IFAD President calls for more investment in Africa’s agricultural sector
CNBC Africa’s Fifi Peters sat down with Alvaro Lario, President of the International Fund for Agricultural Development on the side-lines of the World Economic Forum in Davos, Switzerland.
Mon, 20 Jan 2025 15:31:59 GMT
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AI Generated Summary
- African agribusinesses in food and beverage could reach one trillion dollars by 2030, but the continent currently imports billions annually, highlighting the need for investment to create jobs and alleviate poverty.
- Leaders are beginning to listen, evidenced by initiatives such as the African continental free trade area, but the environment must be conducive for investments, including support for small and medium enterprises.
- Technology, such as blockchain, AI, and mobile phones, plays a crucial role in improving transparency, accountability, and access to financial services for farmers, fostering economic growth.
The President of the International Fund for Agricultural Development, Alvaro Lario, has taken the stage at the World Economic Forum in Davos, Switzerland, to call for urgent action to address the rising inequalities in the agricultural sector, especially for small-scale farmers in least-developed countries like those in Africa. Lario highlighted that one out of five people in Africa face hunger and poverty, underscoring the need to focus on the continent's vast agricultural potential. He emphasized the market opportunity, stating that the agribusinesses in food and beverage could reach a market value of one trillion dollars by 2030. However, he noted that Africa currently imports between 50 to 60 billion dollars annually, which could be invested to create numerous jobs across the food value chain. Lario's plea is for world leaders and businesses to prioritize investing in Africa's agricultural sector to unlock its economic prosperity and alleviate poverty.
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