"Unlocking Africa\u2019s Agricultural Powerhouse: Dr Adesina outlines way forward at Riyadh\u2019s World Economic Forum"

" Unlocking Africa\u2019s Agricultural Powerhouse: Dr Adesina outlines way forward at Riyadh\u2019s World Economic Forum \r\n\r\nAfrican Development Bank Group President Dr. Akinwumi Adesina urged for a coalition of public commitment and private sector finance to awaken Africa\u2019s \u201cstaggering\u201d agricultural potential, setting the stage for the continent to feed itself and contribute to global food security.\r\n\r\nAdesina made his call during Monday\u2019s World Economic Forum \u201cFood and Water for All\u201d panel discussion in Riyadh. He made an impassioned plea for greater cooperation between governments, public and private sector to transform agriculture production in Africa to allow it to \u201cfeed the world.\u201d\r\n\r\nDuring the panel, co-organized with CNN International, global leaders and experts agreed Africa has the land and water to achieve this lofty ambition but lacked significant investments and regulatory frameworks to properly develop abundant unused land and vast water resources.\r\n\r\n \r\n From left to right: Eleni Giokos, Correspondent, CNN International (moderator); Akinwumi Adesina, African Development Bank Group President; Lina Noureddin, President and Founder, Lamar Holding W.L.L; Jai Shroff, Chairman and Group Chief Executive Officer, UPL Ltd; Situmbeko Musokotwane, Minister of Finance and National Planning of Zambia. \r\nThe Bank Group president stressed Africa needed a major across the board increase in infrastructure investment in this sector to around $78 billion by 2050.\r\n\r\n\u201cThe potential is undeniable, but nobody eats potential\u2026 We have to unlock that potential,\u201d he declared. For that, he said private sector was essential but coupled with the creation of well run and administered public regulatory bodies.\r\n\r\nOverall, Africa has plenty of water but some of it is underground. Tapping into that potential and making far wider use of modern irrigation techniques, included those offered by AI (artificial intelligence) are key strategy targets.\r\n\r\n \r\n \u201cAfrica\u2019s potential is undeniable, but nobody eats potential\u2026 We have to unlock that potential,\u201d said African Development Bank Group President, Dr. Akinwumi Adesina. \r\n\u201cWe need more of the private sector, we have weak and poorly functioning utilities, we need to improve governance,\u201d he said, adding that significant concerted action will help create an agricultural sector worth some 1.3\u00a0trillion dollars by 2030.\r\n\r\nThe panel delved into how targeted investment and advanced technologies could address the pressing needs of 2.4\u00a0billion people without adequate food and 2.2\u00a0billion lacking safe drinking water across the world, showcasing Africa\u2019s role in this global challenge.\r\n\r\nAdesina also stressed the importance of small-scale farmers and the need to provide them with new varieties of heat-tolerant and water-efficient varieties. \u201cAccess to new technologies comes at a price but we have shown at the Bank the amazing effect climate efficient varieties can make,\u201d he said.\r\n\r\nThe Bank President said the Bank has invested $3\u00a0billion in water projects alone in the last three years, connecting 15\u00a0million people to water and 17\u00a0million to sanitation, but millions still faced shortages. He drew attention on initiatives like the African Water Facility and called for more similar approaches. The African Water Facility, hosted by the Bank, provides grants and expert technical assistance to prepare bankable innovative water projects ready to attract private investment throughout Africa.\r\n\r\nSitumbeko Musokotwane, Zambia\u2019s Minister of Finance and National Planning, appealed to global investors: \u201cWe have the land. We also have abundant water. What we need are financial resources and management expertise to transform these assets into productive agriculture.\u201d\r\n\r\n \r\n \u201cWe have the land. We also have abundant water. What we need are financial resources,\u201d said Situmbeko Musokotwane, Zambia\u2019s Minister of Finance and National Planning. \r\nMusokotwane highlighted the vital role of technology in maximizing resource use, particularly in agriculture, to secure food for the world.\r\n\r\nEchoing this sentiment, Jai Shroff, CEO of UPL Ltd, shared insights from recent agricultural innovations in Zambia. \u201cWe introduced a shift from corn to sorghum, which is more drought-tolerant. The results were outstanding with sorghum achieving 100% yield while surrounding corn crops perished,\u201d Shroff explained.\r\n\r\nHe further advocated for large-scale farming as a vehicle for economic transformation, as witnessed in Brazil, emphasizing the need for secure land rights to attract long-term investments. However, Adesina provided a caveat, reminding attendees of the importance of smallholder farms, which produce a significant portion of Africa\u2019s food. \u201cWhile we push for modernization and scale, we must not overlook the smallholder farmers who are the backbone of our rural economies,\u201d Adesina stated.\r\n\r\n \r\n \u201cWe introduced in Zambia a shift from corn to sorghum, which is more drought-tolerant. The results were outstanding with sorghum achieving 100% yield while surrounding corn crops perished,\u201d said Jai Shroff, CEO of UPL Ltd. \r\nThe panel also addressed the economic and environmental costs of securing water through non-traditional means.\r\n\r\nLina Noureddin, president of Lamar Holding, discussed the high cost and energy demands of desalination, a critical technology for water-scarce regions. \u201cDesalination is currently 2\u20133 times more expensive than accessing surface or groundwater. Despite this, it\u2019s essential for regions like North Africa where water stress levels are exceedingly high,\u201d Noureddin explained.\r\n\r\nPivoting from the topic of environmental sustainability, the panel shifted focus to economic resilience and potential.\r\n\r\n \r\n \u201cDesalination is currently 2\u20133 times more expensive than accessing surface or groundwater. Despite this, it\u2019s essential for regions like North Africa where water stress levels are exceedingly high,\u201d said Lina Noureddin, president of Lamar Holding. \r\nAdesina challenged misconceptions about investment risks in Africa, highlighting a recent Bloomberg analysis which found that the default rate on infrastructure loans in Africa is significantly lower than other regions. \u201cThe perception of risk often overshadows the reality. Africa\u2019s actual default rate is comparatively low, and we have mechanisms like partial credit guarantees to mitigate risks further,\u201d he clarified.\r\n\r\nThe panelists decried the premium Africa pays for water security and agricultural productivity due to outdated infrastructure, climate challenges, and underinvestment. They called for a paradigm shift in how investments are channeled into the continent, advocating for innovative financing models, better risk management, and enhanced support for technological adaptation.\r\n\r\nAs the session concluded, the call to action was clear: \u201cLet us move beyond discussing potential and focus on actionable investments and collaborations that will unlock Africa\u2019s agricultural capabilities,\u201d Adesina urged."

"Unlocking Africa\u2019s Agricultural Powerhouse: Dr Adesina outlines way forward at Riyadh\u2019s World Economic Forum"

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