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29 April 2014

Africa to Attract U.S.$880 Billion Investment in Agric By 2030 - - Report

 
The African Development Bank (AfDB) has said that Africa has potential to attract 880 billion dollars (about N141.7 trillion) investment in agriculture by 2030. This is contained in a report jointly produced by the Agriculture and Agro-industry and Development Research Departments of the bank.

The report said that investment opportunities in agriculture abound in Africa, adding that the continent accounted for about 60 percent of the uncultivated arable land in the world.
According to the report, it is estimated that Africa has the potential to increase the value of its annual agricultural output from 280 billion dollars in 2010 to about 500 billion dollars by 2020 and to 880 billion dollars by 2030.

"Africa's projected output is expected to impact significantly on its demand for upstream products such as fertiliser, seeds, pesticides and machinery. "It is also expected to result in the growth of downstream activities such as bio-fuel production, grain refining and food processing."

Source:

Vanguard (Lagos)

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