Vice President Kashim Shettima and former Vice President Yemi Osinbajo are expected to lead business, philanthropic, development finance and government leaders at a high-level meeting on financing Africa’s forests in Lagos on Tuesday.
The meeting, organised by the African Forest Forum (AFF) in collaboration with the Sustainable Forest Management Champions for Africa Initiative, will focus on mobilising long-term private and philanthropic capital for sustainable management and development of the continent’s forests.
The forum, titled High-Level Business and Philanthropic Leaders Roundtable: Investing in Africa’s Forest Future, will also consider partnerships to support the proposed African Forestry Trust Fund.
The Fund is being developed as an African-led financing mechanism to mobilise catalytic public, private and philanthropic capital for sustainable forest management and forest-based economic development.
Shettima is expected to open the roundtable, while Osinbajo, who chairs the Sustainable Forest Management Champions for Africa Initiative, will deliver remarks and outline the way forward.
Lagos State Governor, Babajide Sanwo-Olu; Chair of the AFF Governing Council, Prof. Larwanou Mahamane; and Director of Sustainable Environment and Blue Economy at the African Union Commission, Harsen Nyambe, are also expected to participate.
The Executive Secretary and Chief Executive Officer of the AFF, Prof. Labode Popoola, will present the investment case for the African Forestry Trust Fund.
According to the AFF, Africa has about 637 million hectares of forests, representing approximately 16 per cent of the world’s forest area, with the sector supporting the livelihoods of more than 400 million people.
The continent also has about 446 million hectares of other wooded land, with its forests providing resources and economic opportunities in timber, non-timber forest products, pharmaceuticals, biotechnology, renewable energy, nature-based tourism, climate-smart agriculture, carbon markets and biodiversity markets.
The forum said Africa’s forests could generate an estimated $1.2 trillion in economic value by 2050 if the continent effectively implements sustainable forest management and forest-based bioeconomy models.
However, Africa recorded an average annual net forest loss of about 3.9 million hectares between 2010 and 2020, while investment in sustainable forest management remains fragmented and inadequate.
The AFF said addressing the financing gap would require a shift from short-term, project-based funding towards long-term investments involving governments, the private sector, philanthropic organisations and development finance institutions.
Keynote presentations will be delivered virtually by Stefan Schepers, Executive Director, High-Level Groups on EU Policy Innovation, Centre Condorcet, Brussels, and Prof. Jeffrey Sachs, President of the UN Sustainable Development Solutions Network.
A high-level panel, Africa’s Green Wealth: How Private Capital Can Shape Africa’s Forest Future, will also examine the role of private capital in developing Africa’s forest economy.
The roundtable will be held in a hybrid format, with international speakers and invited participants participating virtually.
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