The African Development Bank (AfDB) has pledged to invest $2.9 billion for the development of agriculture in Nigeria and other African countries.
AfDB President, Dr. Akinwumi Adesina, made this known on the sideline of the bank’s annual meeting in Nairobi, Kenya.
A statement by the AfDB quoted Adesina to have said that since the bank’s summit in 2023, six African countries, including Nigeria, had set up presidential-level councils to drive implementation of the Country Food and Agriculture Delivery Compacts agreed at the summit.
The Country Food and Agriculture Delivery Compacts is an agenda set out by the AfDB in a summit last year wherein African countries were advised to mobilise and align government resources, development partners and private sector financing around achieving food security in each country.
Tanzania, Democratic Republic of Congo, Central African Republic, Nigeria, Sierra Leone, and Zambia, have set up councils, while the councils in Benin, Burundi, Chad, Cote d’Ivoire, Cameroon, Ethiopia, Egypt, Ghana, Guinea-Bissau, Senegal, Malawi, and Togo are in the process of operationalisation.
Adesina noted the progress made so far and pledged additional financial assistance to countries that have already started implementing the agricultural agenda.
The AfDB president identified climate change, global volatility of food prices, and geopolitical shocks as part of the obstacles limiting Africa’s ability to feed itself.
