Agric value to hit N91trn by 2050 – Expert

The Fishery Society of Nigeria (FISON) says that the value of the country agricultural sector is estimated to reach about $256 million by 2050.
First Vice-President of FISON, Dr Bola Adekoya, who made the disclosure at the Agricultural Value Chains (AVC) Stakeholder’s Capacity Development” workshop yesterday in Lagos, said that the projection was good enough to attract more competent hands, especially the youth into the sector to stimulate economic growth and the wellbeing of the populace
According to him, the country’s populace is expected hit 250 million by 2050.
He said the sector growth figure was 10 times bigger than the 2018 Budget put at N9.12 trillion.
Adekoya added that cassava chips and pellets alone would have an estimated value of $1 billion and a growth prospect of 20 per cent per annum.
Also, the Managing Director of NIRSAL, Mr. AliyuAbdulhameed, said that the time was apt to tackle the challenges facing the agricultural sector.
He stressed the need to reverse the growth slide recorded in the last decade toward actualising the projected growth value.
Abdulhameed was represented by NIRSAL Lagos office Branch Coordinator, OlaiyaOladele,
The vice-president of FISON identified some of the challenges to include: low productivity, poor technology, poor agricultural practices, low research and development and under-financing of the agric value chain.
He said the purpose was also to deal with all the inefficiencies in the value chain.
According to him, NIRSAL seeks to trigger agricultural industrialisation process through increased production and processing, to boost self-sufficiency and economic development.
He said that NIRSAL would de-risk agricultural business through five pillars: Risk sharing facility, insurance, technical assistance facility, agribusiness rating mechanism and bank incentives mechanism.