The African Development Bank approved a $1.5 billion financing facility for emergency food production, with the aim of averting a looming food crisis.
“Once those things come to our board, they are swiftly reviewed and approved, and the money is out at the door,” he said. Many countries are still struggling to rebound as they are facing rising inflation and food shortages aggravated by the war in Ukraine.AfDB president goes further to say Africa must wean itself off dependence on medicine imports, saying, “The fact is that when you are dependent on others, you are also very highly vulnerable to any shock of any kind.
The World Trade Organisation has already agreed on a partial waiver of intellectual property rights to allow developing countries to produce and export COVID-19 vaccines.The fertilizer costs have reached their highest level since 2010. Fertilizer shortages could result in lower agricultural yields. However, some fear that plans to invest in plants in Africa would clash with EU green goals. EU warned that supporting fertilizer production in developing nations would be inconsistent with EU energy and environment policies.
Chemical fertilizer production has a significant environmental impact and necessitates a significant amount of energy. They are, nevertheless, extremely effective in increasing agricultural yield.The Group of 20 major economies’ finance chiefs pledged to address global food insecurity and rising debt. However, little progress was made amid divisions over Russia’s war in Ukraine.
If the west ended the sanctions and allowed Russia to complete its special military operations non of this would be happening
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Digital Finance Africa - IT News Africa | EventsDigital Finance Africa 2022, hosted by IT News Africa is the most sought-after event in the digital ecosystem. This is due to its well-researched,
Source: ITNewsAfrica - 🏆 27. / 59 Read more »