Why is it in the news?

• African presidents have unanimously endorsed the Nairobi Declaration on fertilizer and soil health, demonstrating their commitment to prioritize domestic fertilizer production.
• The aim is to triple production within the next decade, thereby significantly boosting agricultural productivity across the continent.

More about the news

• The declaration encompasses a comprehensive set of recommendations, pledges, and demands that are expected to enhance Africa’s influence and leverage on international platforms.
• It specifically highlights the immense investment potential in Africa’s emerging blue and green economies, presenting exciting opportunities for environmentally friendly initiatives.
• Furthermore, the Nairobi Declaration calls upon global leaders to support the implementation of a proposed “carbon tax on fossil fuel trade, maritime transport, and aviation.” By doing so, it strives to encourage sustainable practices and address the pressing issue of climate change.
• In addition, the declaration urgently urges the international community to fulfill their commitment of providing annual climate finance of $100 billion. This financial support is crucial for implementing climate change mitigation and adaptation measures, emphasizing the sense of urgency in meeting this pledge.
• Recognizing the financial challenges faced by many African countries due to loan defaults, the Nairobi Declaration proposes debt relief interventions. It advocates for the extension of debt repayment periods and the establishment of a 10-year grace period, which would enable borrowed funds to efficiently fulfill their intended goals of promoting development within borrowing nations.