NEC Approves $90 Billion Agribusiness, Livestork Development Plan for Nigeria

The National Economic Council (NEC) has approved a comprehensive $90 billion agribusiness and livestock development plan aimed at transforming Nigeria into a major agricultural powerhouse by 2035.

The plan, which was presented to the council by the Minister of Agriculture and Rural Development, is designed to unlock the country’s vast agricultural potential and make it a major player in the global food market.

The investment plan, which will be implemented over the next 12 years, will focus on developing the country’s agricultural sector, with a particular emphasis on livestock production, irrigation, and agribusiness.

The plan is expected to create millions of jobs, increase food production, and reduce the country’s reliance on imported food products.

According to the Minister of Agriculture and Rural Development, the plan will be implemented in phases, with the first phase focusing on the development of key agricultural value chains, including livestock, dairy, and poultry production.

The second phase will focus on the development of irrigation infrastructure, while the third phase will focus on the development of agribusiness and agricultural processing.

The $90 billion investment plan will be funded through a combination of public and private sector funding, including investments from local and international investors, as well as funding from development partners.

The plan is expected to generate significant economic returns, including the creation of over 10 million jobs, an increase in agricultural GDP by over 20%, and a reduction in food imports by over 50%.

The NEC’s approval of the plan is a major milestone in the country’s efforts to diversify its economy and reduce its reliance on oil exports. The plan is also expected to have a significant impact on the country’s food security, as it will increase food production and availability, and reduce the country’s reliance on imported food products.

The implementation of the plan will be coordinated by a national steering committee, which will be chaired by the Minister of Agriculture and Rural Development. The committee will work closely with state governments, local governments, and other stakeholders to ensure the successful implementation of the plan.

Overall, the $90 billion agribusiness and livestock development plan is a major step towards achieving Nigeria’s goal of becoming a major agricultural powerhouse by 2035. With its focus on developing the country’s agricultural sector, creating jobs, and increasing food production, the plan has the potential to transform the country’s economy and improve the lives of millions of Nigerians.