Sierra Leone will look to the African Development Bank (www.AfDB.org) to stimulate agribusiness development in the country with a focus on rice production, its President Maada Bio told a visiting delegation led by its President Akinwumi Adesina.
Adesina began a two-day visit to Sierra Leone on Wednesday, during which he will hold meetings to discuss curbing malnutrition, creating skills and jobs for young people, rapidly scaling up economic diversification and restoring the country to self-sufficiency in rice production.
“Our government is working hard to recover the economy, which was on the brink of collapse. We want to focus on economic diversification, with agriculture as the main driver,” President Bio observed, in a meeting with the Bank delegation.
“We are serious about developing this country and will appreciate the Bank’s support to realize our dreams. Infrastructure is an enabler for development, so we appreciate what the Bank is doing in Sierra Leone,”
Bio said, identifying a productive workforce as a top national priority as well as jumpstarting economic activities in rural areas, where 73.9% of Sierra Leone’s poor live.
Commenting on the country’s capacity to enhance local production, and the export of rice, Sierra Leone’s staple food, Adesina said, “Sierra Leone should not be spending over $200 million yearly importing rice because its climatic conditions are generally favorable for rice production.”
According to the Ministry of Agriculture and Forestry data, total rice demand in 2018 was 1.6 million metric tons, against local production of 700,000 metric tons. In July 2019, the Bank approved the $11 million Agribusiness and Rice Value Chain Support Project to stimulate agribusiness development in the country with a focus on rice.
Sierra Leone also sought the Bank’s support for the implementation of its free quality education programme, which aims to enhance human capital development and facilitate economic transformation.
Adesina encouraged the country to explore the Bank’s Africa Investment Forum to elicit investor interest for the proposed Lungi–Freetown bridge. The project will link the capital city, Freetown, to the country’s sole international airport, which is presently accessible by ferry or helicopter.
The Bank also expressed keenness to support the development of critical infrastructure in the West African country and to open up space for greater private sector participation in the economy. Adesina said the Bank would deploy the African Legal Support Facility to help the country better manage its natural resources.
Adesina commended President Bio for his decision to join the African Leaders for Nutrition as a nutrition champion in his country, and for Africa. “Sierra Leone is an important country to the Bank,” We will support you to build a more robust and resilient economy, to transform the lives of your people. That is our role as a bank, putting people at the heart of development.”
“The Bank’s footprint is everywhere in Sierra Leone,” Chief Minister David Francis told Adesina. “The Bank has remained committed to the post-Ebola reconstruction. You have remained a faithful partner, and the country is grateful.”
Sierra Leone was one of the Bank Group’s founding members, and the Bank has financed projects there since 1967, to a cumulative sum of $758 million.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media Contact:
Emeka Anuforo | e.anuforo@afdb.org
About the African Development Bank Group:
The African Development Bank Group (AfDB) (www.AfDB.org) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 37 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.
Related posts
Global | Didi Angaye Earns A Distinction Award, Another Feather To The Cap
On a bright sunny day, in the month of July, 2024, the prestigious Staffordshire University located in the West Midlands of England organised its Award giving and Graduation ceremony to honour graduates of various educational programmes and courses which it offers. Didi Timipah Angaye,…
Olu Of Warri Bags Award In UK, Wife Advocates Return To Cultural Values
The Olu of Warri, Ogiame Atuwatse III, has received the Leadership and Community Development award at the 14th African Achievers Awards (AAA), which took place at the Parliament House, United Kingdom. The award was presented by a member of the House of Lords, London, Rt…
Brit Awards | Asake, Burna Boy And Other ‘New Cats’ Get Nominations
Nigerian singers Burna Boy, Asake, and Rema have been nominated for the 2024 Brit Awards. The nomination list for the annual music awards show was released on Wednesday 25, January 2024. Burna Boy and Asake made the ‘Best International Artiste’ category, while ‘Calm…
Brit Awards 2024 | The Full List Of Artist(e)s
This year’s Brits nominees have been revealed ahead of the ceremony in London in March. Dua Lipa is the first star confirmed to perform at the event – but how many awards is she up for? Musicians including Raye, Central Cee, J Hus and Blur are also…
Despite Increased Transfer Volume And Institutional Adoption, Bitcoin Stays Below $60K
Bitcoin’s price hovers around $59K as increased transfer volume indicates a stable demand among investors. CryptoQuant data indicates buyers are absorbing the panic selling pressure around the $57K price level. Bitwise’s latest report suggests that institutional investors are still buying Bitcoin despite the recent price…
Traders Focus On Meme Coins As Bitcoin, Ethereum And XRP Erase Recent Gains
Bitcoin, Ethereum and XRP dip under key support levels at $60,000, $2,600 and $0.60 respectively. Tron ecosystem’s meme launchpad SunPump generates over $1.1 million in revenue within twelve days of its launch. Tron network daily revenue reached a record high of $26.83 million on Tuesday,…
Top 10 Cryptocurrencies To Invest in January 2024
-Michael Adams From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies based on their market…
The Risk And Reward Of ChatGPT In Cybersecurity
Juan is an experienced CTO with a demonstrated history of working in the computer and network security industry. He is an information technology professional skilled in SAP and Oracle applications, computer forensics, vulnerabilities research, IPS/IDS and information security. Unless you’ve been on a retreat in…