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ADB calls U.S to invest in $1 trillion agriculture market

Staff Writer |
The president of the African Development Bank (ADB), Akinwumi Adesina, has made a case for increased American and global investments to help unlock Africa’s agriculture potential.

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He made the remarks as the distinguished guest speaker at the U.S. Department of Agriculture’s 94th Agriculture Outlook Forum in Virginia. The theme was The Roots of Prosperity.

"For too long, agriculture has been associated with what I call the three P's - pain, penury and poverty. The fact though is that agriculture is a huge wealth-creating sector that is primed to unleash new economic opportunities that will lift hundreds of millions of people out of poverty,” Adesina said.

Adesina appealed to the U.S. private sector to fundamentally change the way it views African agriculture.

"Think about it, the size of the food and agriculture market in Africa will rise to $1 trillion by 2030. This is the time for U.S. agribusinesses to invest in Africa," he said.

"And for good reason: Think of a continent where McKinsey projects household consumption is expected to reach nearly $2.1 trillion and business-to-business expenditure will reach $3.5 trillion by 2025.

"Think of a continent brimming with 840 million youth, the youngest population in the world, by 2050."

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