By Princewill Ekwujuru & Hilary Egwu
The International Finance Corporation, IFC, has said that by 2030, Africa’s agriculture and agribusiness market would triple to $1trillion, as Promasidor Nigeria Limited, PNL, concludes arrangement to inject over N8 billion ($25 million) facility from the agency to expand production capacity.
Mary-Jean Moyo, IFC Head of Manufacturing, Agribusiness and Services for sub-Saharan Africa, said Africa needed more than $10 billion in new investment annually to achieve this expansion of output.
She said: “Agribusiness is Nigeria’s largest employer. Increasing investment in food-processing companies like PNL will help diversify Nigeria’s economy and improve nutrition by expanding the supply of affordable food.”
Moyo said IFC’s investments in agribusiness would enhance productivity to produce greater food security, higher rural incomes, and improve environmental and social sustainability. At present, the average African farm performed at just 40 percent of potentialities.
Meanwhile, Olivier Thiry, Managing Director, Promasidor Nigeria said the capital injection would be used to support purchases of new machinery to increase efficiency, expand production and develop new products, leading to greater availability of nutritious food products in Nigeria at good prices.