The African agribusiness sector should generate a trillion dollars by 2030, International Finance Corporation estimates.
The World Bank indicated that an annual investment of a little above $10 billion should be poured into the sector to achieve this result.
Taking for example Africa’s second largest economy, IFC’s Director for Processing, Agribusiness and Services in Sub-Saharan African Mary-Jean Moyo, said:
“Agribusiness is the sector that employs the most in Nigeria. Investing more in agro-food processing firms will help the nation diversify its economy and improve nutrition of its people by making food products more available, at affordable cost”
IFC’s investments in agribusiness will boost productivity across Africa where the average farm is exploited at only 40% of its potential, the official added.
IFC just invested $25 million (N8 billion) in the Nigerian subsidiary of the dairy company, Promasidor which owns the famous brand, Cowbell.