AfDB moves to reduce fertiliser prices in Africa

The African Development Bank (AfDB) says the bank will help African countries reduce the sharp increase in fertiliser prices by providing support to the government and farmers.

Dr Martin Fregene, the Director, Agriculture and Agro-Industry of the bank, said this at a virtual news conference on Wednesday in preparation for the 2022 annual meetings to be held in Accra, Ghana.

Fregene said the bank had a new 100 billion dollars emergency facility that was being worked upon to facilitate the action.

“We engage with member countries on policies that will make more sustainable infrastructural efficiencies in our agricultural system.

“Rural infrastructure like storage and rural roads are what we need our countries to fix.

“The reason why Africa turns to Russia and Ukraine to buy cheap wheat and maize is because our local production is not competitive.

“We want African countries to be able to adapt better,” he said.

Prof. Kevin Urama, the acting Chief Economist and Vice President for Governance and Knowledge Management of the bank, said the theme of the knowledgeable meeting would help countries become climate resilient.