The Nigeria-South Africa Chamber of Commerce has urged African nations to deepen economic integration to ensure food security and shared prosperity across the continent.
Speaking on Thursday at the NSACC’s March Breakfast Meeting in Lagos, stakeholders in the agricultural sector underscored the need for a robust agribusiness framework to address food shortages and enhance intra-African trade.
In his keynote address, the Director of Corporate and Regulatory Affairs at Olam, Ade Adefeko, emphasised that agriculture remains the backbone of the continent’s economy, providing over 50 per cent of jobs.
Adefeko decried the failure of many African governments to meet the Malabo Declaration target of allocating at least 10 per cent of their budgets to agriculture, noting that Nigeria’s highest allocation has been around three per cent.
“Government has no business in business but must provide policies to support investment,” Adefeko said, highlighting the need for a policy environment that enables agribusinesses to thrive.
He identified inadequate storage and inefficient value chains as key challenges stifling Nigeria’s agricultural potential. Despite leading in the production of cocoa, cashew, sesame, cotton, yams, and cassava, the country struggles to maximise economic benefits due to distribution bottlenecks.
Adefeko asserted that Olam has invested in agricultural ventures across several African nations, including Ghana, Mozambique, Côte d’Ivoire, and South Africa, with a focus on creating employment and strengthening local economies.
Meanwhile, the Chairman of the Nigeria-South Africa Chamber of Commerce, Dr Ije Jidenma, described food security as fundamental to economic growth, stating, “How can we pursue economic growth if we cannot meet our basic food needs?”
Jidenma called for a shift away from oil dependence, stressing that investment in agriculture would ensure economic stability. She also lauded Olam’s growth from a small cashew trading firm in 1989 to a global agribusiness leader.
The event featured a panel session with industry leaders, including the Group Independent Director of Odu’a Investment Company, Folusho Olaniyan; Head of Agribusiness at Union Bank, Mr Eze Mwakama; and Chief Operating Officer of AFEX Commodity Exchange, Olufunto Olasemo.
The panel’s discussions focused on strengthening agricultural value chains, attracting investments, and leveraging the African Continental Free Trade Area for trade expansion.
Jidenma reiterated the chamber’s commitment to fostering strong Nigeria-South Africa economic ties, stating, “Together, we win.” She urged African nations to prioritise collaboration in achieving food security and economic growth.
