The Minister of State for Agriculture, Senator Heineken Lokpobiri, has disclosed that the country is losing a staggering sum of $9 billion annually due to poor investment in agribusiness.

The minister said that Nigeria was also losing over 240 million metric tonnes of fish in the world market that could have increased foreign earnings and boost the economy before the advent of President Muhammadu Buhari’s administration.

Lokpobiri stated that due to government’s laxity, many of the country’s agricultural products were being exported to other West African nations and branded in the names of those countries after processing, making Nigeria to lose revenue earnings.
The minister spoke at Afe Babalola University, Ado Ekiti (ABUAD) on Sunday during a lunch organized in his honor by ABUAD’s founder, Chief Afe Babalola (SAN).

Lokpobiri urged all Nigerian universities to emulate ABUAD’s landmark exploits in farming, describing the university as setting a pace for the country to actualize food security status.

He expressed fear that the country may witness serious famine in future with the projection that its population may hit 250 million by 2030, warning that it is high time governments started planning to checkmate such occurrence.

Read more at...https://www.commodity-port.com/nigeria-losing-9bn-revenue-annually-in-agric-sector-says-minister/