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