Boom in agrifood-technology start-ups in Africa [Business Africa]

In this episode of Business Africa:

Agricultural transformation is underway in Africa and attracting more and more investors; Nigeria is no longer the continent's largest oil producer; developing and promoting the cultural sector as an economic driver.

The agrifood tech start-up boom

The agri-tech start-up ecosystem has been flourishing in Africa for the past two years. Although there are challenges, particularly in terms of access, the agri-tech startup scene continues to attract investor interest. 

Fundraising by startups operating in the agri-tech space in Africa stood at $482.3 million in 2021, a 250% growth over the previous year. Since 2017, the sector has garnered more than $1 billion in investments. Francis Dossou Sognon, Managing Director of AgroSfer answered our questions.

Nigeria is no longer the king of African oil

According to the Nigerian Petroleum Regulatory Commission, the country's production in August fell to 972,000 barrels per day, its lowest level in over 30 years. 

Oil production has been steadily declining for months, with authorities blaming increased theft of crude oil and sabotage at production sites.

Developing and promoting cultural industries

Africa has an impressive pool of creators capable of feeding the main economic sectors of culture. To democratize art as an economic engine, support platforms do exist.

The ACP-EU culture program "Create in Central Africa" has just launched a third and final call for proposals in support of cultural and creative industries (CCI) in the sub-region. 

In the same vein, in Cote d'Ivoire, the investment company Birimian and Orange Bank Africa have announced a partnership dedicated to financing Ivorian cultural operators.