AfDB to invest $24b in agric as IITA celebrates 50th anniversary

The President of African Development Bank (AfDB) Akinwunmi Adesina yesterday said the bank will invest $24 billion in Africa’s Agricultural sector transformation in the next ten years.

He said the investment would help turn agriculture sector in Africa into a serious business and improve food production abundantly.

Adesina who disclosed this at International Institute of Tropical Agriculture(IITA) 50th anniversary in Ibadan ýnoted that the bank has developed technologies to help millions of farmers, adding that such Technologies has been developed for African Agricultural Transformation (TAAT) in conjunction with IITA and other CGIAR centers across africa.

He said; we have decided to work with IITA to help drive Africa\’s Agricultural sector transformation, so, the bank will be investing $24 billion in Agriculture for the next ten years,he added.

According to him, the move was to ensure that Africa feeds itself within ten years and unlocks the full potentials of its agriculture.

He further revealed that AfDB and World Bank is to invest $800 million in TAAT adding that it would launched this year.

In his address, Acting President, Yemi Osinbajo urged the Institute to commercialise the results of its research. He said; you have to create subsidiaries as is done in India, these companies can them multiply your findings and market them for larger application.

Osinbajo said necessary legal backing will be provided by government to enable the Institute achieve this.