Experts on Monday convened in Nairobi, the capital of Kenya, to discuss ways to mobilize private sector investments to accelerate growth in Africa’s agricultural sector.
The two-day Organization for Economic Cooperation and Development (OECD) public-private dialogue on mobilizing the private sector for sustainable trade and investment in Africa’s agrifood sector brought together over 100 delegates, including government officials, industry executives, and representatives from regional economic blocs.
Themba Khumalo, director of the private sector unit at the African Continental Free Trade Area (AfCFTA) Secretariat, said that the continent’s rising food import bill continues to strain fiscal balances and expose millions of Africans to external shocks.
“These realities underscore the urgency of the private sector to support governments in enhancing agricultural output and incomes for farmers, processors, traders, and consumers,” Khumalo said.
He added that the AfCFTA will catalyze private investments because it provides a platform to unlock Africa’s vast agricultural potential through trade.
Florian-Emil Dumitru, secretary of state at the Ministry of Agriculture and Rural Development of Romania, added that private companies often invest in innovations, such as climate-smart technologies and mechanization.
Yemi Osinbajo, former vice president of Nigeria, revealed that private investors can support African governments to enable small-holding farmers to overcome challenges such as access to affordable credit and agricultural extension services.
