Federal Government Push for Nigeria's Food Self-Sufficiency, Opens Huge N525bn Opportunity in Seeds market

Federal Government Push for Nigeria's Food Self-Sufficiency, Opens Huge N525bn Opportunity in Seeds market

  • With the Federal Government pushing to ensure Nigeria's food self-sufficiency, a billion Naira opportunities await smart Nigerians
  • Nigeria has a seed gap demand and supply of over 320,000 metric tons and anyone with a solution is sure to make money
  • There are only 314 firms registered companies as players in the seed market and many are not operational

There is a huge billion Naira opportunity waiting for Nigerians to tap into in the seed industry, as the federal government intensifies its efforts to ensure the country is self-sufficient.

Nigeria's seed industry potential is estimated to be N777.38 billion, but what is domestically available is valued at N252.35 billion, leaving a N525.04 billion gap.

The most recent data from the National Agricultural Seed Council (NASC) reveals that Nigeria’s total national seed requirements for major crops, including maize and rice, stood at 413,417.64 metric tons (MT) as of 2017.

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President Buhari's push for Nigeria's food self-sufficiency opens huge N500bn opportunity in seeds industry
Man Standing In his Farm Photo credit: David Garrity / EyeEm
Source: Getty Images

While the quantity available at the time was 93,306MT, leaving a yawning gap of 320,111 MT.

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Recently, the Nigerian poultry sector highlighted the country's grain issues, stating that 5.6 million tonnes of maize will be required to satisfy feed demand.

This is a tremendous business opportunity for Nigerians and farmers to tackle Nigeria's agricultural production problem while also making money.

How Nigerians can tap into the available opportunity

There are over 200 million mouths to feed in Nigeria and currently, only a total of 314 registered seed companies are registered by the National Seed Council, and many are said not to be in operation.

Speaking on the opportunities, the Director-General, the National Agricultural Seeds Council, Dr. Phillip Ojo noted that Nigeria seed sector is capable of generating N2.22 trillion within three years if the potentials of the sector can be well harnessed.

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According to him, with 10,355 metric tons of Early Generation Seeds (EGS) to produce 918, 743 metric tons of Certified Seeds it will, in turn, produce 103, 079, 253 metric tons of food from 46,250, 733 hectares.

He said:

"This will in turn add N2.2227 trillion to the economy and employ 18,500,293 farm families along agricultural value chains."

Stakeholder speaks

In an interview, Abiodun Olorundenro, chief executive officer, Green Vine Farms revealed that most of the seeds in the market today are imported and this is because we do not produce enough seeds.

He added that demand outweighs supply and to bridge the gap, a lot of merchants are importing seeds for farmers.

Support from CBN

The Central Bank of Nigeria in the last few years has not hidden its desire to support players in the industry to help the government actualise its dream.

At the unveiling of one million bags of rice pyramid in Abuja on Tuesday, 18 January 2021, CBN Governor Godwin Emefiele revealed that the apex bank has disbursed over N1 trillion to over 4 million farmers.

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Smart Nigerian Woman Who Just Sold Her Company for N134.70bn

Meanwhile, Legit.ng had earlier reported how Funke Opeke, an engineer and Techpreneur made N134.70bn selling her company.

Opeke is the founder and Chief Executive Officer of MainOne, one of Africa's most important and pivotal tech companies in the past decade.

On Tuesday, December 7, 2021, she announced her 12-year-old company will be taken over by a US company.

Source: Legit.ng

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