Diversifying the Nigerian economy away from oil and earning the much-needed foreign exchange, especially amid the COVID-19 pandemic, would require paying more attention to agro-processing.
The agricultural sector, which was previously neglected, has since 2016 became an option for diversifying the economy owing to its vast potentials to drive a more sustainable economic growth in Africa’s most populous nation in terms of job creation and revenue diversification.
To accelerate this growth, the government in the last five years had devoted a lot of energy to deepening agriculture with initiatives such as the Anchor Borrowers Programme (ABP), placing a ban on the importation of some agro commodities, and the shutting down of its land borders without paying adequate attention to value addition.
As a result, revenue generated from agro exports has continued to remain low.
Data from the country’s Trade Report shows that despite the steady growth in the country’s agricultural exports in recent times, the country’s agro exports to total exports still account for less than three percent.
Read more from the source: BUSINESS DAY