Nigeria Agriculture Industry Report, 2013

Agriculture is a vital contributor to the Nigerian economy; employing over 70% of the population and contributing an average of 40% to GDP. However, years of neglect towards this sector, has seen Nigeria lose its position as a net exporter of agricultural products to that of a net importer. This has led to the closure or under capacity utilization of most agriculture-dependent industries in the country. Also, importation of food and agricultural products have served as a constant drain pipe to the Federal Government in form of subsidy and waivers. Nigeria spends over one trillion Naira in the importation of Wheat (N635bn), Rice (N356bn), Sugar (N217bn), and Fish (N97bn) every year. Importation; growing at an annual rate of 11% is unsustainable. It displaces local production and farmers, puts pressure on the Naira, and generally hurts the economy.