Rice Investment will Cut $5bn Import Bill – World Bank

The World Bank has called on West African governments, investors and development partners to accelerate investments in rice production and value-chain development to reduce the region’s heavy dependence on imports and strengthen food security.

Speaking at the West Africa Rice Investment Roundtable in Accra, World Bank Group Vice-President for Planet, Guangzhen Chen, described the region’s continued reliance on imported rice as both an economic challenge and a strategic vulnerability.

According to him, West Africa currently imports about 40 percent of the rice it consumes, with ECOWAS member states spending an estimated US$5 billion annually on rice imports despite possessing significant agricultural potential.

“Rice is central to food security, employment and economic growth across the region. Yet West Africa remains heavily dependent on volatile global markets for a staple crop it can competitively produce itself,” he stated.

Mr. Chen noted that recent global disruptions, including fertilizer shortages and rising commodity prices, had exposed the risks associated with excessive dependence on imported food.

He stressed that the region already possesses the policy frameworks needed to transform the rice sector, citing the ECOWAS Rice Roadmap and the Rice Observatory as important foundations for coordinated action.

“What is needed now is execution and financing at scale,” he said.

The World Bank official highlighted the institution’s AgriConnect initiative, launched in October 2025, as a key vehicle for driving agricultural transformation across Africa. The programme aims to improve the livelihoods of 300 million smallholder farmers by 2030 through large-scale investments across agricultural value chains.

He explained that rice sector transformation requires a comprehensive approach that combines policy reforms, infrastructure development, financing, storage facilities, logistics networks, market access and private-sector participation.

Mr. Chen disclosed that under the West Africa Food Systems Resilience Programme (FSRP), one of the flagship programmes under AgriConnect, the World Bank is mobilising US$1.2 billion to support agricultural productivity, market integration and regional coordination in eight countries, benefiting an estimated 3.2 million people.

He added that further investments in Nigeria, Togo, Burkina Faso and Guinea are expected to inject an additional US$300 million to US$400 million into the rice value chain.

Despite these commitments, he identified limited access to finance as one of the biggest obstacles facing farmers and agribusinesses across the region.

According to him, many producers remain unable to access quality seeds, fertilisers and other critical inputs because financing remains expensive or unavailable.

To address this challenge, he advocated greater use of guarantees, blended finance and risk-sharing mechanisms to encourage local financial institutions to lend more aggressively to farmers and agribusinesses.

Mr. Chen also emphasised the importance of strengthening storage, processing and logistics infrastructure to ensure that increased production translates into competitive value chains and sustainable job creation.

He warned that population growth, climate change, geopolitical shocks and tightening donor funding were placing increasing pressure on food systems across the continent.

However, he expressed optimism that the region has the necessary partnerships, policy frameworks and investment opportunities to transform its rice industry and reduce dependence on imports.

“The time for delivery is now,” he said.