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Tag: AfDB

  • $134m AfDB loan will boost dry season farming, says minister  

    $134m AfDB loan will boost dry season farming, says minister  

    The Minister of Agriculture and Food Security, Senator Abubakar Kyari, said at the weekend that dry season farming offers Nigeria a unique opportunity to harness its untapped potential and diversify the nation’s food production capabilities.

    He spoke during the kick-off ceremony of National Agricultural Growth Scheme and Agropocket (NAGS-AP) in Hadejia, Jigawa State.

    According to him, the $134 million loan from the African Development Bank (AfDB) secured by the Federal Government, will boost food security through dry season farming.

    He said the project plan is to support between 150,000 to 250,000 wheat farmers with 50 per cent input subsidy to cultivate between 200,000 to 250,000 hectares and an expected yield of 1,250,000 tonnes of wheat.

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    Kyari said other selected staples are earmarked for similar varied support, which are aimed at significantly reducing food inflation as well as Nigeria’s dependence on foreign import while increasing domestic consumption. 

    The minister explained that dry season farming is targeted at increasing crop yields by at least 20 per cent, compared to the previous year’s yield. 

    “We will progressively invest in irrigation infrastructure projects to optimise water usage and mitigate the challenges posed by the dry season.

    “Ultimately, this will promote agricultural self-sufficiency and stimulate economic growth. 

    “To achieve our goals, government is committed to ensure that the support does get to the farmer. Accordingly, the programme will be technology-enabled, thus guaranteeing transparency and accountability in the provision of the subsidy and other support services, like extension, insurance and additional finance. 

    “Equally, our farmers are guaranteed access to improved seeds. In this particular instance, I would like to point out that we are deploying heat-tolerant wheat varieties, like Borlaug 100, and Attila, among others,” he said.

    Jigawa State Governor Umar Namadi said the state’s Wheat Development Programme, in partnership with the Federal Government, was in line with the resolve to sustain progress and build on previous achievements of the agricultural transformation agenda. 

    The governor said the full package comprises appropriate mix of fertiliser, inorganic liquid urea, organic fertiliser fortified with booster /growth enhancer, certified wheat seeds, and herbicides. 

    The project, he said, is expected to expand the capacity of over 42,000 smallholder farmers. 

    Namadi promised that the state government would provide free high quality extension service to wheat farmers for which arrangements had been concluded for the engagement and training of additional 1,440 extension agents to ensure full coverage.

    “In order to provide comfort to the Federal Government and input suppliers, the Jigawa State government has worked out an arrangement with Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) to provide guarantee for the balance of 37.5 per cent of the cost of inputs supplied,” he said.

  • AfDB’s $1b boost to create 500,000 jobsin agric sector

    AfDB’s $1b boost to create 500,000 jobsin agric sector

    • Special processing zones for 7 states, FCT

    Hope brightened yesterday for the Special Agro-Industrial Processing Zones (SAPZ) being planned.

    The funds for the implementation of the ambitious project have risen to $1.52 billion following a pledge by the international donor partners to boost the SAPZ with $1 billion.

    The donor funds are being provided by Africa Development Bank (AfDB), the International Fund for Agricultural Development (IFAD), the Islamic Development Bank (IDB), state governments and private investors.

    Agriculture and Food Security Minister Abubakar Kyari dropped the hints after the 137th session of the National Economic Council (NEC), chaired by Vice President Kashim Shettima.

    The minister said the programme, which will be spread through the 36 states of the federation, will create 17.5 million jobs and provide support to 100,000 farmers.

    Prior to the $1 billion pledge, the Federal Government  had earmarked about $530 million for the first phase of the SAPZ in Kano, Kaduna, Kwara, Ogun, Oyo, Imo, Cross River and the Federal Capital Territory (FCT ).

    The plan is to establish clusters of agricultural production and significantly reduce post-harvest losses.

    Twenty-six states have expressed interest to participate in the Phase II of the programme, when government plans to deploy the $1 billion being rallied from other donors by the AfDB.

    The states are to begin documentation for the second phase early next year.

    It was learnt that the agreement for the funding was reached in October when Shettima attended the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United State (U.S.).

    He said: “The Vice President who attended the World Food Prize in Des Moines, Iowa, met with the president of the AfDB. Dr. Akinwunmi Adesina who has already pledged $1 billion to the second phase.”

