$100m Catalytic Investments Sealed at Agriculture Summit Africa
The recently concluded Agriculture Summit Africa (ASA) 2024, held in Abuja, Nigeria, under the theme “Transitioning from Scarcity,” facilitated over $100 million in catalytic investments aimed at addressing Africa’s food security challenges. Organized by Sterling Bank, the Sterling Foundation, and other strategic partners, the summit provided a platform for innovation, collaboration, and transformative partnerships across the agricultural sector.
One of the standout features of the event was the Nigeria Feed, Fodder, and Livestock Investment Deal Room, Series 1, which convened industry leaders and policymakers to commit to strengthening agricultural value chains. Participants included Olapeju Ibekwe, CEO of Sterling One Foundation, Idris Ajimobi, Senior Special Assistant to the President on Livestock Development, and Winnie Lai-Solarin, Director of Animal Husbandry Services at the Federal Ministry of Agriculture and Rural Development.
Significant progress was reported during the Deal Room, including a partnership secured by Benue State with South African investors to enhance feed production and livestock systems. Commenting on this development, Michael Oglegba, Commissioner for Finance and Budget Planning, Benue State, remarked on the pivotal role of the platform in attracting strategic investments to tackle agricultural challenges.
Highlighting the summit’s impact, Olapeju Ibekwe emphasized the foundation’s commitment to food security, stating, “ASA exemplifies the power of collaborative action in addressing Africa’s agricultural challenges. The partnerships and investments forged through the Deal Room align with our mission to transform the continent’s agri-food systems.”
Source- ThisDayLive
Expert Review for Agri-Food Stakeholders
The Agriculture Summit Africa 2024 and its associated Deal Room underline the importance of aligning investments with targeted solutions to address Africa’s persistent food security challenges. The $100 million in commitments serves as a critical injection into the region’s agricultural economy, particularly in the feed, fodder, and livestock sectors, which are integral to sustainable food systems.
Key Takeaways for Stakeholders:
Focus on Value Chains: The Deal Room’s emphasis on strengthening feed and livestock systems highlights the need for comprehensive value chain interventions to enhance productivity and efficiency. Stakeholders should leverage such forums to identify areas where strategic investments can yield the highest impact.
Public-Private Collaboration: Partnerships like those secured by Benue State demonstrate the potential of cross-border collaborations in fostering innovation and capacity building. Stakeholders should advocate for policies that incentivize such partnerships while ensuring inclusivity.
Sustainability and Scalability: Investments should prioritize sustainable practices, including climate-resilient technologies and environmentally friendly feed production methods, to ensure long-term viability and scalability of interventions.
Replicating Success: ASA 2024’s success underscores the importance of replicating such platforms across the continent. Stakeholders should consider establishing regional Deal Rooms that address localized agricultural challenges.
For Africa’s agricultural sector to transition from scarcity to abundance, these catalytic investments must be accompanied by strong policy frameworks, capacity building, and continuous stakeholder engagement. The progress made at ASA 2024 is a promising step toward achieving this transformation.
