[size=16pt]Cassava can be Nigeria’s mega export earner – World Bank[/size]

THE World Bank has aid that Nigeria as the largest producer of cassava, could develop its econonmy by exporting quality cassava and other commodities other than oil.

Mr. Omo Ruhl, the World Bank Country Director in Nigeria, said this when he featured at the Forum of the News Agency of Nigeria (NAN) last week in Abuja.

“You have the most cassava in the world but apparently it is not the best, the quality may not be there so let us focus on how we increase the standard,” he said.

The Country Director said that one of the greatest problems with the Nigerian economy was its over reliance on oil, as well as the mono-revenue and export economy system.

“Nigeria is not a mono-product economy, it is a mono-revenue economy and a mono-export economy because in the other sectors there are no exports, very low fiscal revenues, that is where your challenge is but oil is only 17 per cent of your GDP, 83 per cent is everything else taken together,” Ruhl said.

He added that Nigeria stood to benefit a lot in developing its agriculture and the wholesale and retail services sectors, which, he said, were actually bigger than the oil sector.

“Oil is actually the fourth largest sector of the Nigerian economy, the largest sector is agriculture, the second largest sector is wholesale and retail and services is the third largest.

So what Nigeria should do is focus on propelling these other sectors forward so that they can also export, so that you are less dependent on oil and finding ways of generating revenues for the government for legitimate investment in infrastructure, health and education,” he said.

http://www.vanguardngr.com/2011/01/cassava-can-be-nigeria%E2%80%99s-mega-export-earner-world-bank/

Interesting.

So where are all those shouting oil oil oil?

We really do need to diversify our economy but what are we doing to achieve this end?
we can't just start exporting cassava just like that.

one thing we could do is find ways to process cassava so that it can be used as a substitute for a food that currently already exist in the countries it is being exported to. ex wheat flour
also start with our neighboring countries (west africa) and expand from there.
I wonder what World Bank's ideas are in turning this into a reality.

@Onlytruth
It provides close to 85% of our foreign earnings. For a country that imports anything importable it holds the key to economy.

Onlytruth:

Interesting.

So where are all those shouting oil oil oil?

But for our lousy leaders,our economy should have gone beyond mono by 1999.The bitter truth is that oil remains our only foreign exchange earner.

This crop that lines the highway of the east? Chai.

Oil likely has the highest profit margins

The coast could be great for tourism too. the beaches in Lagos could be raking it in if they developed them

Onlytruth:

Interesting.

So where are all those shouting oil oil oil?

Some people just want us to believe that without their oil,other nigerians would suffer even when the oil wealth usually ends up in the pockets of our thieving politicians and making little impact on the economy itself.

~Bluetooth:

Some people just want us to believe that without their oil,other nigerians would suffer even when the oil wealth usually ends up in the pockets of our thieving politicians and making little impact on the economy itself.

well it would because it may only be 17% of the gdp but our international export revenue relies far too heavily on oil. it makes a massive impact on the economy but not on the pop of the people

archive:

well it would because it may only be 17% of the gdp but our international export revenue relies far too heavily on oil. it makes a massive impact on the economy but not on the pop of the people

So how come we don't get to hear this kind of report from our government ? Are they telling us that nothing is being derived from agriculture ?

Our GDP is an aggregrate of all money generating activities

At 17%, oil will constitue over 80% of government revenue

Our economy is not yet diversified as oil remains our biggest export thereby making the exchange rate of the naira dependent of international oil price and our capacity to produce

I agree with the World Bank chief's position. We need to focus on other sources of income and diversify our risks

dappssee:

Our GDP is an aggregrate of all money generating activities

At 17%, oil will constitue over 80% of government revenue

Our economy is not yet diversified as oil remains our biggest export thereby making the exchange rate of the naira dependent of international oil price and our capacity to produce

I agree with the World Bank chief's position. We need to focus on other sources of income and diversify our risks

agreed. and we need to do this now. it's lazy governmenting

According to the chairman of AADL, Nigeria isn't producing enough cassava for ethanol production.

Cassava farmers are smiling to the bank cos there is so much demand from distilleries. Especially the ones in Ogun and Oyo states

Onlytruth:
Interesting.

So where are all those shouting oil oil oil?

oyel was never the highest earner of foreign exchange....i tried to say this online...but those moroonic asssholes in the yeast will always out shout you that its oil....

nigerians that care to read know that oyel was never our biggest earner....

archive:


agreed. and we need to do this now. it's lazy governmenting

you are ipob...you just heard that oyel is only 17%...but you still say its oil...if oyel is realy the largest then their is no way that the delta would still be poor....

how can you still blame the goverment for this??...

fake report. only a fool will b believe this rubbish. tell that to your zombies

Let me simply summarize this grammar for the layman. Oil is not responsible distribution of business and local earnings in Nigeria but it doesn't stop at that. We earn almost 100% of our foreign exchange from oil and we depend mostly on goods from other countries. Without oil Nigeria as it stands presently will be grounded.

