African Agriculture expects to ‘significantly’ increase production in 2024

African Agriculture Holdings provided an operational update following its recent merger to become a publicly listed company. Alan Kessler, Chairman and CEO of African Agriculture, commented, “We intend to accelerate our operational activities following our recent merger and listing on Nasdaq, resulting in African Agriculture becoming the first pure-play African agricultural company listed in the U.S. Previously, we began alfalfa production on approximately 300 hectares out of a total of 25,000 hectares of dedicated farmland we secured in Senegal. We recently placed orders for additional seeds and crop irrigation equipment, which we believe will allow us to expand land utilization by more than three-fold to approximately 1,000 hectares and significantly enhance production in 2024. Importantly, according to World Bank data approximately 60% of the world’s remaining arable land is located in Africa, and we believe Africa is poised to become the new breadbasket of the world. Our mission is to help unlock Africa’s potential through investments in infrastructure, irrigation and new technologies. Looking ahead, our strategy not only involves increasing alfalfa production on our 25,000 hectares of fertile farmland, but also broadening our product offering and expanding our geographic footprint. We could not be more excited about the outlook for the business and look forward to empowering local communities, through sustainable impact investments, to help address the global need for food security.”