The Nigeria Institute of Animal Science has said the country’s livestock industry value could rise to at least N50 trillion over the next decade, if it maintains its current 12.7 per cent annual growth rate.
Its Director-General Prof Eustace Iyayi said for this to happen, the right structures must be put in place.
These include: proper infrastructure for value chain development, expansion and sustenance, financing, research and development for new breeds, and capacity development of operators.
According to a statement, the Don said the country’s livestock industry is currently valued at N30 trillion, which is approximately 20 percent of Nigeria’s Gross Domestic Product (GDP).
This, he estimated, will rise to more than 30 percent at the rate of the 10-year projected figure against today’s GDP.
Iyayi lamented that despite the industry’s large size, it is still grossly under-producing
“We are grossly under producing because we still import 70 percent of our beef and 25 percent of poultry. We consume about 1.3 million metric tons of milk annually and 60 percent of it is imported,” he said.
He explained that the feeds industry alone is a multi-billion naira one, with the poultry subsector worth N1.6 trillion.
“We see the industry growing to a net worth of about N50 trillion in the next decade if all the right structures are put in place,” Iyayi stressed.
SOURCE: The Nation
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