Agric investments can unlock untold prosperity in Africa – IFAD


… Says investment‘ll cut down $35 billion food import bill
ABUJA- AS most African countries continue to suffer food crisis and unemployment, the President, International Fund for Agricultural Development, IFAD, Kanayo Nwanze, has expressed optimism that agricultural investments can unlock prosperity in Africa.
Kanayo made the assertion at the Grow Africa Investment Forum and the World Economic Forum on Africa, WEF, in Kigali, Rwanda, at the weekend.
The IFAD boss said countries that had heavily invested in agriculture are today reaping huge revenue generation and foreign exchange, and unemployment has drastically reduced.
Kanayo said: “Investments in agriculture can generate great riches for the continent and lift millions out of poverty and hunger.
 “There are high returns to those countries that take agriculture seriously. Half of the world’s uncultivated land which is suited for growing food crops is in Africa.
 “We need to work together to harness the continent’s potential and this means investing in small-scale farmers who are the backbone of African agriculture.”
Nwanze also maintained that Africa remains a continent of unprecedented opportunity, and supporting small-scale farmers and investing in rural areas are some of the best ways for countries to meet their broader development objectives, including poverty reduction. With the right investments, and Africa could double its agricultural productivity in the next five years.
According to him investments alone will not transform the continent, rather governments in Africa need to ensure that a strong commitment to policies and incentives that encourage higher food production by smallholder farmers are put in place.
“At IFAD we know that small-scale farmers do not want hand-outs. They want economic opportunities. I am looking forward to discussing how we can create those opportunities and make agriculture a profitable sector and a powerful catalyst for development,” he added.

IFAD is an international financial institution and a specialized United Nations agency based in Rome – the UN’s food and agriculture hub. IFAD has been investing in rural people, empowering them to reduce poverty, increase food security, improve nutrition and strengthen resilience. Since 1978, it has provided about $17.7 billion in grants and low-interest loans to projects that have reached some 459 million people.

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