‘Reliance on trade restrictions keeps agric sector below potential’

“As Nigeria inches out of another recession, there is no better time to take steps that support its resolute claims that the performance of its agriculture sector is key to its long-term growth.” She disclosed that the first part of the report provided an overview of the agricultural value chain and analysed some of the conditions that led to the sector’s underdeveloped state.

Group Head of Agric Finance and Solid Mineral at Sterling Bank, Bukola Awosanya, said the industry report empowers players in the agriculture sector with a navigation roadmap and affirms the bank’s commitment to de-risking and making the domestic agriculture value chain more viable for commercial lending.

The report, therefore, advocated improved production methods that are more efficient and sustainable, investing in large scale storage so that national reserves are sufficient in times of crisis or implementing a public sector framework such that issues that concern the sector can be assessed by the appropriate bodies and a coordinated response is pushed out in a timely manner.

The report equally showed that Nigeria’s agricultural sector is operating below its potential, “even by its standards.” It identified the inefficiencies that slowed and crippled the growth of the sector.

While the second part reviewed the impact of the COVID-19 pandemic on the country’s agriculture sector, response to the pandemic, and lessons learnt from other countries on the need to build a more resilient agricultural sector..

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