AGRICULTURE

Agriculture often plays a more significant role in the economies of developing countries and is crucial for food security and employment. Using Nigeria as an example, agriculture is a major sector of the Nigerian economy, employing about 70% of the population and contributing about 23% to the country’s Gross Domestic Product (GDP). Nigeria is a leader in various types of agricultural production, given its vast arable land, large population, and diverse climatic conditions. The sector is dominated by small-scale farmers who produce crops such as cassava, rice, maize, yams, pineapple, palm, sorghum, vegetables, and a vast majority of other agricultural produce, but there are opportunities for investment in large-scale commercial farming, agribusiness, and value-added processing.  The government has identified agriculture as a key sector for economic growth and has launched various initiatives to promote investment in the sector. There are opportunities for investment in areas such as mechanized farming, irrigation systems, food processing, crop processing, storage and packaging, and export. Nigeria’s agricultural trade value is relatively low, but there is potential for growth in export markets, especially for crops like cocoa, rubber, and palm oil. Competitive advantage in this sector includes vast arable land, abundant natural resources, a large pool of cheap labor, a large and fertile land mass, a diverse range of agricultural products, and a supportive regulatory environment. Shared value in this sector includes job creation, food security, and sustainable development.