Is agriculture and not oil the key for Nigeria’s long-term stability? One scholar in the U.S. thinks so. “Agriculture is one of the most significant opportunities in Nigeria today as the government looks to reverse current situation of high importation and low yield to encourage more efficient domestic agricultural output,” announced Prof. Alphonso Ogbuehi, a Professor of Marketing and International Business at the Clayton State University, during his presentation at the recent Imo State Business Forum in Atlanta, Georgia.
In his presentation, “Why Do Business In Nigeria,” Prof. Ogbuehi told audiences that Nigeria imported $4-billion worth of wheat, $2 billion of rice, $1.4 billion of sugar, and $1 billion of fish just in 2012 to show that it has potentials in the Agriculture Sector, reports Leadership Nigeria.
He sussed that the government of Nigeria run agriculture as a business. “He also stressed that the government also changed the philosophy of where money could be made as opposed to a government driven development effort as was the case in the past,” reports Leadership Nigeria.
The U.S.-based scholar also said that Nigeria’s retail space was growing with modern supermarkets and departments stores targeting the new middle class. “Shoprite hopes to have more stores in Nigeria than South Africa where if has more than 700 stores. By the end of 2013, KFC will grow from less than 10 stores to more than 30. It has 600 stores in South Africa,” he noted.
Hospitality space in Nigeria is also expanding with upscale properties targeting the business and leisure markets, said Prof. Ogbuehi. Hotels are experiencing occupancy rates between 80-85% compared to 60% in South Africa.