News
AfDB, Big Win Philanthropy, Dangote Foundation launch ambitious plan to improve child nutrition, fight stunting
Working with Big Win Philanthropy and Aliko Dangote Foundation, the African Development Bank has unveiled a new Multi-Sectoral Nutrition Action Plan that aims at raising investments towards reducing stunting by 40% in African children aged under 5 by 2025.
Africa loses $25 billion per year in costs attributed to child morbidity and mortality, impaired cognitive, physical, and economic development caused by malnutrition. Yet these losses are almost entirely preventable.
The ambitious Action Plan is looking for additional support and commitments from governments for nutrition.
Jennifer Blanke, Vice-President, Agriculture, Human and Social Development at the African Development Bank, stressed the importance of engaging energetically and substantially with the private sector, “if we want to achieve long-lasting results.”
Through the Multi-Sectoral Nutrition Action Plan the Bank commits to scale up the proportion of investments that are ‘nutrition-smart’ in agriculture, water, sanitation and hygiene, social and health sectors.
“In terms of human development, nutrition is as important as investments in infrastructure and power in stimulating economic growth. Big Win Philanthropy is thrilled with President Adesina’s leadership in giving greater priority to nutrition and the wider human capital investment agenda,” said Jamie Cooper, Chair and President, Big Win Philanthropy.
“By leveraging investments across five sectors, and encouraging its member countries to do the same, the African Development Bank is achieving ‘double wins’ for every dollar spent: improving lives and generating economic growth.”
Nutrition is inextricably linked to the Bank’s High 5 priorities: nutrition-smart investments could be catalytic for realizing equitable growth agenda.
Speaking at the launch, Chief Executive Officer of Dangote Foundation, Zouera Youssoufou, said, “We know we cannot do this by ourselves, so it made sense to put money at the African Development Bank to develop this nutrition strategy. We are really happy to see the strategy come together following a two-year journey.”
In 2017, more than a third of the world’s stunted children under the age of five lived in Africa with stunting rates ranging from 35.6% in East Africa to 32.1%, 29.9%, 29.1%, and 17.3% in Central Africa, West Africa, Southern Africa and Northern Africa respectively, according to the Plan, which also revealed that Africa is the only region in the world where the number of stunted children has risen in the past few years.
The Plan will focus on integrating nutrition smart interventions into projects in the Bank’s extensive agriculture pipeline. The Bank’s Feed Africa Strategy executes the Comprehensive Africa Agriculture Development Programme (CAADP) goals of contributing to elimination of extreme hunger, malnutrition, and poverty. In addition to improved productivity, the Action Plan looks into the potential to nourish Africa, by including commodity value chains that offer broad-based nutrition value, instead of just calories.
This will include leveraging flagship initiatives including Technologies for African Agricultural Transformation (TAAT), the Staple Crop Processing Zones Programme, and Integrated Agro-Industrial Parks.
To realise its human and economic potential, Africa must invest in nutrition – particularly during the 1,000 days between conception and the age of two – as a crucial foundation for productivity later in life, said Oley Dibba-Wadda, the Bank’s Director Human Capital, Youth and Skills Development Department.
“The African continent has the potential to become a powerhouse of productivity in the 21st century but cannot sustain rates of economic growth and at the same time integrate its burgeoning youth population without addressing these high rates of stunting.”
The Bank is strengthening political engagement and building partnerships by enlisting Heads of State, ministers, and eminent leaders as champions to spur and build a high-level political movement and leadership for nutrition, known as the African Leaders for Nutrition (ALN), which was endorsed by the Assembly of Heads of State and Governments of the African Union (AU) at the 30th Ordinary AU Summit, held in Addis Ababa, Ethiopia on 31 January 2018.
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.
The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.
This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.
In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.
“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.
As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.
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