Tag nigeria plans to generate n800billion from animal feed industry

That's a great piece of news!

According to reports, the Nigerian government has unveiled plans to generate N800 billion (approximately $2.2 billion USD) from the animal feed industry. This ambitious plan is aimed at boosting the country's agricultural sector and reducing reliance on imported animal feed.

Here are some key highlights from the plan:

  1. Increased local production: The government aims to increase local production of animal feed to reduce reliance on imports, which currently account for over 70% of the country's animal feed needs.
  2. Diversification of feed sources: The plan involves diversifying the sources of animal feed, including the use of alternative ingredients such as cassava, sweet potatoes, and other local crops.
  3. Establishment of feed mills: The government plans to establish new feed mills and upgrade existing ones to increase capacity and efficiency.
  4. Support for small-scale farmers: The plan includes support for small-scale farmers to enable them to produce high-quality animal feed, thereby increasing their income and contributing to the growth of the sector.
  5. Job creation: The plan is expected to create thousands of jobs in the animal feed industry, both directly and indirectly.

The Nigerian government believes that this plan will have a positive impact on the country's economy, including:

  1. Reduced foreign exchange expenditure: By reducing reliance on imported animal feed, the country will save foreign exchange and reduce its trade deficit.
  2. Increased agricultural productivity: The plan is expected to increase agricultural productivity, as farmers will have access to high-quality animal feed, leading to improved livestock production and overall agricultural growth.
  3. Improved food security: The plan will help to improve food security, as more Nigerians will have access to affordable and nutritious animal products.

Overall, this plan is a significant step towards diversifying Nigeria's economy, promoting agricultural growth, and improving food security.