Contributing nearly 25% to GDP and employing 70% of the workforce, agriculture is both a key area of the economy and a way of life for Nigerians. Indeed, the agriculture sector was the country’s main export earner until oil and gas production became Nigeria’s economic mainstay. Since then, however, the country has become a net food importer. Key segments include livestock, forestry and fisheries. While recent years have seen major efforts to develop downstream food processing and agri-business…
From The Report: Nigeria 2023
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Agriculture remains a linchpin of Nigeria’s economy, contributing nearly 25% to GDP and employing 70% of the country’s workforce. To leverage its arable land and favourable climate, and reverse its status as a net food importer, greater investment is needed to develop Nigeria’s downstream food processing and agri-business industries. The sector faces a number of challenges across its value chain, while global factors continue to affect prices. Climate change is exacerbating these challenges, as Nigeria experienced widespread flooding in September and October 2022. A combination of new initiatives and a stronger resolve to address the challenges facing the sector could improve output and quality.
This chapter contains interviews with Ayodeji Balogun, CEO, AFEX Commodities Exchange; and Sefihait Kone, Managing Director, Bayer Nigeria.