08 May 2014 BusinessDay announces that partner companies of Grow Africa – a programme established by the World Economic Forum, NEPAD, and the African Union to accelerate the transformation of African agriculture, doubled their investment commitments to $7.2 billion in 2013. This information was according to the Grow Africa annual report released recently.
$970 million of that sum has already been invested, with over 2.6 million smallholder farmers receiving assistance.
We’re told that the bulk of investments to date have come from within Africa, with half of all funds directed to Nigeria. This is a reflection not only of the size of Nigeria’s economy, but also the country’s renewed political commitment to agriculture which has made it attractive for domestic and international investors.
The increase in investment confirmations outlined in the report is consistent with a broader growth trend in African agriculture. According to the World Bank, this sector will triple in size by 2030 to become a $1 trillion industry.
As well as highlighting investment, the Grow Africa Annual Report also identifies a number of innovative best practices that are designed to assist African farmers looking to scale up their businesses.