AfDB calls for more investment in agriculture to tackle Africa’s ‘great paradox of development’

Africa Development Bank (AfDB) has announced the launch of the Special Agro-Industrial Processing Zones Alliance (SAPZ) to mobilize at least $2 billion in financing and investment commitments from its members to develop the continent’s food and agribusiness industry over the next five years.
The project has been hailed as a significant step towards making Africa a player in the global food and agricultural value chains. It also aims to tackle what has been described as Africa’s “great paradox for development”, whereby despite being home to 65% of the world’s remaining uncultivated arable land, the continent still imports most of its food. Also with the help of this ambitious project, according to AfDB chief, Dr Akinwunmi Adesina, “the size of Africa’s food and agriculture market is expected to reach $1 trillion by 2030, with the new millionaires and billionaires coming from the food and agriculture industry rather than the oil and gas sector.”
Experts in agriculture development have long called on African governments to increase investments in the vitally important sector to raise agricultural productivity, support infrastructure, and climate smart agricultural systems. They also stress that private sector investments all along the food value chain can help turn Africa into a breadbasket for the world. Speaking at the recent World Food Prize Foundation’s Norman E. Borlaug dialogue, Adesina invited investors and other stakeholders to invest confidently in the African food and agribusiness sector. According to the AfDB chief, partners had committed over US$70 billion to support the food compacts, with the Bank expected to provide US$10 billion over the next five years.