The headline figures for agriculture in Africa paint a contrasting picture: imports that are steadily rising while the continent's producers ... are recording harvest growth. Digging deep into the numbers, several trends are revealed: oil importers like Nigeria with huge food import bills, African farmers are producing more and more, but investment and farm yields are lagging population growth as many African authorities neglect agricultural research.
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As part of the IMF's $650bn SDR reserve allocation to member states to boost Covid-19-battered global economy, Nigeria is to receive $3.3bn later ... this month. The country is also to issue a $3-5bn Eurobond later this year. Analysts say these would give the Central Bank of Nigeria (CBN) the capacity to temporarily ensure FX liquidity and defend the Naira, considering the recent FX supply halt to moneychangers.
But is this the best use of the money?
The scene took place in Dakar, on a morning at the beginning of 2021. The Senegalese council of ministers was meeting, as it does every week, ... with Macky Sall at the palace of the republic. By way of introduction, the head of state asked his team about the agenda.