Business
$614bn Needed To Tackle Food Insecurity In Nigeria, Africa – IFAD
A global institution, the International Fund for Agricultural Development (IFAD), has said Nigeria and, indeed, Africa, need a cumulative sum of $614bn by 2030 to address rising challenge of food insecurity and transform the food system.
IFAD, through its Associate Vice President for External Relations and Governance, Satu Santala, disclosed this in its latest report on food system financing.
The report, which was titled, “Financing food systems resilience in Africa: A starting point for transformation”, called for more finance and investments in Africa’s food systems, for innovations that re-orient towards fairer outcomes, create jobs and harness the potential of Africa’s youth.
According to Santala, in the wake of the war in Ukraine, IFAD launched a Crisis Response Initiative to protect the livelihoods and productive assets of small-scale farmers.
“Bringing more and fairer investments into African food systems requires innovation and commitments from governments, the private sector, and international partners.
”This is where I see room for leaders to focus their attention. New research indicates that transforming African food systems is estimated to require $77bn a year until 2030, that will have $614bn in total”, he explained.
Santala noted that the demand for IFAD’s work and financing was far greater than the level of commitment.
He revealed that IFAD would be presenting the investment case to its member states later this year to scale up through the fund’s next replenishment.
”By taking a medium- to long-term development perspective, leaders can target the root, underlying causes of food insecurity and build resilience to future shocks.
”Doing this successfully in Africa would be a huge step in ending global hunger and transforming food systems globally. IFAD will continue to champion this cause”, he stated.
He added that IFAD emphasised that one of the major factors causing the fragility of Africa’s food systems and the pressing need for increased investment in food security was the effect of global shocks.
”Recall that Africa is the region worst affected by hunger, with more than one in five people chronically under-nourished in 2021.
”Based on reports, the war in Ukraine and the increasingly severe impacts of climate change have worsened the situation. The agency’s regional teams had projected a doubling of food, fuel, and fertilizer prices compared to 2021.
“This threatens to undermine food security and agricultural productivity in the present, and recovery in the future. Small farms deserve particular
attention.
“The vast majority of Africa’s farms are under two hectares and account for most of the food consumed by the continent’s most vulnerable population”, Santala added.
The body stated that a humanitarian response was essential, but it was not a long-term solution, adding that the financing gap between long-term resilience building and short-term emergency food assistance is significant and rising.
This, it said undermines the ability of poor rural people to cope with future shocks, pointing that there is need to tackle the underlying factors of food insecurity to avoid recurring crises, and to tap into Africa’s significant potential to produce food for itself and for others.
According to IFAD, studies show that investing in agriculture is significantly more effective in reducing poverty than investment in any other sector.
“Through our work on the ground, we see that investing in fair and sustainable foodsystems can transform small-scale farms into sustainable agribusinesses. This builds local production capacity and improves Africa’s food sovereignty. It creates jobs along the value chain, particularly in processing, transport, and marketing,” it claimed.
By: Corlins Walter
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with a firm, Sweetcrude Ltd., has announced detailed selection criteria for the inaugural “Champions of Nigerian Content Awards”, designed to honor outstanding contributions to local content development in Nigeria’s oil and gas sector.
The Tide learnt that the event, scheduled to hold 21st May, 2025, at the NCDMB’S content tower headquarters in Yenagoa, capital of Bayelsa State, will recognize individuals and organizations that have demonstrated exceptional commitment to advancing Nigerian Content in 2024.
The Tide further gathered that the ceremony will coincide with the Nigerian Oil and Gas Opportunity Fair (NOGOF), which promises to spotlighting industry excellence and contributions to national economic transformation.
A statement by the Board’s Directorate of Corporate Communications and Zonal Coordination says the event has 12 Award Categories, which include, “Nigerian Content Icon of the Year”, “Nigerian Content Lifetime Achievement Award”, “Nigerian Content International Upstream Operator of the year”, and the “Nigerian Content Independent Upstream Operator of the year”.
Others are, “Nigerian Content Midstream Operator of the year”, “Nigerian Content Downstream Operator of the year”, “Nigerian Content International Service Company of the year”, Nigerian Content Indigenous Service Company of the year”, and the “Nigerian Content Innovator of the year”.
Also included are, “Nigerian Content Financial Services Provider of the year”, “Nigerian Content Media Organization of the year”, and “Women in Leadership Award for Promoting Gender Equality and Empowerment”.
According to the NCDMB, the criteria for oil and gas operators will include key and empirical benchmarks such as Production output for crude oil and gas volumes, Compliance with Nigerian Content Plans (NCPs) and Nigerian Content Compliance Certificates (NCCCs).
