The President of the African Development Bank (AfDB), Akinwumi Adesina, has promised that the bank will provide $1.5billion for food security in Africa.
Adesina made the pledge on Tuesday during a meeting with President Muhammadu Buhari at the Presidential Villa, Abuja.
He said the bank has taken steps to avert the food crisis in Africa in the predicted future.
According to Adesina, the $1.5billion Africa Food Security Plan would mitigate the food crisis due to the Russia-Ukraine war, adding that the plan was awaiting the ratification of the bank’s board.
“We were not ready for COVID-19, but we are planning to avert food crisis on the continent. There is a plan to help farmers cultivate wheat, maize, rice, sorghum, and soybeans. It will mitigate the impact of the Russia-Ukraine war,” he said.
He also said the price of wheat has increased by about 60 per cent, adding that it would affect 20 per cent of Africa’s food production.
“Already, the price of wheat has gone up about 60 per cent. Maize and other grains will also be affected. There may be a fertilizer crisis, as there would be about a two million metric ton deficit. And that will affect food production by about 20 per cent. Africa will lose $11 billion worth of food, and coming shortly after COVID-19, that would be rather serious,” Adesina said.
On his part, Buhari said one of his main goals is to protect the country’s food security, adding that his administration shut land borders to encourage farmers, and much has been achieved through the plan.
The president also praised the AfDB for planning against the negative consequences that might arise from the Russia-Ukraine conflict in terms of food security.