Agricultural boom in Africa?

According to a number of experts, in the near future, Africa may become one of the main global food suppliers. RISS experts Vyacheslav Usov and Daniil Shtopov speculate on this and other prospects for agriculture in Africa.

Summary:

  • Africa has great but yet not fully untapped potential for expanding its food and agricultural exports. It holds more than 60% of the world's uncultivated arable land, rental farming land prices are low and most African workers remain engaged in agricultural work (from 60 to 80 %).

  • Africa is targeted by large-scale land acquisitions more than any other world region. Over the last 20 years, many foreign investors (from China, United Arab Emirates, European Union) have acquired several tens of millions of hectares of arable land in Africa.

  • Economic growth and a rapidly growing population in Africa present huge opportunities for foreign companies in the agricultural sector. Russian fertilizer producers (for instance, PhosAgro) could expand their presence on the African phosphate fertilizer market. Besides, Russian IT companies could provide African farmers with opportunities for smart farming (e. g., precision farming technologies).
Africa Daniil Shtopov Vyacheslav Usov agriculture interview