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AfDB Approves $1.5bn to Fight Hunger in Africa

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The AfDB Group’s Board has approved a $1.5 billion facility to support African countries deal with the impact of the Russian-Ukraine war impacting food prices and availability

AfDB’s Chief Agriculture Policy Economist and Coordinator of Global Agriculture and Food Security Programme at AfDB, Mr.

Philip Boahen, said this at Tamale, Ghana at the weekend.

Boahen said the facility is expected to reach over 20 million African farmers to deal with the food shortfall.

The bank, on its website, also said that with the disruption of food supplies arising from the war, Africa now faces a shortage of at least 30 million metric tonnes of food.

AfDB said that food like wheat, maize, and soybeans imported from both countries was majorly affected by the war.

According to the Bank, the $1.5 billion, an African Emergency Food Production Facility, is an unprecedented comprehensive initiative to support smallholder farmers in filling the food shortfall.

The AfDB said it would provide fertilizer to smallholder farmers across Africa over the next four farming seasons, indicating it will use its convening influence with major fertilizer manufacturers, loan guarantees, and other financial instruments to provide the fertilizers.

“African farmers urgently need high-quality seeds and inputs before the planting season begins in May to immediately boost food supplies.

“The facility will provide 20 million African smallholder farmers with certified seeds.

“It will increase access to agricultural fertilizers and enable them to rapidly-produce 38 million tonnes of food.

“This would be a $12 billion increase in food production in just two years,” the AfDB said.

The Bank said the facility would lead to the production of 11 million tonnes of wheat; 18 million tonnes of maize; 6 million tonnes of rice; and 2.5 million tonnes of soybeans.

“It will also support market growth and post-harvest management, and create a platform to advocate for critical policy reforms to solve the structural issues that impede farmers from receiving modern inputs.”

In a related development, the African Petroleum Producers’ Organisation (APPO) and African Export-Import Bank (Afreximbank) have signed a Memorandum of Understanding (MoU) to establish an African Energy Transition Bank.

This is contained in a statement signed by Afreximbank’s Media Contact, Mr. Amadou Sall, at the weekend.

Sall said the establishment of the energy bank was in support of an African-led energy transition strategy.

He said the new institution would accelerate Africa’s economic development while ensuring the progress was compatible with and complementary to, the Sustainable Development Goals,

Sall said that the new bank would also ensure compatibility with the continent’s long-term social and environmental objectives as set out in African Union’s Agenda 2063: The Africa We Want.

He said that the bank would address an urgent and existential need on the continent.

“Africa stands to experience profound effects from climate change, while the considerable poverty across the continent further disincentivises a focus on environmental care and sustainability for many populations.

“Moreover, Africa’s oil and gas industry faces growing pressures as international investment in hydrocarbons diminishes.

“While Africa’s transition towards alternative energy sources presents great opportunities for the continent, this transition must be carefully managed to minimise the short-term adverse impacts of the transition while maximising its longer-term benefits,” he said.

Sall said the new bank’s responsibilities would include the management and encouragement of such a productive transition.

He said that APPO member states would be signatories to the Energy Transition Bank’s constitutional documents which would be structured in the form of a multilateral treaty, and invest equity into the new vehicle.

Sall said that Afreximbank would co-invest and advise on the establishment and implementation process.

The statement quoted Prof. Benedict Oramah, President of Afreximbank, as saying “we are delighted to be collaborating with APPO towards the establishment of the proposed African Energy Transition Bank”.

“These are challenging times when we must strive to strike the right balance between the imperatives of mitigating climate change and the urgency of averting social upheavals as a result of increasingly difficult economic and financial conditions in Africa.

“For us at Afreximbank, supporting the emergence of the African Energy Transition Bank will enable a more efficient and predictable capital allocation between fossil fuels and renewables.”

Oramah is quoted to have said that establishing the bank would also free human and other resources at Afreximbank that would make it possible to support its member countries more effectively in the transition to cleaner fuels.

Economy

Customs Zone D Seizes Contraband Worth N110m

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The Nigeria Customs Service (NCS), Federal Operation Unit (FOU), Zone D, has seized smuggled goods worth over N110 million between April 20 till date.

The Comptroller of Customs, Abubakar Umar, said this at a news conference on Tuesday in Bauchi.

He listed the seized items to include 11,200 litres of petrol; 192 bales of second hand clothing, 140 cartons of pasta, 125 pairs of jungle boots, 47 bags of foreign parboiled rice and 9.

40 kilogramme of pangolin scales.

Umar said the items were seized through increased patrols, intelligence-led operations, and strengthened inter-agency collaboration.

The comptroller said the pangolin scales would be handed over to the National Environmental Standards and Regulations Enforcement Agency (NESREA) for appropriate action, while the seized petrol would be auctioned, and the proceeds remitted to the federation account.

He attributed the decrease in smuggling activities of wildlife, narcotics, and fuel to the dedication and professionalism displayed by the personnel in line with Sections 226 and 245 of the NCS Act 2023.

