The African Development Bank (AfDB) has projected that Africa’s food and agribusiness sector could hit a $1 trillion valuation by 2030.
Dr. Akinwumi Adesina, the President of AfDB, disclosed this ambitious prediction during his address at the World Food Prize Foundation’s Norman E Borlaug dialogue held in Des Moines, Iowa, United States of America.
This forecast ushers in a pivotal opportunity for businesses to invest in the continent’s food and agriculture industry, while also empowering smallholder farmers to fulfill the escalating demand for food across Africa.
The urgency behind this vision is underscored by the projection that the global population will soon reach nine billion, necessitating a substantial rise in agricultural productivity throughout Africa to meet the growing food requirements on the continent.
Remarkably, despite being home to 65 percent of the world’s untapped arable land, Africa currently imports a significant portion of its food.
African leaders are now resolutely committed to reversing this trend, working towards self-sufficiency in food production and transitioning into food exporters.
President Adesina highlighted the endorsement of country food and agriculture delivery compacts by 34 African leaders. These compacts have yielded action-driven plans to fortify food security and unlock Africa’s vast agricultural potential within a five-year timeframe.
This approach aligns with AfDB’s Feed Africa strategy, initiated in 2016, which has already benefited over 250 million individuals through enhanced agricultural technologies.
Moreover, AfDB and its partners have collectively committed over $70 billion to support the food compacts, with the bank set to provide an additional $10 billion over the next five years to expedite these transformative efforts.
These agricultural advancements are driven by initiatives like the Technologies for African Agricultural Transformation (TAAT) which have substantially increased wheat production in Ethiopia, contributing to self-sufficiency and becoming a wheat exporter to neighboring nations.
In addition to these transformations, African leaders emphasized the pivotal role of Special Agro-Industrial Processing Zones (SAPZs) in realizing the vision of a thriving and self-reliant food sector.
