Efforts
to drive industry growth and reduce food imports gather pace
Nigeria,
9th July, 2012: Nigeria
is rolling out an ambitious reform programme across its agricultural sector
aimed at cutting the country’s dependency on food imports, creating jobs and
generating growth, according to the Minister of Agriculture and Rural
Development Akinwumi Adesina.
Adesina told the global
publishing, research and consultancy firm Oxford
Business Group (OBG) that the
measures, which involve boosting private sector participation and improving
competitiveness, would form a key part of Nigeria’s plans to diversify the economy away from oil.
“Over the next five years, we plan to
add 20m tonnes of additional food to the domestic food supply to create 3.5m
jobs in the sector, and to replace up to 40% of wheat flour imports with
high-quality cassava flour,” he said.
He added that steps
taken by the government to improve rice production should lead to the segment
becoming self sufficient by 2015, producing around $2bn in income for farmers.
L-R Dr Akinwumi Adesina,the Minister of Agriculture and Rural Development,Brooke Butler and Rob Withagen of OBG
The full interview with Adesina will appear in The
Report: Nigeria 2012, OBG’s forthcoming guide on the country’s economic activity
and investment opportunities. The landmark report will include a detailed,
sector-by-sector guide for foreign investors, alongside a wide
range of
interviews with the most prominent political, economic and business leaders,
including the President of Rwanda Paul Kagame, the UK Minister of
State for Trade and Investment and former Group Chairman of HSBC Holdings Lord
Green and the President and CEO of the Overseas Private Investment Corporation
Elizabeth Littlefield.
Adesina highlighted
the results that some of the key reforms already introduced were bringing, such
as the move to privatise the procurement and distribution of fertiliser and seed. “As a result, our
private sector firms are growing and foreign direct investment is increasing,”
he said.
He voiced his
confidence that Nigeria’s banks were well placed to support the expansion of
the country’s agricultural sector. “The necessary key for successful
reform is to turn agriculture into a business that makes money, with a focus on
investments as opposed to aid and development,” he said. “We need to move
towards focusing on particular value chains in which we have a traditional
comparative advantage.”
The
Report: Nigeria 2012 will mark the culmination of more than six months of
on-the-ground research by a team of analysts from the Group. It will provide
information on opportunities for foreign direct investment into Nigeria’s
economy and will act as a guide to the many facets of the country including its
macroeconomics, infrastructure, banking and sectoral developments. The Report:
Nigeria 2012 will be available in print form or online.
About
Oxford Business Group
Oxford
Business Group (OBG) is a global publishing, research and consultancy firm,
which publishes economic intelligence on the markets of Africa, the Middle East,
Asia and Latin America. Through its range of print and online products, OBG
offers comprehensive and accurate analysis of macroeconomic and sectoral
developments, including banking, capital markets, insurance, energy, transport,
industry and telecoms. The Report: Nigeria 2012 is produced in partnership
with Nigerian Economic Summit (NESG), NIPC, Cordros Capital Limited, Ajumogobia
& Okeke and Pricewaterhouse Coopers (PWC).
The critically
acclaimed economic and business reports have become the leading source of
business intelligence on developing countries in the regions they cover. OBG's
online economic briefings provide up-to-date in-depth analysis on the issues
that matter for tens of thousands of subscribers worldwide. OBG's consultancy
arm offers tailor-made market intelligence and advice to firms currently
operating in these markets and those looking to enter them.
For more information please contact:
Oxford
Business Group, Dubai, PO Box 502 659, Dubai, UAE
Kate
Taylor, PR Manager
Phone:
+971 44 264 642
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