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Adesina, AfDB President Calls for Technology Transfer to Farmers

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The President of the African Development Bank Group, Akinwumi Adesina, has made an urgent call to give farmers across the continent new technologies with the potential to transform agricultural production.

Adesina said the technology transfer was needed immediately and that evidence from countries like Nigeria demonstrated that technology plus strong government backing was already yielding positive results.

”Technologies to achieve Africa’s green revolution exist, but are mostly just sitting on the shelves. The challenge is a lack of supportive policies to ensure that they are scaled up to reach millions of farmers,” Adesina said during a keynote speech delivered at the 2018 Agricultural and Applied Economics Association (AAEA) Annual Meeting held in Washington, D.C August 5, 2018.

Adesina cited the case of Nigeria, where policy under the country’s Minister of Agriculture, had resulted in a rice production revolution in three years.

“All it took was sheer political will, supported by science, technology and pragmatic policies…Just like in the case of rice, the same can be said of a myriad of technologies, including high-yielding water efficient maize, high-yielding cassava varieties, animal and fisheries technologies,” Adesina said.

The African Development Bank is pointing the way to how this can be done, and is currently working with the World Bank, the Alliance for a Green Revolution in Africa (AGRA), and the Bill and Melinda Gates Foundation to mobilize US$ 1 billion to scale up agricultural technologies across Africa under a new initiative called Technologies for African Agricultural Transformation (TAAT).

TAAT is taking bold steps to bring down some of the barriers preventing farmers from accessing latest seed varieties and technologies to improve their productivity.

“With the rapid pace of growth of the use of drones, automated tractors, artificial intelligence, robotics and block chains, agriculture as we know it today will change.

“It is more likely that the future farmers  will be sitting in their homes with computer applications using drone to determine the size of their farms, monitor and guide the applications of farm inputs, and with driverless combine harvesters bringing in the harvest,” the President said.”

Adesina used the opportunity to advocate for African universities to adapt their curriculum to enable technology-driven farmers and to focus on agribusiness entrepreneurship for young people, emphasizing the need to rise beyond theories to application.

Through its innovative Enable Youth initiative, the African Development Bank has in the past two years committed close to US$ 300 million to  develop the next generation of agribusiness and commercial farmers for Africa.

Adesina stressed the Bank’s resolve to change the face of agriculture in Africa to unleash new sources of wealth.

AAEA President Scott Swinton said Adesina and the African Development Bank exemplify the use of economics that makes a difference in people’s lives.

“If applied economics is economies that make a difference, I think that there is no better example of someone who has used that than Akinwumi Adesina,” Swindon said.

Adesina told delegates at the 2018 conference attended by over 1,600 agricultural and applied economists from around the world:  “There is no reason why Africa should be spending US$ 35 billion a year importing food. All it needs to do is to harness the available technologies with the right policies and rapidly raise agricultural productivity and incomes for farmers, and assure lower food prices for consumers.”

Adesina, who was the 2017 World Food Prize winner, is advocating for the creation of staple crops processing zones across Africa (SCPZs): vast areas within rural areas set aside and managed for agribusiness and food manufacturing industries and other agro-allied industries, enabled with right policies and infrastructure.

“I am convinced that just like industrial parks helped China, so will the SCPZs help to create new economic zones in rural areas that will help lift hundreds of millions out of poverty through the transformation of agriculture- the main source of their livelihoods- from a way of life into a viable profitable business that will unleash new sources of wealth,” he said.

The African Development Bank has already begun investing in the development of processing zones in a number of African countries, including Ethiopia, Togo, Democratic Republic of Congo, and Mozambique, with a plan to reach 15 countries in a few years.

To help Africa transform its agriculture, the Bank is investing US$ 24 billion over the next ten years to implement its Feed Africa Strategy.


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SEC Urges State Governments to Explore Investment Opportunities in Capital Market

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As part of strategies to harness the potentials inherent within the various states for wealth creation, the Securities and Exchange Commission (SEC) is to embark on investor education for state governments across the country.

Dr. Emomotimi Agama, the Director General of SEC, disclosed this during a meeting with a team from the World Bank Group and the International Finance Corporation (IFC)  in Abuja.

He stated that the Commission would approach the state governments to help them understand the many opportunities in the capital market, and strive to enhance their understanding of financial markets, investment strategies, and regulatory frameworks.

According to him, “Imagine setting up factories that will produce goods that can be exported and earning foreign exchange. A lot of Nigerians would be employed and that would lead to wealth creation and economic development.

