Dr. Amos Rutherford Azinu, Founder of Legacy Crop Improvement Centre, has underscored the untapped potential of Africa’s seed market, which captures less than $2 billion of the $70 billion global market.
During his address at the Citi Business Festival Agribusiness Forum, Dr. Azinu highlighted the disproportionate distribution of the global seed market.
Despite Africa possessing 60% of the world’s arable land, the continent’s seed market captures a fraction of the potential value, underscoring Africa’s reliance on smaller nations for food, despite its vast agricultural capabilities.
“The value of every industry lies in the value chain,” Dr. Azinu stated.
“We can farm without fertilizer and land, but we can’t farm without seed. Seed is at the heart of food security.”
He pointed out that the global seed market is increasingly segmented, a trend that will persist if African nations continue to underinvest in this crucial sector.
Dr. Azinu illustrated the potential profitability, noting that producing a kilogram of hybrid pepper or tomatoes could yield about $5,000.
Despite this, Ghana and other African countries remain dependent on donor seeds, he bemoaned.
“The missing link is vibrant private sector participation,” Dr. Azinu asserted.
He called for more investment and engagement from private enterprises to unlock the sector’s potential and drive sustainable agricultural development across the continent.
Themed “Understanding the Agribusiness Value Chain: Opportunities for Additional Revenue,” the forum brought together industry stakeholders to discuss the future of agribusiness in Africa.
The Citi Business Festival 2024 is powered by 97.3 Citi FM and Channel One TV in partnership with Absa Bank and is sponsored by MTN Business, GIRSAL, AMG Fertilizer, Nsano Ltd and Agri-Impact Limited
