Tag: AfDB President

  • Shettima, AfDB president, Makinde breakground for Ijaiye Agribusiness devt hub

    Shettima, AfDB president, Makinde breakground for Ijaiye Agribusiness devt hub

    VICE-PRESIDENT of the Federal Republic of Nigeria, Senator Kashim Shettima, President of the African Development Bank (AfDB), Dr Akinwumi Adesina and the governor of Oyo State, Seyi Makinde, yesterday turned the sod for the Oyo State Agribusiness Industrial Hub, Ijaiye, under the Special Agro-Industrial Processing Zone.

    Shettima, who was represented by the Minister of Agriculture and Food Security, Senator Abubakar Kyari and Adesina, lauded Governor Makinde for his unwavering commitment and dedication to the development of Oyo State through agriculture and food security.

    Speaking at the groundbreaking ceremony held at Atan Village, Ijaiye, Akinyele Local Government Area, Senator Kyari, while delivering the message of Vice-President Shettima, said the project would unlock vast potentials and create opportunities for Oyo State residents.

    He stressed that the project would also serve as a strategic partnership between the state, other states of the federation and the Federal Government.

    He added that Nigeria’s future as a country lies in transforming agriculture and agribusiness resources into value-added products that would enhance industries, generate employment and uplift the farmers.

     The Vice-President assured that the Federal Government would support Oyo State to become a productive sector and to achieve its full potential as an agriculture hub in the country, appreciating the development partners and stakeholders for their support in laying the foundation for an agro-industrial hub in the state.

    In his address, Governor Makinde said the Ijaiye Agribusiness Industrial Hub would serve as a clear commitment to delivering on the Oyo State Roadmap for Sustainable Development, 2023-2027, in the area of repositioning agriculture as a commercial force creating jobs for youths, attracting investors and sustaining the economy of the state.

     The governor, who noted that the building of agro-industrial hubs started from Fasola in Oyo Zone to Eruwa in Ibarapa Zone, assured that before the expiration of his tenure in 2027, he would design and hand over the designs of other agro-industrial hubs in Ipapo, Ilora and Iresa-Adu.

    Stressing the importance of the agribusiness hubs, the governor reckoned that the Fasola Agro-Industrial Hub has changed the local economy of the state from poverty to prosperity, charging the people of Ijaiye community to embrace and support the project.

     He equally expressed the confidence that the new agribusiness hub in Ijaiye would also be a success story like that of the Fasola Agribusiness Hub.

    He appreciated the AfDB and Dr Adesina under whose leadership the Special Agro-Industrial Processing Zone initiative saw the light of the day, while he also lauded the Federal Government, technical partners and all stakeholders who played a role in making the Ijaiye SAPZ a reality as well as communities that welcomed the project with open arms.

     He said: “Today is about promises kept. When we launched the Oyo State Roadmap for Sustainable Development, 2023-2027, we made a clear commitment to reposition agriculture as a centre piece of our economic transformation, not as a subsistence activity, but as a commercial force for creating jobs, attracting investments, and securing food systems. This is a groundbreaking event.

    “I have 22 months to go. Dr. Adesina has one month basically or maybe 30 days. No matter what, when you are being sworn in, one day it will end. But because we don’t want to shortchange the people of Oyo State, we’ll continue to serve them until the last hour of the last day in office.

    “So, this groundbreaking of this special agro-industrial processing hub at Atan-Ijaiye is a strategic step on that journey of sustainable development.

    “This is a major economic lift to our state, to our farmers, to our environment and to our youths. Opportunity is knocking, and this time, it is local.

    “So, let today’s event be a reminder to every citizen of our state that governance is not theory; it is action, and when we say we will deliver, we mean it.

     “This is not our first special agro-processing zone. We began in Fasola in the Oyo Zone. Right now, we have 12 agribusinesses already operational. We moved to Eruwa in Ibarapa Zone.

