AfDB Plans $10bn Investment To Tackle Hunger In Africa

Posted by African Examiner Business News, Featured, Latest Headlines Friday, January 27th, 2023

(AFRICAN EXAMINER) – African Development Bank (AfDB) Group has announced its plans to invest $10 billion over the next five years to boost Africa’s efforts to end hunger and become a primary food provider for itself and the rest of the world.

The Bank Group President, Dr Akinwumi Adesina, disclosed this on Wednesday at the Dakar 2 Africa Food Summit in Diamniadio, east of the Senegalese capital.

The Dakar 2 summit which was held under the theme, “Feed Africa: Food Sovereignty and Resilience” takes place amid supply chain disruptions caused by the Covid-19 pandemic, climate change, and Russia’s invasion of Ukraine. More than a thousand delegates and dignitaries attended, including the President of Ireland Michael D. Higgins.

The Government of Senegal and the African Development Bank Group are co-hosting the summit, eight years after the inaugural Dakar 1 summit where the newly elected Dr. Adesina announced the Bank’s Feed Africa strategy.

Dr. Adesina said: “Today over 283 million Africans go to bed hungry every day. This is not acceptable. No mother should ever have to struggle with the rumbling of the stomach of a hungry child.

“We must raise the bar. We must raise our ambition. We must arise and say to ourselves: it is time to feed Africa. The timing is right, and the moment is now. Feed Africa; we must”, he said.

He also urged the leaders to turn political will into decisive actions to deliver food security for Africa. In his words, “We must strongly support farmers, especially smallholder farmers, majority of whom are women, and get more young people into agriculture. And we must take agriculture as a business, not a development activity, and boost support to the private sector”.

The AfDB Group chief equally called on more than 34 heads of state, 70 government ministers, the private sector, farmers, development partners, and corporate executives to work out compacts that would deliver food and agriculture transformation at scale across Africa.

He further encouraged them to take collective action to unlock the continent’s agricultural potential to become a global breadbasket.

In his remarks at the opening ceremony of the summit, the President of Senegal, Macky Sall, who is also the African Union (AU) chairperson, said the time had come for the continent to feed itself by adding value and stepping up the use of technology.

“From the farm to the plate, we need full food sovereignty, and we must increase land under cultivation and market access to enhance cross-border trade”, he added.

The Chairperson of the AU Commission, Moussa Faki Mahamat said the Dakar summit was timely and would provide innovative solutions to help Africa become less dependent on food imports.

“Food sovereignty should be our new weapon of freedom”, he stressed. He also urged development partners to work together within existing structures, such as Agenda 2063 and the African Continental Free Trade Area, for sustainable transformation.

He commended the AfDB Group for rolling out transformative initiatives, including a $1.5 billion emergency food production facility in 2022 to help African countries avert a potential food crisis following Russia’s war in Ukraine.

Also speaking at the summit, President of Kenya, William Ruto expressed disappointment that Africa is still grappling with the problem of food security.

“It is a shame that 60 years after independence, we are gathered to talk about feeding ourselves. We can and we must do better”, he further stated.

On his part, President Higgins of Ireland expressed optimism, noting that with Africa’s young population accounting for about 20 percent of the world’s young people, the continent had great potential. He said the rest of the world would look up to it in the future.

“Let us make this century Africa’s Century, one which will see the continent become free from hunger,” Higgins said.

In his message to the summit, United Nations Secretary-General Antonio Guterres acknowledged that Africa was currently facing the challenges of climate change and food insecurity, as the Russia-Ukraine war had caused the price of fertilizers to shoot up and made their supply difficult.

He therefore pledged the UN’s support to help Africa become a global food powerhouse.

President Muhammadu Buhari of Nigeria said countries must offer more robust support for farmers, dedicate a chunk of the national budget to agriculture, and motivate youth and women to farm.

“Feeding Africa is imperative. We must ensure we feed ourselves today, tomorrow, and well into the future”, he added.

President Buhari commended Dr. Adesina and the AfDB Group for rolling out special agro-industrial processing zones across the continent, including in Nigeria.

“Special agro-industrial processing zones are game changers for the structural development of the agriculture sectors. They will help us generate wealth, develop integrated infrastructure around special agro-processing zones, and add value”, he further observed.

During the three-day summit, private sector players are expected to commit to national food and agriculture delivery compacts, to drive policies, create structural reforms, and attract private sector investment.

Central bank governors and finance ministers are expected to develop financing arrangements to implement the food and agriculture delivery compacts, in conjunction with agriculture ministers, private sector players, commercial banks, financial institutions, and multilateral partners and organisations.