment Fund (GIIF).

    The African Development Bank’s loan will enable the Ghanaian state-owned GIIF to efficiently leverage its paid-in equity capital of $325 million to secure additional debt resources to finance several critical Ghanaian infrastructure projects and reduce the country’s estimated multi-billion dollar infrastructure finance deficit.  

     “This loan is an important step to anchor the sustainability of a national infrastructure financing vehicle in Ghana, a model we’d like to promote to bridge the infrastructure financing gap over the continent,” said Amadou Oumarou, African Development Bank Director for Infrastructure & Urban Development.

    Since 2016, the Fund has committed over 88% of its equity investment capital towards several infrastructure projects within the transport, climate resilient energy, ICT and affordable housing sectors, while successfully mobilizing over one billion dollars of private capital from both domestic and international sources.

    In terms of development impact, The African Development Bank’s participation is expected to catalyze private sector-led infrastructure development, expand access to infrastructure services in Ghana, and generate significant employment opportunities.

    The African Development Bank’s support aligns with Ghana’s Coordinated Programme of Economic and Social Development Policies 2017-2024 and Medium-Term National Development Policy Framework (MTDF 2018-2021), as well as the African Development Bank’s Ten-Year Strategy, and High-5 strategic priorities.

    As of July 2021, The African Development Bank has provided over  $3 billion of financing for various projects in Ghana, of which over  $600 million has been directed towards various road, aviation, and rail transportation projects. 
    Distributed by APO Group on behalf of African Development Bank Group (AfDB).