Agriculture Summit Africa Calls for Local Processing Solutions

At the ninth edition of Agriculture Summit Africa (ASA), participants agreed on the necessity for Africa to advance beyond merely producing raw commodities to owning the entire value chain, including processing, storage, trade, and finance. Senator Abubakar Kyari, the Minister of Agriculture and Food Security, noted that Africa spends over $100 billion annually on food imports that it can produce domestically.

Dele Faseemo, Group Executive of Corporate and Investment Banking at Sterling Bank, warned that food security is intrinsically linked to national security, urging a shift from potential to actionable solutions in the agricultural sector. Idi Mukhtar Maiha, the Minister of Livestock Development, advocated for financial models specifically designed for biological assets, criticizing conventional lending practices.

Dr. Olushola Obikanye, Sterling Bank’s Group Head of Agric Finance and Solid Minerals, stated that Africa's challenge lies not in agricultural potential but in converting that potential into productivity and value.