Africa's Food and Agribusiness: A $1 Trillion Opportunity by 2030
President of the Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, reveals Africa's food and agricultural industry's impressive $1 trillion projection by 2030.
This was announced at the Norman E. Borlaug Dialogue organized by the World Food Prize Foundation in Des Moines, Iowa. Dr. Adesina explains that 34 African leaders have endorsed country food and agriculture delivery compacts, paving the way for actionable plans to ensure food security and unlock the continent's agricultural potential within a five-year timeframe.
This aligns with the Bank's Feed Africa strategy initiated in 2016.Dr. Adesina also notes that this strategy has already supported over 250 million individuals in benefiting from enhanced agricultural technologies.
Furthermore, partners have pledged over $70 billion to support these food compacts, while the AfDB is committed to contributing $10 billion over the next five years.
Also, highlighting the significance of the Dakar 2 project, Dr. Adesina emphasizes its embodiment of African leaders' collective determination to achieve self-sufficiency in food production. President Sahle-Work Zewde of Ethiopia, a committed advocate for self-sufficiency, proudly mentions Ethiopia's recent achievement of wheat self-sufficiency and becoming a wheat exporter to neighboring nations.
Backstory
Africa, possessing 65% of the world's untapped arable land, has been heavily reliant on food imports. African leaders are resolute in their pursuit of food self-sufficiency, aiming to transform into food-exporting nations. With the global population projected to reach nine billion by 2050, Africa's urgent focus on enhancing agricultural productivity becomes increasingly vital to meet the growing food demand
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