AfDB: Nigeria, Others Spend $35b Yearly on Food Imports

AfDBAfrican Development Bank (AfDB)
  • AfDB: Nigeria, Others Spend $35b Yearly on Food Imports

The President, African Development Bank (AfDB), Dr Akinwumi Adesina, has lamented that Nigeria and other African countries spend $35 billion yearly on food importation.

Adesina said in his Norman Borlaug Lecture delivered at Iowa State University, titled: “Betting on Africa to Feed the World”, yesterday in Des Monies, Iowa in the United States.

According to him, it is unacceptable by his estimates warning that “if the current trend continues, Africa is estimated to spend $110 billion by 2030 on food imports”.

He therefore called for land tax for unused agricultural land, to provide incentives for faster commercialisation of agriculture and unlocking its potential in Africa.

Adesina said Africa held the key for feeding nine billion people by 2050, adding that more than ever before, the world must help Africa to rapidly modernise its agriculture and unlock its full potential.

According to him, the challenge of addressing global food security is the greatest in Africa.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

Be the first to comment on "AfDB: Nigeria, Others Spend $35b Yearly on Food Imports"

Leave a comment

Your email address will not be published.