Africa’s food, agric market to hit $1trn by 2030

Omeiza Bilal

The African Development Bank (AfDB) projects that the continent’s food and agriculture market will be valued at $1 trillion by 2030.

In her keynote address at the Second Interactive Session With Youths and Women In Agriculture Monday in Abuja, the Vice President, Regional Development, Integration and Business Delivery Complex, AfDB, Marie-Laure Akin-Olugbade, said in a bid to achieve the projection, the Bank rolled out various initiatives.

Part of the initiatives includes the Technologies for African Agricultural Transformation (TAAT), among several others.

Analysts say Africa is home to 65% of the world’s remaining arable land that is enough to feed 9.5 billion people that make up the world population.

She said, “This is why we launched transformative initiatives like our $25 billion Technologies for African Agricultural Transformation (TAAT) program to revolutionize African agriculture. Through this initiative, we are providing cutting-edge agricultural technologies to over 40 million farmers in our quest to make Africa food secure- by 2030.

“Here in Nigeria, we delivered 6,750 tons of certified seeds of heat-tolerant wheat varieties to 118,000 farmers in the 2023/2024 planting season, which led to the planting of 120,000 Ha of wheat. In all, 277,000 Ha of wheat was planted, and Nigeria harvested over 600,000 tons of wheat grain this year, the largest in the country’s history.

And we are not stopping there. Our Special Agro-Industrial Processing Zones (SAPZs) initiative is bringing economic infrastructure to rural areas of high agricultural potential to attract investments from private agro-industrialists and entrepreneurs, enhancing productivity, and transforming lives in rural areas.

“With $4.5 billion mobilized for 28 zones across 11 countries, we are not just growing crops – we are cultivating entire value chains, creating jobs, and stimulating rural economies.

“Here in Nigeria, together with the Islamic Development Bank and the International Fund for Agricultural Development, we provided $520 million to support the establishment of Special Agricultural Processing Zones in 7 States and the FCT, which will allow private agribusinesses to establish industries that process and add value to agricultural commodities.

“The African Development Bank Group provided $134 million to Nigeria for emergency food production to help reduce food price inflation by boosting local production of wheat and cassava under the National Agricultural Growth Scheme.”

The AfDB Vice President asserted that with a large population of youth (21.5%) and women (50.8%) and vast arable land, the continent had no business importing food.

According to her, by 2015, the continent was spending $35 billion every year on food imports. “We are racing towards $100 billion,” she added.

Akin-Olugbade noted that with the population of women and youth expected to hit 830 million by 2050, it presents an unprecedented opportunity for socio-economic transformation, particularly in agriculture – a fertile ground for innovation, wealth creation, and transformative impact.

“So, to our policymakers present today, I say this: The time for bold action is now. Every policy should ask: Are we going beyond empowering to investing in our youth? How does this support our women farmers? How does this move us closer to food sovereignty?

Consider Samson Ogbole’s Soilless Farm Lab, using cutting-edge aeroponics technology to grow crops without soil. Or Femi Adekoya’s Integrated Aerial Precision, leveraging drone technology to revolutionize crop management. Look at Atinuke Lebile’s Cato Foods, addressing malnutrition through biofortified crops.

These are not just businesses; they are blueprints for Africa’s agricultural future. They represent the innovation, resilience, and vision that we aim to nurture through initiatives like this workshop – Initiatives that can beat global hunger that affects 783 million people, with Africa accounting for 288 million – equivalent to the population of Nigeria.

Studies have shown that growth in the agricultural sector is two to four times more effective in reducing poverty than growth in other sectors.

In his opening remarks, Director General West Africa Region of the Bank, Mr. Lamin Barrow said the Bank’s cumulative financing approvals to Nigeria have reached $ 10.9 billion.

“Our portfolio currently stands at $ 4.9 billion supporting x projects in the public and private sectors,” he also said.

With a massive youthful population, Mr. Barrow asserted that they provide a substantial reservoir of talent for innovation, creativity, and boundless energy that can drive the revitalisation of the agriculture sector.

“The Bank’s 10-Year Strategy (2024-2033) recognizes that Africa’s progress will be driven by the young and dynamic workforce, growing urban consumer markets, integration of national economies, huge clean energy potential and extensive natural resource wealth.

“This is demonstrated by IAPrecision, one of the youths with us here today, in introducing drones to the agricultural sector that provides farmers with integrated drone services for early detection of problems, fight crop diseases and pest infestation.

“The growing of crops using Aeroponics, a process of growing plants in the air without using soil being used by Soilless Farm Lab, cannot be overlooked. These are great examples that demonstrate the capabilities of our youths and their potential to thrive,” he further said.

On his part, the Minister of Agriculture and Food Security, Abubakar Kyari assured that the federal government is willing to partner with stakeholders to boost women and youth participation in agriculture.

According to the minister, it would help reduce poverty, create jobs and tackle food insecurity.

“This comprehensive agenda includes objectives related to job creation, poverty reduction, access to capital and inclusivity, among others. The President’s unwavering commitment to achieving the state of emergency of food security is evident in the substantial support so far provided to the ministry. Ultimately, the President’s aspiration is that no Nigerian goes to bed hungry?

“Let me assure you all the Nigeria is committed to working closely with bilateral and multilateral development partners in advancing the engagement of youth and women in agriculture,” he said.