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The future of Africa’s food security rests upon its youth— AfDB President

Published

4 months ago

July 16, 2024

Dr. Akinwumi Adesina, the President of the African Development Bank, in his keynote speech at the Council of Anglican Provinces of Africa Primates and Wives’ Retreat in Abuja on Saturday stressed that Africa’s food security solution will only come from within and youth participation was critical to solving the continent’s food challenge.

Speaking on “Food Security and Financial Sustainability in Africa: The Role of the Church”, Adesina emphasized the vital role of youth in revolutionizing Nigeria’s agricultural sector and highlighted the success stories of some young entrepreneurs.

In order to increase the sector’s appeal to young Nigerians, the former Minister of Agriculture recalled his symbolic decision to wear a bowtie while serving in that capacity. He claims that the initiative is a component of a larger plan to reposition agriculture as a respectable and alluring career option for young people.

Adesina called on officials and religious leaders to back the AfDB’s $490 million Enable Youth in Agriculture programme, which aims to support young-led agribusinesses throughout Africa. He claimed that the initiative had already aided 41,000 companies and produced 63,000 employment, demonstrating a substantial potential for economic expansion.

Speaking on the crucial subject of young people leaving Africa, Adesina related his moving experience visiting Goree Island in Senegal, a historical location of the transatlantic slave trade. He drew comparisons between the dangerous current journeys undertaken by young Africans in search of better opportunities abroad and the historical forced migration.

“Sad that Africa’s future lies within the continent, where equitable growth and quality jobs could be created,” he said.

He said, “The AfDB’s recent approvals, including $16 million for Liberia’s Entrepreneurship Investment Bank and $32 million for Ethiopia, reflect the bank’s commitment to this vision.”

He advocated for a concerted effort to empower Africa’s youth, ensuring that their potential is used to establish a successful future for the continent.

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VenturesNow

Food prices drive second straight monthly hike in Nigeria’s inflation

Published

1 hour ago

November 17, 2024

Ifeoluwa Dada

According to official statistics released on Friday, Nigeria’s inflation rate increased for the second consecutive month in October, rising to 33.88% in annual terms from 32.70% in September, mostly as a result of increasing food costs.

In an attempt to boost economic development and strengthen public finances, President Bola Tinubu devalued the naira and reduced subsidies, which caused inflation to spike in the second half of last year.

As the effects of the naira devaluation started to lessen in July of this year, a slew of hikes in the price of petroleum and devastating floods that destroyed crops once again exacerbated pricing pressures, making the greatest cost-of-living crisis in decades worse in Africa’s most populous country.

According to the National Bureau of Statistics, price increases for basics such as rice, maize, bread, potatoes, and cooking oil prompted food inflation to surge from 37.77% in October to 39.16% year over year.

This year, more than 1.5 million hectares of agriculture have been damaged by torrential rain and floods in 29 of Nigeria’s 36 states, leaving millions hungry and displacing large numbers of people.

In an effort to curb inflation, the central bank has raised interest rates five times this year. On November 26, it is expected to make its final rate decision of the year.

VenturesNow

MTN financial report reveals drop in group service revenue

Published

1 hour ago

November 17, 2024

Ifeoluwa Dada

Due to operational difficulties in Sudan and the depreciation of the Nigerian naira, MTN Group, Africa’s largest telecom provider, announced on Thursday an 18.5% decline in service revenue for the third quarter that concluded on September 30.

With 288 million users in 17 African regions, MTN said that its group service revenue dropped from 156.3 billion rand ($6.99 billion) in the same quarter of the previous year to 127.4 billion rand.

Despite stating that “the naira was less volatile on a sequential basis in Q3 than in preceding quarters,” the business reported a 48.7% decline in MTN Nigeria’s income due to the currency’s depreciation.

Due to a stronger Ugandan shilling than the previous year, Uganda’s largest contributor, MTN South Africa (MTN SA), expanded by a meagre 3.3%.

Due to “subscriber registration regulations in Nigeria and a decline in users in Sudan, where the conflict has displaced millions of people,” the business reported that its subscriber base increased by 1.6% to 288 million.

Given the higher demand in Nigeria despite the legal obstacles, MTN plans to increase its capital expenditures, which it expects would total between 28 and 33 billion rand for the entire year.