With an agricultural output of approximately $120bn, Nigeria is the nation with the 5th largest agric output in the world, just ahead of Brazil (6th). The sector is growing at 3% (2017), higher than GDP growth (0.8%). This performance is driven primarily by import substitution, policy initiatives and favourable weather.
Agriculture’s growth is higher than the population growth and is primarily responsible for the non-oil sector’s superior performance.
The attached bulletin addresses this and other issues in the domestic and global commodities market.
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