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$8bn worth of investment for Nigerian ag

Nigeria’s agricultural sector has received $8bn worth of investment commitments between 2011 and 2015, the Nigerian Export Import Bank has said.

Nigeria’s Punch newspaper report on Wednesday said that the investment bank stated Nigeria also has the potential to feed the world considering the fact that the country is one of the world’s largest producers of major agricultural commodities in spite of challenges in the sector domestically.

The report added that recent efforts to boost investment in agriculture had yielded some results and that Nigeria recorded increase in food production by 21 million metric tonnes between 2012 and 2014, and had a decline in food import bills from $6.9bn in 2009 to $4.35bn in 2013.

It explained that Nigeria got $8bn investment commitments between 2011 and 2015; $40m investment commitment in rice production; increase in fertilizer use from 13kg per hectare to 80kg per hectare; and the number of seed companies increased from 11 to 34 between 2011 and 2014.

NEXIM noted that in spite of the numerous challenges in the agricultural sector, the country had the potential not only to be self-sufficient, but to feed the rest of the world.

According to the bank, statistics from the Food and Agriculture Organisation showed that in the ranking of major producing countries of the world, Nigeria is number one in the production of cassava, yam and cowpea; second in producing millet; and third in sweet potato, sorghum and groundnut production.

Source: starafrica.com

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