The national president of the National Onion Producers, Processors And Marketers Association of Nigeria (NOPPMAN), Alhaji Aliyu Maitasamu Isah, has said Nigeria can generate $420 million annually from onion exports, provided there is enough value addition.
Isah: “Some of the major challenges faced by the onion sub-sector include, double conversion rate, that is, the currencies of the countries that are importing our products are CFA and Cedis. But the window available for repatriation excludes these currencies.”
“If we have to repatriate using the current window, we are going to incur losses arising from the conversion of these local currencies to dollar and then the subsequent conversion from the USD to Nigerian naira. This is a serious challenge when you consider the exchange rate at the parallel market.”
“This will no doubt help small holder farmers and marketers facilitate access to quick credit and encourage huge investment in the sub-sector, ensuring accurate statistical record of onion production and export in Nigeria, create job opportunities for small holder farmers, MSME’s and thereby curb insecurity related to unemployment in the country. Furthermore, Nigeria will stand to generate 420 million US dollars annually from onion export if there is value addition.”
Source: blueprint.ng
