Fairtrade and OTACCWA forecast a substantial rise in Nigeria’s food production, reaching €62.6bn in 2024, marking a 48% increase from 2021 levels.
This surge follows a notable growth of 39.6% from €26bn in 2016 to €36.3bn in 2020.
The country’s investment in food and packaging technology, amounting to €363m in 2022, positions Nigeria as Africa’s second-largest investor in this sector, surpassing Egypt and closely trailing South Africa.
Despite the remarkable strides in local food production, Nigeria remains a significant food importer, with imports totaling US$6.9bn in 2022, underscoring the nation’s reliance on imported food commodities.
” With €143m in 2022, Nigeria emerges as the second-largest investor in plastics technology in Africa, showcasing an annual growth rate of 17.6 per cent between 2016 and 2022.”
The projections reflect Nigeria’s ongoing efforts to bolster its agricultural sector, signaling opportunities for growth and development within the nation’s food industry.
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In a report by the Food and Agricultural Organisation, Nigeria has 70.8 million hectares of agricultural land area with maize, cassava, guinea corn, yam beans, millet and rice being the major crops.
The report said that despite the contribution of agriculture to the economy, Nigeria’s agricultural sector faces many challenges which impact its productivity.
These include: climate change, low levels of irrigation farming,poor land tenure systems, and land degradation.
Others are low technology, high production cost and poor distribution of inputs, limited financing, high post-harvest losses and poor access to markets.
Meanwhile, following the fruitful collaboration since the 2021 event, Fairtrade and OTACCWA, the Organisation for Technology Advancement of Cold Chain in West Africa, said they would co-organise the 6th West African Cold Chain Summit and Exhibition by OTACCWA alongside Agrofood and Plastprintpack Nigeria 2024.
PUNCH reports that it will feature the 3rd Annual MFI Awards and the Millers for Nutrition Country Launch – powered by TechnoServe via a Bill and Melinda Gates Foundation-sponsored initiative – the Millers for Nutrition Coalition – M4N.
The organizers added that several Nigerian ministers and members of the Dangote family and the Dangote Foundation would present the awards to the CEOs of the top five brands in the wheat flour, edible oil, and sugar industries.
Also on the menu is a top-level three-day conference with 20+ sessions and 70+ speakers.
Bureau Veritas, a company which specialises in testing, inspection and certification services, is the Registration Sponsor of the event.
Detjen said over a hundred world-class exhibitors from Austria, Bulgaria, China, France, Germany, Ghana, India, Italy, the Netherlands, Nigeria, Poland, South Africa, Spain, Taiwan, Tunisia, Türkiye, and Ukraine, will showcase tailored products and solutions for the Nigerian market.
Credible news.ng
