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Saturday,
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
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