Nigeria Agriculture

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Chapter | Agriculture from The Report: Nigeria 2012

Agriculture makes a significant contribution to the economy, accounting for 40% of GDP at the end of the fourth quarter of 2011 and employing 60% of the population. Sector policy is guided by the Agricultural Transformation Action Plan (ATAP), which aims to diversify the economy and support rural areas while also reducing the cost of food imports. Some $8.3bn is spent on importing staple...
The Central Bank of Nigeria (CBN) has introduced a new initiative that could boost private sector lending to the agriculture industry. The Nigerian Incentive-based Risk-sharing System for Agricultural Lending (NIRSAL) was formally unveiled at a conference in Abuja on July 5-6. The purpose of the CBN-organised event was for stakeholders to gather to discuss the new initiative.
With food security becoming a growing concern worldwide, the Nigerian agriculture sector has recently become the focus of multiple investment programmes. The government is taking a proactive approach to boosting domestic production and has designed a plan to help the nation fulfil its agricultural potential.

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