Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Authorities and civil society in greater jonglei identify key security threats, ponder solutions

    January 27, 2023

    Ghana reaches deal with insurers on domestic debt exchange

    January 27, 2023

    Africa should complement FDI with intra-regional to boost intra-continental trade: Ghanaian official

    January 27, 2023
    Facebook Twitter Instagram
    • Home
    • About Us
      • Profile
      • The Team
      • Advertise
      • Media Kit
    • Contact Us
    • Regions
      • Ghana
      • Nigeria
      • Kenya
      • South Africa
      • Europe
      • United Kingdom
      • USA (North America)
    Trending
    • Authorities and civil society in greater jonglei identify key security threats, ponder solutions
    • Ghana reaches deal with insurers on domestic debt exchange
    • Africa should complement FDI with intra-regional to boost intra-continental trade: Ghanaian official
    • With new deep sea port, Nigeria’s focus turns to better road, rail connections
    • Somalia welcomes killing of IS leader
    • Towards free market: Africa’s ‘prosperity dialogue’ confronts many barriers
    • France to recall Burkina ambassador over tensions, as troops prepare to leave
    • US blocks entry to those ‘undermining’ Nigerian democracy
    0 Shopping Cart
    Facebook Twitter YouTube LinkedIn
    Africa BriefingAfrica Briefing
    Resources
    Support Us
    • News
    • Politics
    • Business
    • Energy
    • Technology
    • CryptoTech
      • Crypto News
      • Startups & Companies
      • Crypto Currencies
      • DeFi
      • Metaverse
      • NFTs
    • More
      • Videos
      • Opinion
    • Magazine
    Home » Ukraine war creates woes, also an opportunity for Africa, AfDB president says
    Business & Economy

    Ukraine war creates woes, also an opportunity for Africa, AfDB president says

    Editorial StaffBy Editorial StaffMarch 27, 2022No Comments4 Views
    Facebook Twitter WhatsApp Telegram
    African Development Bank President Akinwumi Adesina speaks during an interview with Reuters in Johannesburg, South Africa, March 25, 2022. REUTERS/Shafiek Tassiem NO RESALES. NO ARCHIVES
    Share
    Facebook Twitter Telegram WhatsApp

    THE African Development Bank (AfDB) is aiming to raise $1bn to rapidly ramp up agricultural production in Africa and stave off a potential food crisis brought on by Russia’s invasion of Ukraine, its president told Reuters on Friday.

    But the war, which has sent commodities prices soaring, is also an opportunity for the continent to position itself as a natural gas supplier for Europe and a refuge for investors fleeing Russia.

    During the coronavirus pandemic, Africa has not seen infection rates and deaths on the same levels as many more developed regions. Its economies, however, have been battered and its rebound has proven sluggish.

    Like much of the world, African nations are staring at rapidly rising consumer prices, with the war in Ukraine endangering global wheat and corn supplies and sending fuel prices soaring.

    ‘Already, coming out of Covid we have 24 million people that are falling further into extreme poverty, and that’s going to worsen the situation,’ Akinwumi Adesina said in an interview.

    To avoid a food crisis, he said the AfDB was planning to launch an emergency food production plan that would focus on rapidly boosting wheat, maize, rice and soybean output on the continent.

    ‘The plan is to produce roughly 30 million metric tonnes of food and to get technology into the hands of 20 million farmers. So you’re looking at big scale with small-holder farmers,’ he said.

    The International Monetary Fund (IMF) had already voiced its support to help implement the plan, which will produce food staples worth $12bn, Adesina said.

    The bank plans to raise $1bn needed to fund the initiative from various emergency support facilities, concessional financing and from the IMF’s proposed $50bn resilient sustainability fund.

    ‘When Covid struck, we were not ready. But this time, we’re fully ready,’ he said.

    Alternative to Russia

    While Adesina decried the war’s impact on Ukraine and its people, he recognised that the conflict and the geopolitical shifts it has sparked could play to Africa’s favour in some areas.

    ‘The biggest challenge Europe has is securing its energy supply,’ he said. ‘Europe needs to look, and it’s looking, for alternative supplies of gas. Africa can be that place.’

    Africa boasts a host of major oil and gas producers, including Algeria, Nigeria and Angola.

    And new offshore gas discoveries – the viability of which had been questioned due to the global shift to renewables – could now become critical to Europe’s energy security as it weans itself off Russian supplies.

    France’s TotalEnergies  along with US firm Exxon Mobil and Portugal’s Galp  are currently developing projects to exploit Mozambique’s estimated 100 trillion cubic feet of gas reserves and make it a major liquefied natural gas player.

    Africa is meanwhile ready to welcome investors currently pulling out of Russia, Adesina said.

    ‘There are a lot of investors that are going to be diversifying out of Russia, of course … That’s a real opportunity, I think, for Africa at this point in time.’

     

    Share. Facebook Twitter Telegram WhatsApp

    Related Posts

    Ghana reaches deal with insurers on domestic debt exchange

    January 27, 2023

    Africa should complement FDI with intra-regional to boost intra-continental trade: Ghanaian official

    January 27, 2023

    With new deep sea port, Nigeria’s focus turns to better road, rail connections

    January 27, 2023
    Add A Comment

    Comments are closed.

    Top Posts

    Op-Ed: Qatar World Cup 2022 – prejudice, coordinated attacks and Western grandstanding

    November 4, 20222,401

    Sex tourism: The Gambia is fed up with UK grandmothers hunting for toy boys

    September 19, 20222,266

    Ghanaian architect of UK’s Black History Month honoured by prestigious British university

    December 12, 20221,195

    Nigerian appointed director of UN disarmament

    October 25, 20221,019
    Don't Miss
    News

    Authorities and civil society in greater jonglei identify key security threats, ponder solutions

    By Editorial StaffJanuary 27, 202310

    Participants at an UNMISS workshop in Bor discussed how to improve the protection of civilians…

    Ghana reaches deal with insurers on domestic debt exchange

    January 27, 2023

    Africa should complement FDI with intra-regional to boost intra-continental trade: Ghanaian official

    January 27, 2023

    With new deep sea port, Nigeria’s focus turns to better road, rail connections

    January 27, 2023
    Stay In Touch
    • Facebook
    • Twitter
    • YouTube
    • LinkedIn
    About Us
    About Us

    AfricaBriefing is a monthly magazine designed to provide news and information on Africa to Africans at home and abroad, and the wider global audience that has a committed interest in the continent’s political, economic and social developments.

    Facebook Twitter YouTube LinkedIn
    Our Picks

    Authorities and civil society in greater jonglei identify key security threats, ponder solutions

    January 27, 2023

    Ghana reaches deal with insurers on domestic debt exchange

    January 27, 2023

    Africa should complement FDI with intra-regional to boost intra-continental trade: Ghanaian official

    January 27, 2023
    Most Popular

    Op-Ed: Qatar World Cup 2022 – prejudice, coordinated attacks and Western grandstanding

    November 4, 20222,401

    Sex tourism: The Gambia is fed up with UK grandmothers hunting for toy boys

    September 19, 20222,266

    Ghanaian architect of UK’s Black History Month honoured by prestigious British university

    December 12, 20221,195
    © 2023 AfricaBriefing. Designed by KMG.

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT