Africa's agricultural sector must undergo a significant transformation to unlock its full potential. Ministers, investors, and industry leaders converged at the ninth edition of the Agriculture Summit Africa in Abuja, Nigeria, to discuss the continent's food security and economic growth. The summit, themed "Building the Next Superpower: Africa's Food Power Play," aimed to turn Africa's agricultural potential into investable opportunities. The event attracted over 12,000 participants from development finance, agribusiness, research, and technology.
The current state of Africa's agricultural sector is characterized by a heavy reliance on raw commodity exports. Minister of Agriculture and Food Security, Senator Abubakar Kyari, highlighted that Africa spends over $100 billion annually on food imports that it has the capacity to produce. This staggering figure underscores the continent's loss of value by exporting raw commodities and importing finished products at higher prices. The summit sought to address this issue by promoting a shift from potential to execution and from ideas to scalable solutions.
A key concern raised during the summit was the lack of control farmers have over storage, transport, processing, and markets. This often results in significant losses after harvest. Dele Faseemo, Group Executive, Corporate and Investment Banking at Sterling Bank, emphasized that food has become a major security issue. He called for a shift from potential to execution and from ideas to scalable solutions, stressing that agricultural interventions must produce measurable results.
The discussions at the summit covered a range of topics, including food sovereignty, intra-African trade under the African Continental Free Trade Area (AfCFTA), climate risks, cold-chain infrastructure, technology, data, and financing for smallholder farmers, women, and young people. The Minister of Livestock Development, Idi Mukhtar Maiha, called for financing models that recognize the long cycle of livestock production. He emphasized that biological assets cannot be financed as though they are fast-moving consumer goods.
Nigeria's livestock sector, which contributes about $32 billion to the economy, has significant growth potential. Maiha stated that with investment in feedlots, modern abattoirs, cold chains, and leather manufacturing, the sector could reach $74 billion by 2035 under the country's 10-year livestock strategy. He also highlighted the need to reduce long-distance transportation of live animals, a practice that has been in place since 1912.
Sterling Bank's Group Head of Agric Finance and Solid Minerals, Dr Olushola Obikanye, identified Africa's main challenge as converting its agricultural potential into productivity, value, and economic power. He emphasized that agriculture should no longer be seen simply as a sector for producing food but as a means to connect farmers to finance, technology, infrastructure, processing, logistics, and markets. Obikanye stressed that the opportunity is not simply to produce more food but to create and capture more value.
The summit's 2026 edition aims to create a $300 million investment pipeline. The event featured nearly 100 matchmaking sessions through its Deal Room, providing a platform for investors and industry leaders to explore opportunities. The outcome of the summit is expected to contribute to a shift in Africa's agricultural sector, enabling the continent to own the processing, storage, trade, and finance that create value from its agricultural products.
Key points
- Africa spends over $100 billion annually on food imports that it has the capacity to produce.
- The continent's livestock sector could reach $74 billion by 2035 with investment in feedlots, modern abattoirs, cold chains, and leather manufacturing.
- Africa's main challenge is converting its agricultural potential into productivity, value, and economic power.
