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Africa: Mainland agricultural production value could nearly quadruple within 10 years

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Africa’s agricultural production could increase in value from the current $280 billion annually to $1 trillion by 2030 if public and private actors succeed in “removing barriers to agricultural development and mobilizing the necessary investments across the the food value chain. This was stated by the African Development Bank (AFDB) in a press release published on the occasion of the second edition of the African Summit on Food Sovereignty (Dakar 2 Summit), held in Diamadio, Senegal.

“By removing obstacles to agricultural development and accompanying it with new investments, agricultural production in Africa could increase from 280 billion dollars a year to 1,000 billion dollars by 2030” and thanks to private sector investments along the food supply chain possible “to make Africa a granary for the world“. Afdb recalled that the continent owns 65% of the world‘s unused arable land and also specified that the obstacles to the development of the private agro-industrial sector are both structural (the small size of most farms, the lack of infrastructure and funding) than cyclical (price volatility, disruption of supply chains, economic shocks).

The African Development Bank also highlighted the unmet financial needs of Africa’s agricultural sector, which lacks investment of between $27 and $65 billion a year. [Da Redazione InfoAfrica]

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Read our issue dedicated to the 2023 economic outlook for the continent: https://www.africaeaffari.it/rivista/2023-ci-sara-ancora-da-ballare

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