World Bank has stated that Africa’s farmers and agri-businesses can create a trillion-dollar food market by 2030 if they are able to expand their access to more capital, electricity, better technology and irrigated land to grow high-value nutritious foods.

Africa’s food systems currently valued at US$313 billion a year from agriculture, could triple if governments and business leaders radically review their policies and support to agriculture, farmers, and agribusinesses, which together account for nearly 50 per cent of Africa’s economic activity.

The World Bank Vice President for Africa Makhtar Diop underscored the importance of farming and agri-business to the economy of Africa.

“The time has come for making African agriculture and agribusiness a catalyst for ending poverty and to boost the economy’’, Mr. Diop said.

“We cannot overstate the importance of agriculture to Africa’s determination to maintain and boost its high growth rates, create more jobs, significantly reduce poverty, and grow enough cheap, nutritious food to feed its families, export its surplus crops, while safeguarding the continent’s environment”, he added.

The report explained that due to a combination of population growth, rising incomes and urbanization and strong demand is driving global food and agricultural prices higher especially in Africa.

The continent, according to the report, holds almost 50 per cent of the world’s uncultivated land which is suited for growing food crops, comprising as many as 450 million hectares that are not forested, protected, or densely populated.

“Africa uses less than two per cent of its renewable water sources, compared to a world average of five per cent. Its harvests routinely yield far less than their potential and, for mainstay food crops such as maize the yield gap is as wide as 60 to 80 per cent. Post-harvest losses run 15 to 20 per cent for cereals and are higher for perishable products due to poor storage and other farm infrastructure, the reported noted in addition.

The World Bank study said African countries could tap into booming markets in rice, maize, soybeans, sugar, palm oil, biofuel and feedstock and emerge as major exporters of these commodities on world markets similar to the successes scored by Latin America and Southeast Asia.

The report also cautioned that land leasing and sale should be conducted according to ethical and socially responsible standards, including recognizing local users’ rights to help sustain agri-business.

Issaka Adams / NationalTurk Africa News