I will be speaking in Sterling Bank Plc’s Agriculture Summit Africa. The Summit’s objective is to create a platform for both private and public investors to discuss the opportunities that exist in Africa’s Agricultural sector and how to harness the same for development and wealth creation. The event holds 5th to 6th of September in Hilton Abuja.
In a statement, the bank said that the summit themed, “Agriculture – Your Piece of The Trillion-Dollar Economy,” seeks actualization of the $1 trillion African agribusiness economy dream by 2030.”
Group Head, Agric Finance and Solid Minerals at Sterling Bank, Bukola Awosanya, said “Agriculture productivity in Africa is low and a source of concern in the sector that account for 60 per cent of the continent’s labour force and 75 per cent of its domestic trade. And the creation of a single African market with over 1.2 billion people through the Continental Free Trade Area (AfCFTA) treaty is not without possible adverse impact on the sector’s growth which calls for a pan-African agriculture summit. “Sterling Bank has been at the forefront of Nigeria’s agricultural transformation agenda which seeks commercialization at scale nationwide through focus on value chains where the country has comparative advantage. This market-led transformation driven by strategic partnerships is stimulating investment, creating new jobs, wealth and food security. It is imperative that this same model is adopted across the 54 countries that now make up the single African market to improve productivity, guarantee food security and ensure a future of shared prosperity for all Africans,” Awosanya said.
Africa is entering a golden era of agricultural production where technology will drive productivity. We expect continuous improvement in crop yield over the next few years. Everyone knows that fixing agriculture will fix Africa because more than 65% of Africa’s working population is employed in agriculture. So, it has the most catalytic impacts possible in raising millions of people out of poverty. That $1 trillion market will surely arrive before 2030.
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Good one prof ride on
If we really care about developing agriculture sector, with necessary capabilities, we cannot be having more than 10% of African population playing at the primitive level, as currently obtainable. And that’s why the productivity output remains low, with destruction of value as a result of disparate practices across board.
I hope it won’t be another talk show, because those who know what to do with capital in that space are not getting enough support.
Agriculture without comprehensive value chain development is just like drilling and selling crude oil, while the people wallow in poverty and hopelessness. .
We need a comprehensive plan, which we must be faithful to, and not just saying one and doing another.
Let’s see how it goes.