The African Development Bank (AfDB) has committed to investing $2.9 billion in agricultural development in Nigeria and several other African countries. This announcement was made by AfDB President, Dr. Akinwumi Adesina, during the bank’s annual meeting in Nairobi, Kenya
In his statement published on the AfDB’s website on Tuesday, Adesina highlighted that since the bank’s summit in 2023, six African nations, including Nigeria, have established presidential-level councils to spearhead the implementation of the Country Food and Agriculture Delivery Compacts agreed upon at the summit. These compacts aim to mobilize government resources, development partners, and private sector financing to achieve food security.
Adesina noted the progress of these initiatives and pledged further financial support for countries actively implementing the agricultural agenda. “Presidential Councils have been established in Tanzania, the Democratic Republic of Congo, the Central African Republic, Nigeria, Sierra Leone, and Zambia,” he said, adding that other countries, including Benin, Burundi, Chad, and Ethiopia, are in the process of operationalizing their councils.
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At the 2023 summit, $72 billion was mobilized for agricultural development across Africa. Now, the AfDB has committed an additional $2.9 billion to support these efforts and has appointed two Special Envoys to aid the Presidential Delivery Councils.
Adesina identified several challenges hindering Africa’s agricultural progress, such as climate change, food price volatility, and geopolitical shocks. He reiterated the AfDB’s commitment to investing $25 billion over the next decade to enhance food production and strengthen agricultural resilience on the continent.
However, Adesina emphasized the need for effective collaboration among stakeholders to realize the envisioned agricultural transformation. He highlighted the importance of increasing agricultural productivity, expanding private sector financing, attracting younger farmers, and implementing policies to de-risk agricultural investments.
