To transform Nigeria’s livestock industry into a major economic driver, the federal government through the Nigeria Livestock Growth Acceleration Strategy (NL-GAS), is set to expand the sector’s value from $33 billion to $74 billion within the next five years.
Minister of Livestock Development, Idi Maiha, stated this in a press statement while delivering a goodwill message at a high-level policy dialogue convened by the African Development Bank (AfDB) in Abuja.
“We have developed and are implementing the Nigeria Livestock Growth Acceleration Strategy (NL-GAS) with a goal of revolutionising the sector and increasing it from a $33 billion to $74 billion industry within the next 5 years.”
Meanwhile, Maiha advocated for greater stakeholder collaboration to improve access to finance for youth and women engaged in Nigeria’s livestock agribusiness sector.
He stated the urgent need to strengthen financial inclusion, asset support, and market linkages for rural livestock farmers, especially women and young people.
Quoting data from the Enhancing Financial Innovation and Access (EFInA)’s 2023 Access to Finance Survey, Maiha noted that while formal financial inclusion in Nigeria rose from 56% in 2020 to 64% in 2023, about 28.8 million adults 26% of the population remain excluded from the financial system.
“Financial exclusion remains pervasive in rural areas due to illiteracy, low bank and fintech penetration, socio cultural barriers, and poor infrastructure,” he stated.
The minister also said the ministry is scaling up its interventions to empower 37,000 youth and women through practical training, starter assets, and improved market access, citing the ongoing implementation of the Nigeria Livestock Growth Acceleration Strategy (NL-GAS) as a key part of this drive.
He urged the African Development Bank (AfDB) and other development partners to develop financing models that reflect the unique realities of the livestock ecosystem while also advocating for policy reforms to strengthen credit guarantees and support cooperative-based lending to unlock opportunities for informal sector players.