     “We’ve been to the Oyo Zone. We’ve been to Ibarapa Zone. Now, we’re in Ibadan Zone. This is Ijaiye. We are ensuring that the benefits of agribusiness development reach every region of our state.

     “Well, let me also say this: we identified six old farm settlements established during the Western Region days. Then, the people had vision. They never thought about federal allocation; they were looking at productivity in their local environment.

    “Where we are today was acquired back then, and the size they acquired was 12,000 hectares of land. For us today, we’re only developing 3,000 out of that 12,000. Out of the 3,000 hectares, the industrialised parts there will only be 300 hectares.

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    “In Fasola, we have broken the back. Eruwa, we have broken the back. As for Ijaiye, we are breaking the back right now.

    “We have three other farm settlements, which are Ilora, Iresa-Adu and Ipapo. We will design them and hand them over to the next administration so that the development will go around the geopolitical zones in the state.”

    Explaining the idea behind the construction of agribusiness hubs, Governor Makinde explained that the hubs are being designed as anchors of the state’s agribusiness ecosystem, which would bring producers closer to processors and link farms to markets.

     “These hubs are not stand alone structures. They are deliberately designed as interconnected anchors of our agribusiness ecosystem. They bring producers closer to processors and link farms to markets. They reflect our belief that agriculture is not just about food but about infrastructure, enterprise, and it is about national relevance.

     “As a government, the first contract ever awarded was this 65 kilometres Moniya-Ijaiye-Iseyin from which we came off to Atan-Ijaiye here. That was the first contract by this administration in November 2019. And the logic was simple: connect the consumption zone to the producing zone.

     “Let me add this; the success at Fasola has proven that this model works. The Fasola Agribusiness Transformation Centre has changed the local economy. Young people are returning to the land, businesses are forming and poverty is giving way to prosperity.

    “So, we expect something significant to happen here within the shortest possible time.”

     Governor Makinde equally noted that apart from the agro-processing zone, which would bring in foreign direct investments, there is also the Rungis-style wholesale market, which will be located in this area, calling on residents of Akinyele Local Government to guard the additions jealously and not cave in to the antics of land speculators and grabbers.

    Earlier in his remarks, the President, African Development Bank Group, Dr Adesina, commended Governor Makinde for his exemplary leadership, vision and commitment to transforming the state, describing him as an action governor, while lauding the development of the Fasola Agribusiness Hub.

     He noted that agribusiness is important to drive the economy, reduce post-harvest losses and create job opportunities, commending President Bola Tinubu for his support for the special agro-processing zone initiative.

    He equally hailed the Vice-President for standing by the initiative, while he also commended the Minister of Finance, Mr Wale Edun, who he said made sure that the subsidiary agreements between all the states were done.

    He added: “I would like to appreciate you, Governor Makinde. You are an exemplary governor and I must tell you all he is a very efficient governor. You are very visionary, passionate, and committed, and you have a heart for the people, and I am very, very appreciative of everything that you do.

     “Fasola settlement was one of those settlements in those days. It was moribund as many of the old farm settlements that were done by our Papa Awolowo. But you actually went there, and thanks to the Oyo State Agribusiness Development Agency, which has totally transformed that place.

     “Today, they have about N11.1b investment by the private sector in that place; who are into all kinds of things, and that is simply remarkable.

     “You are an action-driven governor. You are doing an incredible job, and I want to thank you for your outstanding job and stewardship for the state.

     “Agriculture is the backbone for transforming Nigeria. I do believe that Nigeria can and must be a global powerhouse in agriculture.

     “Food is important. When you have cheap food, people are happy, everybody can eat, the citizens are happy and there’s peace and security in the country. But you need investments to be able to do that; investments from the public sector, investments from the private sector.

     “To be able to do that, you also need industrial platforms that will connect primary production all the way to how you store products and how you process and add value and how you ship all that to be able to sell, and that’s what the special agro-industrial processing zones are really about.

