July 27, 2019 / 12:26PM /
By PwC / Header Image Credit: PwC
Agriculture was the mainstay of Nigeria’s economy before the discovery of crude oil. From 1960 to 1969, the sector accounted for an average of 57.0% of GDP and generated 64.5% of export earnings.
From 1970 to late 2000s, the sector’s contribution to GDP and export earnings steadily declined, because Nigeria focus shifted to petroleum exploration. Over the past five years, the sector has contributed an average of 23.5% to GDP and generated 5.1% of export earnings.
The recent fall in crude oil prices has triggered conversations around the role of Agriculture in economic diversification.
This report argues that Nigeria’s agriculture sector requires massive investments to increase production and to create value addition across the most profitable segments of the value chain.
In order to examine Nigeria’s agricultural value chain, the report focuses on cocoa and dairy as case studies. Also, it suggests strategies for upgrading the production and processing segments of the agricultural value chain.
* All data are as at 2016, except production which is 2015.
Sources: World Bank, NBS, FMARD, UNCTAD, CBN
Nigeria’s Agricultural Value Chain
Source: PwC Analysis