Heads of state and high-level officials from over 40 countries are among 1500 agriculture experts gathering in Nairobi, Kenya for the Sixth African Green Revolution Forum, where they have promised to “seize the moment” and deliver hundreds of millions of dollars in new investments for African farmers and agriculture businesses.

“There is unprecedented agreement here in Kenya and across Africa that big investments in agriculture are the key to food security and strong economic growth,” said H.E. Uhuru Kenyatta, President of the Republic of Kenya, who is hosting the Forum. “We need to capitalize on this consensus – particularly with drought exposing long-standing vulnerabilities in food production and crashing commodity prices demanding more sustainable economic strategies that agriculture clearly can provide.”

AGRF 2016’s official slogan is “Seize the Moment” – Securing Africa’s Rise through Agricultural Transformation. “Seize the Moment” is also the name of an ambitious Africa-wide agriculture campaign launched by the African Union Commission, the New Partnership for Africa’s Development (NEPAD), the African Development Bank (AfDB) and key NGOs and donor countries. There is hope that it will soon be backed by hundreds of millions of dollars in new investments from African governments, development partners, the private sector and financial institutions.

The “Seize the Moment” campaign is expected to bring a world-wide call to action from the United States Agency for International Development (USAID), energized by President Obama’s Global Food Security initiative—the largest development commitment from the administration and one that is aligned closely with the African Union’s agriculture agenda.

In addition, both the Rockefeller Foundation and the Bill & Melinda Gates Foundation are expected to endorse the campaign and continue their strong backing of efforts to boost production and income for smallholder farmers and local agriculture businesses. Ten years ago, funding from the two organizations launched the Nairobi-based Alliance for a Green Revolution in Africa (AGRA). Today, they continue to work closely with AGRA, which has developed an extensive network of partners in the public and private sector across 18 countries.

Meanwhile, following the lead of President Kenyatta, heads of state from Rwanda and Ghana are expected to highlight detailed, nationwide agriculture development strategies covering multi-year spending plans, policy reforms and accountability scorecards. In addition, the Kenya Commercial Bank (KCB) will outline efforts to give agriculture a higher profile in its loan portfolio and seek a similar commitment from other leading financial institutions.

“While much has been accomplished over the last decade, we need to work far more aggressively to tap the potential of agriculture to be a powerful engine of economic growth across Africa,” said Mr. Strive Masiyiwa, Founder and Executive Chairman of Econet Wireless who also chairs AGRA’s Board.

“Just as we have seen in Africa’s telecom revolution, I believe the private sector can become a force for social change by transforming African agriculture,” he added. “Business-focused investments in production, processing and marketing can ensure that the soaring demand for food products among Africa’s urban consumers delivers new economic opportunities for rural communities and African youth.”

A major highlight of the meeting will be the release of a landmark annual African Agriculture Status Report (AASR). Subtitled “Progress towards an Agriculture Transformation in Sub-Saharan Africa,” AASR 2016 offers a detailed analysis of a decade-long agriculture expansion effort that has been the most successful development initiative in African history. The report also offers a frank assessment of the challenges that lie ahead and recommends strategies for overcoming them.

Another groundbreaking moment at the AGRF will be the inaugural award of the newly-created Africa Food Prize. The accolade calls attention to individuals and institutions that are inspiring and driving agricultural innovation throughout Africa. The Africa Food Prize Committee is chaired by H.E. Olusegun Obasanjo, former President of Nigeria.

This year’s AGRF will feature many other heroes of African agriculture who are committed to mobilizing the investments and partnerships that can “seize the moment” for making Africa’s agriculture potential a reality.

“We believe Kenya is the appropriate venue for this historic gathering because farming and food production are the lifeblood of the Kenyan economy and we want to set an example that others can follow,” said Kenya’s Agriculture Cabinet Secretary Hon. Willy Bett. “We are committed to pushing through the policy and financial reforms that can make farming and other agriculture businesses an economically and environmentally sustainable way of life.”

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Sending the hoe to the museum: Innovative lease finance for African agriculture

Sending the hoe to the museum and promoting sustainable agricultural mechanization has been key to revolutionizing Africa’s agricultural sector.

In a session moderated by Richard Jones, Chief of Party of the Scaling Seeds and Technologies Partnerships in Africa (SSTP), AGRA, we heard on Monday about the need for Africa to embrace mechanization as a key way to improve the efficiency and productivity of farming operations.

“Mechanization is a major factor contributing to the efficiency and productivity of all the other inputs used in crop production such as seeds, fertilizer, water, labor and time,” explained one panelist.

“The agricultural sector’s ability to feed an ever growing population and playing a competitive, significant role in international markets for agricultural products will remain a pipe dream if African agriculture remains dependent on primitive technologies like the hoe,” said Dr. Subrata Rana, Founder and CEO, EcoDev.

Mechanization in Africa is still at the early adoption stage, with a large majority of smallholder farmers still relying on rudimentary methods. One of the major challenges faced by these farmers is the lack of access to credit, with agriculture often being considered a risky business. For example, many smallholder farmers cannot afford the initial outlay of USD 200-500 needed for equipment to facilitate post-harvest management activities. As panelists noted, this ready market demand offers a great opportunity for lease finance organizations to step-in and fill the gap.

The demand for lease financing also includes smallholder farmer groups – self-help groups, cooperatives and small and media enterprises – that require higher value equipment. Entrepreneurs that provide services along the value chain can also be integral players in the adoption of mechanization and dissemination of technologies.

“When it comes to lease finance not every equipment is leasable and there is need to find optimal solutions that can generate a return to the investors,” explained Kinoti Kaburu, Start Up Technician & Regional Manager (EA), Insta-Pro international. Lease finance models, he added, need to factor in both return on investment and social impact.

David Resnik, COO, Innovare Advisors explained that for mechanization to be a success, there is a need to involve all stakeholders. “Implementation frameworks must invite other players to actively get involved in the process,” he noted. These players include donors, the private sector and farmer organizations, among others. For mechanization to achieve scale, public funding also has a vital role to play.

Other key components of a successful mechanization process include: identifying the right equipment, a working service system, training, risk management and security systems.

In “Seizing the Moment” to transform Africa’s agriculture, the good news is that there are role models to emulate. “Countries that have achieved significant economic growth and worked on resolving their food problems have also advanced in agricultural mechanization, while countries with stagnating economies and deeper poverty have lagged behind in areas such as mechanization,” said Dr. Richard Jones in his closing remarks.