     “I am delighted, ladies and gentlemen, that today the SAPZs are now being constructed in 28 sites in 11 countries. Just think about it, something that started from a small vision here.

    “We, at the African Development Bank put in nine hundred and thirty four million dollars to the development of these special agro-industrial processing zones and we have also mobilised nine hundred and thirty eight million dollars to develop them all across Africa.”

     Also speaking, the AfDB’s Director-General, Nigeria, Dr Abdul Kamara, appreciated Governor Makinde for his support, commitment and acceleration of agribusiness industrial hubs in Oyo State.

     He noted that Makinde’s policy is consistent with AfDB’s approach to rural and economic transformation and vision to guarantee food security, agro-processing, agricultural transformations, industrialisation and improving livelihood.

    He added that the industrial hub would unlock natural potentials and transform rural areas for economic benefits, assuring of AfDB’s maximum support to the speedy execution of the project.

     Speaking about the Special Agro-industrial Processing Zones project (SAPZ), the National Project Coordinator, Dr Kabir Yusuf, explained that the programme is an agricultural production programme establishing designated zones for modern agro-production and processing clusters.

     He added that the agro-industrial processing zone would process indigenous commodities produced in the state by smallholders and large-scale commercial farmers and put them on market shelves of finished goods rather than exporting the raw commodities for lower monetary value.

     Also in their separate goodwill messages, Director -General, International Institute of Tropical Agriculture, Dr Simeon Ehui and the chairman Ijaiye Farm Settlers, Chief Olatunji, expressed gratitude to Governor Makinde for setting the pace and introducing innovation in agribusiness, assuring of continued support to the development of the project.

    In his welcome address, the Director-General, OYSADA, Dr Debo Akande, said the agribusiness industrial hubs in the state would accommodate over 40 agricultural industries, provide employment for over 100,000 people and support the livelihood of more than 500,000 farmers, transforming them from peasantry to medium and large scale farmers.

    He added that the projects will also transform rural villages into agro-based industrial areas linked to the economies of the peri-urban and urban areas.

    The event had in attendance a former Oyo State Military Governor, General Oladayo Popoola (rtd); Deputy Governor of Oyo State, Barr. Bayo Lawal; PDP Deputy National Chairman (South) and former Deputy Governor, Ambassador Taofeek Arapaja; former Deputy Governors of Oyo State, Engr. Hamid Gbadamosi and Alhaji Hazeem Gbolarumi.

    Also in attendance were the Speaker of the Oyo State House of Assembly, Rt. Hon. Adebo Ogundoyin; Chief Judge of Oyo State, Justice Iyabo Yerima; Secretary to the State Government, Prof. Olanike Adeyemo; and Deputy Chief of Staff to the Governor, Hon Kazeem Adeniyi.

    Other dignitaries in attendance included the member representing Ibadan South-West/North-West Federal Constituency, Hon. Stanley Adedeji; member representing Iseyin/Kajola/Iwajowa/Itesiwaju Federal Constituency, Hon. Shina Oyedeji; members of the Oyo State House of Assembly; commissioners, local government chairmen and leading traditional rulers across the state.

  • Shettima, AfDB President, Makinde break ground for Ijaiye agribusiness devt hub

    Shettima, AfDB President, Makinde break ground for Ijaiye agribusiness devt hub

    Vice-President Kashim Shettima, President of the African Development Bank (AfDB), Dr Akinwumi Adesina and Oyo Governor Seyi Makinde, on Saturday, turned the sod for the Oyo State Agribusiness Industrial Hub, Ijaiye, under the Special Agro-Industrial Processing Zone.

    Shettima, who was represented by the Minister of Agriculture and Food Security, Senator Abubakar Kyari and Adesina lauded Governor Makinde for his unwavering commitment and dedication to the development of Oyo State through agriculture and food security.

    Speaking at the groundbreaking ceremony held at Atan Village, Ijaiye, Akinyele Local Government, Senator Kyari, while delivering the message of Vice-President Shettima, said the project would unlock vast potentials and create opportunities for Oyo State residents.

