Categories: Food & Drink

Agriculture: The New Goldmine, Nigeria Beyond Oil

“Diversifying the Nigerian economy is the pathway to achieving economic stability” – Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA)

“Nigeria must take decisive steps to plan beyond oil so as to reposition the nation’s economy for international competitiveness” – Gen. Yakubu Gowon

Nigeria’s 4th largest import trading partner and 9th export trading partner.
Total value of imports from the UK – N96.6bn ($266.85mn) constituting about 4.11% of the total import trade.
Total value of exports to the UK – N108.7bn ($300.28mn) constituting about 3% of the total exports.
Crude oil accounted for 99% while non-crude oil accounted for only 1%.
Cocoa butter, fat and oil exported to the UK worth N190.79m ($530,000) in Q3’17.

Nigeria-UK Bilateral Trade

The Nigeria – UK bilateral trade was signed in December 1990
Trade volume between Nigeria & U.K was about £8bn in Feb 2016 and projected to exceed £20bn in 2020
Nigeria receives £400m per annum in UK aid annually
Nigerians in Diaspora remitted $19bn in 2016
UK accounted for 41.89% of the total capital inflows into Nigeria in Q3’17 – ($1736.58m)
Humanitarian aid for the 4 year period is projected at (2018 – 2022) amounts to £200bn a 50% reduction from the £100bn given in 2017.

Related Post

NIGERIAN ECONOMY
Current State Assessment
Nigerian Economy – Embattled but Recovering

2018: A pre-election year, Economy is performing sub-optimally. Real GDP growth rate of 0.83% lags growth in potential GDP of 1.9%. Commodity dependent economy – relies heavily on oil & gas, Oil contributes approximately 83% of export earnings, Gas contributes 9.6%.
Agriculture remains the largest contributor to GDP at 25.08%. Also the largest employer of labour – employs above 40% of labour force. Structure of the economy is tilted towards services than production- 53:47.

Nigerian Economy – Policies Ahead of Economics

Still a highly import dependent economy – Marginal propensity to import: 0.68
Major import commodities: machinery & transport equipment, manufactured goods and chemicals. Unemployment+ Underemployment at 40% (Q3’17), Misery index currently at 55.13.
Increasing due to rising unemployment, No minimum wage adjustment since 2011 despite currency devaluation. One of the lowest minimum wage level at N18,000 ($1.25 per hour).
Leading commodities: cocoa, tubers, rubber, cashew, soya beans.

Download the below link for the comprehensive report on Nigerian Agriculture by Bismarck Rewane:

IN PHOTOS: N-BA 2018 Annual Lecture Series “Agriculture: The New Goldmine”

In photos the Nigeria-Britain Association 2018 Annual Lecture Series “Agriculture: The New Goldmine”


L-R:Mr. Adeniyi Aromolaran Honorary Secretary of the N-Britain Association, Mr. Antti Ritvonen Country Manager Dizengoff, Mrs. Francisca Odega Head Information & Trade Nigerian Export Promotion Council, Mr. Funmi Onabolu President Nigeria-Britain Association, Mrs. Idiat Folorunsho Zonal Manager South-West Bank of Agriculture, Prince Falade Chairman Agric & Agro Allied Group, LCCI, Mr. Edward Abraham Honorary Treasurer Nigeria-Britain Asscociation




  • simon monday

    Recent Posts

    Heart Attack Causes and its Solution

    What is the Main Cause of a Heart Attack? What is its Solution? A heart attack is the blockage of… Read More

    11 months ago

    Understanding the Debt Ceiling: Its Impact, Importance, and Implications

    In the vast economic arena, one term that often takes center stage, inciting extensive debates and discussions, is the "debt… Read More

    1 year ago

    De-Dollarization: The New World Order of Currency and Its Global Impact

    De-Dollarization: The Changing Face of Global Finance The financial landscape is in a state of flux, with an intriguing economic… Read More

    1 year ago

    Unstoppable Bayern Munich: The Story Behind Their 11th Consecutive Bundesliga Title

    The curtains closed on a dramatic Bundesliga season with Bayern Munich standing tall once again, clinching their 11th straight title.… Read More

    1 year ago

    Celine Dion Cancels Concert Tour Due to Deteriorating Stiff-Person Syndrome

    The Unfolding Story of Celine Dion's Health In recent news that has left fans across the globe stunned, iconic singer… Read More

    1 year ago

    Navigating the Crossroads: LeBron James, Anthony Davis, and the LA Lakers’ Uncertain Future

    As the echoes of the recent NBA season start to fade, the attention of enthusiasts is firmly glued to one… Read More

    1 year ago