Agric sector reform requires bold steps (Business Day)

Business Day (Nigeria) published an article stating that the agriculture sector in Nigeria remains a major contributor to GDP compared to other sectors of the economy. In 2020, the sector contributed 26.95 percent to Nigeria’s nominal Gross Domestic Product (GDP). According to IFPRI, the agriculture contribution to GDP contracted by -14 percent in April/May 2020. Export crops such as sugarcane, beverage crops (coffee & tea), and transactional export crops declined 47 percent, 45 percent, and 58 percent respectively due to falling export demand and input supply disruptions. These crops account for less than 1 percent of agriculture GDP though. Without bold reforms, strong fiscal and monetary policy actions, the World Bank warns that the macroeconomic implications of COVID-19 in 2020 and 2021 will be severe – including loss of lives, and the possibility of five million more Nigerians being pushed into poverty.