Nigeria Agribusiness Q4 2019
Key View :
The Nigerian agricultural sector is set to post steady growth over the medium term to 2023, driven by a series ofsupportive underlying factors. The government remains committed towards encouraging domestic production and hasimplemented a series of import regulations, including a ban of foreign currency for food importers. With Nigeria ranked as theworld's seventh largest producer of cocoa, the crop assumes a greater importance in the country's medium-term economic futurenow that oil revenue can no longer be relied on as an easy source of foreign exchange. Poultry, dairy, sugar, rice and wheatconsumption are expected to continue to depend predominantly on imports to meet demand, but a much greater percentage ofdemand for each of these commodities (apart from wheat) could potentially be met by local production. However, to achieve thisgoal, sustained investment and further government support will be required.
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