Nigeria-South Africa Chamber Calls For Economic Integration To Bolster Food Security.

The Nigeria-South Africa Chamber of Commerce has called on African nations to boost economic integration to ensure food security and shared prosperity across the continent. Speaking at the NSACC’s March Breakfast Meeting in Lagos on Thursday, agricultural stakeholders stressed the need for a comprehensive agribusiness framework to address food shortages and strengthen intra-African trade. In his keynote address, Ade Adefeko, Director of Corporate and Regulatory Affairs at Olam, highlighted agriculture’s critical role in the continent’s economy, noting that it accounts for over 50% of jobs. He also criticized many African governments for falling short of the Malabo Declaration target, with Nigeria’s highest agricultural budget allocation hovering around just 3% instead of the recommended 10%.

“Government has no business in business but must provide policies to support investment,” Adefeko said, highlighting the need for a policy framework that allows agribusinesses to flourish.

He pointed out that poor storage facilities and inefficient value chains are major obstacles to Nigeria’s agricultural potential; despite being a top producer of cocoa, cashew, sesame, cotton, yams, and cassava, the country fails to fully capitalize on these commodities due to distribution bottlenecks. Adefeko asserted that Olam has invested in agricultural projects in several African countries, including Ghana, Mozambique, Côte d’Ivoire, and South Africa, with the goal of creating jobs and bolstering local economies.

Dr. Ije Jidenma, Chairman of the Nigeria-South Africa Chamber of Commerce, stressed that food security is essential for economic growth, asking, “How can we pursue economic growth if we cannot meet our basic food needs?” She called for a move away from oil dependence, emphasizing that greater investment in agriculture is crucial for economic stability, and praised Olam’s evolution from a small cashew trading firm in 1989 into a global agribusiness powerhouse. The event also featured a panel discussion with industry leaders, including Folusho Olaniyan, Group Independent Director at Odu’a Investment Company; Mr. Eze Mwakama, Head of Agribusiness at Union Bank; and Olufunto Olasemo, COO of AFEX Commodity Exchange. Their conversation focused on strengthening agricultural value chains, attracting investment, and leveraging the African Continental Free Trade Area to expand trade.

Jidenma reaffirmed the chamber’s commitment to strengthening Nigeria-South Africa economic ties, declaring “Together, we win,” and urged African nations to collaborate for food security and economic growth.