Business
Food and agriculture market in Africa to rise above $1 trillion by 2030 – AfDB President
Dr. Adeshina has said that the size of the food and agriculture market is estimated to rise to over $1 trillion by 2030.
Published
3 months agoon
The President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina, has estimated that the size of the food and agriculture market in Africa will rise to over $1 trillion by 2030.
He made this disclosure in his remarks at the 5th Annual meeting of the Africa Economic zones organization (AEZO), which held recently at Morocco.
According to him, “The size of the food and agriculture market is estimated to rise to over $1 trillion by 2030. Tapping into this massive market requires a structural approach to develop better-integrated food and agriculture value chains. Today, let me highlight one important opportunity: Agriculture. Agriculture, food and agribusiness is the sector with the largest potential wealth impact for Africa.”
Dr. Adesina expressed the preparedness of his bank to continue to support the development of Special Agro-industrial Processing Zones (SAPZs), which would focus on agro-industrialization by investing massively in integrated infrastructure, in areas of high potential agricultural value chains; including processing, marketing, and logistics.
In his words, “The SAPZs will help to unlock vast economic and trade opportunities from value- added agriculture in Africa. Five SAPZs are already in implementation, including Ethiopia’s integrated agro-industrial parks, Togo’s Agro-food processing zones, and in Senegal and Guinea. Several more are planned. Regional SAPZs will also consolidate integrated infrastructure and agricultural processing and food manufacturing companies around regional transport corridors.”
What you should know
- Africa holds almost 50% 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 2% of its renewable water sources, compared to a world average of 5%.
- 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%.
- Post-harvest losses run 15 to 20% for cereals and are higher for perishable products due to poor storage and other farm infrastructures.
Bottom line
Improving Africa’s agriculture and agribusiness sectors means higher incomes and more jobs. It also allows Africa to compete globally. Today, Brazil, Indonesia and Thailand, each export more food products than all of sub-Saharan Africa combined.
African countries can 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.
For Sub-Saharan Africa, the most dynamic sectors are likely to be rice, feed grains, poultry, dairy, vegetable oils, horticulture and processed foods to supply domestic markets.
Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.
Business
More Nigerians don’t trust government, fear losing jobs more than COVID-19 – Report
The 2021 Edelman Trust Barometer has revealed that Nigerians trust NGOs, businesses more than they trust the government.
Published
6 hours agoon
February 24, 2021
A recent survey has revealed that only 24% of Nigerians have trust in the government which is one of the lowest rates in the world. The report also stated that Nigerians have more fear of job losses than Covid-19.
The was revealed in the 21st Edelman Trust Barometer Survey Report on Nigeria unveiled virtually by Edelman and its Exclusive Nigerian Affiliate, Chain Reactions Nigeria, in Lagos on Tuesday, 23 February 2021.
Presenting the 2021 Nigeria findings with the theme: ‘Pandemic’s Ongoing Impact on Trust’, CEO of Edelman Africa, Jordan Rittenberry, noted that Nigerians are looking to civil society organisations and businesses to assist the government in uplifting communities and driving positive change.
The 2021 Edelman Trust Barometer Report revealed that “out of the four institutions of government, business, media and Non-Governmental Organisations (NGOs), Nigerians trust civil society organisations the most, with businesses coming second.”
Highlights of the survey include:
- Most Nigerians expressed distrust for the media and returned the lowest trust quotient in the world for government with 24%.
- Nigerians overwhelmingly placed the highest Trust in their ‘employers’, and in the process revealed their expectations for CEOs and business leaders to be more pro-active in speaking out on societal issues (92%) and driving positive change (79%) rather than wait for government.
- Nigerians fear losing their jobs more than they fear coronavirus, with a high degree of vaccine hesitancy revealed, as only 26% expressed readiness to take the COVID-19 vaccine when made available.
Laolu Akande, the Senior Special Assistant on Media to Vice President Yemi Osinbajo said: “Distrust in government is not peculiar to Nigeria. However, the government does have the responsibility to up its game in communication, to demonstrate responsibility and responsiveness.”
Akande cited the acclaimed National Social Intervention Programmes, and the COVID-19 Survival Fund as some evidence of the Muhammadu Buhari administration’s unprecedented responsiveness to Nigerians.
In case you missed it
Nairametrics reported last month that only 68.8% of Nigerians believe Covid-19 is real. While 39.9% of Nigerians say they will take the vaccine, 63.3% are opposed to another lockdown, in a report by SBM Intel
Business
SEC denies knowledge of Oando shareholder’s court case
SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.
Published
7 hours agoon
February 24, 2021
The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.
SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.
It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.
“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”
The attention of the Commission has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the FCT High Court against the Commission. Full Statement –> https://t.co/olT2FpxaEK
— SEC Nigeria (@SECNigeria) February 24, 2021
What you should know
- On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
- He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
- In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.
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