Monday, September 8, 2025
23.9 C
Lagos

AfDB Approves $1.5bn Fund to Avert Food Crisis in Africa

The African Development Bank (AfDB) has approved the sum of $1.5 billion to support African countries to avert an impending food crisis on the continent as a result of the Russia-Ukraine war.

Dr. Akinwumi Adesina, President of the African Development Bank Group said: “Food aid cannot feed Africa. Africa does not need bowls in hand. Africa needs seeds in the ground, and mechanical harvesters to harvest bountiful food produced locally. Africa will feed itself with pride for there is no dignity in begging for food…”

According to the Bank, the $1.5 billion strategy will lead to the production of 11 million tons of wheat; 18 million tons of maize; 6 million tons of rice; and 2.5 million tons of soybeans.

Dr. Beth Dunford, the African Development Bank’s Vice President for Agriculture, Human and Social Development, said: “The Africa Emergency Food Production Facility builds on lessons learned from the African Development Bank’s Feed Africa Response to Covid-19 program. That program has provided a strategic roadmap to support Africa’s agriculture sector and safeguard food security against the pandemic’s impact.”

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

Kenya: Mobile money usage peaks at U.S. $13.5 billion dollars

Kenyans intensified use of mobile phone cash transfer services...

African Energy Chamber’s Investment Push in China Successful

The biggest names in the Chinese energy industry participated...

Ntia, NNPC’s EVP Upstream, Charges Stakeholders on Corporate Governance, Transparency

Mr. Udobong Ntia Executive Vice President, Upstream NNPC Limited The NNPC...

World Bank: Nigeria to Quit Recession, Grow at 1% in 2017

Global economic growth is forecast to accelerate moderately to...

NCC-CSIRT Alerts on Google Chrome Extensions Malware

The Nigerian Communications Commission's Computer Security Incident Response Team...

Interswitch Bags Linkedin Sub-Saharan Africa Rising Star Award

Interswitch Group has been recognised as the inaugural winner...

NGX, Stock Exchange of India Explore Areas of Partnership

OPENING REMARKS BY ALH (Dr) UMARU KWAIRANGA NGX CHAIRMAN...
spot_img

Related Articles

Popular Categories

spot_imgspot_img