    “The seven states are Kano, Kaduna, Kwara, Ogun, Oyo, Imo and Cross River and like I said, with the FCT being the eighth partner in this programme.

    “The quick wins here are that even in the stage of construction, you will have the opportunity for over 3,000 jobs.

    “And at the end of the construction, opportunities will be for almost 500,000 jobs on each zone that is for each state and then also to support about 100,000 farmers.”

    According to him, the SAPZs as a cross-cutting initiative and is a platform to attract private sector investment, add value to Nigeria’s agro-processing and unlock opportunities for improved food security and job creation.

    Read Also: AfDB launches $20b desert-to-powerinitiative for Sahel zone

    He said SAPZ, which commenced in 2022, saw the active participation of seven states and the FCT, even as the zones will not only serve as production sites “but also hubs for aggregation and processing of agricultural produce.”

    “For instance, Kano has keyed in to do a lot of tomatoes in this zone. And we know that tomato losses run to almost 50 to 60 per cent. It is unacceptable in today’s agricultural sector,” the minister pointed out.

    The minister listed Abia, Adamawa and Yobe as the only states yet to expressed interest.

    “But as we were leaving here (yesterday), Abia had already signified and are working on sending the expression of interest,” Kyari said.

    The NEC acknowledged the leading role of Ogun in the development of the special zones, noting that a commitment was recently secured from the Gateway state to sign Subsidiary Loan Agreement (SLA).

    The NEC also approved the recommendations of the Presidential Committee on Flood Mitigation, Adaptation, Preparedness and Response, including annual budgetary provision for the three tiers of government.

    Chairman of the Committee and Kogi State Governor Yahaya Bello, told reporters that his panel recommended the establishment of a National Flood Management Council (NFMC) to be domiciled in the office of the Vice President.

    Bello said: “Given that flood management is cross-cutting and multi-sectoral, requiring a comprehensive structure guided by strong frameworks and policies, the committee recommended the establishment of a National flood management council to be domiciled in the office of the vice president.

    “On the advice of the proposed council, the President should declare a state of emergency when a category 4 flood occurs.”

    On funding options, Bello said his committee recommended emergency climate sensitive budget approach and Natural Resource Development Fund, to mitigate and immediately respond to flood crisis in Nigeria.

    “Annual budgetary provision for federal, state and local government areas, ecological fund, immediate response and strengthening of data management for effective early warning were also recommended.”

    Speaking on the adoption of the Flood Committee report, Budget & Planning Minister Atiku Bagudu said the Governor of Borno State, Prof Babagana Zulum, provided six pivot irrigation schemes, each valued at $250,000 to support other states.

    Bagudu said: “Very noteworthy item on the agenda today was an announcement by His Excellency, the Vice President, that the governor of Borno State, His Excellency Professor Babagana Zulum had made available from an inventory they are holding six pivot irrigation schemes, each costing $250,000 to support other states that are desirous of utilising them to support additional production and pastoralist population.

    “Equally, he has made available two drilling rigs that are capable of drilling up to 2000 meters so that states that wish to avail themselves of such supports can make use of them.”

    The NEC also approved plans to overhaul 17, 000 and 774 primary and secondary healthcare centres, respectively, saying the move is in response to identified funding gaps and deteriorating healthcare metrics.

    The Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, addressed the Council.

  • AfDB launches $20b desert-to-powerinitiative for Sahel zone

    AfDB launches $20b desert-to-powerinitiative for Sahel zone

    The African Development Bank (AfDB) and its partners are implementing the $20 billion desert-to-power initiative to develop 10 GW of solar power across Nigeria and 10 other countries in the Sahel zone.

    AfDB President, Dr. Akinwumi Adesina, said this while speaking on Regional Corridors: “Quest to Integrate Africa at the ongoing 2023 African Investment Forum (AIF) in Marrakesh, Morocco yesterday.

    According to him, this includes the Sahel regional transmission lines.

    He said the bank also supports the development and expansion of regional power pools in collaboration with the African Union Commission and Regional Economic Communities.

    “Driving our support for the development of regional transport corridors is the need to fast-track the integration of African economies, lower transport costs, connect landlocked countries and improve regional trade.

    “It is also to ensure that critical infrastructure, especially roads, ports, rails, connect countries to zones of major agricultural potential or where abundant mineral resources exist,” he said.

