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Technology, Innovation Needed to Drive Agricultural Revolution in Africa- AfDB

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Celestin Monga, Chief Economist and Vice-President at the African Development Bank (AfDB), demonstrated the link between industrialisation and agricultural revolution.

“Modern day industry would not have been possible without the agricultural revolution that preceded it. Thus, economies in which agriculture is stagnant do not show industrial development,” he noted.

He stated this at the 5th KOAFEC Ministerial Conference held in Seoul, South Korea’s capital.

The low levels of mechanization on the continent, as well as poor utilization of modern inputs and other forms of agriculture technology have inhibited growth of agriculture, the Chief Economist said. Statistics indicate that many countries have fewer than 20,000 tractors in use per 100 square kilometres of land. Similarly, there is limited adoption of modern inputs such as fertilizers, improved seeds, and agro-chemicals, with majority of countries using less than 80 kilograms of fertilizer per hectare of arable land.

Korea shared lessons of how it revamped its agriculture sector using improved technology and innovation, coupled with mechanised farming. As a country which experienced rice shortage of up to 20 percent in the 1950s and early 1960s, and which relied on the United States for food aid in the 1950s, Korea’s new methods of transformation saw it turnaround its agriculture, significantly improving rice production.

“With technological innovation, Korea developed a new rice variety in 1966. This resulted in increased rice production, 80 percent higher than the average yield of a Korean farmer before the technology,” said Duk-Hoon Lee, President of Korea Eximbank. The country achieved self-sufficiency of rice in 1977. Its national average yield per 10 acre piece of land in 1977 was 494 kilograms; higher than the world record of 447 kilograms per 10 acre set earlier by Japan.

African Ministers present at the forum expressed optimism about the potential for the transformation of Africa’s agriculture, saying: “If Korea did it, so must Africa.”

 They identified the need for training and capacity building of youth in modern agriculture methods, citing the importance of agriculture in employment creation.

“There is a youth bulge in Africa. We need to make agriculture interesting and encourage our youth to venture into agriculture,” stated Eugene Wamalwa, Kenya’s Cabinet Secretary in the Ministry of Water and Irrigation.

The AfDB’s “Jobs for Youth Initiative” is expected to create 25 million jobs by 2025. Among other things, the initiative puts special emphasis on the agricultural sector.


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FBNQuest Trustees Set to Host an Estate Planning Clinic in Ibadan

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FBNQuest Trustees, a subsidiary of FBNHoldings, and a leading provider of trust solutions to individuals, corporate entities, and government institutions, is hosting an Estate Planning Clinic in Ibadan, Oyo State, Nigeria. The event will take place on May 30, 2024.

The forum’s theme is “Preserving Legacies Across Generations” and aims to educate residents from Ibadan and environs about the importance of estate planning in accordance with relevant legislation. The session will be led by experienced professionals with in-depth knowledge and extensive experience in estate planning.

The focus of this event is generational wealth transfer and proper estate planning, using live and practical examples to bring the message to bear.

The session will provide participants with a comprehensive understanding of the necessary steps and actions to take to preserve their properties across generations. Additionally, FBNQuest Trustees will share valuable insights on managing conventional estate plans, which are designed to ensure the preservation of legacies.

 

 


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Orange, Digital Africa Partner to Grow Tech Start-ups

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Orange has provided more resources to deepen and expedite support for African tech start-ups as they navigate and thrive in a fast-evolving digital world.

Under its Orange Ventures arm, the multinational telecoms giant, which has 266 million subscribers, recently teamed with Digital Africa to invest in start-ups under the Fuzé scheme.

Fuzé is a €6.5 million facility formed by African entrepreneurs to invest in start-ups in the ideation and minimum viable product stages.

It is entirely owned by Digital Africa. The agreement, launched at Vivatech in Paris, follows the two firms’ 2023 partnerships to fund start-ups from the Orange Digital Centre (ODC) network.

ODC network is an ecosystem deployed in 17 countries in Africa and the Middle East, and 8 countries in Europe, bringing together young people for start-up incubation and acceleration, as well as support for and investment in project leaders.

Faycal Adlouni, managing partner at Orange Ventures, stated that the company is committed to promoting entrepreneurship and innovation in Africa.

“The Orange Group is fully committed to nurturing the future champions of the technology scene in Africa and the Middle East. This arrangement, involving Orange Middle East and Africa, Orange Ventures and Digital Africa will collectively enable us to concentrate our resources to create an environment conducive to the success of start-ups,” he said.

In the first year, five tech start-ups in the ODC received $54 200 each as part of Digital Africa’s Fuzé program. Grégoire de Padirac, CEO of Digital Africa, said the latest initiative strengthens the strategic partnership signed last year.

 


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Moniepoint Celebrates Children, Promotes Financial Literacy in Low-income Communities

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In recognition of the transformative power of education and children as the lynchpin of a nation’s future, Africa’s fastest growing financial institution according to the Financial Times, Moniepoint Inc has provided opportunity for kids in low-income and underserved communities in Lagos to receive life-changing financial literacy in a fun, and relaxed environment to commemorate this year’s Children’s Day celebration.

At an august celebration which was held at the Let It Shine Academy, LISA in Lagos, students were provided with school bags, books, educational tablets and learning accessories to power academic aspirations, as volunteers from Moniepoint took them through interactive and engaging sessions around budgeting, savings and spending,earning money, investing, personal financial management so as to instill a positive culture of financial literacy.

Children’s Day prioritizes children’s rights and participation in the wider world and financial literacy is a very important life skill considering that financial decisions cut across every aspect of their lives, and a solid foundation in this regard can transform them and the nation at large.

Speaking to Moniepoint’s observance of Children’s Day, Aderayo Adesokan, Manager, Brand and Communications, Moniepoint Inc said,

“We are here at LISA to celebrate Children’s Day with the kids. For us at Moniepoint, we are firm believers in powering the dreams of not just businesses or individuals but those associated with them, especially a vulnerable segment like the children. We believe that we can serve as a catalyst to their dreams while helping them understand that as a brand we exist to ensure a society where everyone experiences financial happiness and we’ll be there for them.

We are excited that this platform has afforded us the opportunity to introduce these kids to critical life changing skills around financial inclusion and literacy, and help them better under the concept of money.

It is our expectation that armed with the information and skills that they have received, they in turn are well positioned and better able to educate their friends and family such that Nigeria’s socio-economic development is safe guarded even as all stakeholders continue to work towards entrenching UN’s Sustainable Development Goals.”

According to Damilola Feyide, Founder & Executive Director of LISA,  “At LISA, we’re not just teaching; we’re elevating communities through digital empowerment, creative learning, and skill development. We believe in equipping the youth for a rapidly evolving future where they can thrive and lead.

I am grateful to Moniepoint for supporting our vision and bringing the dreams of a lot of the kids to pass. They have demonstrated in very clear tones by their actions that it is possible to end neglect and marginalization & provide equal opportunity for children to fully develop especially in underserved communities.”

Moniepoint provides over 3 million people and businesses across Nigeria with access to banking, payments processing, loans and business management tools that they need with a view to helping them thrive and contribute to economic growth while driving financial inclusion across the country. LISA is empowering Nigeria’s future by providing free & quality secondary education for children from low-income households and marginalized kids.


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