Akinwumi Adesina – The Commerce Africa https://thecommerceafrica.com African Reneissance Mon, 26 Feb 2024 20:12:35 +0000 en-US hourly 1 https://wordpress.org/?v=5.9 Catalyzing Digital Innovation: African Development Bank commits $80 million to Ekiti Knowledge Zone Project in Nigeria https://thecommerceafrica.com/catalyzing-digital-innovation-african-development-bank-commits-80-million-to-ekiti-knowledge-zone-project-in-nigeria/ https://thecommerceafrica.com/catalyzing-digital-innovation-african-development-bank-commits-80-million-to-ekiti-knowledge-zone-project-in-nigeria/#respond Mon, 26 Feb 2024 20:12:23 +0000 https://thecommerceafrica.com/?p=16270 In the heart of Nigeria’s Ekiti State, a groundbreaking initiative is taking shape – the Ekiti Knowledge Zone (EKZ), a bold step to transform the region into a hub for digital innovation and knowledge economy.

The African Development Bank has committed $80 million in loan financing for this state-led pioneering special economic zone project, designed to foster linkages between educators, researchers, innovators, entrepreneurs, and industries, all within one location.

More than just a project, EKZ promises to be a place where ideas converge, creativity thrives, and dreams take flight. The Ekiti State Government is committing $14.8 million in counterpart funding to complement the Bank’s financing for the $94.8 million project.

In April 2023, the Federal Government of Nigeria conferred “free zone” status to the project under the Nigeria Export Processing Zones Authority (NEPZA) Act. This designation unlocks a plethora of incentives for private investors, including rent-free land, tax holidays and import/export duty waivers, fueling an environment ripe for investment and innovation.

Spanning 40 hectares of land, the EKZ aims to catalyse digital entrepreneurship, promising to generate 26,000 jobs and inject $14 million annually into the economy upon completion.

The project entails the development of world-class infrastructure, creating a 20-hectare green technology park and providing roads, electricity, water supply and wastewater treatment facilities. It will also invest in people, particularly the youth. With plans to provide information and communication technology training for over 19,000 young minds in Ekiti and neighbouring states, the EKZ is sowing seeds of future entrepreneurs and business leaders.

The EKZ seeks to attract businesses, including tech start-ups, business process outsourcing firms, fabrication and production companies, research institutes and corporate back-office operations, to locate in the Zone. An incubator program will support promising start-ups through pre-seed and seed funding to be provided by the Ekiti Innovation Fund. The project will attract anchor investors from the private sector to form a special-purpose vehicle that allows multiple investors to pool financing and manage the operations of the Zone.

But what sets the EKZ apart is not just about development but innovation—leveraging Ekiti State’s competitive edge and the presence of five higher institutions within the Ekiti Education Quadrangle. Ekiti State is home to the Federal University Oye Ekiti, Ekiti State University, Bamidele Olumilua University of Education, Science and Technology, Afe Babalola University, and the Federal Polytechnic, in addition to over 30 universities in the neighbouring States of Kwara, Kogi, Ondo and Osun that provide a vast talent pipeline.

The EKZ aligns well with the Bank’s Jobs for Youth in Africa Strategy, which seeks to promote linkages between academia and industry to nurture entrepreneurship talents and develop a skilled workforce matching employers’ needs.

Former Governor of Ekiti State and former Chairman, Nigeria Governors’ Forum, Dr. Kayode Fayemi, said, “It is exciting to see that our efforts, which began a few years ago during my tenure to establish Ekiti as the knowledge economy of Nigeria and the preferred destination for innovation, technology, artificial Intelligence, science and digital initiatives, are starting to bear fruit.”

As the EKZ takes shape, it is a testament to the power of collaboration, innovation and foresight. “It’s a beacon of hope for the youth, a testament to our commitment to fostering innovation, job creation and sustainable economic growth; it is a commitment to a better future for our State and Nigeria,” says Ekiti State Governor Biodun Oyebanji.

Credit:AfDB

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Allow Multilateral Development Banks(MDBs) use Special Drawing Rights-Adesina urges IMF https://thecommerceafrica.com/allow-multilateral-development-banksmdbs-use-special-drawing-rights-adesina-urges-imf/ https://thecommerceafrica.com/allow-multilateral-development-banksmdbs-use-special-drawing-rights-adesina-urges-imf/#respond Sat, 24 Jun 2023 16:15:37 +0000 https://thecommerceafrica.com/?p=14329

The President of African Development Bank (AfDB),Dr Akinwumi Adesina has called on the International Monetary Fund((IMF) to grant permission to Multilateral Development Banks(MDBs) to use its Special Drawing Rights to meet the financing deficit of vulnerable jurisdictions.

