Share
Akin Laoye on how Nigeria can fulfil its agricultural potential
Data from the National Bureau of Statistics (NBS) shows that Nigeria's agricultural sector growth slowed to 1.79 per cent in the second quarter, compared to the 3.17 per cent growth recorded in the first quarter of this year. To discuss the performance of the agricultural sector and what areas Nigeria's new minister of Agriculture should prioritise, Akin Laoye, Executive Director of FTN Cocoa Processors joins CNBC Africa for more.
Wed, 11 Sep 2019 12:13:26 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Leveraging Nigeria's abundant arable land and competitive advantage in agriculture
- Empowering youth through access to funding and infrastructure development
- Enhancing international collaborations and diversifying agricultural portfolio beyond oil dependency
Nigeria's agricultural sector growth slowed to 1.79 per cent in the second quarter, compared to the 3.17 per cent growth recorded in the first quarter of this year, according to data from the National Bureau of Statistics. To shed light on the performance of the agricultural sector and discuss the key areas Nigeria's new Minister of Agriculture should prioritize, Akin Laoye, Executive Director of FTN Cocoa Processors, joined CNBC Africa for an enlightening interview.
During the interview, Akin Laoye expressed optimism about the potential of Nigeria's agriculture sector but emphasized the need for strategic focus and proactive measures to harness this potential effectively. He highlighted several key points that underscored the challenges and opportunities facing the sector.
One of the key themes that emerged from the discussion was the urgent need to leverage Nigeria's abundant arable land and competitive advantage in agriculture. Laoye pointed out that Nigeria has approximately 76 million hectares of agricultural land, a significant resource that surpasses that of countries like Indonesia. However, he underscored that the current percentage of arable land being utilized in Nigeria is still far below its potential, indicating a pressing need for increased investment and productivity in the sector.
Another crucial aspect addressed in the interview was the importance of incentivizing and empowering the youth to engage in agriculture. Laoye emphasized the need to make agriculture more attractive to young entrepreneurs and create an enabling environment that encourages their participation. Access to funding, infrastructure development, and innovative approaches to integrating modern technology and urban amenities into rural farming communities were identified as key initiatives to spur growth and sustainability in crop production.
Furthermore, Laoye drew attention to the global efforts of countries like Ghana and Cote d'Ivoire in the cocoa industry, highlighting the collaboration and sustainability strategies that have driven their success. He stressed the importance of Nigeria's active engagement in international cocoa initiatives and its potential to diversify its agricultural portfolio beyond oil dependency. By aligning with industry best practices and leveraging partnerships across the value chain, Nigeria can enhance its competitiveness and secure a sustainable future for its agricultural sector.
Looking ahead to the African Continental Free Trade Area (AfCFTA) agreement set to go into full effect next year, Laoye expressed cautious optimism about its potential benefits for the sector. While acknowledging the opportunities for strategic alliances and market access that the AfCFTA could offer, he also raised concerns about the readiness of African economies to address challenges such as xenophobia and trade imbalances within the region. Ensuring a harmonized and inclusive approach to regional trade will be essential in maximizing the benefits of the AfCFTA for Nigeria and its agricultural industry.
In conclusion, Akin Laoye's insights shed light on the pathways to unlocking Nigeria's agricultural potential and spurring sustainable growth in the sector. By prioritizing strategic investments, youth empowerment, global partnerships, and regional cooperation, Nigeria can position itself as a leading agricultural hub in Africa. The new Minister of Agriculture and key stakeholders must heed these recommendations and take decisive actions to realize Nigeria's agricultural ambitions and drive economic prosperity for the nation.
SIGN UP FOR OUR NEWSLETTER
DAILY UPDATE
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.