    According to Adesina, the fully operational Africa Continental Free Trade Area (AfCFTA) offers incredible opportunities for boosting intra-regional trade.

    He said this could be achieved through infrastructure development, which was why AfDB provided more than $44 billion.

    “We also devoted $2.5 billion to developing regional infrastructure.

    “The Bank’s support for regional integration focuses on catalysing public and private investment in transport and electricity connections.

    “We are financing the development of regional electricity corridors to assure reliable and competitively priced electricity.”

    He reiterated some bank investments, including the $15.2 billion Lagos to Abidjan highway.

    According to him, much progress is being made in developing regional corridors, yet several more corridors exist to be developed.

    “To fully optimise the benefits of developing regional corridors across Africa, we should focus on five priority areas.

    “We need to dedicate pooled financing facilities to support the preparation and development of corridor projects.

    “Special industrial zones should be developed around the corridors to optimise the existing infrastructure in these corridors.

    “We need to put a systematic approach and platform in place to identify and syndicate around the development of strategic regional corridors.

    Read Also: AFDB, others vote additional $1b to fund SAPZS in 24 states

    “Development of regional corridors should be complemented with establishing one-stop border posts for trade facilitation and reduced travel times on the corridors.

    “And concessional financing such as the African Development Fund offers low-income countries unmatched resources to commit to developing regional corridors.”

    According to Adesina, the full balance of financing needed for the development of the regional corridor will be fully paid for by the Fund.

    “That is the Africa we want: a fully interconnected Africa, using regional corridor infrastructure to unleash economic opportunities and assure national and regional value chain competitiveness.

    “A well-connected Africa will be a more competitive Africa. Regional corridors are gateways to wealth for Africa. Let’s build more of them; let’s make Africa wealthy, he said.

    Mr Sediko Douka, ECOWAS Commissioner for Infrastructure, Energy and Digitisation, reiterated the need for a connection that needs logistics for development.

    He said transportation Infrastructure, trade facilitation and data monitoring to build a reliable community that thrives was crucial for African development.

    The News Agency of Nigeria (NAN ) reports that AIF is a place where bankable projects in Africa meet with investors; investors meet with Heads of State and Governments in investment board rooms.

    It is also where comfort is given to investments, where risks are managed and where deals are closed remarkably.

    AIF founded in 2018, is a multi-stakeholder platform that has become the continent’s premier investment platform. It is a flagship initiative of the AfDB, Islamic Development Bank.

    It has European Development Bank, Afreximbank, Trade and Development Bank, Development Bank of Southern Africa, Africa Finance Corporation and Africa 50 as its Founding Partners.

  • AFDB, others vote additional $1b to fund SAPZS in 24 states

    AFDB, others vote additional $1b to fund SAPZS in 24 states

     It was yet another bountiful harvest for the President Bola Ahmed Tinubu administration in its investment drive, as the African Development Bank (AfDB), Islamic Development Bank (IDB) and the International Fund for Agricultural Development (IFAD),  have voted $1 billion to further deliver special agro-industrial processing zones in 24 states of Nigeria.

    A statement issued yesterday by Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Stanley Nkwocha, explained that this initiative is in addition to an initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in Nigeria.

    President of African Development Bank Group, Dr. Akinwumi Adesina, disclosed this at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.

    Vice President Kashim Shettima, who is attending the event in pursuance of the food security and diversification policy of the Tinubu administration, had on Wednesday delivered his keynote address at the ongoing dialogue.

    Delivering his speech titled, “From Dakar to Des Moines,” Dr. Adesina noted that the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries.

    Explaining that it was the core of the food and agriculture delivery compacts from the Dakar 2 Summit held earlier this year in Dakar, Senegal, the AfDB President said, “We are investing heavily in the development of  SAPZs to support the development of agricultural value chains, food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food.

    “The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones, and it has mobilized additional co-financing of $661 million, for a total commitment of $1.5 billion. We are deploying effective partnerships at scale. We are currently implementing 25 Special Agro-industrial Processing Zones in 13 countries.

    “For example, the African Development Bank, Islamic Development Bank, and the International Fund for Agricultural Development provided $520 million for the development of 8 special agro-industrial processing zones in Nigeria. The second phase of the program aims to mobilize an additional $1 billion to deliver special agro-industrial processing zones in 24 states of Nigeria”.

    Dr. Adesina regretted that while much progress had “been made in African agriculture, 283 million people still go to bed hungry in Africa, about a third of the 828 million people that suffer hunger globally.”