Speaking on a panel at the Summit for a New Global Financing Pact, African Development Bank President Akinwumi Adesina reiterated the case for multilateral development banks (MDBs) to be allowed to use the International Monetary Fund’s #SpecialDrawingRights.

Adesina said MDBs could leverage an allocation of $200 billion and turn this into a trillion dollars. “The MDBs are leveraging machines. They can leverage the SDRs by three to four times. So that leverage is very important to have,” he remarked.

IMF Managing Director Kristalina Georgieva, who also participated in the panel, announced that her institution had reached its target of making $100 billion in special drawing rights available for vulnerable countries.

Opening the summit on Thursday, United Nations chief António Guterres said many African nations were spending more on debt repayments than on much-needed #health care. He called for greater access to liquidity for developing countries through the IMF’s Special Drawing Rights.

Special Drawing Rights (SDR) is an international reserve created by the IMF to supplement the official reserves of its member countries. The SDR is not a currency.It is a potential claim on the freely usable currencies of IMF members.As such, SDRs c an provide a country with liquidity.

Source:AfDB

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Africa Investment Forum: Adesina calls for new paradigm https://thecommerceafrica.com/africa-investment-foru-m-adesina-calls-for-new-paradigm/ https://thecommerceafrica.com/africa-investment-foru-m-adesina-calls-for-new-paradigm/#respond Wed, 21 Jun 2023 14:43:25 +0000 https://thecommerceafrica.com/?p=14268 African Development Bank Group president Akinwumi Adesina called for new ways of preparing and de-risking projects to mobilise private sector investment for sustainable development.

“We need new ways of aggregation to prepare the projects, to de-risk the projects and lower the transaction cost for those deploying capital,” he said.

Adesina joined other global development financiers at the 2023 OPEC Fund for International Development Forum in Vienna, #Austria. Heads of development banks present pledged a strong commitment to remodel investments to support green projects at scale.

The African Development Bank chief cited the Africa Investment Forum as a leading platform aggregating bankable projects to reduce fragmentation and make it easier to attract institutional investments.

“It [the Africa Investment Forum] has become today the premier investment platform to do anything on investment in Africa, and in the last four years, we have been able to leverage about $142 billion of investment interest into #energy, water and sanitation, #infrastructure and transport corridors,” Adesina

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UN appoints Akinwumi Adesina, others to banish malnutrition https://thecommerceafrica.com/un-appoints-akinwumi-adesina-others-to-banish-malnutrition/ https://thecommerceafrica.com/un-appoints-akinwumi-adesina-others-to-banish-malnutrition/#respond Sat, 03 Jun 2023 10:27:26 +0000 https://thecommerceafrica.com/?p=14058 UN Secretary-General Antonio Guterres has appointed Nigeria’s Akinwumi Adesina and 21 other leaders to spearhead the fight against malnutrition in all its forms as members of the Scaling Up Nutrition (SUN) Movement Lead Group.

Mr Adesina, who is currently the President of the African Development Bank was appointed together with two Nigerians – Mansur Muhtar, vice president, Islamic Development Bank. and Ndidi Nwuneli, executive chair, Sahel Consulting Agriculture and Nutrition.

SUN Movement, initiated in 2010 by the former Secretary-General, continues its drive to improve nutrition for all people, everywhere, with the stewardship of 22 appointed global leaders who are committed to fighting malnutrition in all its forms as members of the SUN Movement Lead Group.

Appointed by Mr Guterres, these prominent figures are committed to championing nutrition and steering the SUN Movement and its mission to eradicate malnutrition in all its forms by 2030.

Some three billion people, almost half of all humanity, cannot afford a healthy diet. And two-thirds of children lack the diverse diets they need to thrive.

“Without good nutrition, there is no human development. Every child needs to have access to nutritious and safe foods so they can grow and develop to their full potential.

“Unfortunately, today more than 1 in 10 people in the world are severely food and nutrition insecure.

“I believe that the approach of the SUN Movement to tackle malnutrition through a country-owned multi-sectoral and multistakeholder approach is more crucial than ever before.

