The dwindling Nigerian economy under President Muhammadu Buhari has also muzzled the agriculture sector, forcing the country to import N90 billion cane sugar to sustain the country’s sugar refineries in 2021 alone.
Despite the large hectares of Sugarcane farms which Nigeria used to boast of, the 2021 report revealed that Brazil exported large volumes of cane sugar to Nigeria between January and March 2021, totalling a staggering N88.9 billion. The NBS Foreign Trade In Report partly reads, “The value of total trade in raw material stood at N711.8 billion, accounting for 7.3% of total trade. The import component was valued at N669.2 billion while the export component stood at N42.7 billion.
“The trade report further noted that Asia had the largest exports to Nigeria, having a total of 48%, while America is third with 12.08%. Import trade classified by region showed Asia as the dominant originating region with a record of N3,319.4 billion or 48.45%. This was followed by Europe with N2,471.6 billion or 36.08%, America N827.8 billion or 12.08%, Africa N183.4 billion or 2.68% and Oceania N48.5 billion or 0.71%.
Well said but at the moment if you invest in farming there are possibility herdsman's with Ak-47 would invade, destroyed your farms, that's has been the daily occurrence, no arrests. I didn't ask for your opinion & keep your sentiments.
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