Nigeria targets $74 billion livestock sector expansion by 2035
via Punch Nigeria2 min read
The Federal Government of Nigeria aims to nearly double its livestock industry to $74 billion by 2035, up from its current value of approximately $32 billion. This initiative is part of a broader strategy to transform agriculture, enhance food security, and stabilize the economy. The plan was presented at the ninth Vanguard Economic Discourse in Lagos by Eustace Iyayi, Special Adviser to the Minister of Livestock Development, Idi Maiha. Agriculture contributes 24 to 26 percent of Nigeria's GDP and employs up to 40 percent of its workforce, yet the country faces persistent food insecurity, with over 25 million people at risk of acute food insecurity and food inflation exceeding 30 percent. The livestock sector, which accounts for five to eight percent of GDP and about a third of agricultural output, is seen as crucial for addressing protein deficiency, as average per capita animal protein consumption is 7 to 10 grams per day, below the recommended 20 grams. Despite having a large livestock population, Nigeria faces low productivity due to issues in feed availability, genetics, animal health systems, and market infrastructure. The government's reform agenda includes improving feed and fodder systems, strengthening animal health services, expanding access to finance, and investing in data and infrastructure. Iyayi emphasized the need for affordable financing for farmers, advocating for single-digit interest rates, and highlighted the importance of improving security in farming c
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