“These global leaders are championing country-led efforts to scale up nutrition and to deliver for girls, boys and their families a world free from malnutrition by 2030,” Mr Guterres said in a statement.

Members of the SUN Movement Lead Group include representatives from the membership of the SUN Movement.

This includes 65 countries, four Indian states, more than 4,000 civil society organisations, more than 1,400 businesses, 16 United Nations agencies, international finance institutions and donor governments and philanthropies funding nutrition.

The SUN Movement is dedicated to nutrition action and collaboration including helping countries to implement policies and legislation toward a systemic approach that provides every child, adolescent, mother and family access to a nutritious diet.

The Movement promotes a holistic approach, where actors join forces for nutrition advocacy, investment and coordinated action at the country level, through national ownership and leadership.

“Malnutrition is one of the leading causes of disease and death globally — a major threat to children. Conflicts, crises, COVID-19, and climate change all threaten to reverse hard-won gains if we don’t get back on track.

“The SUN Movement is working to raise awareness of nutrition as both a marker and a driver of sustainable development — and to spur new investment and action.

“I look forward to working with these leaders to reignite a global movement to end all forms of malnutrition by 2030,” Catherine Russell, UNICEF Executive Director and Chair of the SUN Movement Lead Group, said.

Similarly, SUN Movement Coordinator, Afshan Khan, said that the 65 SUN countries in the Movement had been working tirelessly to keep nutrition high on their national agendas in the face of multiple crises

“It is time to reinvest our leadership, resources and collective action behind SUN countries’ national nutrition plans to ensure that malnutrition in all its forms is adequately addressed.

“I am confident that by leveraging their expertise and authority, we can deliver inspiring results.”

NAN

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Despite Debt Burden, COVID-19 Constraints Hope Rises for Africa’s Growth in 2021 https://thecommerceafrica.com/despite-debt-burden-covid-19-constraints-hope-rises-for-africas-growth-in-2021/ https://thecommerceafrica.com/despite-debt-burden-covid-19-constraints-hope-rises-for-africas-growth-in-2021/#respond Mon, 15 Mar 2021 07:59:20 +0000 http://thecommerceafrica.com/?p=3447 Despite the challenging backdrop of a global pandemic and external economic shocks, Africa is expected to recover from its worst recession in half a century and reach 3.4 percent growth in 2021, the African Development Bank said in its 2021 African Economic Outlook report.

The outbreak of the novel coronavirus in December 2019 has taken a massive toll on Africa, hitting tourism-dependent economies, oil-exporting economies and other-resource intensive economies the hardest, as well as deepening inequality.

The African Economic Outlook, published annually since 2003, provides headline numbers on Africa’s economic performance and outlook. This year’s theme “From Debt Resolution to Growth: The Road Ahead for Africa”, highlights the impact of Covid-19 and government debt, offering mitigating measures to governments and policy makers.

The continent-wide projected recovery, following a 2.1% contraction in 2020, does not remove the threat of increasing poverty, the report said. An estimated 39 million Africans could possibly slip into extreme poverty this year, following about 30 million who were pushed into extreme poverty in 2020 as a result of the pandemic. The report finds that populations with lower levels of education, few assets, and working in informal jobs are the most affected and must be protected.

Presenting the report during a virtual launch ceremony, African Development Bank Vice President and Chief Economist Rabah Arezki cautioned that Africa’s predicted growth could be subject to major downside risks arising from both external and domestic factors. “The cost of inaction will be large,” he warned.

In 2020, government spending across Africa the continent skyrocketed as countries strived to support their populations through the pandemic.

This has had a direct negative impact on budgetary balances and debt burdens: the average debt-to-GDP ratio for Africa is expected to climb by 10 to 15 percentage points in the short to medium term, fueled by the surge in government spending and the contraction of fiscal revenues as a result of Covid–19.
This will result in fast-paced debt accumulation in the near to medium term. Although the average debt to-GDP ratio had stabilized around 60 percent of GDP, recent debt restructuring experiences in Africa have been costly and lengthy because information asymmetries, creditor coordination problems, and the use of more complicated debt instruments, the report said.

The African Development Bank reacted swiftly to the Covid-19 pandemic, putting in place a crisis response facility to support countries in mitigating the health and economic effects of the pandemic. The Bank also launched a $3 billion Fight COVID–19 social bond on global capital markets, which at the time was the largest U.S. dollar-denominated social bond ever.

However, the fundamentals of Africa’s debt burden must be prioritized and not ignored, African Development Bank President Dr. Akinwumi Adesina said.

