Rabat - Morocco is one of Africa’s top five agricultural nations, according to a study published by Havas Horizons on Tuesday.
Rabat – Morocco is one of Africa’s top five agricultural nations, according to a study published by Havas Horizons on Tuesday.
The report, conducted in partnership with l’Institut Choiseul, surveyed 55 of the biggest financial and banking institutions with active knowledge of Africa and its economic issues to choose the top five agricultural champions. Ethiopia and Cote D’Ivoire ranked joint first, Kenya came second, Morocco was third and Nigeria came fourth.
The survey discovered that the structure of African agriculture was the most pressing concern to the industry’s development. Seventy percent of investors believed that infrastructure was the biggest challenge to the African agricultural ecosystem. Forty-eight percent found market access a valuable parameter of the agricultural industry’s sector, while the third major challenge was transformation and industrialisation, with 42 percent finding it slowed down agricultural potential.
Almost 90 percent of respondents said they were optimistic about Africa’s economy in 2017, while 98 percent were optimistic about the continent’s economy in 2022. Moreover, 84 percent announced they were planning to increase their investments by 2022.
The survey revealed that agriculture has become a promising sector, partly due to the necessity to feed a growing population and reduce the risk of external dependence.
The World Bank has estimated that growth in Africa will reach 2.5percent this year and further grow in upcoming years due to a recovery in trade and a rise in gas prices. The report, however, attributed the expected rise to internal factors: increase of cross-continental cooperation, “demographic dynamism,”the emergence of a middle class, and the increasing diversity of activity in services, energy, and agriculture.
The report is the third annual study by Choiseul Institute and Havas Horizons. Choiseul Institute is a French institute that explores world economic relations, while Havas Horizons is part of Havas Worldwide Paris, a marketing agency.