twitter RSS Feed linkedin acp contact

‘Billionaires of the future to be farmers’

Nigerian agriculture minister Akinwumi Adesina has said that Africa’s future billionaires and millionaires will make their money from agriculture

Adesina Africas future millionaire farmersNigerian Agriculture Minister Akinwumi Adesina predicts a new generation of young, wealthy Africans. (Image source: World Economic Forum/Flickr)

The 2013 Forbes African of the Year urged young Africans to see agriculture as a business, rather than a development tool and predicted the advent of a young, prosperous middle class across the continent.

Adesina’s comments came at the launch of the Agricultural Transformation Agenda Support Program Phase 1 (ATASP-1) in Abuja, a scheme aimed at creating a new generation of agricultural entrepreneurs in Nigeria.

The African Development Bank (AfDB) has agreed to contribute US$170mn to the initiative, which will be rolled out in Enugu, Anambra, Niger, Kebbi, Sokoto, Kano and Jigawa States, and will aim to boost annual food crop yields by 20,000 metric tonnes (mt) as well as creating around 200,000 new jobs.

“The engine of growth with the greatest power to spur Africa into global value chains and create jobs for inclusive growth is agriculture,” said Adesina. “Africa’s wealth is more than petroleum. It is now time to unlock Africa’s soil wealth via agriculture.”

The minister said that agricultural infrastructure would be clustered into Staple Crops Processing Zones (SCPZs), in which the government would increase the availability of water, electricity, roads and fuel supplies.

Private sector agribusinesses will be provided with incentives to establish food-processing companies in rural areas, he added, in a move aimed at increasing the value of Nigeria’s agricultural produce.

Adesina also claimed the agricultural insurance markets will be reformed with a view to allowing greater participation of private sector insurance companies, while the National Agricultural Insurance Company (NAIC) will introduce new schemes aimed at providing affordable crop insurance to five million farmers.


LATEST NEWS IN Infrastructure

Helping Africa grow with irrigation infra

Helping Africa grow with irrigation infr…

Netafim has partnered with the government of Rwanda to build water and irrigation infrastructure for 15,600 hectares of land including a fully automated drip irrigation and fertigation commercial blocks –...

Developing a purpose-built fresh produce market in Lusaka

Developing a purpose-built fresh produce…

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed an agreement with Savenda Capital committing US$2mn towards the construction of ZAMBIAFresh Lusaka Market in Zambia’s capital

TİKA supports Tunisia’s National Gene Bank

TİKA supports Tunisia’s National Gene Ba…

Turkish Cooperation and Coordination Agency (TİKA) established a chemical and molecular analysis laboratory for the identification, analysis, and registration of local fruit species, especially local olive tree species, within Tunisia’s...

Grain processing and storage equipment manufacturer plans to grow in sub-Saharan Africa

Grain processing and storage equipment m…

With a complete range of grain processing and storage equipment, Perry Engineering can provide single machines to full turnkey installations for small farms to large commercial grain stores, plus flour...

Food, Feed and Biofuel: global technology solutions at Desmet Ballestra

Food, Feed and Biofuel: global technolog…

Desmet Ballestra Group is the world leader in the field of tailor-made engineering and procurement services covering each step of the Oils & Fats industry, from oilseed preparation and extraction...

Bühler opens insect technology centre to support feed and food industries

Bühler opens insect technology centre to…

Bühler Group, known for plant and equipment and related services for processing foods and manufacturing advanced materials is officially opening Insect Technology Center (ITC)

Prev Next

OTHER RELATED ARTICLES - Infrastructure

Satellite data to help Ugandan smallholder farmers

Satellite data to help Ugandan smallhold…

The Technical Centre for Agriculture and Rural Cooperation (CTA) has launched a US$4.96mn project in Uganda to benefit more than 350,000 smallholder farmers

Henry Simon Milling builds new flour mill equipped with advanced sensor technology in Benin

Henry Simon Milling builds new flour mil…

Henry Simon Milling, a global provider of smart milling products and service, has built a new flour mill for Grands Moulins du Benin (GMB) in Benin

Kenyan research centre invests US$2mn to develop insect-based feed

Kenyan research centre invests US$2mn to…

Kenya-based research firm International Centre for Insect Physiology and Ecology (ICIPE) has launched a project worth US$2mn to develop insect-based feed for fish and poultry farmers in Kenya and Uganda

Dangote to build US$9 billion sugar processing facility in Nigeria

Dangote to build US$9 billion sugar proc…

Dangote Group president Alhaji Aliko Dangote has announced that the company will establish a US$9bn sugar processing facility in Kebbi State, Nigeria

African Development Bank assesses progress of Yamoussoukro agro-industrial project

African Development Bank assesses progre…

African Development Bank's (AfDB) vice-president for agriculture, human and social development Beth Dunford, led a mission to Cote d’Ivoire’s (Ivory Coast) capital Yamoussoukro, to assess the progress on a bank-supported...

FAO launches Green Cities Regional Action Programme for Africa

FAO launches Green Cities Regional Actio…

Food and Agriculture Organisation of the United Nations (FAO) has launched the pilot phase of the Green Cities Regional Action Programme for Africa with an aim to scale-up fast-action measures for...

New Holland Agriculture launches FarmMate app for farmers

New Holland Agriculture launches FarmMat…

New Holland Agriculture, a brand of CNH Industrial, has launched FarmMate, a digital application for farmers in Asia, the Middle East and Africa (AMEA)

Ethiopia secures Chinese funding for sugar project

Ethiopia secures Chinese funding for sug…

The Ethiopian government has secured financing from a Chinese bank for Kuraz V, the fifth factory in the Omo-Kuraz Sugar Project

AfDB’s road construction support to benefit people in Kenya and Tanzania

AfDB’s road construction support to bene…

Over three million people in Tanzania and Kenya will benefit from a US$384.22mn financing package for road construction support, approved by the African Development Bank’s (AfDB) board in Abidjan

DSM, Padang & Co. announce strategic partnership with FoodInnovate

DSM, Padang & Co. announce strategic…

Startups, SMEs and corporate partners at the Bright Science Hub can access FoodInnovate’s extensive networks, the Royal DSM’s application centres and technical expertise for prototyping and nutritional product development, IncuBaker...

Online grain trading platform debuts in East Africa

Online grain trading platform debuts in …

The Eastern Africa Grain Council (EAGC) has launched G-Soko, an online trading platform for farmers to sell grains through a structured mechanism

Tanzania gets new fertiliser terminal through Norfund

Tanzania gets new fertiliser terminal th…

The Norwegian Investment Fund for Developing Countries (Norfund) has completed and launched a new US$13mn fertiliser terminal at Tanzania’s port of Dar es Salaam

Prev Next