Nigeria's Agric Sector worth $99 billion
| Nigeria's Minister of Agriculture, Dr. Akinwumi Adesina |
Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, has disclosed that the size of Nigeria’s agriculture sector is currently estimated at $99 billion a year, with potential to grow to about $256 billion annually, over the next few years.
He disclosed this in Sao Paulo Brazil at a dinner with Brazilian investors and stakeholders in agribusiness during an official tour of agro-ventures in the country, Adesina, who said that Brazil was a net importer of food, just like Nigeria few years ago has since risen above her challenges to become a net expoter.
“The size of Nigeria agriculture is $99 billion a year and we want to grow that to about $256 billion annually but we should not wait till 10 years or 20 years before seeking credible partnership with those whose history is in sync with Nigeria’s to learn from Brazilian experience in order to achieve the purpose of Agricultural Transformation Agenda (ATA).
The Brazil study visit was arranged and supported by Bill and Belinda Gates Foundation (BMGF) for the main purpose of ensuring that Nigeria looks inward and harness its potentials to become a net exporter of food as Brazil.
According to him, ATA of Nigeria recognized the fact that her dependency on oil was not sustainable and so it was decided that the economy must be grown in a manner that would create jobs, stressing that the efforts made so far under scheme has made her the 4th fastest growing economy in the world and number one when it comes to foreign direct investment and there is no doubt that Nigeria is coming up just as Brazil.
In order to achieve the goal of ATA, he said government has started doing things differently including value chain approach to agriculture, focusing on import substitutions and getting private sectors regular investment also providing incentives for private sectors to grow the agriculture sector in the way it has never been done before, which includes, tax holidays, 0 per cent duty on all agricultural machineries and equipment.
“A risk sharing facility with Central Bank of Nigeria (CBN) that will leverage $3.5 billion into the agricultural sector and the country has received global recognition in the last one year in addition to $8 billion of private sector investment commitment to Nigeria Agriculture that continues to grow.”
In the year 2012, the country was able to add 8.1 million metric tons as against 5 million metric tons which is 70 per cent above the target set by ATA of adding 20m metric tons of food to the domestic food supply in over a four year period.
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