    He stressed that the project would also serve as a strategic partnership between the state, other states of the federation and the Federal Government.

    He added that Nigeria’s future as a country lies in transforming agriculture and agribusiness resources into value-added products that would enhance industries, generate employment and uplift the farmers.

    The Vice-President assured that the Federal Government would support Oyo State to become a productive sector and to achieve its full potential as an agriculture hub in the country, appreciating the development partners and stakeholders for their support in laying the foundation for an agro-industrial hub in the state.

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    Makinde said the Ijaiye Agribusiness Industrial Hub would serve as a clear commitment to delivering on the Oyo State Roadmap for Sustainable Development, 2023-2027, in the area of repositioning agriculture as a commercial force creating jobs for youths, attracting investors and sustaining the economy of the state.

    The Governor, who noted that the building of agro-industrial hubs started from Fasola in Oyo zone to Eruwa in Ibarapa zone, assured that before the expiration of his tenure in 2027, he would design and hand over the designs of other agro-industrial hubs in Ipapo, Ilora and Iresa-Adu.

    Stressing the importance of the agribusiness hubs, the governor reckoned that the Fasola Agro-Industrial Hub has changed the local economy of the state from poverty to prosperity, charging the people of Ijaiye community to embrace and support the project.

    He also expressed the confidence that the new agribusiness hub in Ijaiye would also be a success story like that of the Fasola Agribusiness Hub.

    ” that apart from the agro-processing zone, which would bring in foreign direct investments, there is also the Rungis-style wholesale market, which will be located in this area, calling on residents of Akinyele Local Government to guard the additions jealously and not cave in to the antics of land speculators and grabbers.

    Adesina commended Makinde for his exemplary leadership, vision and commitment to transforming the state, describing him as an action governor, while lauding the development of the Fasola Agribusiness Hub.

    He noted that agribusiness is important to drive the economy, reduce post-harvest losses and create job opportunities, commending President Bola Tinubu for his support for the special agro-processing zone initiative.

  • Nigeria losing best brains to ‘Japa syndrome’ — AfDB president

    Nigeria losing best brains to ‘Japa syndrome’ — AfDB president

    The President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has called on African leaders to create quality jobs for their teeming unemployed youths, to stem the trend of brain drain bedeviling the continent.

    Adesina said in Abuja yesterday at the Second Veritas University Digital Innovations Exhibition and 12th Convocation Lecture, that Nigeria was losing its best brains to Japa syndrome.

    The former Minister of Agriculture, who spoke on the convocation lecture theme:”Africa, It’s Your Time”, tasked Nigeria to turn its huge youth demography into an asset and not a liability. The former Minister of Agriculture, who was conferred with an honorary doctoral degree by the institution, announced that Nigeria had been listed among 10 other African countries to benefit from the Bank’s $20 billion Desert-to-Power initiative.

    He noted that the power project was conceived to develop 10 GW of solar power, being the largest solar zone in the world when completed.

    He listed other countries to benefit from the initiative as Burkina Faso, Cameroon, Chad, the Gambia, Guinea, Mauritania, Mali, Niger, Eritrea, and Senegal.

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    He also announced AfDB’s adoption of the Veritas University as a Centre of Excellence for Computer Coding for Employment.

    “What Africa lacks is not money. What Africa lacks is lack of bankable ideas. Remember, money will always follow great ideas,” he said.

    “As you join the workforce, technology and Artificial Intelligence will play a big role in your lives and in your enterprises.

    “I expect to see many of you provide creative solutions to many of our challenges through analytics and data aggregation. There are huge opportunities in smart and digital economies of the future.

    “All this matter to me personally because I do not want to see the continued exodus of young people who risk their lives to dangerously cross land and sea to go to Europe at all cost.

    “The fastest way for Nigeria to dramatically expand the wealth of its economy, create jobs and provide decent work opportunity for its youth is to implement bold, effort-oriented, industrial manufacturing actions.

