AGRICULTURAL SECTOR
SA and Nigeria need to work on stability, warns African Development Bank
The bank argues there is potential for an agricultural boom in Africa but it all hinges on Nigeria and SA
South Africa and Nigeria, the continent’s two largest economies, need to work on their political stability if they are to take advantage of the current upturn in emerging markets, vice-president of agriculture, human and social development at the African Development Bank Jennifer Blanke said. There is potential for an agricultural boom in Africa but according to the bank it all hinges on Nigeria and SA. "People are very excited about Africa right now. SA and Nigeria face a lot more challenges because they are more mature markets and so people are looking at things like political stability and things like that. But emerging markets are bouncing back and there’s a sense that Africa is the exciting last frontier," Blanke told Business Day at CEO Forum in Davos, Switzerland last week. SA recorded GDP growth of 0.3% in 2016 and while it avoided recession on a technical basis, these were the worst figures since the global recession, while Nigeria’s economic growth contracted 1.51%, repres...
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