SUMMARY OF AGRIBUSINESS
Agribusiness is the application of business principles to agricultural production, it is complex than agriculture because it is not limited to production but encompases an entire value chain. Agriculture is as old as man; becoming a way of life especially in rural area and was characterized with low productivity. Though agribusiness is becoming an household name in 21st century, the term was introduced by Davis and Goldberg in 1957. Advancement in technology both agriculturally and industrially, the need for economic growth and food security for world teeming population are factors influencing the exponential movement from Agriculture to Agribusiness.
Agribusiness is made up of three components mainly: the agricultural input sector , the production sector and the processing-manufacturing sector. It is worthy to note the interrelatedness of each component because they are highly dependent on each other. Agricultural input sector along with other management practices improves productivity of production sector while processing-manufacturing sector is an insurance to production sector reducing production wastages and offering value to consumers.
Agribusiness through its various value chains stimulates employment generation and poverty reducton, it further enhances diversification of production to broaden the economy base transforming agricultural sector towards an agro-industrial development. Institutional supports are important for moving agro-industries towards modernization.
To increase agricultural products in Africa, there is a need to set a stage for continued opportunities for investment. Africa face constraints which are institutional and policy related issues which leds to high agri business failure rates for Africa Market. Involvement of youth, women and private sector engagement to create new and profitable ventures that will be proven models for rapid agri business enhancement is considered vital.
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