Business
AfDB unveils strategy roadmap to safeguard food security against impacts of COVID-19
Mustapha Sumaila
The African Development Bank (AfDB) has unveiled a strategic roadmap of projects and programmes to assist African countries in tackling the nutrition and food security aspects of the COVID-19 crisis through a raft of immediate and longer-term measures.
The Bank’s Communications and External Relations Department made this known in a statement on Monday.
The bank said that the Feed Africa Response to COVID-19 (FAREC) paved the way for a comprehensive intervention to build resilience, sustainability and regional self-sufficiency in Africa’s food systems.
It said this would also help farmers cope with coronavirus-related disruptions to the agricultural value chain.
“The Bank’s response to support the agriculture sector lays out specific measures aimed at addressing challenges faced by African countries across all aspects of the agriculture sector.
“Africa cannot afford a food crisis in the wake of the COVID-19 pandemic,” said Dr. Jennifer Blanke, the Bank’s Vice President for Agriculture, Human and Social Development.
A report released alongside the roadmap recommends immediate, short- and medium-term solutions for the agriculture sector including; support of food delivery for the most vulnerable; stabilization of food prices; optimization of food processing; extension support services, and provision of key agricultural inputs through smart subsidies,” the statement read.
According to the report, the Bank will prioritise policy support to enhance movement of inputs and food, to establish food security task forces in countries, and to strengthen the capacity of regional organisations to monitor multi-country initiatives.
The AfDB noted that the pandemic had worsened volatility in the price of food staples and complicated food system actors’ investment decision-making.
It added that the confluence of impacts risks deepening food insecurity and malnutrition, stating that based on the World Food Programme, over 40 million West Africans face food shortages in the coming months.
“FAREC forms one part of the Bank’s COVID-19 Response Facility (CRF) of up to 10 billion dollars. The CRF is the Bank’s primary channel to deploy financial and technical measures to cushion African economies and livelihoods against the health, social and economic impacts of the pandemic.
“In May, the Bank’s African Development Institute, its focal point for capacity development, hosted a seminar that examined the pandemic’s impacts on Africa’s agri-food systems and offered policy recommendations to make them more resilient and efficient.
“Ensuring food security for Africans in all situations is at the core of the Bank’s Feed Africa Strategy.
“Our institution will coordinate its efforts with different stakeholders across the continent to effectively answer the needs of regional member countries,” said Dr. Martin Fregene, Director of the Bank’s Agriculture and Agro-industry Department” the statement read.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
-
Business14 hours ago
Okpella Monarch: Obaseki Ratified Kingmakers Decision, End 5years leadership Vacuum
-
Banking10 hours ago
Free Food Saga: Akpabio quoted out of context-CSO
-
Foreign15 hours ago
Sci-tech innovation fuels China’s high-quality development
-
Entertainment7 hours ago
Davido Declares ‘Timeless’ His Best Album
-
Entertainment7 hours ago
‘Adire’ Secures Four Nominations at the Best of Nollywood Awards
-
Business7 hours ago
Wike Urges Nigerians to Pay Taxes for Improved Social Services
-
Foreign9 hours ago
Qinling Mountains better safeguarded with comprehensive digital platform
-
Foreign9 hours ago
Expressway service station in Shandong achieves carbon neutrality