Africa is losing billions of dollars in potential economic value each year as the continent spends more than $100 billion importing food it has the capacity to produce locally.
Minister of Agriculture and Food Security, Abubakar Kyari, raised the concern at the ninth Agriculture Summit Africa, where industry leaders called for a shift from simply producing more food to building stronger systems for processing, storage, transportation and financing.
The News Chronicle reports that participants at the summit warned that Africa’s agricultural potential will remain largely untapped unless farmers can connect with processors, markets and affordable long term funding.
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Sterling Bank’s Group Executive, Corporate and Investment Banking, Dele Faseemo, described food security as a national security issue and urged African countries to move from identifying their agricultural potential to delivering practical results.
The financing challenge is particularly serious in livestock, where Minister of Livestock Development Idi Mukhtar Maiha said traditional short term loans do not suit businesses involving animals and other assets that take years to mature.
Maiha said Nigeria’s livestock industry currently contributes about $32 billion to the economy and could reach $74 billion by 2035 if investment expands across feed production, abattoirs, cold chains and leather processing.
He also called for more livestock processing within Nigeria to reduce waste, create jobs and keep more value within the economy.