FAKE NEWS
British Fulani Yoruba propaganda aim at quelling the agitation


GO with your groundnut.

FAKE NEWS international

long live biafa/niger delta republic of lower niger delta

Jenifa1:
We really do need to diversify our economy but what are we doing to achieve this end?
we can't just start exporting cassava just like that.

one thing we could do is find ways to process cassava so that it can be used as a substitute for a food that currently already exist in the countries it is being exported to. ex wheat flour
also start with our neighboring countries (west africa) and expand from there.
I wonder what World Bank's ideas are in turning this into a reality.

Our economy is already diversified. It is our export earning that is not yet diversified.

Indeed!

We in the Nigerdelta are becoming more irrelevant day by day o

Onlytruth:
[size=16pt]Cassava can be Nigeria’s mega export earner – World Bank[/size]

THE World Bank has aid that Nigeria as the largest producer of cassava, could develop its econonmy by exporting quality cassava and other commodities other than oil.

Mr. Omo Ruhl, the World Bank Country Director in Nigeria, said this when he featured at the Forum of the News Agency of Nigeria (NAN) last week in Abuja.

“You have the most cassava in the world but apparently it is not the best, the quality may not be there so let us focus on how we increase the standard,” he said.

The Country Director said that one of the greatest problems with the Nigerian economy was its over reliance on oil, as well as the mono-revenue and export economy system.

“Nigeria is not a mono-product economy, it is a mono-revenue economy and a mono-export economy because in the other sectors there are no exports, very low fiscal revenues, that is where your challenge is but oil is only 17 per cent of your GDP, 83 per cent is everything else taken together,” Ruhl said.

He added that Nigeria stood to benefit a lot in developing its agriculture and the wholesale and retail services sectors, which, he said, were actually bigger than the oil sector.

“Oil is actually the fourth largest sector of the Nigerian economy, the largest sector is agriculture, the second largest sector is wholesale and retail and services is the third largest.

So what Nigeria should do is focus on propelling these other sectors forward so that they can also export, so that you are less dependent on oil and finding ways of generating revenues for the government for legitimate investment in infrastructure, health and education,” he said.

http://www.vanguardngr.com/2011/01/cassava-can-be-nigeria%E2%80%99s-mega-export-earner-world-bank/

that is good

Cmon guys this is basic economics. Agric has always been the largest GDP contributor. GDP measures economic activity. Even Arab nations have oil as less than thirty percent of GDP.

The only way for oil to be a major GDP factor is if literally the bulk of the economy wore coveralls everyday to oil fields. What oil controls is the forex earnings and it is a good attractor of cap investment. This determines govt revenues and provides the forex needed for imports. It follows all the way to consumption that in Nigeria is a function of govt spending and investment. There are literally no savings in Nigeria so the bulk of investment still comes from the govt. And the govt gets 90% of those funds from oil terminal sale receipts.

Take Lagos for example , almost nobody there works in an oil field. But almost all the dollars spent on imports are supplied by oil sales. Thats why when some rogue blows a major pipeline the price of goods (mostly all imported) spike upwards. Your GDP cannot be mineral or oil based. What should be looked at is where the investment and govt expenditures originate.

Developed countries have savings and service economies. Australia for example lost its oil and mineral revenues with the slump. But the savings base is too broad for the economy to take that Much of a hit. Investment and capital expenditure did not stop.

Bluetooth2:
So how come we don't get to hear this kind of report from our government ? Are they telling us that nothing is being derived from agriculture ?

because folks like u dont get it! It also means that it accounts for over 80% of govt expenditure. From salaries, roads, hospitals, airports, sitting allowance, eating allowance.. all paid with oil money

BigIyanga:

because folks like u dont get it! It also means that it accounts for over 80% of govt expenditure. From salaries, roads, hospitals, airports, sitting allowance, eating allowance.. all paid with oil money

Exactly! Those same salaries and services are then subsequently spent and delivered on non oil goods and basis. Going down on record as non oil activity.

akpu Don get level. ....
igbo kwenu. ....

that's a good news for the South East. .

richeso:
fake report. only a fool will b believe this rubbish. tell that to your zombies

Take it easy . This report is about seven years old. It does not reflect the current economy reality.

Sall:



Take it easy . This report is about seven years old. It does not reflect the current economy reality.

thanks bro, thought they are talking about presently.