TECHDIGEST – The President of the African Development Bank (AfDB), Dr. Akinwumi Adesina,  has identified the many ways that Nigeria can leverage technology to help boost food security and transparency.

He disclosed this while receiving an honorary doctorate, which was conferred on him at the 38th Founders’ Day and 30th convocation ceremony of the Federal University of Technology Minna, in Minna on Wednesday.

This was contained in a press statement published on AfDB’s website, and titled ‘AfDB President, Akinwumi Adesina awarded an honorary doctoral degree at the Federal University of Technology Minna: Calls on graduating class to create a new, greater and dynamic Nigeria’.

Adesina was quoted in the statement as saying, “Technology drives the world. As Minister of Agriculture, I turned to the power of technology, mobile phones, to provide 15 million farmers with access to improved seeds and fertilizers, with a view to ending corruption in the sector.”

“It was revolutionary – the first, not only in Africa but in the world. It helped Nigeria produce a record additional 21 million metric tons of food. It boosted food security and expanded wealth for farmers, from the northeast, northwest, north-central, southwest, east, and south-south of the country. It brought transparency and accountability in the use of public funds.”

The statement also read, “Several Nigerian Fintech entrepreneurs are already using tech to deliver digital payment systems with three of Nigeria’s fintech (Interswitch, Pay Pal, and Flutterwave) reaching the $1 billion mark. Adesina said African Fintechs raised $1.4 billion in 2019, three times what was raised in 2019, and in 2021 they raised about $5bn.”

Adesina further emphasized the key roles of technology for enhancing security systems, military reconnaissance and intelligence, satellite imagery, and remote sensing to track the effects of climate change, artificial intelligence, alongside drones to deliver agricultural inputs and medical supplies to remote locations.

Adesina also stressed that cognitive robots would become a part of office and industrial spaces in the future.

He was quoted as saying, “Cognitive robots now power industrial manufacturing. In the very near future, due to machine learning and artificial intelligence, your colleagues in the office or industry will not be just Musa, Emeka, Yetunde, or Ada, but Yekini Jones or Bobo – the robots. They will even wear caps or head ties.

“Through facial recognition, Yekini and Bobo the robots will greet you every morning, saying “Hello Musa, Emeka, Yetunde, and Ada. And you will say, “Hello Yekini, Hello Bobo. Let’s roll.”

It was also stated that the AfDB was preparing the youth of Africa to lead in the new digital economy, as the Bank provided $170m to Nigeria to help drive its i-DICE initiative that will help expand the digital industry and grow jobs in the creative industries.

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TECHDIGEST – The board of the African Development Bank, has approved the sum of $170 million to finance Digital and Creative Enterprises Program (i-DICE) in Nigeria, which is a Federal Government of Nigeria initiative to promote investment in digital and creative industries..

The program, which is part of Nigeria’s efforts to build greener environment to create more sustainable jobs for the teeming youthful population, targets more than 68 million Nigerians aged 15 to 35 years who are recognized as leaders of innovative, early-stage, technology-enabled start-ups or as leaders of creative sector micro, small and medium sized enterprises.

The program is co-financed by the Agence Française de Développement (AFD) and the Islamic Development Bank (IsDB).

“Governments have a much greater role than just policy making. They need to be innovative and create an enabling environment that includes infrastructure and de-risking to harness private sector investments in key growth sectors,” said African Development Bank President Akinwumi A. Adesina.

He believes that the investment in Digital and Creative Enterprises Program will also support the leaders through enterprise support organizations – groups that support, train and sometimes fund entrepreneurs – including innovation hubs, accelerators, venture capital and private equity firms.

“Bank financing of i-DICE will help the Government initiative further consolidate Nigeria’s position as Africa’s leading start-up investment destination and as a youth entrepreneurship hub,” he added.

The i-DICE program is among the latest series of ADB operations meant to bolster the implementation of the Bank’s Jobs for Youth in Africa Strategy. Given that tech-enabled enterprises cut across all the economic growth sectors, the program’s focus on the digital sector will deepen Nigeria’s job creation efforts.

The initiative will stimulate investments in 226 technology and creative start-ups and provide non-financial services to 451 digital technology and small and medium enterprises. The program is expected to create 6.1 million direct and indirect jobs, of which the Bank’s financing will support the creation of about 850,000 jobs. The value added to the Nigerian economy connected to the program is estimated at $6.4 billion.

The program will boost Nigeria’s venture capital market through independently managed funds focusing on digital and creative enterprise. These funds aim to attract an initial capitalization of $433 million in private and public sector financing.

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TECH DIGEST – African Development Bank (AfDB) President, Akinwumi A. Adesina, has called for more investment in science and technology to cope with the fourth industrial revolution.

Adesina said the fourth industrial revolution will be marked by advances in artificial intelligence, big data, robotics, nanotechnology and biotechnology.

He disclosed this during a visit to the Makerere University’s Chairperson of Council, Lorna Magara, and university management.

According to him, “University education is the most critical thing that any society should do, and when it comes to Africa, you find that not more than 9% of our population has access to tertiary education.”

Adesina speaking later, while receiving an honorary doctorate from the University, recounted how a phone call from Ugandan President Yoweri Museveni some 20 years ago while working with Rockefeller Foundation led to one of the country’s unique home-grown innovation

The African Development Bank president said Museveni had sought his advice to deal with the country’s banana glut.

He said: “That conversation eventually led to a relationship with Makerere University’s food technology department, which developed a method to transform bananas into shelf-stable flour that could be used to prepare the local staple dish, matooke.”

Adesina told students and faculty: “It is such good news to join the roster of your distinguished honorary graduates of Makerere. Makerere is close to my heart. Makerere University is known for innovation.”

The honorary doctorate recognized Adesina’s “distinguished contribution to science, research and academic leadership, reform and thought leadership”

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