‘Africa ready to become a global hub for Agritech’
According to research commissioned by Microsoft and compiled by Africa Practice, the African agricultural sector is set for exponential growth in the coming decade, A statement by Microsoft said that, with a projected value of USD1 trillion by 2030, the continent is poised to become the global center of agritech solutions and has also seen rapid growth in e-agriculture solutions.
Africa is fast becoming a global leader in the agritech space – between 2016 and 2019, the agritech sector grew by 44 percent year-on-year. The continent has registered the highest number of agritech services in the developing world, reaching over 33 million smallholder farmers to date.
Agriculture already accounts for 14 pe cent of GDP in Africa and for 52 percent of the continent’s workforce. It’s expected that as the continent’s middle class rapidly grows, they will drive increased demand for fresh produce, while the implementation of the African Continental Free Trade Agreement (AfCFTA) could boost intra-African trade by 49 percent. Through increased investments in inputs, storage facilities and irrigation infrastructure, Africa is expected to increase its agricultural output by up to three times by 2030.