Adesina
In its bid to upscale Agricultural Transformation in Africa, African Development Bank, AfDB has partnered other investors to mobilise $520 million for the project.
So, Nigeria has been advised to take advantage of the work of the Bank on this and scale up cultivation of heat tolerant wheat across northern Nigeria as It is time to also take bold policy measures to drive the structural transformation of agriculture, with infrastructure and spatial economic policies.
The President, AfDB, Akinwunmi Adesina, stated this while delivering his speech with the theme ‘Nigeria’s economic resurgence: Learning from the African experience,’ at this year’s Mid-Term Ministerial Performance Review Retreat held last week in Abuja.
“The key for this is the development of Special Agro-industrial Processing Zones, SAPZs, across the country. These will be zones enabled with infrastructure and logistics, to support private sector food and agriculture companies to locate close to the areas of production, and to process and add value to food and agricultural commodities”, he said.
“The African Development Bank and its partners have already mobilized $520 million towards the program”.
“We are working closely with the Federal Government, seven State Governments, the Federal Capital Territory, the Ministries of Finance, Agriculture, Trade, Industry and Investment, Water Resources, and the Nigerian Sovereign Investment Authority, NSIA, on the design of these Special Agro-industrial Processing Zones. They are expected to create at least 1.5 million jobs”, noted Adesina.
“Nigeria should establish Special Agro-industrial Processing Zones all across the country. The e-Wallet System and Growth Enhancement Scheme, to boost farmers access to productivity enhancing farm inputs should be reinstated and enshrined in law. Policy reversals should be avoided”, he advised.
Speaking further on youth empowerment, he said, “We must unleash the potential of the youth of Nigeria. Today, over 75% of the population is under the age of 35. More decisive actions are needed to turn this demographic asset into an economic dividend. A young, productive, youthful population, with access to education, skills, social protection, affordable housing, and medical care, will power Nigeria’s economy, now and well into the future”.
“We must move away from so-called ‘youth empowerment programs.’ The youth do not need handouts. They need investments.
“That is why the African Development Bank is currently working with Central Banks and countries to design and support the establishment of Youth entrepreneurship investment banks. These will be new financial institutions, run by young, professional, and highly competent financial experts and bankers, to develop and deploy new financial products and services for businesses and ventures of young people. Several African countries have already indicated their readiness to establish Youth Entrepreneurship Investment Banks”, he revealed.
“Nigeria should make its youth the drivers of the new economy through the creation of Youth Entrepreneurship Investment Banks, that put new financial ecosystems around them to fully unleash their potential”, maintained Adesina.
