Africa's Food, Agricultural Industry To Reach $1 Trillion By 2030 - AfDB President Declares

News in brief: AfDB President Akinwumi Adesina projects Africa's food and agricultural industry to reach $1 trillion by 2030, driven by the continent's Feed Africa strategy.

President of the Africa Development Bank (AfDB), Dr. Akinwunmi Adesina, has projected that Africa's food and agricultural industry will reach an estimated $1 trillion by 2030.

He made the declaration during the Norman E. Borlaug Dialogue, according to the development bank's press release. The event had been hosted by the World Food Prize Foundation in Des Moines, Iowa, United States.

Adesina highlighted the endorsement of country food and agriculture delivery compacts by 34 African leaders, paving the way for action-oriented plans with measurable outcomes.

Do not overlook Africa’s trillion-dollar food and agribusiness sector, African Development Bank chief @akin_adesina tells investors at @WorldFoodPrize Borlaug Dialogue: https://t.co/8cLq5pUUlw #FoodPrize23 #FeedAfrica pic.twitter.com/jacHeZ5SCS

— African Development Bank Group (@AfDB_Group) November 1, 2023

He disclosed that these compacts aim to secure food security and unleash the continent's full agricultural potential within five years, aligning with the core principles of the Bank's Feed Africa strategy launched in 2016.

Since its inception, the Feed Africa strategy has supported over 250 million individuals who have benefited from improved agricultural technologies. The AfDB boss further revealed that partners have pledged over $70 billion to support the initiative, with the Bank committing an additional $10 billion over the next five years.

Adesina also reminded his listeners that projects like these, exemplifies the collective resolve of African leaders to ensure the continent achieves self-sufficiency in food production.