African Development Bank(AfDB) President,
DrAkinwumiAdesina said the bank plans to invest about $24 billion (or $2.4
billion yearly) over the next 10 years to help drive the agricultural
transformation inAfrica.
This is, he said, represents a 400 per cent
increase in financing to the agricultural sector by the bank.
He spoke at the Seventh African Agricultural
Science Week and FARA General Assembly, in Kigali, Rwanda.
He lamented that Africa spends $35
billion on importing food. This, according to him, is projected to grow to $110
billion by 2025.
He noted: “Africa is importing what it should
be producing, creating poverty within Africa and exporting jobs outside of
Africa. Scarce foreign exchange is used to buy food. Lacking ability to feed
itself, Africa becomes vulnerable, dependent on market forces to feed its
burgeoning population. Any shock to global food production will have direct
price transmission into Africa, especially into the rural areas, where the percentage
of net buyers of food is high, despite being the zones to produce food to feed
their countries.”
According to him, Africa needs to invest more
in science and technology to become more efficient and competitive in
agriculture – and to diversify rapidly its economies.
He said: “For Africa must fully unlock its
immense agricultural potential. That potential is massive: Africa has 65 per
cent of all the arable land left in the world to feed 9 billion people by 2050.
Africa cannot eat potential.
He acknowledged that FARA is doing a great
job for Africa, mobilising the research community to work for the development
of scientific innovations to drive agricultural growth.
He lauded Akinbamijo for his excellent
leadership as head of FARA.
http://thenationonlineng.net/afdb-invest-24b-agriculture/
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