    “This will rapidly expand foreign exchange earnings, boost income per capita and provide quality and well-paying jobs for millions of its young people,” he added.

  • AfDB President Adesina loses dad

    Chief Roland Folorunso Adesina, father of President of the Africa Development Bank (AfDB), Akinwunmi Adesina, has died in Ibadan, Oyo State capital.

    He was 96.

    A family source said Pa Adesina died about 7am last Wednesday at a private hospital. He spent 12 days on admission.

    The late Chief Adesina was an accountant with the Western Regional Government;  he retired in 1979. He was also a staunch member of the Anglican Communion.

    The AfDB president took to twitter last Thursday to pay  tribute to his father.

    The younger Adesina described his father as his best friend, stressing that he wouldn’t have been who he is today without his father’s love and sacrifice.

    He tweeted: “My darling father and best friend, Roland F. Adesina, passed away yesterday morning. I wouldn’t have been who I am today without your love and sacrifice. Thanks for sending me to school and being a role model. Rest in peace my very dear senior Ombros!”

  • We’re proud of you, Buhari tells AfDB President

    We’re proud of you, Buhari tells AfDB President

    President Muhammadu Buhari says Nigeria remains proud of its former Minister of Agriculture, Dr. Akinwumi Adesina, for the winning the 2017 World Food Prize.

    Adesina, who is the President of the African Development Bank (AfDB), will today be presented with the $250,000 prize and Laureate sculpture at a ceremony in the United States.

    The President’s Special Adviser on Media and Publicity, Mr Femi Adesina, said Buhari stated this in a video message to the AfDB President.

    The presidential aide, in a statement issued in Abuja on Thursday, quoted President Buhari as saying: “I received with delight the cheery news of your award as 2017 World Food Prize Laureate.

    “Certainly this did not come to me and many Nigerians as a surprise, given your antecedents and contributions to the development of agriculture across the African continent.

    “We are very proud of you.

    Read : AfDB to invest $24bn in agriculture in 10 years – Adesina

    “According to the World Food Prize Foundation, you won the prize for driving change in African agriculture for over 25 years and improving food security for millions across the continent.

    “Your choice as the winner of the World Food Prize is a clear recognition and appreciation of your long standing contributions, reflected in your several roles and activities which promote social economic development.

    “By dint of hard work, persistence, diligent efforts and God’s sufficient grace, you have risen above many limitations to emerge as a notable figure and a true champion.

    “Your life story mirrors the resilience of the African spirit and doggedness for which Nigerians are well known.

    “On behalf of the government and people of Nigeria, I congratulate you and rejoice with you, your family and the AfDB family on this well-deserved honour.

    “Congratulations!’’

    Prior to serving as Nigerian Minister of Agriculture from 2010 to 2015, Adesina was a senior economist at West African Rice Development Association (WARDA) in Bouaké, Ivoary Coast, from 1990 to 1995.

    Adesina was named Forbes African Man of the Year for his reform of Nigerian agriculture.

    He introduced more transparency into the fertiliser supply chain through the popular E-Wallet system of fertilizer distribution in Nigeria.

    The AfDB President had also worked at the Rockefeller Foundation as a senior scientist in 1988, and from 1999 to 2003, represented the Foundation in southern Africa.

    The former Secretary-General of the United Nations, Ban Ki-moon, appointed Adesina as one of 17 global leaders to spearhead the defunct Millennium Development Goals.

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  • Recession: AfDB approves $600m support for Nigeria

    Recession: AfDB approves $600m support for Nigeria

    The African Development Bank (AfDB) has approved 600 million dollars loan as the first tranche of a one-billion-dollar budget support to help finance Nigeria’s economic governance, diversification and competitiveness programme.

    The Spokesperson for the bank in Nigeria, Fatima Abubakar, said in a statement that executive directors of the bank approved the facility on Wednesday.

