twitter RSS Feed linkedin acp contact

Africa’s agribusiness sector to reach US$1 trillion by 2030

As project sponsors, borrowers, lenders and investors gathered at the Africa Investment Forum to make deals on investment opportunities, leaders of the continent’s top agribusiness companies shared their thoughts on the future of the industry

agribusiness 13Agribusiness can also promote industrialisation and urban employment. (Image source: CIFOR/Flickr)

Africa’s agribusiness sector is predicted to reach US$1 trillion by 2030. Agribusiness will become the ‘new oil’ on the continent, African Investment Forum participants said, fuelling the motor of inclusive growth.

Jennifer Blanke, vice-president of the African Development Bank (AfDB) for agriculture, human and social development, said, “Understand that by transforming Africa’s agriculture sector it will become the engine that drives Africa’s economic transformation through increased income, better jobs higher on the value chain, improved nutrition and so on.”

Some agribusiness leaders said there is a need to invest US$45bn per year to harness the power of agriculture and move up the value chain to create jobs and wealth. At present, only US$7bn is invested in the sector.

Participants in the agribusiness session discussed the industry’s entire value chain. Leading the ‘fireside chat’ was a roundtable of experts that included Aliko Dangote, president and CEO of the Dangote Group; Zainab Shamsuna Ahmed, minister of finance of Nigeria; William Asiko, CEO, Grow Africa; John George Coumantaros, chairman, Flour Mills of Nigeria and TP Nchocho, CEO, Land and Agricultural Bank of South Africa.

“We need to do the research to produce the right solutions to the issues we might face along the value chain. Youth are particularly involved in this aspect as they know how to develop tools addressing issues such as water management and release,” said Aliko Dangote.

Agribusiness can also promote industrialisation and urban employment, break the ‘productivity gap’ of development, and improve the quality of life for all Africans. Attendees said Africa’s agricultural potential needs to be unlocked.

Session participants said they want to bring African agriculture to the next level. For the small and medium scale farmers, the main challenge remains access to finance.

In closing the session, Edward Mabaya, manager of agribusiness development at the AfDB, highlighted the vast investment opportunities in Africa’s agribusiness including seed, fertilizer, mechanization, processing and storage.


LATEST NEWS IN Agriculture

Nature-based solutions help farmers in Ghana

Nature-based solutions help farmers in G…

Organic pesticides, waste-based fertilisers and forest regeneration are just a few of the green initiatives being employed in Ghana to boost farming communities’ resilience to the impacts of climate...

Boosting soil nutrient mapping in sub-Saharan Africa

Boosting soil nutrient mapping in sub-Sa…

The Food and Agriculture Organization of the United Nations (FAO) is set to fast track an impact-oriented project in sub-Saharan Africa and Central America for digital soil nutrient mapping, after...

Gambia-Korea partnership seeks to double rice production to curb food insecurity

Gambia-Korea partnership seeks to double…

President Adama Barrow has received a delegation led by the Korean Ambassador to The Gambia, HE Kim Ji-Joon, at the State House in Banjul to announce the delivery of sample rice...

World Sustainability Organization chooses Zambia as the first African Sustainability Hub

World Sustainability Organization choose…

The World Sustainability Organization and Foundation (WSO&F) has signed a Memorandum of Understanding (MoU) with the Zambian Government, to make Zambia the African Sustainability Hub 

Rallying call to improve African and global cotton production

Rallying call to improve African and glo…

As the business of cotton production continues to attract global attention, there are concerns about how sustainable the practice of growing, harvesting, and production will be, especially for lower income...

Research and farming institution from Zimbabwe wins FAO Award

Research and farming institution from Zi…

The Food and Agriculture Organization of the United Nations (FAO) honoured three research and farming institutions, one of which was from Zimbabwe

Prev Next

OTHER RELATED ARTICLES - Agriculture

Better Life Farming to unlock potential of smallholder farmers in developing countries

Better Life Farming to unlock potential …

Bayer, International Finance Corporation (IFC), Netafim and Swiss Re Corporate Solutions have launched a global alliance, Better Life Farming, to help smallholder farmers in the developing world in growing their...

Moody's: Côte d'Ivoire and Ghana are remaining resilient to credit pressures from cocoa price fall

Moody's: Côte d'Ivoire and Ghana are rem…

Moody's Investors Service have produced a report on Côte d'Ivoire and Ghana, stating that the nations are remaining resilient against credit pressures bought upon by the drastic fall in cocoa price

IFAD president to meet with African ministers

IFAD president to meet with African mini…

Kanayo F Nwanze, president of IFAD is set to join African ministers at high-level meetings in Addis Ababa, Ethiopia, this week to ensure that agriculture is at the top of...

Faidherbia - Africa's fertiliser factory

Faidherbia - Africa's fertiliser factory

Lying in the heart of Africa, Malawi is well known for its export of tea, sugar and tobacco, which take up much of its arable land, but the country's biggest...

UNECA-GPSDD’s Data for Now to revolutionise Africa's agriculture

UNECA-GPSDD’s Data for Now to revolution…

Agriculture is an industry which is already feeling the impact of COVID-19, including in Africa, which runs the risk of losing its per capita unit production in multiple markets, if...

Kenyan research institute secures US$100,000 for cassava research

Kenyan research institute secures US$100…

Kenyan research organisation, BecA-ILRI, has been awarded US$100,000 funding to develop research on genetic resistance to cassava brown streak disease and cassava mosaic disease in Africa

Oxfam praises Mars and Nestlé for cocoa farmer commitment

Oxfam praises Mars and Nestlé for cocoa …

Mars and Nestlé have promised to work towards eradicating inequality, hunger and poverty faced by women in their cocoa supply chains across Africa

EMRC encourages long-term sustainable growth across Africa

EMRC encourages long-term sustainable gr…

Developing Africa's private sector through public and private partnerships is critical for the work of Brussels based NGO EMRC. In the run-up to the upcoming AgriBusiness Forum 2014 organised by...

Arrigoni conducts online training courses for producers

Arrigoni conducts online training course…

The Arrigoni Group has launched a series of free and open-to-all webinars to attend remotely that aims to continue supporting and assisting Italian and international agricultural producers, even in this...

Refined wheat to replace maize for whisky

Refined wheat to replace maize for whisk…

A team of scientists from Rothamsted Research have grown a special type of wheat for whisky production

US launches aflatoxin and chronic malnutrition study in Mozambique

US launches aflatoxin and chronic malnut…

The government of the US, through its Agency for International Development, has launched a study to assess the relationship between aflatoxin exposure and chronic malnutrition in children, in a new...

New policy to boost Nigeria's cotton production

New policy to boost Nigeria's cotton pro…

Nigeria has unveiled National Cotton, Textile and Garment (CTG) Policy and plans to increase the country’s raw cotton production from 200,000 tonnes in 2003 to 500,000 tonnes by the end...

Prev Next