NEWS 8 Agric to become top driver of Nigeria's • economy In two years Analysts
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growth since 20 10. followIng lhc recent government
T"
BIOOUN COKER 1.
PATRICK ATUAN"A
policy emphasising the roJe
'OUH'"," 'grlcuhu e sector whlc, recently
made _ SIgnlf1Caflt impal.',ontbenadon', eaJnOIlI)'. I'OJluibuling a record 40 perttnt to the counll'J'" Gros' Domestic Product (GOP) I!I the fourth quan.er of2011, cou1d.tOOn become a lOp drtJ'ef of the nation', econony, analysts
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This. aa:untint; 10 them. is Infonned by the perslstent high pricel and $Utlng demand for m8~ local industrlal commodl:ies in the International m.:uXel:. along wlththel"t'Clmldcdlmtlonand
bitewhich thecwrent agricuIlure minlste!" is injecting into the prosocuUon ofhls policies. Industtywau:hef ssaylhlswt1l galvani5etbe S)'SIeDl, addinga gw.nt den! to natlonnl revcnues and creating Teld wealth for Ihe 70 pe:n:enl of Nigerians wllidt the nation. ngriculture seaor employs. Export eamlng5 of commodify and commoditybased products. tiU'8ing from
palm
on. rubbet glOYel, tim -
of agricullWl'l WI a driver of the national economy. Last year. the expon earnings of palm oil and palmbased products surged to S533.4 million w therournry's non-oU export earnings In the period ....... ~ " goat skin and IeatheI; $2472 miIIioo; sesame.seedsandoil. $J04.4 mlIlion; rubber. SI48..4
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Industry Is much higher If we con!lder 11.5 spin-offs and multiplier dfec:u; on the Ntgerino economy. More Im ponantJy. the rue in rubber
prices and the Increasing demand for rubber products globally has din!ct.ly boosted the lncome of 5DIallholden nationwide. Depending on the siz,e of their eslale hokIiDgs, smaIlhoKierscouid now get a monthly Income of N200,OOO compared to the previous NSO,OOO Initially
and plama, S4L7 mII1ion.. Others are COlton yarns and woven fabrics, $50.7 mIllion; aluminium IlIlrl articles. 542 mUllnn; cashew nUl! and edible fruits, $44.7 million; gum Arabic, $16 million; tobacco products. $35 mlllJoo; prawns.shrimps, fish 8Jld crustaceans. $25.6 million; while other products accounted fnr$l96.3 million. foUawed by the rubbetsector at N33. 7 bllUon with rubber gloves touchlng N8.9 billion, up25 pen:eot Iiom Ihepreviousye:ar. AIxordiog 10 Olamakinde
OnI.an agriceconomis(.cocoa alone conlrlbuted about J5
pen:em 10 thecoumry'$lD1oi1 export eamlngs In 2011. ~
ber and cocoa pos'ed record
conDibution of the
earned: OnI funner reveals thai O\U 90 pen:enl orthecoun·
uy'l total natural rubber production Is supplied by smallhoJdCd. He polma out that the cocoa Indusuy Is important in devl!loping the national economy and provldlng opponunltles Cor an estimated JOO.()OO 'mallholders. lite proposed Implementarlon of liM! Nigerian Rubber Indusuy Strategies and indu5Ion oC the Indusuy as (HM! oC the national key economic 8R!a pro;ec:u. aJong with on paIm. is espected tostimulale funhef growth of tiM! bKiustry and the economy as a whole. atthesametimebreakNiI;'eria free from mooo-economJc
MEn lASTle BARONS IN GHANA THIS MAY!!!!
tendencies. He added thai if agricul-
was gfvm the attention I! deserves, It muJd go on to become ill top driver of the lUll!
economy In two years.
Blodun Adedlpe. chief financial analyst. Tnmsact. commenting on the recent 5Uides of the agricullure sector; said the recent ~ menlS in the sector would further enhance Nigeria's vilion to be among the 20 largest economJes In the world by the year 2020, measun-d byGOP. Ibe recenl polidesofthe newagriaJ.IllRminls«!rtshown that for the lim time we WiInt to make progress In this sector. Lf this trend continues, NIgeria would be the largcst exporter of cocoa. rubber. palm pD. groundnut and all other commodJties thai are currently doing well:
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Another important factor 15 that the renewed emphasis on agriculture, especially III value chains could help reducethewot:risometmemploymenl nue whkh conlinue:s 10 climb higher. In spite of solid GOP growth rates, due 10 Ihe structure of the Nigerian economy.
Ezekwesili urges Africa n leaders to focus on driving inclusive growth ONYlNYE NWACHUKWU. Washington OC
L 'dOU 'n AI<'"''
counlrles must at his lime begin to ormulale polic ies thai would cocounge an aU iocJusi\lt! growth and reduce poveny in the region. Oby EttkwesilJ. Wodd Bank vice president for Africa and
a fonner minister of Solid Mlnera.l Resources, saJd at
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<he """'" "Ihe Rise"""""'" of SocIal Saf~ Nea: In AfrIca: al lhe lnternational Monetary Fund (IMP) and World Bank Spring meetings In WashIngton DC. EZdtwesill noled thai although AIrica had shawn ma~ and positive economic growth. sood poIk:ies were urgentiy needed 10 fadlitate inclusive growth in the region. Economic growth In SubSalwa AIrica has remained strong and 15 even poised for IIrt·off after growing al 4.9 percent in ZOII. just shy of the pre-crisis 1M!rnge of 5 pert::Clll. ExdudingSouth Mrica. which acxounlS for (M!f a thInt of the region's GOP. growth In the rest of the regioo was S.9 pen:::enl, ma.Idng it one o( the l"asIest growing deI.doplng regions, accordIng 10 a new World Bank
report on Africa'seconomy. World Bank dala show that ovet" a third of counlries bl the region attained growth rates of at leasl6 pen;enl. with another 40 percent growing between 4 and 6 percenL
Among fast -growing economies in 2011 were re-
source-rich countries such 115 Ghana. Mcmunbique and NIgerIa. as weD a5 olhereconomles such as Rwanda and EthIopia. all posting growth rates of at least 7 pen;ent In 201l. In Nigma. the economy measured by the Real Gross
Domestic Product (GOP) pen::ent In 20 II and 7.68 pen:e:nt jus!: In the 1as1 quar1er of the ~ but unemployment remains a gJ-' by 7..36
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huge challenge while pcM!!I1y has su~ to 69 percent of the nation's popuIaUon. that African economies are resilient even In the face of the turbulence that has beset
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the global economy In the last Bve years,. oot worried that the urgeHl agenda remahM!d sustaining the macroeamomic reforms on the continent while acxeIerating those.structural reforms thaI woukl deliver the right qual-
tty ofgrowth that aeales;om and raises incomes on the ooo<lnenL
SyLVANIA
·5 May 2012 PaWioo,l, GhnJ InIematroaI Trade fai Centre, La!ma GhnJ
Show Timingt 10 a.m. to 6p.m. _~I"
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