Agriculture: A Hidden Goldmine In Africa - 2

jaff8 (67)in #agriculture • 7 years ago (edited)

Yesterday I started talking about how agriculture is a hidden goldmine in Africa, if you missed the post click here. Today's article will be based more on figures to prove how agriculture in Africa is actually a hidden goldmine.

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According to WEF, Agriculture in Africa have the possibility of providing source of income to about 767,000,000 persons. That is quite a huge figure, it shows that it is only a tip of the iceberg that is being tapped currently, compared to future possibilities.

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Also comparing the amount of money spent by countries around the world we can see how agriculture is affects the cost of food.

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According to World Economic Forum,

Only 8 countries spend less than 10% of their income on food. They are UK at 8.2%, followed by Switzerland at 8.7%, Ireland spends 9.6% and Austria 9.9%. The US spends the least at 6.4%, Singapore spends the second lowest amount at 6.7%. Canada spends 9.1% on food, while Australia spends 9.8%.

While in Africa, most countries spend over 40% on food. Nigeria 56.4%; Kenya 46.7%; Cameroon 45.6%; and Algeria 42.5%.

Despite most of the countries in Africa spend more percentage on food, food is relatively cheaper here.

Another thing is that, Agriculture is responsible for 32% of GDP in Africa. It provides a great potential that is yet to be explored to the fullest. The sector would be very helpful in reducing poverty. About 60% of the work force in the continent is related to Agriculture. It is a sector that can really employ millions of Africans. It is obviously one of the biggest sectors in Africa. Yet, it is still a hidden goldmine, why?

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Agriculture in Africa, is still a goldmine because of so many reasons. The returns the investors get is one of them. Agriculture is one of the very few businesses that can guarantee an interest rate of over 300%. Many people who know this, try to invest as soon as possible. Paying labourers to work in the farm enhances division of labour and makes the work generally easier.

Understanding the market is an important thing to note in Agriculture in Africa. Because rushing to start up a farm without having much details, can make an individual rush out too. Learn how long it will take the plant to grow, and budget how much you are willing to invest.

There are various opportunities in production, food processing and marketing. If you are an entrepreneur, you can consider investing in Agriculture in Africa.