News Column

Nigeria Biggest Beneficiary in Grow Africa Investments

May 2, 2014

Okoro Chinedu

INVESTMENT commitments by partner companies of Grow Africa doubled to $7,2 billion in 2013, the World Economic Forum (WEF) disclosed ahead of next week's WEF on Africa.

According to a report, most investment to date have been made by companies from within Africa.

Half of all invested funds to date have been directed to Nigeria, which reflects the size of the country's economy, but also renewed political commitment in the country to agriculture that has made it attractive for domestic and international investors, WEF stated.

Of the $7.2 billion in new commitments, Grow Africa partners have already invested $970 million.

This has directly led to the creation of 33,000 new jobs and the assistance of 2.6 million smallholder farmers throughout the continent.

Grow Africa is a programme established by the WEF, NEPAD and the African Union to accelerate the transformation of African agriculture.

"The 2013 Grow Africa report shows good progress on many fronts, but overall, it shows that the level of investment, and the speed and reliability of reforms to the sector remain too slow to be truly transformative for Africa's smallholders," said Ibrahim Assane Mayaki, Chief Executive Officer of the NEPAD Planning and Coordinating Agency, one of the three Grow Africa co-founders.

"Governments must accelerate action to improve the enabling environment in response to market priorities and the private sector must innovate and be willing to take on and share risk."

Meanwhile, the three-day 24th WEF on Africa is scheduled for Abuja from next Wednesday under the theme, "Forging Inclusive Growth, Creating Jobs."

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Source: AllAfrica

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