Before the Africa conference on Tuesday at the Chancellor’s Office, Federal Agriculture Minister Julia Klöckner (CDU) called on the German economy to invest more on the continent.
“Unfortunately, German companies are still turning too little to the African market,” she says to the editorial network Deutschland (Tuesdays editions). She wishes them “greater interest and commitment”.
Agriculture in Africa in particular offers a “huge opportunity”, Klöckner said. A modern, sustainable and productive agriculture could reduce local unemployment and offer young people a chance to stay. “It is set within a larger framework to combat the causes of flight in very concrete terms,” said the Minister.
At the same time, she admitted that it is not always easy for German companies in Africa. “Investments are often still associated with risks that are too great,” said Klöckner. A major problem is the lack of legal certainty.
Federal Chancellor Angela Merkel (CDU) will receive several African heads of state and government on Tuesday at an Africa conference in the Chancellery. This is about the so-called G20 Compact with Africa, which is intended to improve the framework conditions for private-sector investment in Africa.
Source: Epoch Times
Agriculture, once the economic base of the country, is receiving government and private sectors’ attention that will possibly usher in the greatest agricultural revival in Nigeria, Peace Obi reports
With the fall in oil prices and the subsequent decline in the country’s foreign exchange earnings now partly leading to the present day economic quagmire the country has found itself, the need to diversify the nation’s economy has become too obvious to be ignored.
The country having been ‘securely’ wrapped with the sweet crude’s arms, was gorgeously lined with foreign exchange, Nigeria lost the consciousness of developing other sectors along with its oil and gas sector. Thus, shielded from the realities of life, the country did not realise that it has neither overcome hunger nor attained an enviable height of development that is capable of sustaining the country in its rainy days. And given the steady inflow of the petrodollars, importation of food replaced agricultural development as the country became heavily dependent on other countries for most of its agricultural products to meet the food demand of her citizenry.
With the stormy wind of change hitting hard on the economies of the world and particularly the harsh effect on the prices of crude oil which now has left Nigeria with a leaner purse, there seems to be a unanimous call for a sustainable diversified economy. As Nigeria begins to wake up to these realities of life, especially the disappointment from the mono-economy, agriculture is seen as a better alternative with great potential for food sufficiency, employment and sources of raw materials for industries, among others.
The Federal Executive Council on Wednesday has approved three foreign loans totaling $ 945million meant to improve irrigation system, prevent flooding in Ibadan, Oyo State and provide water for Bauchi, Ekiti and Rivers States. The money comes from the International Development Association, an arm of the World Bank for irrigation and drainage projects, Minister of State for Finance Bashir Yuguda said.
Nigeria, Africa’s biggest economy, is trying to expand agricultural production with the aim to reduce it’s dependence on crude oil exports, which account for more than 70 percent of the country’s revenue. According to the National Bureau of Statistics Agriculture is employing more than 60 percent of the population, representing about 22 percent of the gross domestic product,.
About one million Nigerians are to benefit from the project in the three states.