President of the African Development Bank (AfDB), Akinwumi Adesina has stated that the emergence of technology has brought transparency in the use of public funds and boosted food security.
This was stated on Wednesday by Adesina at the 38th Founders’ Day and 30th convocation ceremony of the Federal University of Technology, Minna.
Adesina highlighted the enormous use of technology in businesses, security, and how it has increased the food security of Nigeria.
“Technology drives the world. As minister of agriculture, I turned to the power of technology and mobile phones to provide 15 million farmers with access to improved seeds and to end corruption in the sector. It was revolutionary — the first, not only in Africa but in the world,” Adesina said.
“It helped Nigeria to produce a record-breaking 21 million metric tons of food. It boosted food security and expanded wealth for farmers, from the north-east, north-west north central, south-west, east, and south-south of the country. It brought transparency and accountability into the use of public funds.
“Several Nigerian Fintech entrepreneurs are raising millions of dollars using tech to deliver digital payment systems. Three Nigerian fintech companies (Interswitch Pay Pal, and Flutterwave) have reached the $1 billion mark.”
He further said the technology would shape the nearest future, contributing to all sectors.
“Welcome to the power of big data analytics that will transform learning in schools, enhance decision making in academia, research, in the public and private sector, banking and in every sphere of life and industries. Welcome to the power of technology for public transparency and for holding governments accountable,” Adesina said.
“Tech now allows for enhanced security systems, from military reconnaissance and intelligence. Satellite imagery and remote sensing allow us to track the effects of climate change. Artificial intelligence systems power driverless tractors and harvesters for farmers.
“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.”
Adesina, however, said the bank is in the quest to drive digitisation and encouraged youths in Nigeria and Africa to be a part of it.
“The African Development Bank is preparing the youth of Africa to lead in the new digital economy. We have just provided $170 million to Nigeria to help drive its I-DICE initiative that will help expand the digital industry and grow jobs in the creative industries,” he added.
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