CFC urges IRSG to reconvene 2024’s World Rubber Summit
Following the cancellation of this year’s World Rubber Summit, it is vital to reconvening the event so that the challenges facing smallholder rubber farmers are heard.
Rubber is a hugely important commodity worldwide, used in thousands of everyday items. Around ten million smallholder farmers grow and harvest rubber, accounting for 85% of the global supply of natural rubber. But like other smallholders they struggle with price volatility, low productivity, the impact of extreme weather and, consequently, economic insecurity.
However as more and more businesses look for sustainable alternatives to synthetic rubber, there are more opportunities for rubber farmers to access larger international markets. That’s why we need to take every opportunity we can to come together and discuss how government’s, institutions and investors can support them.
Common Fund for Commodities Managing Director, Amb. Mohammed Belal, said: “Regrettably, the summit was postponed at the very last minute due to security concerns. This postponement impacts millions of smallholder farmers who are engaged in the production of rubber in some of the most challenging parts of the world.”
He added: “The summit is a place where we can collaborate to discuss strategies and policies to increase incomes for farmers while providing high quality natural rubber for industry. It is also an opportunity to highlight the critical role that smallholders play in the rubber sector and emphasize their role in sustainability initiatives.Addressing the multiple economic, social and environmental challenges faced by these farmers will ensure the long-term viability of the rubber industry.”
The CFC has invested more than USD 11.6 million in rubber projects across Africa, Asia and Latin America, underscoring our commitment to the sector and the smallholder farmers who play such a crucial role in it.
The CFC would like to thank the government of the Federal Republic of #Nigeria for making extensive preparations to host the World Rubber Summit 2024 and the President of Nigeria, Bola Tinubu, for his consideration to Chair the event.
We would also like to thank the International Rubber Study Group (IRSG) and its Secretary General, Professor Joseph Adelegan, for their leadership in developing and promoting the Summit.
As soon as the security situation improves we urge all parties to reconvene this pivotal event. We must continue addressing the challenges facingsmallholder rubber farmers and embracing opportunities in the rubber supply chain.
Read more about the importance of supporting smallholder rubber farmers in Amb. Belal’s article for the IRSG.