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Monday, September 28, 2015

Africa agriculture potential reaches N159trn by 2030


The Alliance for Green Revolution in Africa (AGRA) has said that the value of Africa's agriculture output is estimated at $280 billion, about N55.79trillion yet it has the potential to reach $800 billion, about N159.4 trillion by 2030, reports NaijaAgroNet.

"It (agriculture) could address a major problem in Africa by providing economic opportunities for the 200 million people between 14 and 24 years old that make Africa home of the youngest population in the world."

NaijaAgroNet gathered that a global accounting firm, PricewaterhouseCoopers (PwC) has, in its own assessment of the continent’s agriculture, said that Africa "represents the 'last frontier' in global food and agricultural markets".

"The continent houses almost 60 per cent of the world's uncultivated land and an abundance of natural resources." It also said due to the large percentage of uncultivated fertile land and the presence of water, sub-Saharan Africa was specifically attractive.

A report by the international accounting firm KPMG said agricultural growth in Africa has failed to reach its potential and there was need for a concerted effort at improving techniques, markets and access to credit for small farmers.

This avalanche of positive reports about Africa’s agricultural profile, Business Standard informed, is reasonthe third India-Africa Summit coming up in New Delhi next month will, afford an opportunity to deepen India's involvement in improving Africa's agriculture NaijaAgroNet learnt.

The Nigeria’s permanent secretary, ministry of agriculture, Sonny Echono said the Chinese agricultural development model suited Nigeria's Agricultural Transformation Agenda and the country was working to improve its milling capacity in rice and cassava.

Cyriacus Nnaji/GEE

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