Nigeria’s agricultural export fell massively by 40.6 per cent to N84.21 billion within the evaluate quarter from N141.76 billion recorded within the second quarter of 2022.
Sadly, the report by the Nationwide Bureau of Statistics (NBS) additionally confirmed that Nigeria nonetheless depends quite a bit on importation to fulfill its meals calls for.
In accordance with the report, agricultural items value N512.91 billion had been nevertheless imported within the interval underneath evaluate, making a ten per cent improve in comparison with N464.4 billion recorded within the earlier quarter and a 6.4 per cent improve in comparison with N482.2 billion within the corresponding interval of 2021.
That is regardless of the large investments channeled to the sector by the federal authorities and the Central Financial institution of Nigeria (CBN).
In accordance with the CBN, a sum of N1.07 trillion has been disbursed underneath the Anchor Debtors’ Programme (ABP) to over 4.6 million smallholder farmers cultivating 21 commodities as of September this yr.
Additionally, the CBN had disbursed a sum of N745.31 billion to finance 680 large-scale initiatives underneath the Business Agriculture Credit score Scheme (CACS). Regardless of these interventions, the sector is but to print the specified stage of development.
Information from the Nationwide Bureau of Statistics confirmed that Nigeria’s agricultural sector grew by 1.34 per cent year-on-year in actual phrases within the third quarter of the yr, a marginal enchancment in comparison with 1.2 per cent recorded within the earlier quarter.
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