Over the recent decade, Africa's economic performance was extraordinary, with an average 5 percent increase. Projections show that the GDP of Africa should expand almost three times by 2030 and seven times by 2050, exceeding Asia, if such trend remains in effect. This has attracted thousands of entrepreneurs to invest in this lucrative business for many reasons. Let us know through this blog, why agribusiness is the most preferred business of Africa!
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Agribusiness in Africa – An Overview
Agricultural production in the majority of African countries is one of the most important economic sectors. About 75% of Africans are dependent on it to live on. History shows that in nations throughout the globe – for example, China, and Brazil – agriculture, especially in the established agribusiness and agro-industry sectors, drives economic growth. Africa accounts for over 30% of the national GDP as well as most of export and employment in agriculture and agri-industries. The next frontier for expansion may be the escalation of agriculture.
It may immediately provide added value via commodity-based industrialization, taking use of forwarding and backward links with the rest of the economy. Such industrialization may raise many rural people out of poverty and provide jobs throughout the economy.
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Reasons to Invest in Agribusiness in Africa
Were you aware of the value of $1 billion of Africa's agri-business by 2030? It's enormous! As on, the UN forecast says 'the new oil' in Africa will be agribusiness.
FDI for African agriculture was estimated at 10 billion dollars by 2010 and is anticipated to reach 45 billion dollars by 2020. Agriculture in Africa is making an enormous stride, and investors also want to take a step. Here’s the reason why many of the world’s top business people are investing in African agribusiness.
1. The abundance of Fertile and Affordable Land area
Sub-Saharan Africa has around 50% of the fertile, useable, and uncultured agricultural land in the world, according to the World Bank. The size is more than 200 million hectares! That is why the continent is now largely regarded as the world's future breadbasket. Africa has the strategic capacity to feed the globe with this tremendous amount of land resources!
The majority of agricultural land in Africa is found in the rainforest belt of the tropical savannah and rainforest, which receives favorable rains and sunlight throughout the year. More than 80% of food crops consumed across the world may therefore be manufactured here directly.
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2. A market with High Demand for Agri-Produce
Today, over one billion Africans are inhabiting Africa. The Continent is predicted to reach 2.2 billion by 2050 at its present growth pace. Africa always has a great deal of body to feed now and in the future.
Currently, Africa spends thousands of millions annually on importing grains, meals, and other sorts of finished and semi-finished food that may be produced locally. Entrepreneurs have a great chance to offer cheaper and locally grown options for the food Africa imports. The agri-business is not simply in the food industry. Several other businesses, particularly the manufacturing and processing sectors, depend on a wide variety of raw materials in agriculture.
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3. Agribusiness is a Huge Job Creator Here!
Agricultural activities are one of the best means of creating jobs and empowering millions of people in Africa. Up to 60% of workers currently labor in the agri-business industry in Sub-Saharan Africa. In many African countries, Agro-industry remains the leading employer of labor.
The Agro-business value chain, from food production, processing, and marketing to employment and entrepreneurship, offers enormous prospects. Thus, if you want to start a business or invest in an industry that has important social impacts, produces employment and lasting wealth, you will certainly find the method to do this with the agricultural industry!
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