Sundaymail Editor
The African Development Bank (AfDB) will commit US$10 billion over the next five years to boost food production on the continent and help end its reliance on imports.
Governments on the continent are seeking to pitch strategies to increase agricultural output at the meeting to secure funding from development banks, the US, the European Union, the US and private partners. Africa currently imports more than 100 million tonnes of cereals worth US$75 billion a year, according to the AfDB. Its food and agriculture market has the potential to reach US$1 trillion by 2030, AfDB president Dr Akinwumi Adesina said.
Rising food prices and disruption to food supplies due to the Covid-19 pandemic showed Africa’s reliance on imports of food staples and agricultural inputs.
Russia’s invasion of Ukraine also upended global grain markets and caused a shortage of fertiliser. – Bloomberg.
Online Reporter