As the Federal Government explores more opportunities in non-oil sector, analysts at the Financial Derivative Company Ltd have said Nigeria can generate $720 million through carrot production if fully explored.
According to FDC in its weekly commodity market report, if Nigeria can explore potential in carrot production capacity of 600,000 tons per annum, it could rake in the stated amount from the product.
The report disclosed that Nigeria currently produced approximately 225,000 tons of carrots annually, making it the largest producer of carrots in sub-Sahara Africa (SSA) and 32nd largest producer in the world. The 225,000 tons of carrot production, the analysts said, represented 37.5 per cent of Nigeria’s potential capacity of 600,000 tons.
“The revenue implications of an optimal production for the industry could be as high as $720 million. It suggests another robust revenue source for the Nigerian economy, especially at a time government is looking to optimise revenue and improve fiscal consolidation,” the analysts said.
According to FDC’s report, total global production of carrots is approximately 42 million tons, amounting to $50.57 billion. China has remained the world’s top producers, followed by Uzbekistan, Russia, United States (U.S.) and the United Kingdom (UK).