Connect with us

Business & Economy

AfDB to develop, structure innovative finance instruments in Africa




The African Development Bank (AfDB) is collaborating with African countries to develop and structure innovative financing instruments to address insecurity and challenges to economic growth investment and development in the continent.

President of AfDB, Dr Akinwumi Adesina, said this at the fourth edition of the Africa Resilience Forum (ARF 2021), a high-level flagship event of the bank, held virtually on Tuesday.

The event had as its theme: “Covid-19 and Beyond: Working Together for a Resilient Continent”.

The event is aimed to reflect on policies and approaches that support the continent’s efforts around conflict prevention, peace, and state-building initiatives.

Adesina stressed that there was a compelling case for innovative financing mechanisms to tackle challenges that faced the continent.

He called on all partners to work towards strengthening interventions that responded to such challenges.

“Only by working together as humanitarian, peace and development partners can we, effectively, address root causes and focus on strengthening interventions that respond to what I call disaster triangle which has to do with unemployment, environmental degradation and extreme poverty.

“Wherever you find these disaster triangles, you have instability and insecurity. There is, therefore, a compelling case for innovative financing mechanisms to tackle these challenges.

“Recognising this critical link between security, economic growth, investment and development, the African Development Bank (AfDB) is collaborating with African countries to develop and structure innovative financing instruments.

“This includes security index investment banks to mobilise resources to address the root causes of insecurity and project investments and livelihoods,” he said.

The AfDB president also emphasised the need to focus on tackling the effects of climate change and reiterated the bank’s commitment to double its climate adaption finance to 25 billion dollars by 2025.

“We have expanded the percentage of financing devoted to climate adaptation from 26 per cent in 2016 to 67 per cent in 2020.”

He further stressed the need to increase investment for social protection, safety nets, and resilient and affordable healthcare systems to reduce the effects of the COVID-19 on the continent.

“We must also prioritise job creation especially for the youth that is why the bank created the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, an initiative to support Africa’s entrepreneurship ecosystems that help to create 25 million jobs by 2025.

Also, he reiterated the importance of women to further drive inclusive and resilient growth through the bank’s Affirmative Finance Action for Women in Africa which supported women-enabled businesses.

“To be clear, when women thrive, Africa prospers,” he emphasised.

Adesina urged Africa not be deterred by the enormous challenges facing the continent adding that resilient economies, communities and people promoted peaceful, stable and prosperous nations.

In his address, Chairperson, African Union Commission (AUC), Mr Moussa Mahamat called on African countries to remain focused and harness their human and natural resources which were “huge assets” for resilience.

“Africa’s assets for full resiliency are huge. The challenge is to reach resilience and fast-track economic growth by harnessing our natural resources and attention to our agricultural production.”

Mahamat said the pandemic had helped the continent to identify categories of population and economic sectors that were vulnerable and required a new vision for reform.

“Flagship programmes that are found in the 2063 Agenda show that gradually, on a macro management perspective, we are giving ourselves a tool for resilience, ongoing reforms and establishment of the African Continental Free Trade Area pathways for our development and self-centred growth.

“We have to count on our intra-African solidarity and promoting principles within which to set up mechanisms for shock management.

“In this regard, creating financing tools to manage this risk is vital. I call on you create all the tools because it is worthwhile and the situation calls for such tools,” he said.

He further stressed an important aspect of institutional reform which is building new forms of partnerships.

He, however, emphasised the need for reliance on the AUC’s own efforts “without turning our backs to our strategic partners”.

“That is our vision of a renaissance, of multilateralism which we are all yearning for.

“The issue of financing, particularly debt management, financing peace as well as renovating developmental aid should be raised within the framework of the rebirth of multilateralism.”

Mahamat also stressed the need to have an efficient combination of all forces of the continent for the vision of resiliency to take root in the governance, political and social practices of the continent.

ARF 2021 aims to provide a platform for sharing experiences, lessons learned, and co-create innovative solutions based on global and regional trends to address fragility and build lasting resilience on the African continent.

The three-day forum would end on Thursday. (NAN)

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.


Export Rejects: NEPC, other Inter-Agencies on a fact-finding mission to UK




In a bid to curb the incidences of export rejects, the Nigerian Export Promotion Council (NEPC) is leading an Inter-Agency team to the United Kingdom (UK) as part of strategic effort to address the issue which constitute a major constraint to the growth of the non-oil export sector.

The National Food, Drug and Administration Control (NAFDAC), Nigerian Agricultural Quarantine Service (NAQS), Nigerian Customs Service (NCS), National Aviation Handling Company (NAHCO) Skypower Aviation Handling Company Limited (SAHCOL) Federal Produce inspection Service (FPIS) and Federation of Agricultural Commodities Association of Nigeria (FACAN) are among the Agencies participating on the fact-finding mission.

The Executive Director/CEO of NEPC, Dr. Ezra Yakusak who led the team lamented that these cases of rejection had resulted in stricter inspection regime on Nigerian exports in the importing countries and in some cases led to the suspension or ban of some products.

According to him “It also attracts unfavourable international media attention, gives the country a negative image as well as constitutes financial burden to the exporters who have to bear the cost of either reshipping the banned product to Nigeria or destroying the product.”

A statement by Ndubueze Okeke, the Head Cooperate Communication of the NEPC, the objective of the 5-day visit is to provide Nigerian export-regulatory and facilitating agencies the opportunity of observing the processes of agricultural commodities import procedures and interface with Port Health and Food Import Regulatory Agencies at the Border Control Points (BCPs) in the UK.

Other areas to be visited by the team are, Southampton Port (the second busiest port in UK), Spitafield Market – a one-stop aggregation and distribution centre for imported food in the UK as well as the Food Standards Agency (FDA), the parliament among others.