The comptroller enjoined traders to remain law abiding, adding the service would scale up sensitisation activities to combat smuggling.

“We remain resolute in securing the borders and contributing to Nigeria’s economic development,” he said.

The FOU Zone D comprises Adamawa; Taraba, Bauchi, Gombe, Borno, Yobe, Plateau, Benue and Nasarawa. (NAN)

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Economy

Trade Tensions: Global Economy Stands at Fragile Turning Point -UN

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The UN Department of Economic and Social Affairs (UN DESA) has said that the global economy stands at a fragile turning point amid escalating trade tensions and growing policy uncertainties.UN DESA, in a report published on Thursday, stated that tariff-driven price pressures were adding to inflation risks, leaving trade-dependent economies particularly vulnerable.

It stated that higher tariffs and shifting trade policies were threatening to disrupt global supply chains, raise production costs, and delay key investment decisions – all of this weakening the prospects for global growth.
The economic slowdown is widespread, affecting both developed and developing economies around the world, according to the report.
For instance, in the United States, growth is projected to slow “significantly”, as higher tariffs and policy uncertainty are expected to weigh on private investment and consumer spending.Several major developing economies, including Brazil and Mexico, are also experiencing downward revisions in their growth forecasts.China’s economy is expected to grow by 4.6 per cent this year, down from 5.0 per cent in 2024. This slowdown reflects a weakening in consumer confidence, disruptions in export-driven manufacturing, and ongoing challenges in the Chinese property sector.By early 2025, inflation had exceeded pre-pandemic averages in two-thirds of countries worldwide, with more than 20 developing economies experiencing double-digit inflation rates.This comes despite global headline inflation easing between 2023 and 2024.Food inflation remained especially high in Africa, and in South and Western Asia, averaging above six per cent. This continues to hit low-income households hardest.Rising trade barriers and climate-related shocks are further driving up inflation, highlighting the urgent need for coordinated policies to stabilise prices and protect the most vulnerable populations.“The tariff shock risks hitting vulnerable developing countries hard,” Li Junhua, UN Under-Secretary-General for Economic and Social Affairs, said in a statement.As central banks try to balance the need to control inflation with efforts to support weakening economies, many governments – particularly in developing countries – have limited fiscal space. This makes it more difficult for them to respond effectively to the economic slowdown.For many developing countries, this challenging economic outlook threatens efforts to create jobs, reduce poverty, and tackle inequality, the report underlines. (NAN)

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Agriculture

NNPC Foundation Reiterates Commitment to Ensuring Food Security 

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The Nigerian National Petroleum Corporation (NNPC) Foundation has renewed its commitment to ensuring food security in the country.

Mrs Emmanuella Arukwe, Managing Director, NNPC Foundation, said this on Wednesday in her remarks during the training of vulnerable farmers in Akwa Ibom.

Arukwe said that 6, 000 farmers across the country would be trained on modern farming methods and market access strategies to boost food production in the country.

Arukwe, who was represented by Dr Bala David, Executive Director, Programme Development and Coordinator, NNPC Foundation, added that the Foundation was dedicated to implementing impactful programmes that aligned with national priorities.

She said that more than 500 farmers in Akwa Ibom were trained by the NNPC Ltd Agricultural Training Initiative for Vulnerable Farmers on modern methods and strategies to boost food production.

Arukwe added that the farmers were drawn from the state’s 31 local government areas to participate in the training to equip them with techniques and market access strategies to add value to their businesses.

“This programme is a testament to our unwavering commitment to food security, economic empowerment and national development.

“As the corporate social responsibility arm of NNPC Ltd, the Foundation is dedicated to implementing impactful programmes that align with national priorities.

“This initiative is part of our broader efforts to support the Federal Government’s agricultural transformation agenda, which seeks to enhance food security, increase productivity, and improve the livelihoods of smallholder farmers.

“Our goal is to equip every participant with the tools, knowledge, and resources needed to transition from subsistence farming to commercial-scale production,” Arukwe said.

In her remarks, Dr Offiong Offor, Commissioner for Agriculture and Rural Development, Akwa Ibom, thanked NNPC for the initiative to equip farmers with knowledge on modern farming.

Offor, represented by Dr Atim Okoko, Permanent Secretary, Ministry of Agriculture and Rural Development, said that a nation that trained farmers was a nation that would not go hungry.

“I want to express the state government’s appreciation to NNPC for mounting this laudable programme.

“A nation that starts to train farmers, a nation that starts to look at farmers will never go hungry.

“In this season that our President Bola Tinubu has come up with his Renewed Hope Agenda, everything is to end hunger in Nigeria,” Offor said.

The commissioner added that the programme came to complement what the state government was doing to ensure food sufficiency.

Responding on behalf of farmers, Mr Bassey Inwang, State Chairman, All Farmers Association of Nigeria (AFAN) said farmers in the state were so grateful for the training.

Inwang said the training would boost food production in the state, as the farmers would apply the knowledge gained on their farms for increase in yields.

He said, “We want to tell you that we will not take this training for granted, we will apply it properly on our farms.” (NAN)

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