Industry Dynamics

According to experts, the federal government's new natural gas-based industrialization (GBI) policy will generate a large number of jobs.

Nigeria, for example, continues to be a major importer of several U.S. wheat classes. As in other developing countries, demand for higher quality wheat and protein increases with economic improvements.

The operators in charge of the Nigerian Ministry of Agriculture said that despite the huge business opportunities in Nigerian agriculture, the country lacks sufficient processing facilities, hence the need to establish an agricultural industrial processing zones.

Nigeria, the largest oil producer in Africa, is implementing an ambitious plan to double its oil production by 2025 with the goal of increasing oil production by 4 million bpd in six years.

Nigeria is rich in mineral resources and is sufficient to support the development of the ceramic industry. However, the country expects imports of ceramic products this year will reach 800 million US dollars, higher than the 600 million US dollars in 2014.

Africa's population is growing rapidly and needs to produce enough food to feed a growing population.

According to estimates by the Food and Agriculture Organization of the United Nations (FAO), beef consumption on the African continent will increase by 200% between 2015 and 2050, while poultry consumption will increase by 211% and pork consumption will increase by 200%.

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, on Monday said the recent measures announced by the apex bank to revive the Cotton, Garment and Textile sector was well thought out to reposition the sector for job creation and economic growth.

Vera Onyeaka-Onyilo, the knowledge management and communications advisor for the Value Chain Development Programme (VCDP), told local media the initiative would be rolled out across the rest of the country following the success of its pilot programme.