AfDB to Invest $24b in Agric

The African Development Bank (AfDB) will invest $24 billion in agriculture as part of its Feed Africa programme – a strategy for agricultural development in Africa.

Its President, Akinwumi Adesina, said this known at the 50th anniversary celebration of the International Institute for Tropical Agriculture (IITA), Ibadan, Oyo State.

He said the goal of the bank is to “ensure that Africa feeds itself within 10 years, and unlocks the full potential of its agriculture”.

IITA recognisedAdesina’s immense contributions to improving agriculture and named a newly constructed building after him.The $700,000 AkinwumiAdesina Youth Agripreneurs Building is a new Training Facility for Capacity Development for Youth Agripreneurs funded by the Federal Ministry of Agriculture and Rural Development and IITA.

The training facility comprises two major training rooms that can conveniently accommodate 50 trainees each, two big offices for 30 interns each, and 20 standard sized offices.

“I am humbled, and deeply appreciative of the opportunity to lend my name to this well-equipped building which will be used by young agripreneurs to learn, set up and launch their own businesses, and create a prosperous living for themselves, their families and those they will employ,” Adesina said

He re-affirmed his conviction that the future millionaires and billionaires of Africa will emerge from the agriculture sector. “Africa is today spending $35 billion a year importing food. That is $35 billion that should be kept on the continent. This is a $35 billion market that young people can tap into to create new wealth each year. To do that requires totally changing the lenses with which we look at agriculture. Agriculture should no longer be seen as a way of life or a development sector, but rather as a business for wealth creation,” he said.