The team also held an interactive session with some Nigerian food importers in UK as part of effort to address the challenges encountered in importing food items from Nigeria to UK. It will be recalled that the Minister of Industry, Trade and Investment (FMITI) Otunba Niyi Adebayo recently inaugurated a Technical Committee to address the incidences of export rejects with view to proffer solutions to the problem.

Continue Reading


SON Commends FAO, NCC on review of food standards




The Standards Organisation of Nigeria (SON) has commended the Food and Agriculture Organisation of the United Nations (FAO) and the National Codex Committee (NCC) for critical role played in the elaboration of food Standards at the International level especially at the various committees of the Codex Alimentarius Commission where Standards are adopted at the National level.

The Director General, Standards Organisation of Nigeria (SON) Mallam Farouk Salim disclosed on Thursday while speaking at the awareness and advocacy workshop organized by the National Codex Committee (NCC) in collaboration with the Food and Agriculture Organization (FAO) of the United Nations (UN).

for high level policy and decision makers and public presentation of the 4th Edition of the revised National Codex Committee Procedural Manual in Abuja said the review was apt in order to keep abreast with the growth of Codex activities.

Represented by his Chief of Staff, Prof. Olobayo Kunle, SON Director General said NCC has also contributed to the review of the Food safety policy and Food safety Bill in Nigeria.

“The National Codex Committee Procedural Manual was first prepared in line with CAC procedural manual published in 2002, with further revisions in 2007 and 2012 to guide the activities and improve functions of all the stakeholders involved for effective operations.

“The review of the NCC Procedural Manual was necessary to keep abreast with the growth of Codex activities over time, incorporate major changes, improve and strengthen Codex structure in Nigeria

“The National Codex Committee (NCC) Nigeria successfully applied for the Codex Trust Fund (CTF) 2 support to build strong, solid and sustainable national capacity to engage in Codex activities through the organization of annual awareness and advocacy workshops with political decision-makers, targeted competent authorities and other stakeholders to disseminate more information on Codex.

“The overall objective of the activity is to sensitize public decision-makers and competent authorities on the need to engage more in the national codex and to regularly provide all the support to increase its actions in favour of food safety at national level” he said.

The Food and Agriculture Organisation of the United Nations (FAO) Representative to Nigeria, Fred Kafeero said since the inception of CAC, FAO has worked with World Health Organisation in the development of international food standards, guidelines, and codes of practices to protect the health of consumers and ensure fair trade practices in the food trade using the principles of risk analysis and scientific advice provided by joint FAO/WHO expert bodies and consultations.

Represented by the FAO Assistant Representative Administration, David Fehintola said its country office in Nigeria with support from the regional office for Africa has continued to partner the Government and the National Codex Committee towards creating effective and efficient policies and strategies to eliminate hunger, food insecurity and malnutrition in the country.

He said FAO believe that ensuring the supply of safe, quality and nutritious foods is as important as ensuring the availability of foods and food standardization as “Poor quality foods do not ensure food security” he said.

The FAO Representative to Nigeria said the agency has been supporting the National Codex Committee (NCC) in Nigeria, which has members from all the MDAs and the Private sector through the execution of the Codex Trust Fund 2 activities with a focus on the implementation of the Codex Strategic Plan 2020-2025.

“We, at FAO believe that it is vital that the NCC commits itself to the core values of the Codex Alimentarius Commission (CAC) in its Inclusiveness, Collaboration, Consensus Building and Transparency in all its work.

“FAO in its support through the CTF2 project endeavors to ensure the participation of all Codex members in the country in standard setting process to ensure these core values are met.

“A lot has been achieved this year in terms of capacity building of codex members, advocacy, sensitization and public awareness as well as in the review, finalization and dissemination of the NCC procedural manual” he said.


Continue Reading


Export4Survival: NEPC partners NOA to drive campaign in 36 States




As part of strategic collaboration to promote the export of Made-in-Nigerian products and thereby increase foreign exchange earnings for the country, the Nigerian Export Promotion Council (NEPC) has team up with the National Orientation Agency (NOA) to create awareness for the Export4Survival campaign in 36 states of the federation.

The Executive Director of NEPC, Dr Ezra Yakusak while on a working visit to the NOA in Abuja, said the visit was borne out of the need to seek strategic collaboration with relevant government Ministries Departments and Agencies (MDAs) in a bid to rejuvenate the nation’s fragile economy in the wake of dwindling revenue from crude oil.

In a statement by Ndubueze Okeko, Head, Corporate Communications of the NEPC, Dr Yakusak, pointed out that the #Export4Survival is a patriotic call on all Nigerians to realize the urgency of engaging in non-oil export trade as a viable means of economic growth, poverty alleviation, industrial development and boosting our foreign exchange earnings.

“We must export our goods and services or perish. That is the only way the country could create jobs, create wealth and ensure a sustainable economy that guarantees prosperity for all Nigerians”, he added.

Responding, the NOA Director General, Dr. Garba Abari commended the NEPC for initiating the Export4Survival campaign as part of strategic initiative to increase the awareness of opportunities in the sector and benefits of exporting Nigerian goods and services to the overall growth of the country’s Gross Domestic Product (GDP).

With 813 offices spread across the country, Dr. Abari said the NOA was strategically positioned to help the Council drive the campaign to the 36 states of the federation as well as the 774 local governments areas.

“Export4Survival is indeed strategic in finding a solution to the nation’s fragile economy. It is the only way to regain the value of the Naira as it will create wealth and job opportunities for all Nigerians”, he noted.

Continue Reading