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Browsing: Agriculture sector
Kenya’s agriculture sector grew by 5.1 percent in 2020, thereby preventing a contraction of the economy, amid the coronavirus pandemic, which ravaged a majority of other sectors.
Data from Deloitte’s East Africa Economies Report 2021 indicates that the sector remains fundamentally important to the Kenyan economy, contributing about 33 percent of the GDP and 56 percent of the employment, both formally and informally.
The report paints mixed performance in the sector in 2020, for instance, as of May 2020, Kenya’s Agricultural sector’s outlook was grim due to the locust swarm infestation affecting domestic agricultural production.
However, as of Q4 2020, the sector reflected a revamped outlook owing to favourable rains and success in beating back a second wave of desert locusts.
“As such, the sector is estimated to have posted a 5.1 percent growth in 2020, emerging as the silver lining sector,” the report says.
The report also shows …
Unemployment remains a big challenge for African governments yet the continent is missing job opportunities offered by the region’s biggest employer, the agriculture sector.
For Africa, food security remains an elusive dream with projections showing that the continent is spending billions of dollars importing what it should be producing. The food import bill hit US$43 billion in 2019, according to Brookings.
The World Bank notes that in the last few decades, Africa’s food import bill has more than tripled, hitting about US$35 billion a year. The irony is that most of what is imported could be produced locally, which could create jobs that are much needed.…
A healthy manufacturing sector is a fundamental path to economic growth and development. It is key in creating employment as it absorbs the unemployed population into productive decent paying jobs that help improve their standards of living. Historical evidence shows how industrialisation has transformed countries such as the United Kingdom, Germany and most recently, China, by growing their economies tremendously and earning them amongst the best performing economies in the world. According to the Global Manufacturing Competitive Index, South Africa, Egypt and Nigeria are leading in the evolution of manufacturing in Africa, while Ethiopia and Morocco are following closely behind; all of them have adopted policies that promote manufacturing development. …
African Development Bank has approved $60 million loan to support Elnefeidi Group’s agricultural expansion in Sudan’s livestock value chain.
In a statement, AfDB noted that the loan is expected to contribute significantly to food security, food import substitution, and household incomes by creating jobs and increasing local productivity and distribution
The loan to Elnefeidi Group Holding Company is expected to help finance its long-term agriculture and food expansion programme. The planned expansion includes increasing agricultural productivity, enhancing related infrastructure, food processing and distribution. It will directly contribute in developing Sudan’s livestock value chain (poultry and beef) by increasing the country’s export capacity for value-added livestock products. This will help reduce the economic value that the country loses by exporting millions of live animals each year.
“Agricultural transformation is one of the Bank’s top five strategic priorities and the Bank is delighted to have identified a viable private sector actor like …