Investing in African agriculture could increase job creation and boost economy
Crystal Orderson outlines the potential of the agricultural sector should private investors get involved.
Africa is home to 60% of the world’s arable land, meaning that the continent’s agriculture has the potential to not only feed its own people but create more job opportunities and increase export revenue. One of the key factors needed for this is private investment.
To unpack how private investment can make a great impact on the continent’s agriculture , Bongani Bingwa hosted Crystal Orderson, a seasoned journalist specializing in African content. This forms part of the new Africa Focus series presented by RMB. The weekly series aims to highlight Africa’s innovations and potential growth while answering key economic questions.
Orderson mentions that Nigeria is currently the largest producer of cassava in the world, accounting for nearly 21% of global production. To grow its economy, the country has boosted its cassava production by releasing five new cassava varieties in addition to the 40 existing ones. This helps ensure the country’s food security and increases farmers’ income.
Orderson also highlights the rise of injera, the Ethiopian food that has gained popularity worldwide, and how Nigeria’s cassava has the potential to reach a global market as well.
Injera is now big all over Europe and America [partially] because of the Ethiopian diaspora. They’ve put in the money to ensure that injera becomes a global health food. I think there’s similar potential for cassava.
Statistically, Africa is home to 60% of the world’s arable land. It can meet its own food needs. but it needs investment to create employment and to create economic growth.
Last year, Nigeria was featured in RMB’s Where To Invest In Africa Report where RMB Africa Economist Daniel Kavishe takes a deeper look at Nigeria’s investment potential. Kavishe, the Report’s author also details how the country was impacted by the pandemic as well as lists opportunities for the Nigerian economy to grow, including infrastructure develop and export earnings.