    The last tranche of 400 million dollars will be approved in 2017, Abubakar said.

    The operation is part of a two-year (2016-2017) fiscal programme of support to enable Nigeria to implement reforms to achieve efficiency in government business, combat corruption and promote diversification.

    It will help the government to create fiscal space to facilitate  smooth implementation of its budget, support fiscal and structural reforms and improve social sector spending to protect the most vulnerable segments of the population.

    The facility will also assist the country’s efforts to quickly build a buffer of foreign exchange reserves, which will  contribute to easing pressure on the foreign exchange market and stabilising the naira, she said.

    Nigeria’s success in efforts to achieve macroeconomic stability and economic recovery will signal the end of the current recession.

    An elongation of the recession has the potential to severely affect the economies of neighbouring countries in West and Central Africa, she added.

    Abubakar quoted AfDB President Akinwumi Adesina  as saying: “We must think through innovative solutions to support our regional member countries in crisis situations like this.

    “We must also provide them with the knowledge products they require to get back on track.”

    She added that given Nigeria’s demonstrated commitment to significantly scale up infrastructure investments (30 per cent of the 2016 Budget), the resources would contribute to creating the fiscal space for investments in power, housing and transport.

    These are key sectors for stimulating the strong economic growth required to exit the recession, Abubakar said.

    Nigeria’s economy has been hard hit by a sharp decline in oil prices, which provides the bulk of government revenues and exports although agriculture and services contribute most to GDP.

    Over 90 per cent of Nigeria’s exports and at least 70 per cent of government revenues come from the oil sector, which is projected to have shrunk by 1.6 per cent within the year.

    The economy slipped into a recession in the second half of the year because of foreign currency shortages, sharp reduction in power generation, vandalism of oil installations, lower oil production and weak investor confidence.

    At the end of  December 2015, AfDB’s portfolio comprised 46 operations estimated at 3.01 billion dollars.

    The portfolio consists of 22 public sector operations valued at 1.51 billion dollars or 31 percent of the entire portfolio and 24 private sector projects, estimated at 2.21 billion dollars or 69 percent.

    Adesina had, at recent meeting with President Munhammadu Buhari and economic stakeholders, pledged to provide Nigeria with one billion dollars loan to help it reinvigorate the economy.

  • AfDB President Adesina to focus on power

    AfDB President Adesina to focus on power

    The African Development Bank (AfDB) will focus in coming years on tackling Africa’s chronic power shortages to try to unlock the continent’s economic potential and end its vulnerability to fluctuations in commodity prices, its new president said yesterday.

    Nigeria’s Akinwunmi Adesina took the helm as the eighth president of the continental body yesterday at Abidjan, the Ivoirien capital headquarters.

    “Africa could easily be growing at double-digit GDP rates if we solve this problem of energy,” said Adesina, the immediate past minister of agriculture who added: “Energy poverty on the continent has to be solved as a matter of urgency, as a matter of scale. This is going to be my most important priority,” according to a Reuters report.

    Vice President Yemi Osinbajo led the Federal Government delegation to the ceremony.

    Also at the inauguration were Central Bank of Nigeria (CBN) Governor Godwin Emefiele, Governors Abdullahi Ganduje (Kano), Darius Ishaku (Taraba), Aminu Tambuwal (Sokoto), ex-Ekiti State Governor Kayode Fayemi and former Finance Minster Dr. Ngozi Okonjo-Iweala, business Mogul Aliko Dangote and United Bank for Africa (UBA) Managing Director Philip Oduoza.

    Though it boasts nearly a billion people, sub-Saharan Africa consumes about as much power as Spain, with less than five per cent that number, due to poor generating capacity and limited transmission networks. Two-thirds of Africans have no access to electricity.

    The lack of reliable power grids is a major obstacle to industrialising the continent’s economies at a time when Africa hopes to make a transition from commodities producer to a manufacturing hub and challenge Asia where labour costs are rising.

