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.”

Hot this week

Ex-NAICOM Boss, O.S. Thomas to CHAIR Business Journal Insurance & Pension Roundtable 2026

Mr. Olorundare Sunday Thomas, former Commissioner for Insurance/CEO, National...

BUA Foods Unveils Bakers Pride Flour, Empowering Bakers to Explore More Possibilities

BUA Foods, one of Nigeria’s leading food manufacturing companies,...

Fidelity Bank Champions Digital Adoption, Sustainable Growth for Lagos SMEs

L-R: Divisional Head, Small and Medium-scale Enterprises (SMEs), Fidelity...

Insurance Meets Tech 5.0: Andela, Flutterwave Co-Founder, Iyin Aboyeji to Headline Event Nov 20

Insurance Meets Tech (IMT) has confirmed Mr. Iyinoluwa Aboyeji,...

RMB Nigeria Wins AIHN M&A Deal of the Year for Advisory Role in $583m Axxela Acquisition

L-R: Chidi Iwuchukwu, Executive Director and Head Investment Banking,...

Topics

Manufacturers Need to Embrace New Technology to Become Globally Competitive

With a new report predicting that British manufacturers are set to increase their productivity by 15.5% over the next five years, boosting exports by 35%, the UK is holding its own on the global stage. Such is the strength of the industry, that manufacturing is projected to deliver 40% of Britain’s productivity gains over the next decade.

UBA Group to Commence Full Banking Operations in France

As part of President Bola Ahmed Tinubu's state visit...

TRUMP: Global Economic Impact of Victory

FROM late January, Donald Trump will have all the...

Union Bank Core Investors to Transfer 89.39% Equity to Titan Trust Bank

The Board of Union Bank of Nigeria Plc (Union...

CBN Chief, Olayemi Cardoso, Tasks Central Banks, DFIs on Africa’s Growth

The Governor of the Central Bank of Nigeria, Mr....

NAFDAC: NIVEA Black & White Roll-On Manufactured in Nigeria is Safe

Nigeria’s food and drugs regulatory body, the National Agency...

MMM: End of the Road or Bigger Beginning?

For Nigerian investors in the Mavrodi Mundial Moneybox (MMM)...