Nigeria Loses $1b Yearly in Coconut Industry

Coconut Industry
  • Nigeria Loses $1b Yearly in Coconut Industry

Chairman, Nigeria Agribusiness Group (NABG), Mr. Sani Dangote yesterday said Nigeria is losing $1billion yearly from untapped potential in the coconut sector and not boosting exports.

Addressing the opening ceremony of the Lagos Food Security Summit & Exhibition in Lagos, Dangote, who is also the Vice –President, Dangote Group said the losses came because the country was neither developing coconuts for domestic use nor exporting it to meet global demand.

He said the potential of the coconut industry to improve the country’s economy and lift coconut farmers from poverty has not yet been fully maximised.

Booming international demand for coconut water, oil and other products, according to him, represented a significant opportunity for the coconut industry to boost exports and job creation.

With the billions of dollars the industry is raking in yearly globally, he said the prospects for continued success for farmers in the sector is quite promising as more lucrative markets continued to be opened up internationally.

According to him, the coconut industry in Lagos has huge potential that can contribute to the nation’s gross domestic product(GDP) but needed investment to improve yield, including using hybrid varieties of seeds.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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