Posted By in Agricultural and Rural Finance Platform
Posted 19 November 2018 at 05:52

Africa Agribusiness Sector to Hit $1 Trillion Business by 2030:

Agribusiness will become the ‘new oil” on the continent, African Investment Forum participants said, fueling the motor of inclusive growth. “Agriculture is a key priority for the African Development Bank, through our Feed Africa strategy,” reiterated Jennifer Blanke, the African Development Bank Vice President for Agriculture, Human and Social Development.

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$45 billion per year to harness the power of agriculture and move up the value chain to create jobs and wealth.

At present, only US$7 billion is invested in the sector. Investments from the private sector, leaders said, will create the adequate environment and enhance the emergence of locally owned agro-processing industries, capable of creating jobs and increasing incomes in rural Africa.

The continent could become a net exporter of agricultural commodities, replacing US$110 billion worth of imports, as well as doubling its share of market value for select processed commodities.

The full-capacity session was a highlight of the Africa Investment Forum, organised by the African Development Bank. The event brought representatives from multilateral financial institutions, pension funds, sovereign wealth funds, government officials and private investors to Johannesburg, South Africa for three days.

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