One billion dollars for the agricultural industry in Africa

The sanctions against Russia have caused all kinds of disturbances in international markets. As a result of this situation, Africa is facing a situation of great shortages in several sectors, especially the wheat sector.

Faced with this situation, the AfDB (African Development Bank) has taken action, starting a fundraiser valued at one billion dollars to support African farmers. These funds will be used to implement climate-resilient technologies and thereby increase its production of African climate-tolerant wheat variants.

30% of the wheat consumed in Africa comes from Russia and the Ukraine. Russia’s consumer goods exports to sub-Saharan Africa accounted for $1.75 billion in 2019 according to World Trade Organization (WTO) statistics.

In addition to wheat, this AfDB plan also aims to increase the production of crops such as rice and soybeans. The figure that is expected to be achieved is 100 million tons of food, which would provide food for 200 million Africans.

“As a continent with a thriving youth population, Africa’s agricultural sector must provide the investments in agritech innovations that will encourage youth to embark on agriculture-related businesses, as they are key to revitalizing the African food system,” said Adesuwa. Ifedi, senior vice president of Africa programs at Heifer International.