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Agri-tech can turn African Savannah into global food basket – African Development Bank

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The African Development Bank (AfDB) is championing a new regional and global effort to transform the African Savannah from a “Sleeping Giant” to the cradle of the continent’s green revolution.

“This sleeping giant needs to wake up,” the Bank’s Vice-President for Agriculture, Human and Social Development, Jennifer Blanke, told an audience at a 2018 World Food Prize side event in Des Moines, Iowa last week.  Blanke described Africa’s nearly 400 million hectares of Savannah zones as “the world’s largest agricultural frontier,” and if a small fraction of that cultivatable land – some 16 million hectares – is transformed, it could well set Africa up to decrease dependence on food imports, feed itself and contribute to feeding the world.

Africa is host to 60% of the world’s uncultivated arable land, but currently spends an estimated US$35 billion per year on importing food. This figure is projected to shoot up to US$110 billion by 2025. Africa is importing what it should actually be producing: 22 million metric tons of maize, two million metric tons of soybean, one million metric tons of broiler meat and 10 million metric tons of milk product each year. This situation is made worse when African countries export raw goods outside the continent to be processed into consumer products imported back into Africa for purchase. In essence, Africa is exporting jobs outside the continent, and contributing to Africa’s poverty challenges.

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The African Development Bank has determined that the African Savannah can support the production of maize, soybean, and livestock, and transform the continent into a net exporter of these commodities. Only ten percent of the African Savannah is under cultivation – better utilized, small sections of Africa’s grasslands could provide direct jobs for tens of millions of young people and indirect jobs for many more.

Blanke, who spoke on behalf of African Development Bank President Akinwumi Adesina, noted that all of Africa’s Savannah is more than twice as large as Brazil’s “Cerrados” that launched that country’s farming economy success. She said transforming a small part of Africa’s mixed woodland grasslands, in a smart and sustainable way, can produce enough to supply all the continent’s maize, soybean, and livestock requirements.

Brazil transformed its tropical Cerrados into a US$54 billion food industry within two decades through skillful development of production technologies for new crop and livestock varieties; innovative soil and crop management programs adapted to the tropics; wide-scale dissemination of new agricultural technologies; low interest loans, and ambitious rural development programs.

The Bank’s Technologies for African Agricultural Transformation for the Savannahs (TAAT-S) initiative seeks to transform 16 million Ha out of Africa’s 400 million Ha of Savannah into an agribusiness hive for the production of maize, soybean, and livestock. That is just about four percent of the continent’s mixed woodland and grassland areas. If African countries can harness the available technologies with the right policies, they will rapidly raise agricultural productivity and incomes for farmers, as well as assure lower food prices for consumers.

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Vice President Blanke led a Bank delegation selling the merits of its TAAT-S initiative at the World Food Prize gathering. The Bank’s TAAT-S session discussed training, innovation, entrepreneurship, and policy support for transformation of African Savannahs.

To ensure effective implementation, the Bank has looked to Brazil’s agri-business success story to engage with organizations with proven track record in tropical and conservation agriculture. These include the Brazilian Research Corporation and the Agricultural Corporation of Brazil, the Argentine Association of Zero-tillage, and the Argentine Agricultural Research Institute – all part of a systematic effort at technology introduction and adaptation.

TAAT-S was launched in October 2017 in Ghana and has since been operating in Zambia, Guinea and Gabon. The Bank expects to launch TAAT-S in Uganda, Kenya, Democratic Republic of Congo, Central African Republic, and Mozambique next year.

When TAAT-S is fully implemented, Africa can expect to double its maize production from a current 50 million metric tons per annum to 100 million metric tons, to triple soybean production from less than three million metric tons to nine million metric tons, and to double livestock production from 8.5 million metric tons to 16 million metric tons by 2025.

