Despite having competitive and comparative advantage in various non-oil products, Nigeria loses over $10 billion worth of export annually to non-exploitation of opportunities in the agric value chain, the Executive Secretary, National Planning Commission (NPC), Mr. Bassey Ekpenyong, has said.
Ekpenyong, who spoke during the fourth European Union (EU)-Nigeria Business Forum (EUNBF) in Lagos on Thursday, with the themed ‘Unlocking Opportunities for Diversification’ said the nation’s agric value chain holds lots of opportunities in the current economic diversification agenda.
He however, said Nigeria’s failure to take advantage of such opportunities costs her over $10 billion annually in export revenue. He said Nigeria has competitive advantage in various agric products and that there is the urgent need to address obstacles to the effective development of the agric value chain.
The EUNBF, which is a collaborative effort of the EU and its member states present in Nigeria, aimed to increase domestic and foreign investments particularly in agri-business, in line with Nigerian government’s economic diversification efforts.
The event brought together business leaders and policy makers from the EU and Nigeria to discuss business opportunities and impediments to investments. Specific sessions addressed obstacles to the effective development of the agricultural value chain and the opportunities which exist in the framework of the Economic Partnership Agreement (EPA) between the EU and West Africa.
The EU has robust economic relations with Nigeria. Building on the strong relations, the fourth EUNBF aimed at deepening understanding of the role that EPA can play in supporting the diversification of Nigeria’s economy.
The forum also hoped to strengthen EU-Nigeria business relations through identification of opportunities in agribusiness and forging of partnerships, while also addressing bottlenecks related to the effective development of agribusiness in Nigeria.
The NPC Executive Secretary said there is no better time unleash the potentials in the agric sector than now when changes in the international oil market has forced Nigeria to focus on diversifying her economy.
Source: The Nation
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