United Bank for Africa Chairman Tony Elumelu announces a multi-billion dollar deal to help African countries increase their ability to grow food.
United Bank for Africa Chairman Tony Elumelu discussed how Russia’s war on Ukraine has impacted the continent on “Mornings with Maria” Friday, raising “cause for concern” that it will worsen food insecurity in Africa.
SONNY PERDUE TALKS IMPACT OF UKRAINE WAR ON FOOD EXPORTS: IT’LL TAKE ‘A WHILE’ TO WORK OUT
TONY ELUMELU: The impact of the war on food again was serious and all that is actually a cause for concern on the continent. We’ll pray that they will find peace quickly. However, this also presented an opportunity. The African Development Bank, led by Akin Adesina, just two days ago, announced a multi-billion dollar deal to help African countries to capacitate and increase the ability to grow foods in the country, on the continent. So these are things happening, so I dare say, at times, some crisis presents some opportunity.
United Bank for Africa Chairman Tony Elumelu warns that the Russia-Ukraine war creates “cause for concern” with food insecurity across the continent. (Getty Images)
The impact is huge, but the African economies are trying to convert that advantage to see what they can do from within. And African governments are also responding, and [Nigeria] President Buhari is also discussing with African Development… and the Central Bank of Nigeria all now working together to see what can be done.
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United Bank for Africa Chairman Tony Elumelu says Russia’s war on Ukraine puts unplanned pressure on the economy.
