AfDB Okays $1.5 billion To Address Potential Food Crisis In Africa

The African Development Bank (AfDB ) has approved a $1.5 billion emergency food production facility for about 20 million farmers in Africa.

Prime Business Africa learnt that the fund is expected tonavoid a looming food crisis exacerbated by the war between Russia and Ukraine.

This was contained in the AfDB’s announcement on Friday via its Twitter handle claiming the facility will rapidly produce 30 million metric tonnes of food as well as support about 20 million farmers.

The war between Ukraine and Russia has led to a rise in food prices, especially for commodities such as wheat, maize, soybeans and other grains which many African countries rely on for their staple food.

AfDB president, Dr. Akinwunmi Adesina commented that “food aid cannot feed Africa” and that “Africa needs seeds” suggesting that relying on aid to solve Africa’s food challenges is not sustainable. According to him, “there is no dignity in begging for food.

“AfDB’s plan also explained how the war has affected African countries. The price of wheat has soared in Africa by over 45% since the war in Ukraine began. Fertilizer prices have gone up by 300%, and the continent faces a fertilizer shortage of 2 million metric tons.

“Many African countries have already seen price hikes in bread and other food items. If this deficit is not made up, food production in Africa will decline by at least 20% and the continent could lose over $11 billion in food production value.