AfDB develops action plan to transform agriculture sector

The African Development Bank (AfDB) on Thursday announced a seven-point action plan to transform the agricultural sector in Africa.

The bank has come up with the plan in collaboration with partners that would address various challenges which had hindered the development of the sector.

Chiji Ojukwu, the bank's director of the agriculture and agro-industry department said the sector remained a major source of income for most people in Africa but its untapped potential had resulted in persistent poverty and deteriorating food security.

"The AfDB, in collaboration with partners, will contribute to orchestrate, scale and replicate transformation through seven enablers," he said during a presentation at a meeting on transforming the sector held on the sidelines of the ongoing annual meetings.

Among the seven-point action plan includes increasing productivity, realized value of increased production and increased investment in hard and soft infrastructure.

Others include financing expanded agricultural, improved agribusiness environment, increased inclusivity, sustainability, nutrition and coordination.

According to him, between 315 to 400 billion U.S. dollars was required over the next decade or between 32 to 40 billion dollars annually to transform the agricultural sector in Africa.

The bank, he said, working with sector partners will crowd in institutional funding by establishing enabling environments for private investments, employing innovative de-risking tools and blending finance.

He said to achieve the bank's goal of feeding Africa, there was need for substantial investment in the sector.

According to Akinwumi Adesina, the bank's president, agriculture had the potential to stabilize economies and should be looked at as a business. Endit