AfDB backs Tinubu’s economic reforms, seeks to improve food security
The African Development Bank on Wednesday commended President Bola Tinubu’s economic reforms, emphasising their importance in tackling Nigeria’s pressing economic challenges.
Also the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has discussed strategies with the AfDB on how to improve food security in the country, in view of the next harvest season.
They both spoke during a meeting with a high-level delegation from the African Development Bank led by the Director General for Nigeria, Abdul Kamara.
The meeting, which was held on Wednesday in Abuja, explored a range of potential areas for collaboration between the Ministry and the AfDB.
A statement by the Director, Information and Public Relations, Mohammed Manga, said key topics discussed at the meeting included initiatives to strengthen food security, the Special Agro-Industrial Processing Zones project, and other strategic engagements aimed at promoting sustainable economic growth and development in Nigeria.
The Minister highlighted, “The critical role of AfDB’s funding and technical expertise as Nigeria approaches a pivotal harvest season, which is essential for the country’s food security and economic stability.”
Rising food prices have been a recurring issue in recent years.
The NBS in it’s latest report said that the average food inflation rate in August 2024 was 37.52 per cent on a year-on-year basis, which was 8.18 per cent points higher compared to the rate recorded in August 2023 (29.34 per cent).
The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items, bread, maize grains, guinea corn, etc (bread and cereals class), yam, Irish potatoes, water yam, cassava tuber, etc (potatoes, yam and other tubers class), palm oil, vegetable, etc (oil and fats class) and ovaltine, milo, Lipton, etc (coffee, tea and cocoa class).
On a month-on-month basis, the Food inflation rate in August 2024 was 2.37 per cent which shows a 0.10 per cent decrease compared to the rate recorded in July 2024 (2.47 per cent).
The fall was attributed to the decline in the rate of increase in the average prices of tobacco, tea, cocoa, coffee, groundnut oil, milk, yam, Irish potatoes, water yam, cassava tuber, palm oil, vegetable etc.
Speaking earlier, the leader of the delegation, Dr Abdul Kamara, Director General for Nigeria at the AfDB, commended President Bola Tinubu’s economic reforms, emphasising their importance in tackling Nigeria’s pressing economic challenges.
Kamara also expressed deep sympathy on behalf of the AfDB President, Dr Akinwumi Adesina, for the recent flooding in Maiduguri, assuring the Minister of the Bank’s readiness to provide support in addressing the aftermath of the disaster.
“This courtesy visit underscores the African Development Bank’s commitment to supporting Nigeria’s economic development and reinforces the importance of international cooperation in driving sustainable growth.
“Thus, the African Development Bank’s endorsement of President Tinubu’s economic reforms marks a significant milestone in Nigeria’s journey towards economic stability and growth.
“As the country navigates the challenges of food security and economic development, AfDB’s support and expertise will play a vital role in shaping Nigeria’s economic future,” Manga added.
Representatives from both the African Development Bank and the Ministry of Finance attended the meeting, including Linda Amadi, Orison Amu, George N.S., and Onyoh Ajibola.