    He, however, described the  Norman Borlaug International Dialogue World Food Prize 2023, as a “journey and narrative  of how we are combining the power of science, technology,  policies, and politics to ensure that Africa fully unlocks its agricultural potential, and feeds itself, with pride.”

    The AfDB President thanked Vice President Kashim Shettima, and the President of Ethiopia, Sahle-Work Zewde, for participating in the global event, saying their presence is an indication “that Africa has the political will and is fully ready to tackle food insecurity and make hunger history” on the continent.

    Also speaking during the fire-side chat with the AfDB President, Dr Akinwunmi Adesina, Vice President Kashim Shettima who spoke on the Tinubu administration’s initiatives for food security said the quality of present leadership in Nigeria and the rest of Africa will drive transformation in agriculture and other sectors.

    According to him, “a nation falls or rises fundamentally due to the quality of its leadership. Right now Africa is blessed with quite a handful of quality leaders that have the drive, passion and skills set to redefine the meaning and concept of modern leadership.

    “Bola Ahmed Tinubu, my boss, is a good example, Macky Sall of Senegal and of course, Abdel Fattah El-Sisi of Egypt are doing wonderfully well,  just to mention a few of the African leaders that are distinguishing themselves in leadership.

    “I want to assure this gathering of investors and stakeholders in the agricultural sector that my boss, President Bola Ahmed Tinubu is a quintessential 21st century modern African leader who is determined to redefine the meaning and concept of modern leadership.

    “Be rest assured that there will be a sea change in the fortunes of the Nigerian nation and by extension the African continent in the next couple of years because Nigeria is an anchor nation,” the VP added.

    Read Also: Kogi, Imo, Bayelsa elections: IGP, CDS read riot act to troublemakers

    On wheat production, Sen. Shettima said “our target towards wheat production in Nigeria is to achieve 50% self-sufficiency in the next 3 cycles. It is inconceivable that we are the second largest wheat importer in the world.

    “Luckily, we have already procured the heat tolerant variety of wheat seeds and we are going to drive that process by supporting the farmers with the heat tolerant variety, agricultural extension services, fertilizer and also hope to increase the irrigation areas to 1 million hectares in the next cropping cycle.

    “We need to produce about 2.4 million tonnes of wheat grains in Nigeria. We are going to reach out to our farmers through small irrigation schemes and through digitalisation. All the actors in the value chain will be sufficiently taken care of through innovative finance, partial credit guarantees and crop insurance,” the VP emphasized.

    For rice production, the VP said the major challenge for Nigeria is the insufficiency of paddy rice. He noted that Nigeria has adequate milling capacity but “we need to produce 3 to 4 million tonnes of paddy rice to meet our requirement of about 2.5 million tonnes per annum. We have 75 million hectares of arable land and most of it suited for rice cultivation.”

    He added that “we will provide our farmers with certified seeds, fertilzer, extension services, the digitlization of services, inputs, finance and market information. Our target is to achieve self-sufficiency in rice latest by 2027.”

    The VP also spoke about the Special Agro-Industrial Processing Zones (SAPZs), reiterating the Tinubu administration’s commitment to providing an enabling environment for investors in the zones.

    He said the government would create an SAPZ development authority that will operate like a one-stop shop where regulatory and associated issues will be addressed.

  • AfDB, other partners vote additional $1bn to fund Nigeria’s SAPZs in 24 states

    AfDB, other partners vote additional $1bn to fund Nigeria’s SAPZs in 24 states

    It was yet another bountiful harvest for the President Bola Tinubu administration in its investment drive, as the African Development Bank (AfDB), Islamic Development Bank (IDB), and the International Fund for Agricultural Development (IFAD) have voted $1 billion to further deliver special agro-industrial processing zones in 24 States of Nigeria.

    A statement issued on Friday, October 27, by Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Stanley Nkwocha, explained that this initiative is in addition to an initial $520 million voted by the development partners for the development of eight special agro-industrial processing zones in Nigeria.

    President of the African Development Bank Group, Dr Akinwumi A. Adesina, disclosed this at the Norman Borlaug International Dialogue, World Food Prize 2023, in Des Moines, Iowa, United States of America.

    Vice President Kashim Shettima, who is attending the event in pursuance of the food security and diversification policy of the Tinubu administration, had on Wednesday delivered his keynote address at the ongoing Dialogue.

