Nigeria: AFDB projects Africa’s food and agribusiness to reach $1tn by 2030

The African Development Bank (AfDB) has projected that the food and agribusiness sector in Africa is expected to reach a value of $1 trillion by the year 2030.

The AfDB believes the development offers substantial opportunities for businesses to invest in the sector and for smallholder farmers to cater to the increasing food demand in Africa.

The AfDB President, Akinwumi Adesina, stated this at the World Food Prize Foundation’s Norman E Borlaug dialogue in Des Moines, Iowa, United States of America.

Akinwumi said that the several world leaders are actively bolstering food production and food security in Africa.

He mentioned that this action is timely, given the projected global population growth to nine billion. This growth is expected to create a compelling necessity for Africa to enhance its agricultural productivity in order to satisfy the increasing food requirements on the continent.

He emphasized that Africa, boasting 65 percent of the world’s untapped arable land, is paradoxically importing a significant portion of its food. He highlighted that African leaders are committed to achieving self-sufficiency in food production and transforming their countries into food-exporting nations.

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, maintaining that this is in line with the core of the Bank’s Feed Africa strategy, which it launched.

Subsequently, he noted that this strategy has positively impacted over 250 million individuals, leading to the adoption of enhanced agricultural technologies. Adesina also mentioned that partners have pledged more than $70 billion to bolster these food compacts, with the bank planning to contribute $10 billion over the upcoming five years.