Business
Nigeria’s Agric Output Rises By N700bn Amidst Rising Insecurity

Amidst rising insecurity in the country, the Nigeria’s total agricultural output has risen by N700bn in the second quarter of 2021.
A release from the National Bureau of Statistics (NBS) on Friday stated that the total agricultural output in the second quarter of the year rose to N9.3tn from N8.6tn recorded in the first quarter of 2021.
This, according to NBS, resulted in an increase of N700bn in total output generated in the agricultural sector in the period under consideration.
This shows that out of the four subsectors that constitute the agriculture sector, two recorded a decline in economic performance while the remaining two experienced a decline in productivity.
The two sub-sectors that recorded an increase in economic performance are crop production, from N7.2tn to N7.5tn; and forestry, which grew by N2.5bn, from N73.3bn to N75.8bn.
The livestock subsector recorded a significant decline in productivity within the period under review, from N613bn to N508bn.
Similarly, output in the fishing subsector dropped by N144bn from N663.9bn recorded in the first quarter to N519bn recorded in the second quarter.
The performance of the agricultural sector shows that at present, the sector is resilient to major challenges plaguing it, such as worsening insecurity in food-producing states in the country.
Also, lack of access to premium buyers due to low economies of scale; poor access to credit due to poor bankability metrics and poor agricultural practices that lead to low yields, climate change among others have also added to the challenges
The Federal Government had introduced several initiatives and programmes to boost agricultural output in line with its goal to diversify the economy.
In addition, one of the programmes that stood out was the Anchors Borrowers Programme initiated by the Central Bank of Nigeria (CBN) in 2015 which offered loans to farmers in various agricultural sub-sectors.
The CBN had earlier stated that the programme would create economic linkage between smallholders and reputable large-scale processors with a view to increasing agricultural output and significantly improving capacity utilisation of agricultural firms.
By: Corlins Walter
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