Economy

AfDB to design, implement bonds to tackle insecurity in Africa

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AfDB to design, implement bonds to tackle insecurity in Africa

By Temitope Ponle The African Development Bank (AfDB) says it is ready to help Nigeria and other African countries in the design and implementation of “security-indexed investment bonds” to mobilize more resources to meet its security challenges.

AfDB President Dr Akinwumi Adesina said this Monday during the mid-term ministerial performance review retreat in Abuja.

He said the bonds would raise funds in global capital markets to help countries improve their security architecture, rebuild damaged infrastructure in conflict-affected areas, rebuild social infrastructure and protect areas with strategic investments.

The AfDB President further stressed that without security there can be no investment, growth or development.

He stressed that an economically resurgent Nigeria “must be a more peaceful and secure Nigeria”.

“Today more than ever, several African countries devote a significant portion of their budgets to security, shifting the resources necessary for development.

“We must recognize the close links between security, investment, growth and development.

“This is why the African Development Bank is working on developing security-indexed investment bonds to help African countries and regional economic communities mobilize resources to meet these challenges.

In addition, Adesina highlighted the importance of modernization and transformation of ports in Nigeria.

“The ports are not there to generate income. They aim to facilitate business and exports, and stimulate industrial manufacturing and the competitiveness of local businesses and exports.

“We should not decongest Nigeria’s ports; we should transform the ports.

“It has to start by removing administrative bottlenecks, most of which are unnecessary with multiple government agencies in ports, high transaction costs or even simple illegal tax extortions, which do not fit into government coffers. . “

He also noted that trade, investment and competitiveness across the African Continental Free Trade Area was a major opportunity for Nigeria, which would depend on its ports.

He added that significant support should be directed towards building industrial manufacturing capacity.

Nigeria is also expected to move quickly to the top of certain value chains, such as automotive, IT and electronics, textiles and clothing, and food manufacturing, transportation and logistics. . “

He also stressed the need for Nigeria to dramatically increase the productivity and income of its non-oil sector, with appropriate fiscal and macroeconomic policies.

He added that flexible exchange rates, in particular, would enhance international competitiveness.

The AfDB President also said Nigeria should view the FinTech industry as a major driver of the economy and invest heavily in digital infrastructure.

Adesina added that Nigeria should make its young people the engines of the new economy through the establishment of investment banks for youth entrepreneurship in order to realize their full potential.

Among other points, he reiterated the need for Nigeria to establish special agro-industrial processing zones across the country and the reestablishment and enshrining in law of the electronic wallet system and the program to improve the portfolio. growth.

He said such a facility would boost farmers’ access to productivity and improve agricultural inputs.

Source: NAN

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