Africa’s food and agriculture market is expected to reach $1 trillion by 2030 – AfDB

By Victor Oluwole

The Africa Development Bank (AfDB) has announced the launch of the Special Agro-Industrial Processing Zones Alliance (SAPZ), a groundbreaking project aimed at mobilizing at least US$2 billion in financing and investment commitments from its members and partners over the next 5 years.

The Special Agro-Industrial Processing Zones Alliance was launched at the ongoing Africa Investment Forum by a group of founding partners, including Afreximbank, Arise Integrated Industrial Platforms, the United Nations Industrial Development Organization (UNIDO), and the Islamic Development Bank (ISDB).

This ambitious project, according to the President of the AfDB, Akinwunmi Adesina, is a significant step towards making Africa a player in the global food and agricultural value chains.

“The size of Africa’s food and agriculture market is expected to reach US$1 trillion by 2030, with the new millionaires and billionaires coming from the food and agriculture industry rather than the oil and gas sector. It’s time for Africa to fill airplanes and ships with processed and value-added foods and agricultural commodities for trade around the world,” Adesina stated.