The TAAT-S session was part of Borlaug Dialogue International Symposium, held in conjunction with the World Food Prize Laureate Ceremony. The US$250,000 World Food Prize recognizes accomplishments of individuals who have advanced human development by improving the quality, quantity, or availability of food in the world. African Development Bank President Adesina is the 2017 World Food Prize laureate.

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CBN orders banks to suspend deposit charges

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The Central Bank of Nigeria (CBN) has directed deposit money banks and financial institutions to suspend processing fees on deposits until September 30, 2024.

In a circular dated May 6, 2024, the apex bank ordered financial institutions to suspend processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates.

This directive, signed by the CBN’s Acting Director of Banking Supervision, Adetona Adedeji, aims to alleviate financial burdens on depositors.

The recent directive follows previous instructions from the CBN, which mandated deposit money banks to impose a 0.5% cybersecurity levy on transactions, a move that has stirred public outcry.

The circular stated, “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019.”

It continued, “The Central Bank of Nigeria hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024. Consequently, all financial institutions regulated by the CBN should continue to accept all cash deposits from the public without any charges until September 30, 2024.”

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TUC threatens massive protest over cybersecurity levy

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FILES: TUC President Festus Osifo during a labour rally

 

The Trade Union Congress (TUC) has issued a stern warning to the Nigerian government, threatening a large-scale protest that could bring the economy to a standstill if the controversial cybersecurity levy introduced by the Central Bank of Nigeria (CBN) is not revoked.

In a statement released on Wednesday, TUC President, Festus Osifo, criticised the recent directive by the CBN imposing a 0.5 per cent cybersecurity levy on nearly all electronic transactions.

This move comes on the heels of heavy criticism from the Nigeria Labour Congress (NLC), which labeled the levy as an additional burden on Nigerians.

The TUC condemned the timing of the levy, highlighting the economic challenges already faced by Nigerians, including the devaluation of the Naira, high petrol prices, and increased electricity tariffs.

Expressing dismay over government policies under the leadership of President Bola Tinubu, the TUC lamented the burden of multiple taxation endured by Nigerian account holders, both from the government and financial institutions.

The union further accused the National Assembly of colluding with elements in the executive to exploit citizens rather than protect them.

TUC emphasised that Nigerians are currently focused on concluding discussions regarding the minimum wage, urging the Federal Government to prioritise this over what it described as a “vexatious policy.”

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It demanded the immediate withdrawal of the CBN circular to banks and the cancellation of the levy.

Warning of drastic action if their demands are not met, the TUC declared its readiness to mobilise members, stakeholders, and the masses for an immediate protest, potentially leading to the complete shutdown of the Nigerian economy.

According to the TUC, this levy represents one exploitation too many for the Nigerian populace.

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Ndume slams senate chamber renovation as ‘poor job’

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The Senate Chief Whip, Ali Ndume, has voiced his dissatisfaction with the recent renovation work carried out in the Senate Chamber, labeling it as substandard.

Under Order 42 of the Senate Standing Rules, Ndume expressed his concerns, highlighting various issues such as the poor quality of the sound system leading to echoes, inadequate sitting arrangements, and the absence of voting devices.

He remarked, “Since day one, precisely last week Tuesday when we moved into this Chamber that was supposed to have been renovated, there have been complaints here and there.”

In response, the President of the Senate, Godswill Akpabio, clarified that the sitting arrangement complaints among Senators have been largely resolved, noting that the renovation contract was not executed by the 10th National Assembly.

Meanwhile, in legislative proceedings, the Senate passed for the second reading a Bill aimed at repealing the Revenue, Mobilization, Allocation and Fiscal Commission Act of 2004.

The new legislation seeks to grant the Commission enforcement powers for monitoring revenue accruals and disbursement from the federation account, aligning it with the amended 1999 constitution.

Despite the bill’s passage, lawmakers have agreed to subject it to further scrutiny, with plans to revisit its provisions.

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The bill has been referred to the Committee on Finance, Appropriations, and Economic and Financial Planning for review, with a report expected within four weeks.

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