With 170m people representing a massive domestic market, and a need to improve the supply stability of raw ingredients, Nigeria hopes that growth in agribusiness will help spur demand for the nation’s farmed output. From 2002 to 2012 sales in the food-processing sector doubled to nearly $20bn, according to a US government report, yet that number represents a market that...
Nigeria Agriculture
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Articles & Analysis | Value-added production the next step for Nigeria's agriculture market from The Report: Nigeria 2015
Interviews & Viewpoints | Akinwumi Adesina: Interview from The Report: Nigeria 2015
Chapter | Agriculture from The Report: Nigeria 2015
With the world’s seventh-largest population, which continues to grow rapidly its current 170m, agriculture is key part of Nigeria’s economy. After decades of declining production, trends have been moving in the opposite direction in the past several years as overall food supply rises. Guided by the Agricultural Transformation Agenda, which was launched in 2011 as part of a push to overhaul...
Fresh from a rebasing exercise in April 2014 that boosted 2013 GDP by 89% to $509.97bn, Nigeria now ranks not only as Africa’s most populous country, but also as its largest economy. It has long played an outsized regional role, making up 76% of West Africa’s GDP and around 60% of its population.
Investment in production and the rollout of higher-yield strains are helping put Nigeria on track for self-sufficiency in rice, potentially opening the possibility for exports further down the line.
Cocoa revenues are set to grow strongly in Nigeria, the world’s fourth-largest producer, thanks to efforts to improve productivity, and higher prices on international markets.