Africa’s agribusiness sector heads towards US$1 trillion mark

Africa’s food and agribusiness will be worth an estimated US$1 trillion (N$20 trillion) by 2030, African Development Bank (AfDB) president Akinwumi Adesina says.

He said this at the World Food Prize Foundation’s Norman E Borlaug Dialogue in Des Moines, Iowa, last week.

The annual event in the United States (US) of America’s agricultural heartland revolved around this year’s theme – ‘Harnessing Change’ – with delegates and panellists exploring innovative ideas to shore up innovation, adaptation, and diversification, and mechanisms for improving resilience, recovery from shocks, and sustainable systems to feed the world.

Several world leaders are actively bolstering food production and food security in Africa.

This includes coming together for a landmark global Feed Africa summit in Dakar last January.

The continent, which is home to 65% of the world’s remaining uncultivated arable land, ironically imports most of its food.

African leaders are intent on ensuring their countries are self-sufficient in food and that they become food exporters.

There is a realisation that by 2050, the global population would reach nine billion, creating a pressing need for Africa to increase agricultural productivity to meet rising demands for food.

The AfDB, which is leading the charge to feed Africa, played an active part in the Borlaug Dialogue.

At a session titled ‘From Dakar 2 to Des Moines’ on Thursday, Adesina highlighted the achievements of the Dakar 2 summit, which the bank organised in conjunction with the Senegalese government and the African Union.

Adesina explained how 34 African leaders endorsed country food and agriculture delivery compacts that produced action- and outcome-driven plans to ensure food security and unlock the continent’s full agricultural potential within five years.

This is in line with the core of the bank’s ‘Feed Africa’ strategy, which was launched in 2016.

Since then, Adesina said, the strategy has supported more than 250 million people, who have benefited from improved agriculture technologies.

He said partners had committed over US$70 billion to support food compacts.

The bank is expected to provide US$10 billion over the next five years.
– APO Group

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