"We have never experienced a greater challenge or pressure on our ability to sustain development in Africa. Reinforced multilateralism and strong partnerships, including with Japanese government entities and private sector, will be decisive in supporting African countries’ aptitude to respond to the new economic shocks caused by the war in Ukraine, at a time when they were already reeling from the impact of the COVID-19 pandemic," Ms Eziakonwa said. "This new crisis has direct implications including food and fuel price hikes, trade disruption, and overall macroeconomic instability, which indirectly will lead to economic stress that could trigger violent protests and unconstitutional transfers of political power, especially in already fragile regions."

The Regional Director’s remarks came at the conclusion of a five-day mission to Japan during which she explored stronger and more innovative partnerships between UNDP and the Government of Japan, the country’s development agencies and private sector, as well as with civil society and youth groups.

Ms. Eziakonwa stressed that given Africa’s high dependency on food imports from Russia and Ukraine, the prolonged conflict has serious implications on food security in Africa and risks eroding the development gains and progress that Africa has made in the past few decades.

In 2020, African countries imported US$ 4 billion worth of agricultural products from Russia, 90 percent of which was wheat. Russia and Ukraine account for 30 percent of global wheat production and 80 percent of global sunflower oil production.

She noted that whereas several African countries were among the best performing economies prior to the compounded impacts of the COVID-19 pandemic and the outbreak of war in Ukraine, African exports growth is now expected to shrink by half. “We now forecast exports to grow by 4.1 percent in 2022 as opposed to 8.3 percent had the war not occurred. Businesses in Africa will bear the costs of rising energy prices and could experience severe difficulties. The rise in fuel prices also increases transport costs for manufacturers,” she said.

Moreover, the impact of the war could push Africa into serious debt distress, making countries less likely to meet their debt obligations, and already scarce budget resources will be diverted to pay debts as opposed to financing much needed development objectives.

"Strong measures are needed to mitigate the negative impact on African economies. Accelerating agricultural productivity through modernization, for example, is a great priority. The African Continental Free Trade Area (AfCFTA) provides a platform to raise Africa’s low productivity, accelerate industrialization and promote higher investment in the continent. Harnessing digital technologies and promoting free and fair competition will also be fundamental in revitalizing African economies," Ms. Eziakonwa said.

She added that the international community, including Japan, can support key priorities to move Africa forward starting with intensifying efforts to reframe development finance. The international community’s commitment to close the US$ 2.5 trillion per annum funding gap to achieve the SDGs is an imperative.

"Partnerships are essential to build resilience in African countries especially by transforming Africa’s resource wealth by taking advantage of blue-carbon markets and green financing mechanisms. Other critical areas include climate risk-sensitive investment, environmentally sustainable projects and sustainable energy investment," she said.

Ms. Eziakonwa’s mission to Japan is another milestone ahead of the 8th Tokyo International Conference on African Development (TICAD) scheduled to take place in Tunisia on 27- 28 August 2022.

In March, African ministers and their Japanese counterparts held a Ministerial Meeting which identified some of the key development challenges facing the continent as preparations get underway for the Summit-level meeting.

Since its inception in 1993, one of TICAD’s primary aims is to facilitate global partnerships between the public and private sector. As a co-organizer, UNDP has supported TICAD as thought leaders, in providing expertise on both conceptual and regional matters. Additionally, UNDP has helped facilitate coordination and partnerships, advocacy for sustainable development, and drawn upon its vast network in Africa in order to provide logistical and operational support.