Nigeria Targets $74 Billion Livestock Sector by 2035

The Nigerian government has outlined a plan to expand the livestock sector's value from $32 billion to $74 billion by 2035, as part of a broader effort to transform agriculture and improve food security. This initiative was presented on Wednesday during the ninth edition of the Vanguard Economic Discourse held at the Civic Centre in Lagos.

Idi Maiha, the Special Adviser to the Minister of Livestock Development, emphasized the development of a 10-pillar livestock transformation plan. Agriculture currently contributes approximately 24-26% to Nigeria's GDP and employs about 40% of the labor force.

Despite having Africa's largest livestock population, Nigeria faces significant challenges, including low productivity and food insecurity, with 25 million people at risk of acute food insecurity. The government aims to address these challenges by improving feed systems, animal health services, and access to financing.

Eustac Iyayi highlighted the need for financial institutions to offer single-digit interest rates to farmers to encourage investment.