LAGOS  – African Development Bank Group President Dr. Akinwumi Adesina urged for a coalition of public commitment and private sector finance to awaken Africa’s “staggering” agricultural potential, setting the stage for the continent to feed itself and contribute to global food security. 

Adesina made his call during the World Economic Forum “Food and Water for All” panel discussion in Riyadh. He made an impassioned plea for greater cooperation between governments, public and private sector to transform agriculture production in Africa to allow it to “feed the world.” 

During the panel, co-organised with CNN International, global leaders and experts agreed Africa has the land and water to achieve this lofty ambition but lacked significant investments and regulatory frameworks to properly develop abundant unused land and vast water resources. 

The Bank Group president stressed Africa needed a major across the board increase in infrastructure investment in this sector to around $78 billion by 2050. 

“The potential is undeniable, but nobody eats potential… We have to unlock that potential,” he declared. For that, he said the private sector was essential but coupled with the creation of well run and administered public regulatory bodies. 

Overall, Africa has plenty of water but some of it is underground. Tapping into that potential and making far wider use of modern irrigation techniques, including those offered by AI (artificial intelligence) are key strategy targets. 

“Africa’s potential is undeniable, but nobody eats potential… We have to unlock that potential,” said African Development Bank Group President, Dr. Akinwumi Adesina. 

“We need more of the private sector, we have weak and poorly functioning utilities, we need to improve governance,” he said, adding that significant concerted action will help create an agricultural sector worth some 1.3 trillion dollars by 2030. 

Adesina also stressed the importance of small-scale farmers and the need to provide them with new varieties of heat-tolerant and water-efficient varieties. “Access to new technologies comes at a price but we have shown at the Bank the amazing effect climate efficient varieties can make,” he said.