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Nigeria’s Agric Investment Falls 83% To $10m In Q2

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Investments into the Nigerian agriculture sector declined by 83 per cent to $10.0 million in the second quarter of 2023, as against $57.41 million recorded in

According to the latest Capital Importation report from the National Bureau of Statistics , the agriculture sector accounted for a 0.97 per cent share of the $1.03 billion foreign direct investment into the country from April through June 2023.

“In terms of share to the GDP, agriculture and the industry sectors contributed less to the aggregate GDP in the second quarter of 2023 compared to the second quarter of 2022,” the NBS said in its Q2 GDP report.The agriculture sector has suffered a spate of shocks in recent times. And, the inability of farmers to feel safe going to their farms has further affected food security and food prices in Nigeria.

The sector is also seeing its profits harmed by rise in major inputs. This coupled with issues of insecurity and climate change is making it even harder for many farmers to make profit, as well as deterring future investments.

 

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