WASHINGTON DC —
A top agribusiness expert says Africa requires about $50 billion of investment to ensure food security and self-sufficiency.
Olam International is a global company that processes and supplies agricultural products and food ingredients to 65 countries.
Olam managing director Ranveer Chauhan is quoted by African Business magazine as saying that only a massive capital investment and subsidies can boost the continent’s agricultural output.
Chauhan said $10 billion should be used to encourage investments in Africa’s agricultural sector.
“Despite the challenges in infrastructure and basic facilities for businesses to thrive, I am optimistic about African government policy towards the agricultural sector and I am a strong believer that agriculture is a large, genuine and viable sector in which Africa can carve a niche,” he said.
According to Chauhan, helping agribusiness in Africa not only promotes food independence but also creates a lot of jobs.
“I am very clear that no other sector can create the scale of jobs and raise the rural economy to the same scale as agriculture can … What I like about Africa is that it is open for corporate agriculture,” said Chauhan.
Zimbabwean development worker and agricultural expert Everson Ndlovu agreed, saying there is need to introduce tax and holiday incentives for investors in order to boost agricultural production in African nations.