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$18 Billion would be reaped yearly if the Federal Government of Nigeria produce the capacity anticipated from its export of calculated 45 Million Metric tons of Cassava Products, Niyi Adebayo – Minister of Industries, Trade and Investment divulged
Posted On 19 Oct 2021
By Abdul Rahman Bangura–
Photo Credit: Pinterest
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The federal government has stated that when fully harnessed, Nigeria has the capacity to generate as much as $18 billion from the export of its estimated 45 million metric tons of cassava products every year.
The Minister of Industries, Trade and Investment, Niyi Adebayo gave rise to the divulgence when he accepted the Chief Executive Officer of BKG Exhibitions – Ifeanyichukwu Agwu, weekend remarked that the nation had not entirely seized windfall of the much-sought-after commodity.
He noted that, though a world leader in cassava production, Nigeria is now not an effective performer in the cassava trade in the worldwide market, clarifying that with the due affiliations, the circumstance would be enhanced.
He said: “Cassava and oil palm are strategic commodities in our quest for growth and development of the non-oil sector of our economy. Available statistics point to the fact that Nigeria is a leading producer of cassava with a production capacity of 45 million metric tons per annum, estimated at about $18 billion.
The official furthermore recalled that, Nigeria had maintained a prominent role in the global production of palm produce between 1950 to 1960 and regulated well over 45% of the international market.
However, he lamented that at present, the country ranks 26th in global production, stressing that: “This is a clear indication that the fortunes of both commodities are declining drastically.”
Speaking on the Agricultural crossbreed expo slated to wield from November 2-5, 2021 at the Nicon Luxury Hotel, Abuja, Adebayo asserted that, the programme would enable to showcase the tremendous capacity in the sector to the rest of the world. He expanded that, the cooperation with BKG Exhibitions Limited to coordinate the conference indexed PAC Africa Expo & Conference, will open the massive earnings in the area for endurable financial development.
Agwu called on the Minister to bring virtually board state governments to assure susceptible acquisition of lands for the investors who may be inclined to capitalize in Nigeria’s cassava and oil palm sub-sector.
“We seek the Ministry’s support in the area of speaking to the governors with a view to making lands easily available for agricultural investment. Our findings show that 24 states in Nigeria grow palm and our intention is to harness this for greater economic sustainability. Oil palm is said to be more costly in the international market than even
crude oil,” he told.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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