    According to the International Energy Agency, Africa requires an additional $450 billion in power sector investment to halve blackouts and achieve electricity access for all in urban areas by 2040.

    As of 2013, the bank – founded in 1964 and funded by African nations and shareholder countries outside the continent – had lent 67.22 billion Units of Account or about $94 billion.

    A development economist with a doctorate from Purdue University in the United States, the 55-year-old was elected in May to head the Ivory Coast-based institution for a five-year term.

    “Africa has to industrialise,” he said. “We have to add value … so that (Africa) does not expose itself to the continued volatility … of global prices for commodities.”

    Africa needs to mimic China and other Asian countries’ use of an abundant supply of cheap labour to take advantage of globalisation and attract investment, Adesina said. And as wages rise in China and elsewhere in Asia, Africa can offer a competitive edge with its cheaper workforce.

    Wages in China have increased by over 10 per cent annually over the past decade, according to China’s National Bureau of Statistics.

    “There’s a lot of opportunity in Africa today to take advantage of these wage differentials, especially in terms of light manufacturing, textiles, footwear and others,” he said.

    Osinbajo urged African leaders to discard economic ideas and myths holding them bound to a few options.

    He called on them to embrace creativity, innovation and change towards charting the pathway for growth and development in the continent.

    According to him, the western economies, particularly United States have toed the path to emerge from the economic meltdown in 2008.

    Osinbajo said: ”In 2008 western economies faced with what Ben Bernanke described as the ‘deepest financial crisis since the Great Depression’ abandoned conventional free-market thinking and embraced State-bankrolled stimulus plans to forestall the imminent collapse of their economies.”

    “This proved once and for all that the monster called the economy cannot be allowed to prowl the streets with its free-wheeling struts without the leash of a trainer.”

    Osinbajo, who represented President Muhammadu Buhari, queried: “Do African economies not require a different paradigm? How can trickle down paradigms work when half of our populations are extremely poor?. Do we not need some attention to social investment?”

    He said that conditional cash transfers to the poorest segments, universal primary healthcare schemes, school feeding programs, can energise local economies and create important multipliers in the economy.

    The Vice President however expressed some optimism that the African Development Bank, given its recent achievements under the out-gone President, Donald Kaberuka, can greatly assist Africa address some of its socio-economic problems.

    Under the new leadership of Dr. Adesina, he said that the AfDB needs to redouble its efforts in addressing the needs of the fragile areas, through institutional support, emergency assistance, and bold pro-poor interventions in health, education and agriculture.

    Osinbajo also urged the new AfDB President to focus on how economic policy can produce economic empowerment for women, and all people who have become disempowered and whose voices are seldom reflected in the rhetoric of policy.

    The new AfDB President, at the occasion unfolded a 5-point agenda which would be given utmost priority in the next five years.

    He listed the priority areas as Light Up and Power Africa; Feed Africa; Integrate Africa; Indusrialise Africa and Improve quality of life for the people of Africa.

    Adesina said that unlocking the potentials of Africa for Africans will be his goal at AfDB.

    Dr. Adesina, who was Nigeria’s immediate past Minister of Agriculture, became the eight President of the AfDB and the first Nigerian to occupy the office since the creation of the Bank in 1963.

    He took over from Kaberuka, who served for 10 years from 2005 to 2015.

    Present at the ceremony were the President of Cote D’Ivoire, Allasane Quattara and his Prime Minister, Daniel Kaplan Duncan, Governor of Kano State, Dr. Umar Ganduje; the Governor of Taraba State, Darius Ishaku; the Governor of Sokoto State, Aminu Waziri Tambuwal; former Governor of Ekiti State, Dr  Kayode  Fayemi; Governor of Central Bank, Godwin Emefiele.

    Others are: former Minister of Finance, Mrs Ngozi Okonjo-Iweala; and Nigeria’s Ambassador to Cote D’Ivoire, Mrs Ifeoma J. Akabogu Chinwuba.