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AFDB President, Adeshina, calls for independent Africa through mass food production

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President of the African Development Bank Group, President Dr. Akinwumi Adesina at the just concluded five days of annual meetings in Accra, Ghana on Friday has called for a more independent Africa.

Adesina called mass food production for export as this will eliminate hunger and poverty among the population.

“Time has come for Africa to not just produce food. Africa must process food. Africa must package food. Africa must have quality standards on food and Africa must export to others. So when we talk about agriculture, we’re not talking about agriculture to maintain poverty, no — agriculture to create wealth for Africa,” said Adesina.

Adesina further reiterated the need to boost Africa’s security given the high level of insecurity, especially in the jihadist hit nations.

“Development can only happen when we have security. So the days are gone when security looks like something for others. Security is now part of our own thinking in the Bank because we must support the countries to address security. So there must be a link between security, investment, growth, and development,” said Adesina.

The AFDB in an official announcement last week approved an emergency fund to avert potential food crisis in the continent. The bank said its $1.5 billion African Emergency Food Production Facility is an unprecedented comprehensive initiative to support smallholder farmers in filling the food shortfall.”

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Moroccan annual inflation rises to 0.8% in November

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Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

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According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”

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