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Saturday, June 6, 2015

Grow Africa Partnership secures $10bn to boost agriculture


Over 200 member companies have committed $10-billion about N1.99 trillion in the Agricultural sector in 12 African countries aimed at boosting agriculture and employment on the continent. This figure represents an increase of about 40 per cent over 2013 commitment levels reports NaijaAgroNet.

Grow Africa released the figures at the Grow Africa Investment Forum in Cape Town as the first stage of a joint reporting process for Grow Africa and the New Alliance, on behalf of the African Union.

According the information received by NaijaAgroNet, “Investment continues to increase: in 2013 and 2014, investments totalling $1.8 billion about N358.2billion have led to the creation of 58 000 jobs, bringing improvements in services and market opportunities to 8.6 million smallholder farmers, who form the backbone of the sector’s production capacity.

Sarita Nayyar, Managing Director, World Economic Forum said, “We stand at a pivotal moment of opportunity to capitalize on an enormous body of collective learning to foster successful public-private cooperation. We must seize this opportunity to deliver on the promise of African agriculture to drive sustainable and inclusive economic growth for the continent.”

 “Over half of the investment commitments come from domestic agribusiness and service companies, which benefit from Grow Africa’s focus on convening and facilitating multi-stakeholder partnerships to strengthen inclusive agricultural value chains.”

NaijaAgroNet gathered that the Grow Africa Partnership was founded jointly in 2011 by the African Union (AU), The New Partnership for Africa’s Development (NEPAD) and the World Economic Forum to enable countries to realize the potential of the agriculture sector for economic growth and job creation, particularly among farmers, women and youth.
In 2014, about $300-million, about N59.7 of staple and cash crops were sourced from smallholders as a result of the investments.

Cyriacus Nnaji/ GEE
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