Why Africa must treat forests as economic assets, by Sanwo-Olu, Osinbajo

Lagos state Governor Babajide Sanwo-Olu and former Vice President, Prof. Yemi Osinbajo, have urged Africa to treat its forests not only as environmental resources but also as economic assets that can create jobs, attract investment and support livelihoods.

The two leaders made the call at a high-level business and philanthropic leaders’ roundtable for the African Forestry Trust Fund in Lagos. The event, organised by the Africa Forest Forum, had the theme: “Investing in Africa’s Forest Future: Mobilising Private Capital and Philanthropy.”

Sanwo-Olu, represented by the Commissioner for the Environment and Water Resources, Wahab Tokunbo, said Africa’s forests cover about 637 million hectares, but the continent loses millions of hectares annually, warning that financing for sustainable forest management is becoming increasingly difficult to secure.

“This is a challenge, but it is also an opportunity,” he said.

Sanwo-Olu said Africa must take greater ownership of the financing, protection and sustainable management of its natural resources, adding that the continent should build stronger institutions capable of mobilising African capital and attracting global investment.

The Chairman Sustainable Forest Management Champions for Africa initiative, Prof. Yemi Osinbajo, said: “Practically everything that we will need in the next decades we will find in the forest.

Water, medicines, food security – even carbon sinks. Forests are one of the most effective ways of removing CO2e from the atmosphere.

“I’m very pleased to find that practically from all over Africa, as you’ve seen, we had representatives from the AFDB, from the AU, from Nigerian private sector banks, and other organisations here. Everyone recognizes that this is a moment we must invest. If we miss this opportunity, especially this cycle, we may find ourselves way behind.”

On his part, the Chairman Governing Council of the Africa Forest Forum, Prof. Larwanou Mahamane, underscored the scale of Africa’s forest resources and the urgent need to safeguard them.

 “In order to sustain the benefits from African forests, the African Forest Forum decided to create an advocacy group called Sustainable Forest Management Champions for Africa, to mobilise influential African leaders from business, government and civil society to champion sustainable forestry practices and help secure the partnership and resources required for long-term success,” he said.