Africa’s Agribusiness: A $1 Trillion Opportunity by 2030 – Akinwunmi Adesina

Dr. Akinwunmi Adesina, the President of the Africa Development Bank (AfDB), recently shed light on a remarkable economic milestone for the African continent. Speaking at the Norman E. Borlaug Dialogue, an event organized by the World Food Prize Foundation in Des Moines, Iowa, Adesina revealed that Africa’s food and agricultural industry is poised to become a behemoth worth an astounding $1 trillion by 2030.

This ambitious projection has been fueled by the unwavering commitment of 34 African leaders who have lent their endorsement to country food and agriculture delivery compacts. These compacts, underpinned by clear and actionable plans, aim to usher in a new era of food security while fully unlocking the agricultural potential of the continent within a mere five-year timeframe.

The very essence of these compacts resonates with the core principles of the AfDB’s Feed Africa strategy, an initiative launched in 2016. This strategy has made a profound impact by providing invaluable support to over 250 million individuals, enabling them to benefit from cutting-edge agricultural technologies.

As Dr. Adesina proudly pointed out, these compacts have garnered commitments from various partners, with a cumulative pledge exceeding $70 billion. The Africa Development Bank itself is committed to contributing a substantial $10 billion over the next five years, reaffirming its dedication to the continent’s agricultural transformation.

A highlight of this transformative vision is the Dakar 2 project, which serves as a beacon of collective determination among African leaders. The project is a testament to the continent’s shared goal of attaining self-sufficiency in food production, a goal that holds the potential to reshape the African agricultural landscape.

One of the champions of this cause, President Sahle-Work Zewde of Ethiopia, was present at the Borlaug Dialogue. She underlined the resolve of African leaders, saying, “As African leaders, we are all committed to self-sufficiency in food production. Today, Ethiopia, for the first time in its history, is self-sufficient in wheat production and is a wheat exporter to its neighbors.”

The backdrop against which these developments are unfolding paints a striking picture of untapped potential and a region ready to seize its destiny. Africa boasts 65% of the world’s arable land that remains untapped, and yet paradoxically, the continent continues to rely heavily on food imports. African leaders are now determined to alter this narrative by pursuing food self-sufficiency and, in the process, transforming into food-exporting nations.

The urgency of this transformation is underlined by projections that the global population will reach nine billion by 2050. As the world grapples with the formidable challenge of feeding this expanding population, Africa has a unique opportunity to step into a pivotal role by enhancing its agricultural productivity. This is crucial to meet the growing demand for food and to alleviate the specter of food scarcity that looms over the horizon.

In this context, Dr. Adesina’s optimistic vision for the African food and