The African Development Bank (AfDB) is highly committed to the success of the African Continental FreeTrade Area (AfCFTA), Akinwumi Adesina, President, African Development Bank Group has said.
Adesina, who submitted that making the AfCFTA work was now more crucial than ever, added that the Bank will continue to invest in regional infrastructure, promoting regional integration which includes the integration of financial and capital markets.
Meanwhile, according to the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), during a Virtual Town Hall Meeting held in February, Nigeria remains one of the world’s largest producers of exportable agricultural commodities, with enough potential for revenue generation if properly tapped.
The International Trade experts agreed that Nigeria’s agricultural sector is capable of generating revenue through export, and particularly by maximising the opportunity presented by the AfCFTA.
AfDB President in his Opening Speech at the African Development Group 2021 Annual Meetings on Wednesday reaffirmed the bank’s commitment to AfCTFA.
Adesina also said that the Bank was working to expand options for farmers that were never before thought possible.
In his words, “In Sudan and Ethiopia, the Bank has supported farmers to have access to heat-tolerant wheat varieties that now, for the first time, makes it possible for Sudan to boost self-sufficiency”
The AfDB president further quoted Prime Minister Abdallah Hamdock of Sudan’s comment on the development in his country. Hamdock said “we now grow wheat in drylands where we never thought we could grow it. We have cultivated these heat-tolerant varieties on 800,000 acres, and expect Sudan to be self-sufficient in wheat in three years”.
Adesina also reiterated that the Bank, in partnership with the International Fund for Agricultural Development (IFAD), had mobilized $17 billion to support the scaling up of food security in Africa.
AgroNigeria had earlier reported that the AfDB and IFAD co-convened a global leaders dialogue on Feeding Africa
At the dialogue, the Leaders called for the establishment of a Facility for African Food Security and Nutrition to scale up technologies to millions of farmers and to achieve zero hunger by 2030.