    Delivering his own speech titled, “From Dakar to Des Moines, “Dr Adesina noted that the decision to pump such huge funds into Nigeria’s agribusiness was part of the resolve to develop Special Agro-Industrial Processing Zones (SAPZs) in 13 countries.

    Explaining that it was the core of the food and agriculture delivery compacts from the Dakar 2 Summit held earlier this year in Dakar, Senegal, the AfDB President said, “We are investing heavily in the development of SAPZs to support the development of agricultural value chains, food processing and value addition, enabling infrastructure and logistics to promote local, regional, and international trade in food.

    “The African Development Bank Group is investing $853 million in the development of the Special Agro-Industrial Processing Zones, and it has mobilized additional co-financing of $661 million, for a total commitment of $1.5 billion. We are deploying effective partnerships at scale. We are currently implementing 25 Special Agro-industrial Processing Zones in 13 countries.

    “For example, the African Development Bank, Islamic Development Bank, and the International Fund for Agricultural Development provided $520 million for the development of 8 special agro-industrial processing zones in Nigeria. The second phase of the program aims to mobilize an additional $1 billion to deliver special agro-industrial processing zones in 24 States of Nigeria.”

    Read Also: Supreme Court: We have full confidence in Tinubu – Yoruba Community

    Adesina regretted that while much progress had “been made in African agriculture, 283 million people still go to bed hungry in Africa, about a third of the 828 million people that suffer hunger globally.”

    He however described the Norman Borlaug International Dialogue World Food Prize 2023, as a “journey and narrative of how we are combining the power of science, technology, policies, and politics to ensure that Africa fully unlocks its agricultural potential, and feeds itself, with pride.”

    The AfDB President thanked Vice President Kashim Shettima, and the President of Ethiopia, Sahle-Work Zewde, for participating in the global event, saying their presence is an indication “that Africa has the political will and is fully ready to tackle food insecurity and make hunger history” on the continent.

    Also speaking during the fire-side chat with the AfDB President, Dr Akinwunmi Adesina, Vice President Kashim Shettima who spoke on the Tinubu administration’s initiatives for food security said the quality of present leadership in Nigeria and the rest of Africa will drive transformation in agriculture and other sectors.

    According to him, “A nation falls or rises fundamentally due to the quality of its leadership. Right now Africa is blessed with quite a handful of quality leaders that have the drive, passion, and skills set to redefine the meaning and concept of modern leadership.

    “Bola Ahmed Tinubu, my boss, is a good example, Macky Sall of Senegal and of course, Abdel Fattah El-Sisi of Egypt are doing wonderfully well, just to mention a few of the African leaders that are distinguishing themselves in leadership.

    “I want to assure this gathering of investors and stakeholders in the agricultural sector that my boss, President Bola Ahmed Tinubu is a quintessential 21st-century modern African leader who is determined to redefine the meaning and concept of modern leadership.

    “Be rest assured that there will be a sea change in the fortunes of the Nigerian nation and by extension the African continent in the next couple of years because Nigeria is an anchor nation,” the VP added.

    On wheat production, Shettima said: “Our target towards wheat production in Nigeria is to achieve 50% self-sufficiency in the next 3 cycles. It is inconceivable that we are the second-largest wheat importer in the world.

    “Luckily, we have already procured the heat-tolerant variety of wheat seeds and we are going to drive that process by supporting the farmers with the heat-tolerant variety, agricultural extension services, and fertilizer and also hope to increase the irrigation areas to 1 million hectares in the next cropping cycle.

    “We need to produce about 2.4 million tonnes of wheat grains in Nigeria. We are going to reach out to our farmers through small irrigation schemes and through digitalisation. All the actors in the value chain will be sufficiently taken care of through innovative finance, partial credit guarantees, and crop insurance,” the VP emphasized.

    For rice production, the VP said the major challenge for Nigeria is the insufficiency of paddy rice. He noted that Nigeria has adequate milling capacity but “we need to produce 3 to 4 million tonnes of paddy rice to meet our requirement of about 2.5 million tonnes per annum. We have 75 million hectares of arable land and most of it is suited for rice cultivation.”

    He added: “We will provide our farmers with certified seeds, fertilizer, extension services, the digitalization of services, inputs, and finance and market information. Our target is to achieve self-sufficiency in rice latest by 2027.”

