What role can private equity play in funding agribusinesses in the country?
With a population of over 200m, Nigeria is a large and diversified economy, despite the government’s reliance on oil and gas revenue. While the Covid-19 pandemic and subsequent oil price crash caused a contraction in economic growth in 2020, it also led to rapid digitalisation across commerce, education and communication. This shift is expected to put Nigeria in a favourable position for recovery in the medium term.
Despite an increase in crop production and international trade following a pandemic-disrupted 2020, global food prices have risen to 10-year highs, increasing pressure on many emerging markets.
For many countries across Africa, agriculture remains one of the most important sectors of the economy. Agriculture accounts for 14% of total GDP in sub-Saharan Africa, and a majority of the continent’s population is employed in the sector.
What steps can the Federal Ministry of Agriculture and Rural Development (FMARD) take to increase self-sufficiency in food production?
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