“The Bank made a strategic and forward-looking choice to discuss a topic that could become a key policy concern in the near term,” he writes in the report’s foreword.

“We need to address Africa’s debt and development finance challenges in partnership with the international community. Much larger financial support is needed, and private sector creditors need to be part of the solution. The time for one last debt relief drive for Africa is now.”

The report makes important recommendations for a multi-pronged policy approach to addressing the pandemic. These include  supporting  the health sector with resources  for health care systems to cope with the virus and other preventable diseases;  monetary and fiscal support to underpin economic recovery; expanding social safety nets and making growth more equitable; minimizing the long-term implications of the pandemic on human capital accumulation by opening schools and scaling up active labor market policies to retool the labor force for the future of work through digitalization, industrialization, and diversification.

Hannan Morsy, Director of the African Development Bank’s Macroeconomic Policy, Forecasting and Research Department, said: “We have a once-in-a-century opportunity at building forward better, more equitable, more sustainable and above all more resilient. Prompt and bold measures are needed to make it happen, the report highlights the required actions.”

Earlier, Professor Joseph E. Stiglitz, recipient of the 2001 Nobel Memorial Prize in Economic Sciences, joined Dr. Adesina for a one-and-one conversation as the event opener. This led into a broader panel discussion to discuss the report.

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AU Recognises Adesina, 10 Others for Supporting AfCFTA https://thecommerceafrica.com/au-recognises-adesina-10-others-for-supporting-afcfta/ https://thecommerceafrica.com/au-recognises-adesina-10-others-for-supporting-afcfta/#respond Tue, 19 Jan 2021 08:12:28 +0000 http://thecommerceafrica.com/?p=3140 Dr. Akinwumi Adesina, President of the African Development Bank have been honoured for his leadership in successful implementation of the African Continental Free Trade Area(AfCFTA).

African Development Bank in a statement, said Adesina received award for strong leadership and support alongside 10 African heads of state and government.

The AfCFTA, the largest free trade area in the world, began trading in January 2021 and is expected to speed up the recovery of the continent and enhance its resilience by increasing the level of intra-African trade in goods and services, it stated.

AfDB stated that the award was organised by AeTrade Group in collaboration with the African Union Commission, the African Business Council, the Pan African Chamber of Commerce and Industry, the Federation of West African Chambers of Commerce and Industry, and the East African Chamber of Commerce, Industry and Agriculture.

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AfDB to Mobilise $6.5bn for Great Green Wall Initiative in Africa https://thecommerceafrica.com/afdb-to-mobilise-6-5bn-for-great-green-wall-initiative-in-africa/ https://thecommerceafrica.com/afdb-to-mobilise-6-5bn-for-great-green-wall-initiative-in-africa/#respond Mon, 11 Jan 2021 14:07:40 +0000 http://thecommerceafrica.com/?p=3084 The Sahel region’s Great Green Wall Initiative received a major boost from the African Development Bank on Monday. During a forum hosted by French President Emmanuel Macron and His Royal Highness the Prince of Wales, the Bank pledged to assist in mobilising up to $6.5 billion over five years, to advance the landmark initiative.

The resources will be made available through a range of programmes in support of the Great Green Wall by drawing on internal as well as external sources of funding, such as the Sustainable Energy Fund for Africa (SEFA) and the Green Climate Fund (GCF), among others.

Multilateral development partners joined the Bank in pledging funding for the African-led initiative that aims to rejuvenate life in Africa’s current desert landscapes, providing food security, jobs and a reason for millions of Africans from Senegal to Djibouti to stay in the Sahel region. The forum took place in the margins of the One Planet Summit.

According to Bank President Akinwumi Adesina, “As we rebuild from the coronavirus and its impacts on our world, we must recalibrate growth. We must prioritise growth that protects the environment and biodiversity, and we must de-prioritise growth that compromises our common goals.”

Addressing the summit virtually from Abidjan, Adesina informed delegates that, “The Great Green Wall is part of Africa’s environmental defence system—A shield against the onslaughts of desertification and degradation. The future of the Sahel region depends on the Great Green Wall. Without the Great Green Wall, the Sahel region as we know it may disappear.”

Climate change has led to extreme temperatures, fluctuating rainfall and drought in the Sahel, a region that is home to 250 million people living in ten countries. Millions of livelihoods and hard-won development progress are threatened.