    The VP also spoke about the Special Agro-Industrial Processing Zones (SAPZs), reiterating the Tinubu administration’s commitment to providing an enabling environment for investors in the zones.

    He said the government would create a SAPZ development authority that would operate like a one-stop shop where regulatory and associated issues would be addressed.

  • AfDB, AGF to bridge $42b financing gap for SMEs

    AfDB, AGF to bridge $42b financing gap for SMEs

    The African Development Bank Group (AfDB), in partnership with the African Guarantee Fund (AGF), is set to bridge the $42 billion Small and Medium Enterprises (SMEs) funding gap in Africa.

     Director General for ADB  Nigeria Country Department, Lamin Barrow, made this known during the kickoff of the fifth Affirmative Finance Action for Women in Africa (AFAWA) Finance Series in Nigeria.

    Barrow said that the   AFAWA initiative seeks to increase the access of African women to finance by closing the existing financing gap for female-led small and medium enterprises. 

    “Our goal is to mobilise $5 billion in financing for African women-led businesses by 2026. Since we launched AFAWA a little over two years ago, the initiative has approved $1.2 billion for on-lending to women-led enterprises in 32 countries across Africa,” he said.

    African Guarantee Fund’s Group Chief Executive Officer, Jules Ngankam, said, that empowering SMEs with the right skills, helping SMEs overcome collateral for loan challenges, bridging information and products gaps for operators, improving their perceptions in the eyes of banks will boost access to credit for SMEs.

    He described the AFAWA finance series as an initiative that brings together government representatives, policymakers and financial institution leaders to offer an introduction to AFAWA’s partnership services for the Nigerian market. 

    Read Also: Adamawa offers incentives for dry season farming

      ”In Africa, 70 per cent of women are excluded financially, including in the areas of access to credit, land ownership, job opportunities, leadership positions and wealth creation. These imbalances have been one of the factors limiting Africa from reaching its full potential,” the AGF  boss added.  

    He commended the Federal Government for promoting women-led small and medium enterprises and promised AGF’s readiness to,  through the AFAWA initiative,     collaborate with Nigeria to make the environment more conducive for women entrepreneurs.

      Minister of Finance and Co-ordinating Minister of the Economy  Wale Edun  noted  that since women constitute a “substantial portion of our population, their full and equal participation in the economy is not just a matter of social justice but   is also one of economic parity.”

      Edun added:   “The topic of women’s empowerment is one that demands our attention, our commitment, and our collective efforts to ensure that women have equal opportunities so as to fully participate in our nation’s economic growth.  

    He was represented at the event by the Acting Permanent Secretary/Director, Economic Research and Policy Management Department, Federal Ministry of Finance, Grace Ogbonna.

  • AfDB lifts Eritrea’s energy, water supply, others with $49.92m

    AfDB lifts Eritrea’s energy, water supply, others with $49.92m

    As part of its intervention programme, the President, African Development Bank Group Akinwunmi Adesina has declared that the Bank has supported Eritrea with the sum of $49.92million in the critical areas of energy, water and sanitation, agriculture, skills and capacity development, as well as economic and financial governance.

    In a statement signed by the AfDB boss, he said the Bank and Eritrean government is on the path to strengthen partnership to support the country’s growth, to also place it on a more sustainable development path in the coming years.

    In April, the Bank’s board of directors approved a US$49.92 million financing grant for the construction of a 30-megawatt solar photovoltaic power plant in Dekemhare. This is the Bank’s largest investment in the country.

    The project will have a transformative impact on improving access to energy in Eritrea. It will contribute to Eritrea’s target of generating 360 megawatts of electricity by 2030.

    Read Also: AfDB’s $250m to boost rural electrification projects

    According to Adesina, “I had an excellent visit to Eritrea. I came away highly impressed by the passion to develop the incredible resilience and self-reliance of the Eritrean people. The best part was when I was told by a United Nations senior level official that In Eritrea, corruption is zero percent.

    “Eritrea’s capacity for pharmaceuticals meets all World Health Organisation (WHO) global standards. The Eritrean government has been consistent with AfDB engagement in the last thirty years. “The capacity and first-rate skills of Eritrean engineers are amazing and should be shared with other African countries.”