“That is why the Commission will continue to emphasize education, because if they do not know, there is little they can do until they know. Sometimes it is not because they don’t want to do it, it is just because they don’t know and it is our responsibility to give this vital knowledge for wealth creation.There are some states in the country that are so rich but nothing is happening there. All of their wealth is in the ground.”

He added that the strategic approach will commence soon with the Executive Council of a state in northern Nigeria, to speak to them about the opportunities in the capital market.

“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments, we will translate complex financial concepts into simple, actionable insights and we will use case studies from Nigerian states that have successfully raised capital through bonds or attracted investments in the capital market.

“We believe strongly that if we go out and speak to these people, get them into understanding exactly the benefits and how it is important, get them to manage their own assets meaningfully well, and harness them for greater economic growth for the states, things will begin to change, it is our responsibility to change the narratives and we will keep at it,” he said.

Speaking earlier, Mr. Tom Ceusters, Director, Treasury Market Operation IFC, said the delegation of the World Bank Group and IFC were on a  two weeks mission to Nigeria to have deep conversations with regulators and organisations in the financial sector with a view to coming up with plans to help their endeavours.


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Meta to Begin Layoffs Across All Operations from Today

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Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, is set to implement company-wide layoffs starting Monday, February 10, 2025.

Meta to Begin Layoffs Across All Operations from Today

Notifications will begin at 5 a.m. local time in most countries, including the United States.

However, due to local regulations, employees in Germany, France, Italy, and the Netherlands will be exempt from these cuts.

Staff in over a dozen countries across Europe, Asia, and Africa will receive their notifications between February 11 and February 18.

The layoffs are expected to affect approximately 5% of Meta’s workforce.

They will target the company’s lowest performers in what is termed “performance terminations.”

This move is part of Meta’s broader strategy to streamline operations and focus on key areas of growth.

Concurrently, Meta is expediting the hiring of machine learning engineers and other essential engineering roles.

The hiring process is scheduled to take place between February 11 and March 13, aligning with Meta’s strategic priorities for 2025.

Unlike previous company-wide layoffs, Meta plans to keep its offices open on Monday and will not issue any additional updates regarding the decisions.

The company has declined to comment further on the internal memos detailing these plans


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NEMSA, NAICOM Sign Agreement to Boost Electrical Safety, Insurance

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The Nigerian Electricity Management Services Agency has signed a Memorandum of Understanding with the National Insurance Commission to enhance electrical safety compliance in residential, commercial, and industrial buildings, as well as ensure adherence to insurance policy requirements for these structures.

A statement issued by Ama Umoren, NEMSA’s Head of Communications and Protocol Unit, on Sunday in Abuja, stated that the MoU establishes a collaborative framework between NEMSA and NAICOM to ensure that as a pre-condition, all electrical installations in residential, commercial, industrial premises, hazardous locations, industries and factories are duly certified by NEMSA before the Insurance Policy is processed by all Insurance Companies.

It stated further that the partnership between NEMSA and NAICOM aligned with the Federal Government’s commitment to strengthening the reliability and safety of Nigeria’s electricity sector.

The NEMSA’s Managing Director/Chief Executive Officer, Engr. Aliyu Tukur Tahir, while speaking during the signing ceremony, emphasised the importance of this collaboration in mitigating risks associated with electrical accidents and infrastructure failures.

“This partnership with NAICOM is a significant step towards ensuring that all electricity consumers, operators, and investors adhere to the highest safety and risk management standards.

”By integrating insurance compliance into electrical safety enforcement, we are safeguarding lives, investments, and the overall integrity of the power sector,” he stated.

Tukur, who is also the Chief Electrical Inspector of the Federation, said going forward, ‘’It will also be a requirement by NEMSA that all Facility Applicants of its statutory inspection, testing and certification, should ensure that their Facilities are insured with Insurance Companies, for safety and mitigation of risk.”

On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, reiterated NAICOM’s commitment to ensuring that all power sector players embrace insurance as a critical risk management tool.

“Insurance plays a crucial role in cushioning the effects of electrical hazards and infrastructure-related incidents. Through this MoU, we will work closely with NEMSA to enforce compliance with relevant insurance policies, ensuring that the power sector operates with adequate risk mitigation mechanisms in place,” he said.

The collaboration will involve joint awareness campaigns, regulatory enforcement, and information-sharing initiatives to promote electrical safety and insurance adoption across the power sector.

This strategic partnership marks a milestone in the drive to enhance safety, reliability, and sustainability within Nigeria’s electricity industry and the country at large.


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