Agriculture as a driver of economic transformation in Africa:
Opportunity beckons for Africa’s Agricultural sector: Agriculture is Africa’s largest economic sector, representing 15 percent of the continent’s total GDP, or more than $100 Billion annually, Africa’s agro-ecological potential is massively larger than its current output, however—and so are its food requirements.
Africa remains a strategic continent for the world’s agro-food industry as it holds 60% of the world’s uncultivated arable land so there is huge potential for growth. According to McKinsey and Standard Bank Reports, about US$9.2 Trillion in cumulative investments will be necessary to feed the world by 2050. The population of Africa could by then nearly be doubled and reach 2 billion.
The era of public-sector led agro-industrialization, especially within the agro-processing sector, has given way to a private-sector led agro-industrialization through privatization. Key among these investments are the newly installed $50million Grain processing facility in Ghana, and a $60million new agro-processing factory in South Africa among others.
Over the past five years Africa’s countries have committed themselves to increasing agriculture’s share of their budgets to 10 percent and private-sector players and investment funds are pouring serious money into the area.
We have opportunities in the development of selected large tracts of high-potential agricultural land in several African countries jointly promoted by various governments.
Future African strategic commodities to be championed by the private sector: The strategic commodities recommended below are based on several parameters including the interest of the private
Sector and they are also consistent with the Abuja Declaration on Food Security and other regional value chain commodities. Key among the commodities are: Soy bean, Sorghum, Palm Oil, Rice, Maize, Sugarcane, Horticulture, Cassava, Livestock and Aqua-culture.
Prime Group is a responsible investor, complying with the highest international environmental, social and governance standards and we Invest in African Agribusiness to create Jobs, improve food security and boost prosperity.
PRIME GROUP POLICY FOR AGRICULTURAL DEVELOPMENT IN AFRICA: is to develop the Agriculture in Africa on land that did not contain significant biodiversity, wildlife habitat or other environmental values, and meets the highest environmental, social and economic standards. We promote all development to be certified for best practices by the top certifying agencies of the world.
Example for Palm Oil agriculture development experts from countries like Malaysia & Singapore are being consulted as many leading companies have shown keen interest to take their expertise and knowledge to the African Continent which will directly support the African economies and the people of Africa.
Certified Sustainable Palm Oil (CSPO): is Palm Oil that has been grown on a plantation that has been managed and certified according to the principles and criteria of the Roundtable on Sustainable Palm Oil (RSPO).
Prime Group views its sustainability programs and farmer support as a source of competitive advantage; they are also a potentially important contributor to sustainable development and the achievement of public ambitions to address environmental and social issues through entrepreneurship at the farm level.
Africa, with its considerable and underexploited agricultural potential, has a strong case to put forward onto the international geopolitical stage. The continent as a whole can satisfy most of the future demand of Africa and several other parts of the world.
Africa can truly turn into the “Bread basket of the World”
Our other investments are as follows:
