New Telegraph

2030: Africa to become agritech hub with $1trn value –Microsoft

Africa’s agricultural sector is set for exponential growth in the coming decade, research commissioned by Microsoft and compiled by Africa Practice reveals.
Microsoft in a statement said with a projected value of USD1 trillion by 2030; the continent is poised to become the global centre of agritech solutions and has also seen rapid growth in e-agriculture solutions.

 

“With agriculture sustaining 70 per cent of Africa’s livelihoods, Microsoft believes that agriculture is a key sector in Africa. Developing agritech solutions to enable data-driven, precise and connected farming will help farmers across Africa optimise yields, boost farm productivity and increase their profitability. Leveraging our extensive partnerships and initiatives network, Microsoft, through its 4Afrika initiative, is committed to ensuring that all farming communities are equipped with the latest tools like AI, IoT and edge computing to improve productivity and sustainability across the sector.”

 

Microsoft noted that Africa is fast becoming a global leader in the agritech space – between 2016 and 2019 as the sector grew by 44 per cent year-on-year, and the continent has registered the highest number of agritech services in the developing world, reaching over 33 million smallholder farmers to date.

 

Agriculture already accounts for 14 per cent of GDP in Africa and for 52 per cent of the continent’s workforce. To this end, expects expect that as the continent’s middle class rapidly grows, they will drive increased demand for fresh produce, while the implementation of the African Continental Free Trade Agreement (AfCFTA) could boost intra-African trade by 49 per cent. Through increased investments in inputs, storage facilities and irrigation infrastructure, Africa is expected to increase its agricultural output by up to three times by 2030.

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