AfDB Gives Nigeria N622.5 Billion to Tackle Food Challenges in the Country

AfDB Gives Nigeria N622.5 Billion to Tackle Food Challenges in the Country

  • The Africa Development Bank says it is giving Nigeria over N600 billion to tackle a looming food crisis in Nigeria
  • The AfDB President, Akinwunmi Adesina said during his visit to President Muhammadu Buhari in Abuja on Tuesday, April 26, 2022
  • The AfDB boss said the bank has designed a programme to mitigate food problems due to the war in Ukraine

Akinwunmi Adesina, the President of African Development Bank (AfDB) has announced that the bank is giving Nigeria N622.5 billion ($1.5bn) under the Africa Emergency Food Plan to tackle the fall out of the Russia-Ukraine war which might trigger food crisis across the globe.

This comes a week after David Malpass, the World Bank Group President said that Nigeria and other emerging markets are faced with a sudden price surge for fertilizer and food due to the ongoing war in Ukraine and the yet-to-be abated COVID-19 pandemic.

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AfDB, Akinwunmi Adesina, Buhari
Akinwunmi Adesina, President AfDB Credit: PAUL ELLIS / Contributor
Source: Getty Images

Nigeria topmost in AfDB plans

Adesina said this during a meeting with President Muhammadu Buhari on Tuesday, April 26, 2022, in Abuja. He also raised the alarm about the fertilizer crisis in Africa which he said may cause a deficit of about 2 million metric tons.

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According to Adesina. The AfDB has designed a $1.5 billion Africa Emergency Food Plan, which is now before the bank’s board for authorisation.

Adesina said the bank did not prepare for the pandemic but now planning to mitigate the food crisis in Africa.

The Bank releases eligible states in Nigeria

The AfDB boss stated that eligible states are Kano, Ogun, Kaduna, Imo, Cross River and the Federal Capital Territory.

Russia’s invasion of Ukraine has caused a chain reaction in the global economy which has impacted economies negatively globally.

Read also

3 months after Buhari unveiled largest rice pyramid in Africa, Nigeria resumes rice import from neighbours

Ukraine is a major producer of grains while Russia is the main producer of energy and fertilizer.

CBN excited as farmers in Cross River repay over N1bn loan, female poultry farmer emerges the best

Legit.ng has reported that An excited, Central Bank of Nigeria has revealed that the sum of N1.065 billion agric loans have been recovered from Cross River State farmers.

The farmers are part of the beneficiaries of CBN Agricultural Credit Guaranteed Scheme Fund designed to boost Nigeria's food sufficiency drive.

The Punch reports that the Chairman of ACGSF board, Stephen Okon, disclosed the repayment while speaking in Calabar during the board’s meeting and awards to the best farmers of the year 2021 in Cross River on Thursday, 31 March 2022.

Source: Legit.ng

Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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