NEWS DETAIL
Nigeria’s Agric sector grows 2.28% in Q3, fastest since Q1 2019
 Posted Date : 2019-12-10

Nigeria’s agricultural sector grew 2.28% in the third quarter of the year; the latest data released by the National Bureau of Statistics (NBS) have shown.

This is the fastest growth reported in the sector since the first quarter of 2019 when the sector grew by 3.17 percent on an annual basis.  Growth in the second quarter stood at 1.79 %, while in Q3 2018, the sector grew by 1.91%.

In real term, the sector recorded a value of N5.4 trillion from the N3.86 trillion and N5.288 trillion recorded in Q2 2019 and Q3 2018, respectively.

Analyst say the growth was due mainly to the bountiful harvest season during the quarters as farmer’s ramp up harvest to meet the increasing demand of food products that come with the period.

Nigeria’s agricultural sector is largely made up of smallholder farmers engaged in cop production, livestock, forestry and fishing.

To boost growth in the sector, Nigeria embarked on several policies aimed at curbing the country’s huge import bills while boosting domestic production.  Part of such policies was a directive by President Buhari to the central Bank, to stop the provision of dollars to importers of agricultural produce into the country.

With the policy, alongside the Anchor Borrowers an intervention program aimed at providing credit facilities to smallholder farers would assist the country in attaining food sufficiency.  As at September end, a total of N205.8 billion has been disbursed to over 1.2milion smallholder farmers across seventeen communities under the anchor borrower’s scheme, according to latest data released by the Central Bank.

 

 Business Day, Nov. 25, 2019