It is not enough to just buy land for speculation, waiting for it to appreciate in value for re-sale.
Property Reality Company (PRC) has issued the first of its annual payouts to the investors of its agribusiness-focused investment pilot plan, Kilimo Biashara.
Speaking at the event where more than 50 investors had come to collect their earnings, PRC Chairman Mr. Brian Gacari, said that the importance of agriculture in the economies of Sub-Saharan African countries cannot be overemphasized. According to a report by the World Bank, agriculture accounts for an estimated 65% of the regions’ employment. In Kenya, the sector employs about 75% of the population.
“Investment in agriculture has been lauded as the new way out of unemployment for Kenyans. We have proved that farming, including the small-scale types, can be a profitable venture for anyone,” said Mr. Gacari.
“Our Kilimo Biashara plan targets middle income urban dwellers with the opportunity to create employment and invest in profitable farming. We aim to unlock the potential of individuals and ensure food and financial security,” he said.
Investors who each invested approximately Sh249, 000 in the purchase of the land, he said, will continue to reap from the land, recouping their investments and collecting profits annually.
The investors, comprising of individuals and investment groups commonly referred to as chamaas, received payouts of between Sh120, 000 and Sh1, 200, 000.The company, in partnership with renowned Israeli firm, Agri Green, put up the greenhouses, managed them, planted and marketed the produce, with the investors only having to wait for their returns.
The success of this pilot plan has shown that it is not enough to just buy land for speculation, waiting for it to appreciate in value for re-sale.
Africa’s population, especially young population is growing fast, with Kenya expected to hit 62m people by 2030.
“It is our hope that we have begun to redefine opportunities in agriculture for our youth who make up the majority of the unemployed, to become the next generation of farmers and agricultural professionals,” said Gacari.
