African Development Bank Group President Dr. Akinwumi Adesina emphasized the need for collaboration between public and private sectors to unlock Africa's agricultural potential during the World Economic Forum "Food and Water for All" panel discussion in Riyadh. Adesina's impassioned plea for greater cooperation aimed at transforming Africa's agriculture production to contribute to global food security.
Adesina highlighted the need for increased investment in infrastructure in the agricultural sector, stating, "The potential is undeniable, but nobody eats potential… We have to unlock that potential." He emphasized the importance of private sector involvement alongside well-run public regulatory bodies to drive this transformation.
Speaking at the panel, Situmbeko Musokotwane, Zambia’s Minister of Finance and National Planning, called for financial resources and management expertise to harness Africa's land and water resources for productive agriculture. Jai Shroff, CEO of UPL Ltd, shared success stories of agricultural innovations in Zambia, showcasing the benefits of technology in maximizing resource use.
Adesina also touched upon the importance of supporting small-scale farmers, stating, “While we push for modernization and scale, we must not overlook the smallholder farmers who are the backbone of our rural economies.”
The discussion expanded to address the economic and environmental challenges of water scarcity, with Lina Noureddin, president of Lamar Holding, highlighting the high cost and energy demands of desalination. Adesina challenged misconceptions about investment risks in Africa, emphasizing the continent's comparatively low default rate and the need for innovative financing models.
In conclusion, Adesina urged for actionable investments and collaborations to unlock Africa's agricultural capabilities, moving beyond discussions of potential. The panelists advocated for a paradigm shift in investment strategies, emphasizing the importance of technological adaptation and risk management in developing Africa's agricultural sector.
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