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A caricature of the situation in climate finance, particularly regarding Africa, is a classic vicious circle: Climate finance is not flowing because of the lack of bankable investment plans; the lack of investment plans is due to a lack of faith that climate finance will flow.

An estimated 23 percent of Nigeria’s GDP comes from agriculture, and as many as 70 percent of the nation’s labor force engages in the agricultural sector. At the same time, approximately 40 percent of Nigerians face poverty and food insecurity, driven in part by low agricultural productivity and low levels of technology adoption. With climate shocks expected to become more frequent and extreme, these smallholder households will be even more vulnerable to reduced agricultural productivity, loss of incomes and livelihoods, and food and nutrition insecurity.

Nearly US$ 4 trillion: That is the amount of global crop and livestock production the FAO estimates has been lost over the past three decades due to disaster events. According to the new report, “The impact of disasters on agriculture and food security,” this equates to an average loss of US$123 billion per year and as much as 5 percent of annual global agricultural GDP.

Food systems in Africa have the potential to drive dramatic economic, food security, and environmental transformation in the coming decades, according to the 2023 Africa Agriculture Status Report (AASR). Realizing this potential, however, will require significant political will and investment, from both the public and the private sectors, in infrastructure, open trade, research and development, technological innovation, and enhanced education and opportunities for Africa’s rapidly expanding young population.

While some countries in Africa South of the Sahara have seen improvements in food security in 2023, the region as a whole continues to be plagued by food crises, according to the Global Report on Food Crises (GRFC) 2023 Midyear Update. East Africa has been the hardest hit, with nearly 65 million people in the region having experienced high levels of acute food insecurity in the first half of 2023, up 8 million from 2022.