Agriculture Summit Africa Calls for Investment in Food Security

At the ninth edition of the Agriculture Summit Africa (ASA) held in Abuja, ministers, investors, and industry leaders discussed the significant financial losses Africa incurs by exporting raw produce while importing finished products. Senator Abubakar Kyari, the Minister of Agriculture and Food Security, stated that Africa spends over $100 billion annually on food imports that it can produce domestically.

The summit, themed “Building the Next Superpower: Africa’s Food Power Play,” aimed to transform Africa’s agricultural potential into investable opportunities, targeting a $300 million investment pipeline. Dele Faseemo from Sterling Bank emphasized the need for agricultural interventions to yield measurable results.

Discussions included food sovereignty, intra-African trade, and financing for smallholder farmers. Idi Mukhtar Maiha, the Minister of Livestock Development, highlighted the importance of financing models that acknowledge the long production cycles of livestock, which contributes $32 billion to Nigeria's economy.

Dr Olushola Obikanye from Sterling Bank stressed the necessity of connecting agriculture with finance, technology, and infrastructure.