Business
$614bn Needed To Tackle Food Insecurity In Nigeria, Africa – IFAD
A global institution, the International Fund for Agricultural Development (IFAD), has said Nigeria and, indeed, Africa, need a cumulative sum of $614bn by 2030 to address rising challenge of food insecurity and transform the food system.
IFAD, through its Associate Vice President for External Relations and Governance, Satu Santala, disclosed this in its latest report on food system financing.
The report, which was titled, “Financing food systems resilience in Africa: A starting point for transformation”, called for more finance and investments in Africa’s food systems, for innovations that re-orient towards fairer outcomes, create jobs and harness the potential of Africa’s youth.
According to Santala, in the wake of the war in Ukraine, IFAD launched a Crisis Response Initiative to protect the livelihoods and productive assets of small-scale farmers.
“Bringing more and fairer investments into African food systems requires innovation and commitments from governments, the private sector, and international partners.
”This is where I see room for leaders to focus their attention. New research indicates that transforming African food systems is estimated to require $77bn a year until 2030, that will have $614bn in total”, he explained.
Santala noted that the demand for IFAD’s work and financing was far greater than the level of commitment.
He revealed that IFAD would be presenting the investment case to its member states later this year to scale up through the fund’s next replenishment.
”By taking a medium- to long-term development perspective, leaders can target the root, underlying causes of food insecurity and build resilience to future shocks.
”Doing this successfully in Africa would be a huge step in ending global hunger and transforming food systems globally. IFAD will continue to champion this cause”, he stated.
He added that IFAD emphasised that one of the major factors causing the fragility of Africa’s food systems and the pressing need for increased investment in food security was the effect of global shocks.
”Recall that Africa is the region worst affected by hunger, with more than one in five people chronically under-nourished in 2021.
”Based on reports, the war in Ukraine and the increasingly severe impacts of climate change have worsened the situation. The agency’s regional teams had projected a doubling of food, fuel, and fertilizer prices compared to 2021.
“This threatens to undermine food security and agricultural productivity in the present, and recovery in the future. Small farms deserve particular
attention.
“The vast majority of Africa’s farms are under two hectares and account for most of the food consumed by the continent’s most vulnerable population”, Santala added.
The body stated that a humanitarian response was essential, but it was not a long-term solution, adding that the financing gap between long-term resilience building and short-term emergency food assistance is significant and rising.
This, it said undermines the ability of poor rural people to cope with future shocks, pointing that there is need to tackle the underlying factors of food insecurity to avoid recurring crises, and to tap into Africa’s significant potential to produce food for itself and for others.
According to IFAD, studies show that investing in agriculture is significantly more effective in reducing poverty than investment in any other sector.
“Through our work on the ground, we see that investing in fair and sustainable foodsystems can transform small-scale farms into sustainable agribusinesses. This builds local production capacity and improves Africa’s food sovereignty. It creates jobs along the value chain, particularly in processing, transport, and marketing,” it claimed.
By: Corlins Walter
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter
