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...
Nigeria Agriculture
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Chapter | Agriculture from The Report: Nigeria 2015
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.
Partway through an ambitious agricultural development strategy, Nigeria is looking to the land to boost employment, ease the economy’s dependence on oil and ensure food security, but it will need to address a host of challenges before it can enjoy the fruits of its investments.
Interviews & Viewpoints | OBG talks to Sunny Verghese, Group Managing Director and CEO, Olam International from The Report: Nigeria 2013
What are the biggest challenges to vertical integration in Africa’s agricultural sector?