    Speaking, Eritrean President Afweki Asmara said ADB is a key partner for development, stating that providing more resources for the bank to support developments in Africa. “We also need support in other critical areas including support for fishing communities, agriculture, skills and capacity development to increase self-sufficiency, and integrated infrastructure to enable the country to make the most of its large potash deposits.”

  • AfDB’s $250m to boost rural electrification projects

    AfDB’s $250m to boost rural electrification projects

    Alifeline from the African Development Bank (AfDB) is set to boost rural electrification projects under the Nigeria Electrification Project (NEP), initiative of the Rural Electrification Agency (REA). The fund, a $250 million package, which had previously been approved for the project, is now ready to be disbursed.

    Minister of Power, Adebayo Adelabu, made this known after a bilateral cooperation meeting with the AfDB cabinet, presided over by its President, Dr. Akinwumi Adeshina, at the “Just Energy Transition and Agricultural Transformation for Africa” conference in Busan, South Korea.

    He confirmed the Federal Government’s readiness to extend support to Northern states through the $20 billion 10,000MW Northern Africa Desert to Power fund.

    According to him, the Northern  states would benefit from the AfDB’s $20b “Desert-to-Power” initiative, aimed at developing 10,000 MW of solar power for 11 African countries.

    The minister also said during the Bilateral Cooperation meeting with the AfDB cabinet, the Nigerian delegation secured an In-Principal Agreement from AfDB for Technical Advisory Sponsorship,  encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure.

    Read Also: Chams HoldCo lays out roadmap to sustained growth

    The aim of the Technical Advisory sponsorship, he explained, was to establish operational capacity across the value chain, facilitating project prioritisation.

    “In a productive Bilateral Cooperation meeting with the African Development Bank (AfDB) cabinet, presided over by AfDB President, Dr Akinwunmi Adeshina at the ongoing “Just Energy Transition and Agricultural Transformation for Africa” conference in Busan, South Korea, the Nigerian delegation, led by myself, secured an In-Principle Agreement from AfDB for Technical Advisory Sponsorship, potentially encompassing stress testing and capacity simulation of Nigeria’s Power infrastructure,’’ he added.

     “This initiative aims to establish operational capacity across the entire value chain, facilitating project prioritisation. AfDB also confirmed readiness to disburse a previously approved $250m fund for the Nigeria Electrification Project (NEP) under the Rural Electrification Agency (REA) and extended support to Northern Nigerian states through the $20bn 10,000MW Northern Africa Desert to Power fund,” the Minister said.

  • FG secures $163mn AfDB loan to boost wheat production, says Shettima

    FG secures $163mn AfDB loan to boost wheat production, says Shettima

    Vice President Kashim Shettima on Sunday, September 10, announced that Nigeria has secured a $163 million support from the African Development Bank (AfDB) to boost the production of wheat in the country.

    The vice president disclosed this while speaking at the palace of the Emir of Argungu, Alhaji Sumaila Mohammed, in Argungu, Kebbi state.

    According to a statement issued by the director of information in his office, Olusola Abiola, the vice president was in the state representing President Bola Tinubu, on a condolence visit to the family of the late Sheikh Abubakar Giro.

    Shettima also assured that President Tinubu’s administration would fulfill all the promises made to Nigerians during the campaign season, particularly in the agricultural sector, adding that food security would receive serious attention from the government.

    He said: “We have obtained a $163 million dollar loan from the African Development Bank to support wheat production. The scheme would be launched soon.

    Read Also: I’m delighted to meet President Tinubu, says Indian PM Modi

    “We need 10,000 hectares of land in Kebbi State. But the scheme would be well executed in Jigawa State with a cultivation of 50,000 hectares of land to boost wheat production.”

    While at the home of the late Sheikh Giro to pay condolence to his family, the Vice President said “this is a great loss to the state, nation and West Africa.

    He said: “I am here on behalf of President Bola Tinubu, who called me from India and directed that I should come to Argungu to commiserate with the family of the respected Sheikh, government and people of Kebbi State and the north in general.

    “Late Sheikh Abubakar Giro was a respected scholar. He worked for God, he didn’t bother about things of the world he lived a humble life. May God forgive his shortcomings and grant him eternity.”

    In his remarks, the Emir of Argungu, HRH, Sumaila Mohammed Mera, stated that the Emirate was proud of the achievements of late Sheikh Giro.

    He prayed for the unity and progress of Nigeria, as he also thanked President Tinubu and Vice President Shettima for their support.

