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Nigeria loses $9bn revenue annually in agric – Minister

The Minister of State for Agriculture, Heineken Lokpobiri, has disclosed that the country is losing $9 billion annually due to poor investment in agriculture business.…

The Minister of State for Agriculture, Heineken Lokpobiri, has disclosed that the country is losing $9 billion annually due to poor investment in agriculture business.

According to him, the country loses over 240 million metric tonnes of fish production in the world market that could have increased foreign earnings and boosted the economy before the advent of President Muhammadu Buhari’s administration. The minister stated this at Afe Babalola University, Ado Ekiti yesterday at a lunch organised in his

honour by the founder of the institution, Chief Afe Babalola.

The minister stated that Nigeria lost revenue earnings due to government’s laxity, adding that many of the country’s agricultural products were being exported to other West African nations and branded in the names of those countries after processing. Lokpobiri urged all Nigerian universities to emulate ABUAD’s landmark exploits in farming, describing the university as a pacesetter.

He expressed the fear that the country might witness serious famine in future with the projection that its population might hit 250 million by 2030.

The minister said the federal government would partner ABUAD in the areas of agriculture and training of young graduates to boost food production.

He said the 400-bed Afe Babalola University Teaching Hospital had launched Nigeria on the world’s map of medical tourism, describing it as a wasteful effort for any Nigerian seeking medical treatment abroad with the facilities in the hospital.

“Before President Buhari came, Nigeria was losing $9b revenue earnings annually in agric sector.

“In Nigeria, we are not producing enough fish to feed our population, that is why we are relying heavily on importation. The deficit between demand and supply was 2.5m metric tonnes annually , this is about 320 containers . You can imagine the quantum of revenue we lost to low production in this sector alone.

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