Africa’s Food and Agribusiness Set to Reach $1 Trillion by 2030,” Announces African Development Bank President
DES MOINES/United States of America: In a captivating address to participants at the Norman E. Borlaug Dialogue, African Development Bank President Dr. Akinwumi Adesina unveiled a bold vision for Africa’s food and agribusiness sector, proclaiming it to be worth an estimated US$1 trillion by 2030.
The esteemed event, hosted in the heartland of American agriculture, Des Moines, Iowa, focused on the theme of “harnessing change.” Delegates and panelists deliberated innovative strategies to bolster innovation, adaptation, diversification, and mechanisms for enhancing resilience, recovering from shocks, and establishing sustainable food systems to meet global demands.
Diverse world leaders have been actively engaged in fortifying food production and security across the African continent. A landmark achievement in this regard was the Global Feed Africa summit, known as Dakar 2 Summit, held in Dakar last January, where influential figures gathered to chart the course for self-sufficiency and food exports in African nations. Notably, Africa, endowed with 65% of the world’s remaining uncultivated arable land, currently imports a significant portion of its food supply. With a looming global population of nine billion by 2050, the imperative to enhance agricultural productivity in Africa to meet escalating food requirements is undeniable.
The African Development Bank, leading the charge to nourish Africa, actively participated in the Borlaug Dialogue. During a session entitled “From Dakar 2 to Des Moines,” Dr. Adesina shed light on the achievements of the Dakar 2 summit, a collaboration between the Bank, the Senegalese government, and the African Union. At this groundbreaking summit, 34 African leaders endorsed country food and agriculture delivery compacts, which set forth action-driven plans to ensure food security and unleash Africa’s full agricultural potential within a span of five years, aligning seamlessly with the core objectives of the Bank’s Feed Africa strategy launched in 2016. Dr. Adesina proudly stated that the strategy has already benefitted more than 250 million people, equipping them with advanced agricultural technologies.
Dr. Adesina emphasized that partners have committed over $70 billion to support these food compacts, while the African Development Bank is poised to contribute an additional $10 billion over the next five years. He underscored that Dakar 2 epitomizes the collective determination of African leaders to make the continent self-sufficient in food production. President Sahle-Work Zewde of Ethiopia, another influential leader at the Borlaug Dialogue, emphasized, “As African leaders, we are all committed to self-sufficiency in food production,” citing Ethiopia’s historic achievement of self-sufficiency in wheat production, made possible with the assistance of the African Development Bank’s Technologies for African Agricultural Transformation (TAAT) initiative. This initiative distributed more than 100,000 tons of certified seeds of heat-tolerant wheat varieties, resulting in a remarkable 1.6 million metric tons increase in Ethiopia’s wheat production in 2023.
The Borlaug Dialogue witnessed extensive African participation, with Vice President Kashim Shettima of Nigeria highlighting the critical role of leadership in feeding Africa and advancing its development. Governor Caleb Mutfwang of Nigeria’s Plateau State reiterated the importance of good leadership, emphasizing the need to address corruption as the proverbial “elephant in the room.” He further stressed the importance of incentivizing investors by reducing administrative bottlenecks, asserting that investing in Plateau State is a mutually beneficial prospect.
The African Development Bank has committed a substantial US$853 million to public-sector-initiated Special Agro-Industrial Processing Zones (SAPZs) and successfully mobilized an additional $661 million in financing alongside co-financing partners. This collective effort is driving the establishment of 25 agro-industrial zones and supporting ecosystems in 13 countries, with a total investment exceeding $1.5 billion.
Dr. Adesina extended a warm invitation to investors and stakeholders to invest with confidence in the African food and agribusiness sector. He affirmed that the political will is strong, and tangible progress on the ground underscores the tremendous promise of these initiatives.
The African Development Bank has been a consistent participant in the Borlaug Dialogue, with Dr. Akinwumi Adesina, a laureate of the World Food Prize in 2017, recognized for his groundbreaking and innovative work in the African food system. His achievements include eradicating corruption in Nigeria’s fertilizer industry, leveraging resources for smallholder farmers, and enhancing crop and production efficiency during his tenure as agriculture minister.
This year’s Borlaug laureate, Heidi Kuhn, earned recognition for her farmer-centric development model and her tireless work revitalizing farmlands, food security, livelihoods, and resilience in conflict-affected regions worldwide.
The African Development Bank’s relentless efforts to nourish Africa received resounding commendation from Ambassador Kenneth M. Quinn, President Emeritus of the World Food Prize Foundation, and the Foundation’s current President, Ambassador Terry Branstad.
For a more detailed reading of Dr. Akinwumi Adesina’s speech at the Dakar 2 to Des Moines event, please click here. To access the complete text of his remarks at the SAPZ side event,
