13 August 2024

IITA Director General and CGIAR Regional Director for Continental Africa, Dr Simeon Ehui, joined policymakers and key economic development stakeholders across Africa at the 2024 African Caucus Meeting in Abuja, Nigeria. Among other things, the meeting explored ways to strengthen investments in agricultural innovations, align sustainable growth through intra-African trade, and improve food and nutrition security in Africa.

The three-day event featured a robust line-up of sessions featuring discussions about critical issues around economic and financial growth while underscoring the critical importance of how multilateral development banks (MDBs) such as the World Bank and the International Monetary Fund (IMF) play a crucial role in promoting economic growth, particularly in Africa.

Speaking during the opening session, Nigerian Vice President Kashim Shettima emphasized the importance of fostering strong intra-African trade networks for economic growth. Adding that, the government's Renewed Hope Agenda aims to bolster economic development in the country.

The 2024 African Caucus Meeting, which brought together finance ministers, central bank governors, and leaders of key international organizations, served as a pivotal platform for discussing Africa's economic priorities. Part of the discussion during this year's meeting focused on the intersection of food and nutrition security, partnerships, and economic development.

Moderating one of the key sessions titled; "Leveraging opportunities with multilateral development banks (MDBs) to catalyze change in African economies," DG Ehui highlighted the urgent need for increased investment in agricultural research and innovation to tackle the growing challenges smallholder farmers face in Africa. He emphasized that Africa's food and nutrition security is at a crossroads where the right interventions could transform food systems, boost economic growth, and improve the livelihoods of millions.

"MDBs must continue to strengthen their investments in agricultural innovations. Our food systems face significant challenges, particularly affecting smallholder farmers. However, we can effectively address these challenges with increased investment in innovative technologies. For example, developing new flood-tolerant rice varieties has dramatically increased yields in flood-prone areas, enhancing food security for millions," DG Ehui said.

The Nigerian Minister of Finance, Wale Edun, and Governor of the Central Bank of Nigeria, Olayemi Cardoso, co-hosted the event, emphasizing the importance of networks fostering intra-African trade.

'With the right policies and investments coupled with strong networks, Africa can become a global leader in sustainable development,' Minister Edun said.

According to DG Ehui, one of the key drivers of sustainable development is the facilitation of intra-African trade and regional integration. While critical infrastructure inadequacies and limited access to finance exist, strong partnerships on the continent can overcome these significant trade barriers.

Highlighting how MDBs can contribute significantly to economic growth and development in African economies, Dr Ehui added that promoting inclusive payment systems and fostering economic diversification are essential steps toward industrialization and regional integration.

DG Ehui illustrated how effective collaboration among MDBs, and research or development institutions can drive substantial progress in security and economic growth. The Technologies for African Agricultural Transformation (TAAT) and Accelerating Impacts of CGIAR Climate Research for Africa (AICCRA) programs are practical examples of such collaborations.

Calling for stronger collaboration among African nations, MDBs, research institutions, and the private sector, he stressed that partnerships are essential for scaling successful agricultural innovations and ensuring they reach the smallholder farmers who need them most.

The 2024 African Caucus Meeting concluded with a renewed commitment from all parties to prioritize partnerships in their development agendas. DG Ehui's participation underscored the critical role of agricultural research and innovation in shaping Africa's economic future.

As Africa continues to grapple with the dual challenge of climate change and food insecurity, IITA-CGIAR remains at the forefront of efforts to develop effective and sustainable solutions, ensuring that the continent's agricultural sector can thrive.

Contributed by 'Timilehin Osunde

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