Other criteria are adherence to NOGICD Act reporting requirements, such as submission of Nigerian Content Performance Reports and Employment & Training Plans.
The Board’s statement added that similar criteria will apply to financial institutions, media organizations, and individuals, ensuring a transparent and merit-based selection process.
“Winners for the Nigerian Content Icon of the Year, Innovator of the Year, and Women in Leadership Award will also be selected based on measurable performance indicators.
“The Advisory Committee of Industry Titans will Oversee the process to uphold the prestige of awards. The Committee consist of distinguished experts set up to oversee nominations and validate winners”, the NCDMB said.
Members of the committee, according to the Board, include: Pioneer Executive Secretary of the NCDMB, Dr. Ernest Nwapa; Secretary-General, African Petroleum Producers Organization, Dr. Omar Farouk; and former Zonal Operations Controller, DPR, Mr. Woke Akinyosoye.
The Statement quoted the Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe, as emphasizing that the awards aim to becoming the oil and gas sector’s equivalent of the Oscars, celebrating genuine impact rather than mere participation.
“This recognition is reserved for those who have gone beyond compliance to drive tangible growth in Nigerian Content.
“With a focus on credibility, compliance, and measurable impact, the Champions of Nigerian Content Awards is poised to set a new standard for excellence in Nigeria’s energy sector”, the NCDMB Executive Scribe said.
By: Ariwera Ibibo-Howells, Yenagoa
Nigeria’s apex Banking institution, Central Bank of Nigeria (CBN), has declared that Federal Government’s debt servicing increased to N696billion in January 2025.
The CBN’s recently published Economic Report revealed a precarious fiscal position, which worsened in January 2025 as debt servicing obligations exceeded total retained revenue by a wide margin.
According to the report, the Federal Government’s debt servicing obligations for the month stood at N696.27bn, while total retained revenue amounted to only N483.47bn, indicating that debt service alone consumed about 144 per cent of all government earnings.
This development highlights the growing debt burden and dwindling fiscal space facing Africa’s largest economy.
According to the report, despite slight improvements in some revenue categories, the retained earnings were grossly inadequate to cover obligatory debt repayments, exposing the government’s continued reliance on borrowing to meet basic obligations.
The report further revealed that retained revenue in January 2025 only recorded a marginal 0.89 per cent increase when compared with the N479.21bn generated in the corresponding month of 2024.
”FGN retained revenue declined in the review period, owing largely to lower receipts from Federal Government Independent Revenue and FGN’s share of exchange gain.
“At N0.48tn, provisional FGN retained revenue was 69.19 and 70.40 per cent below the levels recorded in the preceding period and monthly target, respectively”, it revealed.
While this points to stagnation rather than growth, the marginal rise was wiped out by the overwhelming debt service obligations.
The retained revenue components showed that the Federation Account contributed N167.69bn, while the VAT Pool Account delivered N90.73bn.
By: Corlins Walter
The Federal Government has announced plans to commence the payment of the outstanding N35,000 wage award arrears owed workers in the Federal Civil Service.
A statement issued by the Office of the Accountant-General of the Federation (AGF), which was signed by the Director of Press and Public Relations, Bawa Mokwa, said the outstanding arrears will be paid in instalments, with workers set to receive N35,000 per month for five months.
It clarified that the first tranche of the wage award arrears would be released immediately after the April salary payment.
“The wage award arrears was not paid with the April 2025 salary; it will come immediately after the salary is paid”, the statement read.
The Federal Government had earlier disbursed wage awards to federal workers for five months as part of efforts to cushion the impact of economic reforms. However, five months’ arrears remained unpaid.
The AGF office further reiterated the government’s commitment to fully implementing all policies and agreements relating to staff remuneration and welfare, noting that such efforts were geared towards enhancing productivity and operational efficiency across ministries, departments, and agencies.
The N35,000 wage award was introduced in 2023 as a palliative measure to support workers following the removal of the petrol subsidy and other economic adjustments.
In January this year, the Federal Government assured workers that it would clear the arrears of the N35,000 wage award, just as it also said the government had resumed the payment of the wage award.
The government also reiterated its commitment to addressing issues in the National Minimum Wage agreement reached with the Organised Labour in 2023.
The Minister of Labour and Employment, Nkeiruka Onyejeocha, had disclosed the government’s commitment towards implementing agreements with trade unions during separate meetings with the leadership of the Trade Union Congress and Congress of University Academics, in Abuja.
The Nigeria Labour Congress had criticised the Federal Government over the delay in the payment of the minimum wage for certain workers in the federal civil service.
Also, the Federal Government had earlier blamed the delay in payment on the prolonged approval of the 2025 budget.
By: Corlins Walter
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