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Nigeria to Revamp Agricultural Sector, Economy at Upcoming Summit

Nigeria to Revamp Agricultural Sector, Economy at Upcoming Summit

While Nigeria is Africa’s largest oil producer, the country is working toward earning another leading title. According to Shamsuddeen Usman, the minister of Nigeria’s national planning commission, the country’s agricultural sector will soon receive major improvements and reforms, Business Day Online reported.

At the 19th Nigerian Economic Summit (NES) press conference, Usman pointed out that the agricultural sector’s contribution to GDP has steadily increased over the past two years. Business Day Online noted that close to two-thirds of the country’s labor force works in agriculture. Between 2011 and 2012 the sector made up 40 percent of GDP. Agriculture currently contributes 45.49 percent to GDP.

“For the first time, an agricultural transformation agenda has been developed and is being vigorously implemented by the government. The agricultural sector is also to play a critical role in the realization of the objectives of the transformation agenda,” Usman said in the report.

“With an average GDP growth rate of 7 percent in 2011 and 2012 and 6.56 percent in the first quarter of 2013, the prospects for Nigeria are huge, in the immediate and near term,” he said.

The NES, titled ‘Growing Agriculture as a Business to Diversify Nigeria’s Economy,’ is scheduled to take place September 3-5 in Abuja, Nigeria. The annual summit will direct focus on one sector this year for the first time outlining “agro-processing zones,” infrastructure and financial points as well as policy. Usman added that global leaders at the summit will discuss food security and wealth creation.

Business Day Online reported that Usman considers the new agriculture approach a call to action and an attempt to diversity Nigeria’s economy. Food ministry officials believe that Nigeria’s agricultural sector has the greatest potential to boost the economic climate.

“We decided that it is time we began to get a deep dive into a specific area. Agriculture is one particular sector in which we can engage a lot of Nigerians and industrialize Nigeria,” Foluso Phillips, NES Group chairman said. “We are going to give attention to all the issues affecting the whole value chain of the agricultural sector.”