Agriculture played an important role in driving Nigeria’s economic growth prior to the discovery of crude oil in 1956. Indeed, between 1962 and 1968 the main source of foreign exchange was export crops. In more recent times, focus has returned to the agriculture sector as an important source of revenue as the country seeks to diversify the economy away from oil. Following the oil price crash that put Nigeria into a recession in 2016, agriculture was the only sector that demonstrated resilience,…
From The Report: Nigeria 2022
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In recent years focus has returned to agriculture as an important source of revenue for a diversified Nigerian economy. But despite the sector’s robust performance, the country remains vulnerable to food insecurity and is unable to meet domestic demand. This is explained by low levels of irrigation and an outdated land tenure system which have kept agricultural productivity low and caused post-harvest losses. Moreover, the Covid-19 pandemic has further exacerbated the challenges that were already present in the sector, as lockdowns and panic-buying not only contributed to a hike in food prices but also disrupted supply chains. Hence, plans to revitalise agriculture are expected to be centred on increasing local production and improving the value chain.
This chapter contains interviews with Mezuo Nwuneli, Managing Partner, Sahel Capital Agribusiness Managers; and Osazuwa Osayi, Co-founder and Co-CEO, Farmforte.