NIGERIA Invest in 2012-13 - Newsdesk Media

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146 agriculture and water Growing the agriculture sector The government intends agriculture to become as important a driver in the economy as the oil industry is currently invest in nigeria 2012-13
Despite decades of neglect that have left it lagging behind the energy sector, things are about to change for agriculture. Peter Guest notes a determination by the Nigerian government to increase investment in farming, exploiting an ideal environment and a wider market across West Africa For the past half-decade, Nigeria’s runaway growth rates have seen it enter more frequently into international investors’ discussions. As a major oil exporter with an expanding, youthful population of around 170 million, the country has seen investors flocking to its financial services, telecoms and hydrocarbon sectors. However, those are only part of the country’s economic story. While Nigeria’s foreign exchange earnings mainly come from the oil industry, a large proportion of its domestic economy is rural. Agriculture has not kept up with the country’s development or demographic trends, leaving it heavily reliant on imports. However, with a new political drive and renewed private-sector interest, the sector could be on the verge of a resurgence. Until the early 1960s, Nigeria was a net food exporter. However, as the oil industry began to dominate the domestic and international agenda, the sector fell into relative decline. Public- and private-sector capital for investment dried up, and infrastructure targeting agricultural areas was neglected. Since then, Nigeria has become reliant on expensive imported grain, and now ships in more than 3.5 million tonnes per year, mostly from the US. Volatility in global prices for food – caused by unusual weather conditions – have also left the country, like many others, exposed to the vagaries of international markets. High and rising AGRICULTURE AND WATER 147 prices, too, have contributed to inflationary pressures, reducing the positive impacts of economic growth in Nigeria. It has long been accepted that Nigeria needs to diversify its economy in order to unlock itself from its current dependency on international oil markets whose fluctuations in the past few years of global uncertainty have caused difficulties across exporting nations. The combination of this imperative to find new sources of revenue and employment, as well as the demographic necessity – and opportunity – is driving a new focus on agriculture in the country. Nigeria’s population is urbanising and becoming more wealthy. The country’s economy has been growing uninterrupted for a decade, driven in large part by the oil industry, although financial services, telecoms and technology, and construction have all begun to develop. Richer societies The commercial capital of Lagos is fast becoming one of the continent’s mega-cities, growing in size and population. Richer urban societies consume more, and their diets typically change to include more protein, in turn requiring far greater production of agricultural commodities as feed for livestock. Jacques Taylor, director of agricultural banking at Standard Bank, recently relocated to Nigeria from South Africa in order to spearhead the bank’s drive into West African agribusiness. In pure output terms, Nigeria is already the largest agricultural producer in sub-Saharan Africa, Taylor notes. While there are serious gaps in the country’s infrastructure, and the fragmented nature of the industry makes the challenges acute, the decline is not terminal. “It is important to acknowledge that Nigeria has pockets of well-structured and viable businesses in the agricultural sector – where entrepreneurs and corporates manage to establish and grow their businesses despite infrastructure challenges and inefficient value chains,” Taylor says. INvEsT IN NIGERIA 2012-13
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Invest in NIGERIA 2012-13 Published
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Mubadala is an investment and devel
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Invest in NIGERIA 2012-13 Editor La
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Trade Facilitation/Development Init
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Contents Forewords 16 21 The Policy
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44 Promoting free and fair election
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120 Industrial Infrastructure 124 1
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16 FOREWORD Goodluck Ebele Jonathan
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Ahmadu Bello University, Zaria, Nig
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since 1989 Rotary kiln incinerators
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Pushing boundaries An emerging lead
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24 the policy agenda Realising Nige
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Foreign policy and the investment e
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28 the policy agenda prospects of l
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www.nosakgroup.com Corporate Offi c
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32 the policy agenda Democracy and
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Sustainable business, social repons
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36 the policy agenda There is no do
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38 the policy agenda Working to ach
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40 the policy agenda they had sexua
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42 the policy agenda “The improve
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44 the policy agenda Promoting free
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46 the policy agenda The April 2011
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48 the economy and finance Nigeria
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Murphy Shipping…………Bridging
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52 the economy and finance has been
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Since 1994, Nigeria Inter-Bank Sett
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56 the economy and finance Facts an
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58 the economy and finance petroleu
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Driving growth through Mobile Money
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elevating the country to the upper
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Zenith Bank plc Zenith Bank was est
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the economy and finance 67 Public r
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Improving Nigeria’s electricity n
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supply of electricity, though, will
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oil, gas and minerals 73 Nigeria’
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aBc Human development consultants l
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oil, gas and minerals 77 The decisi
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Empowering Nigeria Seven Energy Int
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Reliable partner in NIGERIA JASCON
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Crude oil exports by destination, 2
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The leading indigenous suppliers of
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DrillPet International Limited (DIL
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Step on the gas The Nigerian Gas Ma
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The original GMP proposed a gas inf
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Find out more at www.oriental-er.co
Page 95 and 96: To encourage the participation of l
Page 97 and 98: NEITI: the Nigerian Extractive Indu
Page 99 and 100: Cakasa (Nigeria) Company Limited St
Page 101 and 102: The government has ambitious plans
Page 103 and 104: Potential for growth The Nigerian g
Page 105 and 106: Oil and the Niger Delta Nigeria’s
Page 107 and 108: Shell estimates it has an additiona
Page 109 and 110: High Voltage transmission sending s
Page 111 and 112: Despite being rich in natural resou
Page 113 and 114: HEAD OFFICE POWER GENERATION TRANSM
Page 115 and 116: former university academic addresse
Page 117 and 118: Although efforts to bring electrici
Page 119 and 120: www.ilf.com ILF - Engineering Excel
Page 121 and 122: of one gigawatt coal-fired power pl
Page 123 and 124: © 2012 Caterpillar All Rights Rese
Page 125 and 126: The National Economic Development P
Page 127 and 128: Vehicle imports General cargo Conta
Page 130 and 131: Engineering & Construction STEMCO,
Page 132 and 133: 132 INDUSTRIAL INFRASTRUCTURE Suppo
Page 134 and 135: 134 INDUSTRIAL INFRASTRUCTURE One o
Page 136 and 137: 136 SOCIAL INFRASTRUCTURE Populatio
Page 138 and 139: 138 SOCIAL INFRASTRUCTURE Tackling
Page 140 and 141: 140 SOCIAL INFRASTRUCTURE the chanc
Page 142 and 143: 142 SOCIAL INFRASTRUCTURE Healthcar
Page 144 and 145: 144 SOCIAL INFRASTRUCTURE Obstetric
Page 148 and 149: Electrical, Mechanical, Civil, Wate
Page 150 and 151: 150 agriculture and water sesame an
Page 152 and 153: Siat Group Investment Company in Tr
Page 154 and 155: 154 agriculture and water The devel
Page 156 and 157: 156 media, tourism aNd culture A ri
Page 158 and 159: 158 media, tourism aNd culture The
Page 160 and 161: 160 MEDIA, TOURISM AND CULTURE A ci
Page 162 and 163: 162 MEDIA, TOURISM AND CULTURE Top
Page 164 and 165: 164 DIRECTORY Government ministries
Page 166 and 167: 166 DIRECTORY Tel: 236 0521, 236 05
Page 168 and 169: 168 DIRECTORY United States of Amer
Page 170 and 171: 170 Index of advertisers Aero .....
Page 172: ffordability - innovation eliabilit
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