Nigeria’s agricultural sector employs nearly 70% of the population and contributes nearly 22% of GDP. Nigeria possesses an abundance of arable land and a favorable climate to produce nuts, fruits and grains.
Most of farming in Nigeria is subsistence based, utilizing manual labor and relatively little agricultural machinery.
Nigeria continues to maintain import restrictions (high duties, levies, quotas and import bans) on several agricultural products, including poultry, beef and pork products, chicken, rice, amongst others on the government’s banned items list.
Absent any organized and concerted public and/or private sector efforts to modernize the sector and access regional and global commodity markets, growth opportunities for U.S. products serving Nigeria’s agribusiness sector are relatively few at present. Land ownership, transport, and lack of infrastructure issues are major barriers to entry for starting an agro-farming business in Nigeria.
Many multi-national companies have instead engaged in agro-processing business, which are in large demand. The Government of Nigeria’s foreign exchange restrictions on major agricultural items, however, create challenges for importing the needed raw items to process.
Healthcare :
The Nigerian healthcare system has few modern facilities. As a result, the country loses millions every year to medical tourism with Nigerians travelling abroad for medical procedures.
Prospects exist for investment in hospitals and clinics with treatment capabilities and cutting-edge medical technologies.
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