Agriculture is Africa's hope to unify its diversified economy

Posted on : Thursday , 8th January 2015

 VENTURES AFRICA – Falling crude oil prices have put several economies across Africa at risk. And has once again shown how critical the agricultural sector is to any economy, particularly that of Africa.

Oil-dependent economies like Nigeria, Africa’s largest economy, are increasingly appreciating the importance of the agricultural sector; the West African country is transforming its Agric sector to ensure it becomes another important foreign exchange earner for the country.

With 65 percent arable land capable of feeding the whole world, Africa holds the global food market’s future in its hands, should it decide to fully harness its rich potentials. The sector, which has hitherto not received the needed attention, following the discovery of oil in many states, is responsible for more than 52 percent of jobs on the continent and contributes about 40 percent to total GDP. This can even be better if modern agricultural practices are employed.

AGCO, a global leader in the design, manufacture and distribution of agricultural equipment, is bringing such practices closer to Africans.

Ventures Africa recently spoke with Nuradin Osman, AGCO’s Managing Director for Africa & Middle East. He spoke on the company’s activities in Africa and how this is helping the continent grow its crucial agricultural sector.