Did someone say a trillion-dollars?
You find yourself winning a £50 bet over Liverpool beating Arsenal the other day. You are overjoyed and filled with excitement, just thinking about the many things you are going to buy with your tax-free cash. A new pair of shoes…. treat the Mrs to a nice meal …. or maybe a cheeky drink in your local bar. But, have you ever thought about what you would do with a trillion dollars? This is how much the food and agribusiness in Africa is estimated to be worth by 2030.
The agricultural sector in Africa is currently worth around $313 billionand the food market is projected to reach $1 trillion in the next 20 years, which would result in a mounting of benefits. There would be a three-fold increase, creating more jobs across the continent, greater prosperity, less poverty and more opportunity for African farmers to compete on a global scale.However, although this is huge –it will only happen if Africa’s agricultural sector increases their access to more capital, electricity, better technology and arable land to grow foods. Would the agricultural revolution be at the forefront of this massive agribusiness? Now that’s an important question to consider, because thistrillion-dollar agribusiness will only be possible if famers adapt to the changing technological word we live in. Currently,Ethiopia is experiencing a drought three years in a row - forcing the US to provide $91 million in humanitarian aid.The lack of infrastructure and investment in a continent with half of the worlds fertile land spends 33billion on food imports per year is a cause for concern.Poverty is the principal cause of hunger in Africa even though the food business is set to be worth trillions.
Sub-saharian Africans urban growth rate is 3.6% per year, which is almost double the world average. Like many countries across the globe in the 21st century – the level of rural to urban migration is high and keeps increasing. It is expected that by 2050 there will be three times more Africans living in urban areas and in that same year Nigeria is expected to be the 3rd largest country in terms of population - surpassing the US. There is a fascination with having a great job, in a nice part of the city, earning a salary that will give anyone a better life for themselves and their family. For many of us, this is a reality - we want to work and live in a place where we are adapting to the technological revolution around us. But, to do this our agricultural sector needs to be revolving with us. As many Africans are migrating to urban areas, who will be the farmers of the future? The answer is simple – us! Urban agriculture will serve as a solution to this problem, but it will also be a way for the African agribusiness to gain a lot in terms of investment.
So, what a time to be alive in a sector that is set to triple in Africa in the next 20 years. Instead of betting your money on a football game, and spending your weekends in front of the television hoping for a victorious win, investing in agribusiness will not only be beneficial to you, but it will be crucial in building a sustainable economy.