Unlocking Africa’s Potential to Create Wealth from Agriculture – AfDB President

Akinwumi Adesina.

There is an unbelievable contrast in Africa today. How can a continent with such an abundance of arable land, water and sunshine annually import food worth $35 billion? How can it be that the continent is not food secure? This must change.

These are the words of the President, African Development Bank (AfDB), Akinwumi Adesina.
Adesina said: “We must change the narrative around African agriculture, which employs two-thirds of the population and accounts for nearly a quarter of the GDP. Agriculture is not a way of life, or a social sector. Agriculture is a business. A business that will help countries to diversify their economies, reduce their dependency on food imports, create jobs, and revive rural areas”.

He noted that migration out of rural areas is rising rapidly, and thousands of young people now jump on boats to the Mediterranean looking for new opportunities in Europe.

According to the AfDB president, the agricultural sector has four times the power to create jobs and reduce poverty than any other sector. “That is why we make the claim that we can diminish the migrant crisis in Europe by supporting agricultural transformation in Africa.” he said
“It is time that Ministers of Finance across the continent see the sector for what it is: the sector with the best potential to bring about macro-economic and fiscal stabilization.

Adesina further explained: “The value of the food and agribusiness market is estimated to reach $1 trillion by 2030. This is an enormous opportunity for Africa, especially as it unlocks its agricultural and agribusiness potential to capture this market, while expanding regional trade. Africa may not be yet in a position to manufacture airplanes, but it can feed its growing population, and become a global powerhouse in food and agriculture.

“Feeding the estimated 9 billion people in the world by 2050, will depend on how Africa capitalizes on having 65% of the world’s remaining arable land. By raising agricultural productivity, modernizing agriculture, developing agro-allied industries and investing in value-added processing for agricultural commodities, Africa can unlock its agricultural potential. As the private sector invests in large scale food processing and manufacturing factories across rural areas, and governments invest in integrated rural infrastructure especially roads, rails, energy, water and irrigation, the cost of doing rural business will drop drastically.

“New zones of economic prosperity will be created where young people will be willing to live in the countryside and engage in profitable agricultural activities and non-farm and off-farm activities. A new generation of commercial farmers will emerge: younger, dynamic, technology-savvy and competitive.

Smallholder farmers the bulk of the farming population, the majority of who are women will be able to access reliable markets. Commercial banks and microfinance institutions will expand lending, as farmers secure markets for their produce and agro-industries expand Africa’s ability to compete in global markets.”

He stated that there is a need for Africa to think big and act big on agriculture, in order to help feed Africa, adding that Africa may have the potential in agriculture, but cannot eat her potential.

“When all this is put in place backed by the political will of African leaders, we will change the narrative of African agriculture in ten years as Africa will feed itself, and fully unlock its potential to feed the world” Adesina noted.