Africa's Forests Could Yield $1.2 Trillion by 2050

The African Forest Forum (AFF) has projected that Africa's forests could generate an estimated $1.2 trillion in economic value by 2050 if sustainable forest management and forest-based bioeconomy models are effectively implemented. However, the continent has faced an average annual net forest loss of about 3.9 million hectares from 2010 to 2020, with inadequate investment in sustainable forest management.

A high-level meeting on financing Africa's forests is scheduled in Lagos, led by Vice President Kashim Shettima and former Vice President Yemi Osinbajo, who chairs the Sustainable Forest Management Champions for Africa Initiative. The meeting aims to mobilize long-term private and philanthropic capital for sustainable forest management and the proposed African Forestry Trust Fund.

Other participants include Lagos State Governor Babajide Sanwo-Olu and Prof. Labode Popoola, who will present the investment case for the Trust Fund. The AFF states that Africa has about 637 million hectares of forests, supporting over 400 million people.