The Great Green Wall’s plan is to plant an 8,000 km long and 15 km wide mosaic of trees, grasslands, vegetation and plants across the Sahara and Sahel that can restore the degraded lands and help the region’s inhabitants produce adequate food, create jobs and promote peace in the region.

“The Great Green Wall is a wall worth building. A wall that brings people together, not one that pulls them apart. A wall that insulates, not one that isolates. A wall that protects our collective existence. A wall for the environment—a wall for the planet,” Adesina said.

A lack of finance has been the project’s major constraint to realising its goal of creating 10 million jobs, sequestering 250 million tonnes of carbon and restoring 100 million hectares of degraded land in the 11 countries of the Sahel-Sahara region.

The Bank has made the Sahel region a top priority for investment and mobilising new sources of finance to advance Africa’s climate opportunities. One example is the African Development Bank’s Desert-to-Power programme to build the largest solar zone power in the world.

The programme will provide electricity to 250 million people in 11 Sahel countries and help protect the Great Green Wall. Over the next five years, Desert-to-Power aims to make available $2 billion for identified project opportunities for the Great Green Wall Initiative.

A lack of resources to adapt economies to the consequences of climate change is also one of the main constraints on the Sahel region’s development. The Global Center on Adaptation (GCA), hosted by the African Development Bank, aims to address this by mobilising resources and brokering solutions that boost progress in adapting to climate change.

‘The establishment of GCA Africa marks a critical step in our endeavour to accelerate and strengthen our efforts to address the triple challenge of biodiversity loss, land degradation and climate change adaptation on the continent. We will develop and implement joint programs that will mobilise resources at scale to support the Great Green Wall,” said Kevin Kariuki, Bank Vice-President President, Power, Energy, Climate and Green Growth.

Another Bank initiative key to transforming the Sahel into a land of opportunities and inclusive green growth is Technologies for African Transformation (TAAT). The initiative aims to raise food output in Africa by 100 million tonnes and lift 40 million people out of poverty by 2025 by harnessing high-impact, proven technologies to raise productivity, mitigate risks and promote diversification and processing. TAAT, for example, has provided Sudanese farmers access to heat tolerant maize.

In a major announcement, President Macron named President Adesina a Great Green Wall Champion. Adesina was recognised for his personal commitment to addressing climate change in Africa. The position will see the Bank President play a significant role in mobilising political and economic support for the Initiative.

Pledges from others during the meeting, included EUR 1 billion of new financial and technical support to back sustainable agriculture, clean energy, water, infrastructure and private sector financing in 11 Sahel countries from the European Investment Bank and EUR 600 million from the Agence française de dévelopment (AFD).

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Africa Capable of Rising from COVID-19 Ashes– Experts https://thecommerceafrica.com/africa-capable-of-rising-from-covid-19-ashes-experts/ https://thecommerceafrica.com/africa-capable-of-rising-from-covid-19-ashes-experts/#respond Sat, 12 Dec 2020 08:49:30 +0000 http://thecommerceafrica.com/?p=2900 The 2020 African Economic Conference ended on an upbeat note on Thursday as the continent’s policymakers, leading researchers, economists and other experts called for a united approach to beating the COVID-19 pandemic.

The meeting called on the private sector to take up the opportunity to fill the gap in declining foreign direct investments to meet the critical needs of the continent.

“Though it has been challenging, COVID-19 has given Africa the opportunity to rethink development paradigms, reimagine the future, reposition the private sector, and reassess the way we utilize technology,” said Raymond Gilpin, Chief Economist and Head of the Strategy, Analysis and Research Team, at the United Nations Development Programme. “For too long we have seen how the private and public sectors have worked in opposite directions. There is a huge opportunity to work more closely.”

Hanan Morsy, Director of Macroeconomic Policy, Forecasting and Research at the African Development Bank, said she was hopeful after the deliberations.

“Discussions during the different plenary sessions, side events, and concurrent sessions restored our confidence in an Africa capable of rising from the COVID-19 ashes, becoming more resilient and inclusive…Let us make good use of our great ideas and good resolutions and turn them into concrete actions,” Morsy said.

She said the Bank was supporting the efforts of its regional member countries to contain the coronavirus and address its economic fallout.

“At the African Development Bank, we recognize the scale and complexity of this task. African countries would gain much by not working in silos to address the challenges brought about by the COVID-19 pandemic. A concerted effort from all is needed,” Morsy said.

