The Director-General of the West Africa Region of the African Development Bank (AFDB), Lamin Barrow, has stated that the cumulative funds approved by the bank in Nigeria have reached 10.9 billion dollars. This was disclosed during the Second Interactive Session and Workshop on Developing Bankable Business Proposals/Business Plans for Youths in Agriculture, held in Abuja to celebrate the bank’s 60th anniversary.
The event brought together government officials, partners, women and youths in agriculture, and stakeholders in the agric value chain. The Director-General said that since the bank started operating in Nigeria, its cumulative financing approvals have reached 10.9 billion dollars, with a current portfolio of 4.9 billion dollars supporting projects in both the public and private sectors.
According to Barrow, the bank’s President, Dr. Akinwumi Adesina, has prioritized the High 5 initiative – Power, Feed, Industrialise, Integrate and Improve quality of life for the people of Africa. These initiatives aim to accelerate the achievement of the Sustainable Development Goals (SDGs) and the targets of the African Union’s Agenda 2063.
The Director-General noted that the projects and programmes supported by the bank have impacted over 400 million people. He commended the Federal Government of Nigeria for its efforts to increase production and productivity in the agricultural sector, create job opportunities for youths and women, and combat food insecurity.
Mrs. Marie-Laure Akin-Olugbade, Vice-President of AfDB’s Regional Development, Integration and Business Delivery Complex, also spoke at the event. She emphasized that agriculture is a business that has the potential to power Africa’s future and alleviate poverty. She highlighted that growth in the agricultural sector is two to four times more effective in reducing poverty than growth in other sectors.
Akin-Olugbade stressed that Africa has 65% of the world’s remaining arable land, enough to feed 9.5 billion people worldwide. She noted that by 2030, Africa’s food and agriculture market is projected to be valued at 1 trillion dollars. She emphasized that every policy should ask whether it is empowering youths and supporting women farmers to move towards food sovereignty.
The Vice-President called on policymakers to take bold action to invest in youths and women farmers and collaborate with private agribusinesses to establish industries that process and add value to agricultural commodities. She emphasized that working together can unlock the full potential of Africa’s agriculture and ensure a bright and prosperous future for all.
The AfDB has committed to nurturing the growth of Africa’s agriculture and ensuring a bright future for all.
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