Agriculture

The largest contributor to Nigeria’s GDP, the agriculture sector accounted for a 40.1% share as of mid-2013, according to the National Bureau of Statistics. It is also the main source of employment in the country, responsible for more than 60% of jobs, as per figures from the International Fund for Agricultural Development. Increases in the amount of cultivated land have led to a rise in production, but yields remain low and the sector is performing below its potential. Formerly responsible for 18% of world cocoa production, Nigeria’s market share is now less than half of that. The country remains a world leader is cassava, but has also lost significant ground in crops such as groundnuts and palm oil. The Agricultural Transformation Action Plan, a state-backed market-oriented reform effort, is in the early stages of implementation and is expected to pave the way for the sector’s development going forward. This chapter contains interviews with Akinwumi Adesina, Minister of Agriculture and Rural Development; and Sunny Verghese, Group Managing Director and CEO, Olam International.