During the meeting opened by Ethiopian President Sahle-Work Zewde, African leaders, researchers, private sector discussed innovative solutions to ensure that the continent bounces back stronger from the COVID-19 pandemic.

Participants rallied around a theme considered the most important and timely in the current crisis –Africa beyond COVID-19: Acceleration towards inclusive and sustainable development. Researchers presented papers on a wide array of topics related to the theme, including governance, the African Continental Free Trade Area, foreign direct investment and health.

“Overall, the 2020 African Economic Conference has provided innovative insights and perspectives on the policy challenges confronting African countries in the era of the COVID-19 pandemic,” said Bartholomew Armah, Acting Director of the Macroeconomics and Governance Division at the UN Economic Commission for Africa.

The 2020 edition of the African Economic Conference was jointly organized by the African Development Bank, the Economic Commission for Africa (ECA) and the UN Development Programme (UNDP).

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COVID-19 ‘Wake-up Command’ to Address Africa’s Challenges – Tony Blair https://thecommerceafrica.com/covid-19-wake-up-command-to-address-africas-challenges-tony-blair/ https://thecommerceafrica.com/covid-19-wake-up-command-to-address-africas-challenges-tony-blair/#respond Tue, 17 Nov 2020 08:21:57 +0000 http://thecommerceafrica.com/?p=2679 The COVID-19 pandemic has exposed the challenges and opportunities of Africa’s development landscape, former British prime minister Tony Blair said on Monday in a lecture organized by the African Development Institute in Abidjan.

“We have the same problems but what we also have is vastly increased urgency…not so much a wake-up call but a wake-up command,” Blair said.

The former UK prime minister addressed a virtual audience on the topic Building Back Better in Post COVID-19 Africa: The Role of Technology and Governance, as part of the Kofi A. Annan Lecture Series. The series, launched by the African Development Bank’s African Development Institute in 2006, has covered a range of African and global development topics, including economics, finance, regional integration, human development and the environment. The lectures have been a forum for eminent persons to share policy insights on development challenges in Africa.

Over 4,500 delegates from across the globe including Government Officials, Governors and Executive Directors of the Bank Group, the Bank’s Senior Management, and leading experts and heads of institutions tuned in to the lecture.

In opening remarks, Rabah Arezki, Chief Economist and Vice President for Economic Governance and Knowledge Management of the Bank described the task ahead as “vast and challenging.”

Blair, in his first ever virtual lecture, outlined three aspects which in his words would make a big difference to Africa: investing in industrialization, accelerating technological innovations, and building capacity for institutions to get things done. “There are components to the Bank’s High 5 priorities. All of those things which define the challenges that Africa has – all of those are now given added urgency by Covid and its impact,” Blair said.

To build back better, West Africa, for instance, could capitalize on its rich source of cotton for garment production and the textile industry. Elsewhere on the continent, Africa was already leading in the digital technology space which can be scaled up.

“Around the world you are seeing governments use technology effectively…I know this is a great ambition of the African Development Bank. This is critical,” Blair said.

Blair highlighted the four Ps of government delivery – prioritization, policy, personnel and performance management. On prioritization, Mr. Blair called on African governments “to identify and focus on their comparative advantages, …, and focus on delivery…focus on key transformative projects and manage expectations,” Mr. Blair said.

“In the end, …, only Africa can do it, …, we are partners in Africa’s story…in Africa’s progress,” Blair said.

Blair’s speech was followed by a conversation with Bank Group President Akinwumi Adesina, who said the lecture series brought global and national perspectives to the development issues discussed.

“We need to constantly push the frontiers of dialogue in the public sphere,” Adesina said. “Nothing is more topical today than the challenges posed by Covid-19. The pandemic has upended economic growth,” Adesina noted.
Agreeing with Mr. Blair about the importance of the culture of delivery, Adesina said agriculture offered Africa its best opportunity for industrialization. “The key is: how does Africa raise productivity in agriculture…how does it develop the integrated infrastructure in those rural areas…that will allow the creation of new economic sources of prosperity out of what it has?” Adesina asked.

Although the Bank’s Technologies for African Agricultural Transformation (TAAT) initiative had allowed it to reach millions of farmers with agricultural technology and is boosting yields in wheat, there is still the need to scale up. “We have a lot of pilots…The name of the game is scale,” Adesina said.

Adesina cited other key interventions by the Bank, including a $10 billion COVID-19 Response Facility to provide budget support to African countries and its innovative $3 billion COVID-19 social bond, to save livelihoods.

