Imagine for a moment the impact of a US$1tr African agribusiness sector on the lives of Africans. Currently worth about $313bn, the sector already provides jobs for 70% of the poorest people on the continent. An increase greater than threefold will bring jobs to lift millions out of poverty; most stomachs will be filled with nutritious meals, Africa’s agricultural exports will dominate global markets, and the continent’s farmers, who have borne the brunt of harsh economic conditions, will get a new lease of life as they become competitive in the global marketplace.
This is not an unreachable dreamland. A World Bank report published in March 2013 argues that it could soon be a reality. The report, Growing Africa: Unlocking the Potential of Agribusiness, projects that African agribusiness could be worth $1tr by 2030. It’s the latest in a string of positive reports about the continent’s socioeconomic development prospects, despite political instability in a handful of countries.
But no magic wand will cause a $313bn agribusiness sector to grow into a $1tr behemoth. The World Bank cautions that everyone will have to work hard – governments, the private sector, farmers, and so on. However, the elements for a pole-vault jump are in place. For example, in addition to huge, untapped water resources, Africa has more than 50% of the world’s fertile and unused land – that’s a whopping 450m hectares. The continent uses only 2% of its renewable water resources, while the global average is 5%. The steady and increasing private sector interest in African agribusiness is just the icing on the cake. READ MORE
Source: How we made it in Africa #IFAMAFRICA
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