Economy
Africa Has Technology, Potential to Eradicate Hunger- Adesina says
African Development Bank (AfDB) President, Dr Akinwumi Adesina, says Africa has the necessary partnerships and technologies to eradicate hunger.
In a statement issued on the banks website, Adesina said what Africa needed was action, including robust financing to achieve this.
He spoke during the opening session of the 8th Africa Agribusiness and Science Week (AASW), in Durban, South Africa, on Monday.
The Forum for Agricultural Research in Africa (FARA), organised the event in collaboration with the South African government, the African Union Commission (AUC), AfDB and the Consultative Group for International Agricultural Research (CGIAR).
Other partners included the UN’s International Fund for Agricultural Development (IFAD), and United Nations Industrial Development Organisation (UNIDO), as well as the European Commission.
Adesina said: “We must pull together the best of science, technology, and innovations to drive a more productive, efficient, and more competitive agricultural system.”
According to him, Africa’s food systems have the potential to unleash 1 trillion dollars in value, over the next seven years.
“For that to be achieved, we must strengthen and support the CGIAR with a lot more resources, ensure that it works in and delivers for Africa based on our priorities.
“And support regional research and development institutions, such as FARA, and the sub-regional agricultural research organisations,” he said.
He said one of the bank’s initiatives targeted at boosting African food security was the Feed Africa Summit, held in January in the Senegalese capital Dakar.
According to him, this brought together 34 heads of states and governments.
“Working with development partners from around the world and the AUC, the private sector companies, and global and national agricultural research centers, we developed Food and Agricultural Delivery Compacts for 41 countries.
“The summit partners have built on its success, mobilising 72 billion dollars so far, to support the national compacts.”
Adesina thereafter, presented the 2023 FARA Leadership Prizes for Advancing Agricultural Science, Technology, and Innovation in Africa to some personalities.
“They include, Ngozi Okonjo-Iweala, Director-General, World Trade Organisation; AUC Commissioner for Rural Economy and Agriculture, Amb. Josefa Sacko and FARA’s Executive Director Dr Yemi Akinbamijo.
“Others are Senegal’s former Minister of Agriculture and Rural Infrastructure, Papa Abdoulaye Seck, and Afreximbank President, Prof. Benedict Oramah.”
The AUC Commissioner for Rural Economy and Agriculture, said the event could not have come at a better time.
Sacko said this was because the world was in the midst of a hunger pandemic caused by cascading factors, including COVID-19 and Climate Change.
She said: “Africa needs to leverage on its potential, including science, and be proactive rather than reactive to shocks.
‘“Let us continue to take advantage of the continent’s youthful population and immense natural capital.
“And let us unlock the potential we have. We should feed Africans and we should feed the world,” Sacko added.
The FARA Chairperson Alioune Fall, spoke about the interlocking relationship between climate change and agricultural production.
“Climate change and its effect on the continent require new ways of doing things in almost all facets of our society.
“Africa’s young farmers will not adopt nature-based approaches unless they are well packaged, affordable and technology-serviced, Fall said” Adesina won the award in 2016.
The 8th AASW, is the main continental platform for stakeholders of agriculture and agribusiness research and innovation in Africa.
It brings together 1,500 stakeholders every three years, to take stock of progress on research and innovation, share information, create business alliances, and map out priorities for joint action.
The 7the AASW was held in Kigali, Rwanda in June 2016. (NAN)
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)