After leaving office, Blair launched the Tony Blair Institute for Global Change, which works to equip leaders to build open, inclusive and prosperous societies in an interconnected global world.

Speaking after the seminar, Prof. Kevin Urama, Senior Director of the ADI said the priorities are well mapped out for Africa to build back better. The African Development Institute (ADI) has been at the forefront of accelerating capacity development, technical assistance and policy dialogue on the continent.

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AfDB AgriPitch Competition Offers US$120,000 in Prizes to Youth https://thecommerceafrica.com/afdb-agripitch-competition-offers-us120000-in-prizes-to-youth/ https://thecommerceafrica.com/afdb-agripitch-competition-offers-us120000-in-prizes-to-youth/#respond Thu, 22 Oct 2020 08:47:21 +0000 http://thecommerceafrica.com/?p=2391 There are just hours to go until the 23 October deadline to enter the African Development Bank’s AgriPitch Competition. Selected entries by African youth agripreneurs will be invited to showcase their agribusiness startup plans and compete for a share of $120,000 in funding seed prizes, a slot of the competition’s business development boot camp, an audience of online panel of experts and investors to pitch their agribusiness plans, as well as receive post-event mentoring and training.

The AgriPitch competition is part of the African Development Bank’s fourth African Youth Agripreneurs Forum (AYAF) – one of the continent’s most exciting platforms for African youth in agriculture start-up scene – to be held online for the first time this 3 -17 November, 2020.

“The African Youth Agripreneurs Forum and AgriPitch Competition has always been a high-energy gathering for young entrepreneurs in agriculture to meet, share experiences – and work the room for that next big investment,” said Edson Mpyisi, Coordinator of the Bank’s Enable Youth Program responsible for the event. “The COVID-19 pandemic may keep us from networking in person in 2020, however, the Bank and partners are gearing up to present a dynamic, knowledge-rich Forum online – as well as the most seed funding AgriPitch has ever awarded competitors,” he added.

In collaboration with partners like UN Women, the African Leaders for Nutrition and the Affirmative Finance Action for Women Africa initiative, this year’s AYAF and AgriPitch competition will have two segments:

  1. AYAF webinars held on 3, 10  and 17  November.
  2. The AgriPitch boot camp training from 2 – 13 November, followed by the finalists pitching on 16 and 17 November.

Under the theme Driving sustainable nutrition and gender inclusivity in Africa’s agri-food systems: youth agripreneurs seize the decade, AYAF and AgriPitch 2020 intends to attract hundreds of participants from across the continent including youth agripreneurs and representatives from agribusiness companies, academia, development organizations, financial institutions and government agencies.

“The event highlights how youth agripreneurs address nutrition and gender inclusivity while serving as entrepreneurial leaders within their communities and being involved in the agribusiness sector,” said Bank Director for Agriculture and Agro-Industry, Martin Fregene. “AYAF and AgriPitch aims to provide the knowledge, confidence, financing and networking boosts to grow their startups and make a greater impact,” he added.

The general public is invited to register for the webinars, scheduled to draw speakers and presenters from across the development, nutrition, gender and agriculture landscape. The weekly sessions will address three topics:

  • Policies for sustainable nutrition and gender inclusivity (3 Nov).
  • Empowering youth and women in agricultural value chains to address nutrition (10 Nov).
  • Strategic partnerships for Equity in Agriculture: Financing Women, Youth and Nutrition (17 Nov).

The AgriPitch competition is open to youth aged 18 to 35 who hold African nationality or citizenship and who submit their application online by 23rd October.

Competition organizers will select agripreneurs with promising proposals to participate in the AYAF/AgriPitch online training platform. In this ‘business development boot camp’, AgriPitch competitors can attend sessions on product development, revenue channel identification, logistics, marketing, business management, investment readiness, financing and other issues, led by coaches, mentors and investors.

At the end of the boot camp, selected agripreneurs will pitch their business proposals to a panel of judges. Competition winners will be named in three categories: early start-up, mature start-up and women-empowered businesses.

In addition to receiving seed funding prizes and post-competition mentoring, winners will be invited for the AYAF online DealRoom. The DealRoom connects expansion-ready, youth-led African businesses with global investors (debt, equity and/or grant).

Registration Details:

https://www.afdb.org/en/african-youth-agripreneurs-forum/ayaf-2020

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