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Nigeria loses $10bn annually for neglecting Agriculture

Nigeria loses $10bn annually for neglecting Agriculture

For abandoning agriculture, the World Bank noted that Nigeria now ranks as one of the largest food importers in the world.

In 2016 alone, Nigeria spent $965 million on the importation of wheat, $39.7 million to import rice and $100.2 million on sugar imports.  The decision to spend $655 million on fish importation seems financially indiscreet, given all the marine resources, rivers, lakes, and creeks in Nigeria.

The World Bank agricultural expert said: “Nigeria has not been able to engender meaningful development in spite of her huge resources’ endowment.

The country’s failure to make full use of her potential in agriculture, he said, “is responsible for poor quality life of her majority of populace.”

“This problem has greatly affected her quest for improved quality of life for Nigerians. Nigeria has huge agricultural potential evidenced by an arable land potential of 98 million ha, out of which 74 million ha is cultivatable. Sadly, till to-date, Nigeria’s agricultural potential remains untapped. Only 34 million ha (being 48 per cent) is currently being cultivated for agricultural uses.

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