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Business News of Wednesday, 27 April 2022

Source: www.mynigeria.com

These are the states that will benefit from AfDB's N622.5bn funding to tackle food crisis

President of the African Development Bank (AfDB), Akinwunmi Adesina President of the African Development Bank (AfDB), Akinwunmi Adesina

President of the African Development Bank (AfDB), Akinwunmi Adesina says the bank will give Nigeria N622.5 billion ($1.5bn) under the Africa Emergency Food Plan to tackle the fallout of the Russia-Ukraine war which might trigger food crisis across the globe.

This comes after World Bank Group President, David Malpass said that Nigeria and other emerging markets are faced with price surges for fertilizer and food due to the ongoing war in Ukraine and the yet-to-be abated COVID-19 pandemic.

Adesina made this known when he paid a visit to President Muhammadu Buhari on Tuesday, April 26 in Abuja. He also raised the alarm about the fertilizer crisis in Africa which he said may cause a deficit of about 2 million metric tons.

According to Adesina, the AfDB has designed a $1.5 billion Africa Emergency Food Plan, which is now before the bank’s board for authorization. Adesina said the bank did not prepare for the pandemic but now planning to mitigate the food crisis in Africa.

The AfDB boss stated that eligible states are Kano, Ogun, Kaduna, Imo, Cross River and the Federal Capital Territory.