Is Africa using its potential?

| Foreign Markets |

The continent where 7 out of 10 people in the workforce are employed in agriculture continues to import food. Can this situation be changed in the foreseeable future, for the benefit of the national economies of African countries?

Africa’s potential

Africa enjoys favorable conditions for the development of agriculture in most parts of the continent. Also, it boasts millions of people whose work is to cultivate plants and raise animals. If suitable mechanisms providing access to financial aid from the national budgets are created and the know-how about optimizing the work on the farm is made available, African countries stand a chance of becoming independent from the import of food in the near future.

Perspectives of agricultural development

Experts confirm that this is a possibility. According to specialists, the value of food and other agricultural products will have grown to 3 trillion USD by 2030, while the value of foreign investments will have reached 45 billion USD by 2020. Nigeria serves as a proof that investment in agriculture pays back. In the 1970′ the agricultural production was behind the majority of the country’s gross national product. Due to a boom following the discovery and excavation of oil deposits, the share of agriculture in the economy decreased from 60% (in the 1960′) to 22.2% (in the 1980′). However, this sector of the economy is now becoming more appreciated and developed. This might change Nigeria’s position as the second largest importer of rice to the role of a leading exporter.

The need for more activity

If the revival of the African farming is to happen, knowledge needs to be spread about the modern land cultivation and fertilization methods, taking into consideration the specificity of particular areas. The African authorities ought to create attractive conditions for foreign investors which could support the promising initiatives in agriculture. If Africa is to contribute to the eradication of famine in the world by 2050, such steps had better not be postponed.