Technological revolution boosts Africa’s $1 trillion agribusiness market Updated for 2021

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Updated: March 3, 2021


Africa is a huge continent with its current population of 1.2 billion people expected to double by 2050. Those people, most of them young, need to feed. However, with about 600 million hectares of arable land, Africa still imports food for $35 billion a year – a figure estimated to rise to $100 billion by 2025.

But not all hope is lost as technology is there to help. Svein Tore Holsether, President and CEO of Yara, a global crop nutrition leader, argues that by 2030, Africa’s agri-food sector would represent a $1 trillion business opportunity, especially when connected with the current technological revolution.

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“Across Africa’s agri-food chain, innovations can be found in how we grow, harvest, process, store, transport, package, sell and consume food,” Svein said on Thursday during the launch of “Generation Africa”, a partnership initiative to inspire young African entrepreneurs to join the agri-food sector for its viable business opportunities.

“Together with the pioneers of Africa’s next generation, we want to seize these opportunities. Generation Africa will help youth entrepreneurs launch, grow and mature agri-food businesses that will drive job creation, inclusive growth, and better food supply,” Svein added.

The initiative is a partnership between Yara and pan-African telecommunications, media and technology group, Econet.

Generation Africa is expected to reach thousands of young people through its “GoGettaz” competition, which will award US$100,000 in prize money to two exceptional business ventures in the agri-food sector.

The partnership initiative will support a cohort of 12 budding young agri-food entrepreneurs to scale and prosper their ventures.

Africa has about 600 million hectares of arable land, yet it imports food for $35 billion a year – a figure that is estimated to rise to $100 billion by 2025.

At the same time, over 60 percent of young people across Africa are unemployed. Innovative entrepreneurship could retain more value on the continent, helping to counterbalance rural-urban migration, professionalize farming, generate employment and provide affordable, healthy food to Africa’s growing population.

“Africa is full of entrepreneurs. We have more entrepreneurs than any other continent. But where the average age of an entrepreneur is 19, the average age of a farmer is 60! The time is now for Africa’s entrepreneurs to grow their businesses and embrace the incredible opportunities that agri-food businesses offer. If we do not, someone else will.” said Econet’s Founder and Group Chairman Strive Masiyiwa.

Generation Africa’s vision is to strengthen the ecosystem for youth entrepreneurs in the agri-food sector across the continent, allowing them to unlock this untapped potential.

Generation Africa’s GoGettaz competition is open to young agri-food entrepreneurs aged 18-35 from across Africa. Budding ventures can be submitted to the competition via www.GenAfrica.org by 15 July 2019. 

Twelve finalists will be selected by an expert jury to pitch live at the African Green Revolution Forum in Accra, Ghana 3-6 September 2019. Two winners (one man and one woman) will each win US$ 50,000 to grow their businesses with guidance from Generation Africa.

Beyond the “GoGettaz” competition, Generation Africa’s ambition is to inspire at least one million young people to consider the agri-food sector as a viable and profitable business opportunity. This can only be achieved through close collaboration with stakeholders across the continent to develop the entire ecosystem to support young entrepreneurs.

This is Africa’s Generation, concludes Masiyiwa, “Never has there been a more powerful moment in history – nor a more digitally-capable generation – to leapfrog Africa’s agri-food sector from a net importer of food to feeding the planet.”

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Simon Ateba
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on simonateba@todaynewsafrica.com

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