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Africa’s agric to hit $1trn growth by 2030

04 June 2014, 16:13

Lagos - The Minister of Agriculture and Rural Development, Dr Akinwumi Adesina has said that the size of Africa’s agriculture and agribusiness was expected to grow to $1 trillion by 2030.

Adesina said this in his opening remarks at the International AgrikExpo 2014 in Lagos.

He said that Foreign Direct Investment in agriculture which stood at $10 billion in 2005, would hit $45 billion  by 2020.

The Minister urged practitioners in the sector to make agriculture a business.

“Agriculture is shining in Nigeria and there is so much to exhibit.

With abundant water and cheap labour, Nigeria is poised to become a major player in global food and agricultural markets.

"To ensure this, President Jonathan three years ago, decided to unlock the potential of agriculture. We made conscious decision to refocus the sector.”

Appraising the achievements of the sector in the present administration, he said that fertilizer procurement and distribution was reformed through the Growth Enhancement Support scheme.

Adesina said that the scheme had successfully registered over eight million genuine farmers, while improving food security of 40 million persons in rural households.

“Within two years, our national paddy rice production rose by 4.3 million tonnes. The number of integrated modern rice mills in the country rose from five to 15 within two years.

“The expanded local rice production has added N320 billion to the economy.

“It also boosted the rural economy by 360,000 jobs, among others,” he said.

The exhibition was attended by over 400 exhibitors including processors, marketers, input suppliers, farmers, consultants and Agro dealers.

-    NAN

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