Akinwumi Adesina, President of the African Development Bank Group (AfDB), has projected that Africa’s food and agriculture market will rise to $1 trillion by 2030.
This growth is driven by the continent’s rapidly increasing population, which is expected to double to 2.4 billion by 2050.
Adesina emphasized the immense investment opportunities in Africa, stating, “Our focus is on a triple mandate, to advance high-impact projects to bankability, raise capital and accelerate the closure of deals. By focusing on investment facilitation for Africa, the Africa Investment Forum has become the premier investment platform for Africa.”
He noted that Africa presents a unique investment opportunity, citing the continent’s large deposits of critical minerals necessary for the global energy transition.
“Africa holds 95 percent of chromium, 90 percent of Platinum Group2 Metals, 2/3 of global reserves of cobalt, 30 percent of lithium and manganese, and 20 percent of graphite—all of which are key for the green transition,” Adesina explained.
The AfDB president also highlighted the demand for infrastructure, which presents an annual investment opportunity of at least $170 billion.
He encouraged investors to see Africa as a business destination, emphasizing that the continent is not as risky as perceived.