Ebrima Faal, AfDB Director, NIgeria Office said Africa's $35 billion annual food import bill is no longer acceptable.
Excerpts from his interview with BusinessDayNg in Abuja:
So part of the freed Africa strategy is to say that we have everything it takes to produce food domestically in Nigeria and the rest of the Africa to feed ourselves and to equally export some of these foods.
We have received from the private sector in Nigeria, from almost every state in the federation, so is not just Chinese, and we also have the states themselves that want to invest in Agriculture.
We have three ways of financing things, one is debt and the other is equity. And the third one is if you are already in operations maybe retained earnings.
The regions of Nigeria have their comparative advantages, in the North, you have sorghum, tomatoes, some animal husbandry; in the South, you have cocoa, palm oil, so depending on the investor interest we will have to support.
The remaining arable land in the world about 60% of that is in Africa, so agricultural opportunity is here. We also have the youngest population globally; other regions are aging but we have young people.
@AfDB_Group dialogue in Nigeria has been fruitful, the focus is on agriculture and human capital development in the ERGP is the same focus that we have in the 5 priorities of @AfDB_Group
The bank’s current active portfolio is about $5 billion, we have been financing projects in Nigeria since 1972, so projects close, some of them finish and then close up, but those that that are still ongoing are about $5 billion.