Farmers earned n73 24bn from agric exports in three months nbs
According to the National Bureau of Statistics (NBS), Nigerian farmers earned a total of N73.24 billion from agricultural exports in the first three months of the year (January to March). This is a significant increase from the previous year's figure, indicating a growth in the country's agricultural sector.
Here are some key points from the NBS report:
- Total agricultural exports: N73.24 billion
- Increase from previous year: 14.6%
- Top agricultural exports: Cocoa, sesame seeds, and cashew nuts
- Destination countries: Mainly China, India, and the European Union
This increase in agricultural exports is a positive development for the Nigerian economy, as it can help to:
- Diversify the country's revenue streams
- Create jobs and stimulate economic growth
- Improve food security and reduce reliance on imports
- Enhance the country's competitiveness in the global market
However, it's worth noting that the agricultural sector still faces several challenges, including:
- Infrastructure deficits (e.g., lack of storage facilities, transportation networks)
- Climate change and weather-related risks
- Limited access to credit and other financial services
- Inadequate research and development to improve crop yields and productivity
To fully realize the potential of the agricultural sector, the government and private sector stakeholders will need to address these challenges and implement policies that support sustainable agricultural development.