Dr. Akinwumi Adesina was asked recently where the next crop of African billionaires will come from, the President of the African Development Bank (ADB), without batting an eyelid, declared that they will be farmers! Continuing, the Development Bank’s boss said, “By 2030, the size of the Food and Agric business in Africa will reach $1 Trillion. So, if you are thinking of how to make money, that is the sector to be in. ”
Any smart business person must have known by now that Agriculture is the next boom in Africa. Many in Nigeria are already positioning themselves. Africa’s richest man, Aliko Dangote, is now venturing into large-scale farming. Just recently, he invested $4.6 billion in Nigerian Agriculture. He also invested another $3.8 billion in sugar and rice. The latest is his investment of $800 in milk production.
Another foremost businessman and billionaire in Nigeria, Dr. Orji Uzo Kalu, a former Governor of Abia State is developing 12,000 hectares of farm in Abia State. The project is valued at $400 million. His younger brother, Mascot Uzo Kalu recently acquired 130 hectares of farmland at Paiko Village of Gwagwalada Area Council in Abuja. The Kalus are said to be working in partnership with the Chinese and Israelis on these projects.
The Nigerian Agric sector is far larger than the Oil sector, but only a few know this secret. There is huge wealth waiting for investors in the sector. The Netherlands is the 18th largest economy in the World. Its land area is about 33.9 square kilometers. That is less than half of Niger State. Netherlands exports over $100 billion worth of agricultural products annually. Nigeria’s Oil revenue, with all its noise and distractions, has never in any one year reached $100 billion!
Farming in Nigeria is going to be the chief wealth generator in 2018. Food drives the World. Apart from water, access to food is the primary concern for all people on Earth. Agriculture is the largest, most significant and most lucrative industry in the World today. And it will continue to be as long as man continues to exist on planet Earth!