    On his part, the National Leader of the Izala Sect, Sheikh Bala Lau, who received the Vice President on behalf of the family in company of other national executives, thanked President Bola Tinubu and Vice President Shettima for their show of love.

    Earlier on arrival, the vice president was received at the Sir Ahmadu Bello Airport in Birnin Kebbi by the State Governor, Nasir Idris who accompanied him on the visit.

    Also on the vice president’s entourage were the Deputy Governor of Kebbi State, Sen. Umar Tafida; Minister of Agriculture and Food Security, Abubakar Kyari and members of the Kebbi State Executive Council among others.

    Sheikh Abubakar Giro, a renowned cleric who died recently has since been buried according to Islamic rites in his hometown in Argungu, Kebbi state.

  • AfDB okays $1b climate finance for Nigeria, others

    AfDB okays $1b climate finance for Nigeria, others

    African Development Bank (AfDB) has approved a new $1 billion fund to accelerate climate financing for youth businesses in Nigeria and other African countries.

    The additional financing will boost YouthAdapt, a joint initiative between the bank and the Global Centre on Adaptation. It invites young entrepreneurs and micro, small, and medium enterprises (MSMEs) in Africa to submit innovative solutions and business ideas that have the potential to drive climate change adaptation and resilience across the continent.

    AfDB President, Akinwumi Adesina, made the $1 billion announcement during a High-Level Intergenerational Dialogue: Africa Driving Climate Adaptation Solutions and Jobs, held at the Wangari Maathai Institute of Peace and Environment on the outskirts of Nairobi. The institute, funded by the AfDB, was officially opened last year.

    Adesina was joined by the 8th Secretary General of the UN, Ban Ki Moon, Chair of the board of trustees of the Graça Machel Trust, Graça Machel, and the African Child Policy Forum, GCA’s CEO Patrick Verkooijen, Kenya’s Cabinet Secretary for Youth Affairs, the Arts and Sports, Ababu Namwamba, Anne Beathe Tvinnereim, Norway’s Minister of International Development, Kerrie Simmonds, Minister of Foreign Affairs for Barbados, as well as other dignitaries.

    Adesina said African youths didn’t want “little things being doled out to them. We have no option but to invest in our youths”.

    Over the past two years, YouthAdapt has provided more than $1.5 million to 33 young entrepreneurs across 19 African countries. Some have gone on to raise their profits by 200 per cent.

    “Africa’s youth are the present. It is their views and perspectives that are going to change the continent. Failing to invest in the youth will hurt Africa, failure is not an option,” Adesina said.

    In his remarks, Ban told the youths that, as global citizens, they should not be held back by national boundaries. He urged them to hold their leaders accountable for the promises they make. “Challenge your leaders today. Use your voting power to ensure climate adaptation and finance are a priority,”

    Read Also: ‘Nigeria offers best returns on investment’

    Namwamba highlighted some of the initiatives the Kenyan government has launched to drive climate adaptation. “We are recruiting a one million youth Green Army as Climate Action Warriors to support President William Ruto’s ambitious plan to plant 15 billion trees in 10 years,” he said, adding that it would increase the country’s forest cover from 12 per cent to 30 per cent.

    He noted Kenya was the first country to ratify the Sports for Climate Action Initiative under the United Nations Framework Convention on Climate Change. Under the initiative, sports organisations will be able to pursue climate action in a consistent and mutually supportive fashion through disseminating good practices, lessons learned and collaboration.

    The GCA’s Verkooijen said the choice before Africa was a stark one. “Adapt or die.” Still, he said that the need for adaptation offers opportunity. “We know that if we provide you with the right tools, the right finance, and give voice to the voiceless, you will be unstoppable,”  he said.

    The event also featured the presentation of the Youth4Adaptation Communiqué, which urges global leaders to make room for the youth in decision making on climate adaptation and action. The communique, reflecting the climate adaptation aspirations of young people from 135 countries worldwide, also urges a scaling up of finance for adaptation with a target of doubling it by 2025.

    Adesina and the other dignitaries each planted a tree on the grounds of the Wangari Maathai Institute, named for the renowned environmentalist and Nobel laureate, the late Prof Wangari Maathai. She founded the Green Belt Movement and pursued a community-based approach to environmental conservation – working with young people and particularly women to plant trees.

    They expressed admiration at the late Prof Maathai’s strong legacy of environmental conservation and social justice.