NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, March 15, 2013

The World Bank has said that investing in agribusiness could be one of the landmark solutions to the slow pace of Africa’s economic development.

Although Africa has long viewed industrialization and technology as some kind of panacea, experts argue that for socio-economic transformation to take off in Africa, governments must put more effort in agribusiness.

“The time has come for making African agriculture and agribusiness a catalyst for ending poverty,” said Makhtar Diop, the bank’s vice president for Africa, recently.

Addressing African journalists via teleconference, Diop added: “We cannot overstate the importance of agriculture to Africa’s determination to maintain and boost its high growth rates, create more jobs, significantly reduce poverty, and grow enough cheap, nutritious food to feed its families, export its surplus crops, while safeguarding the continent’s environment.”