The Director General of the Nigeria Institute of Animal Science, Prof. Eustace Iyayi, has said the livestock industry in Nigeria could be valued at least N50 trillion over the next decade if all the right structures are put in place.
Making this revelation in a recent interview he granted in Abuja, Iyayi also said the industry is currently growing at an annual rate of 12.7 per cent.
Currently, according to him, the industry is worth at least N30 trillion.
He cited the right structures to include proper infrastructure for value chain development, expansion and sustenance, financing, research and development for new breeds, and capacity development of operators.
The current worth of the industry would therefore constitute approximately 20 per cent of Nigeria’s Gross Domestic Product, and more than 30 per cent at the rate of the 10 year projected figure against today’s GDP.
In spite of the growth rate, Iyayi argued that the industry was grossly under-producing.
“We are grossly under producing because we still import 70 per cent of our beef and 25 per cent of poultry. We consume about 1.3 million metric tons of milk annually and 60 percent of it is imported,” Iyayi said.
He added the feeds industry alone, is a multi-billion naira industry. He also cited that the poultry subsector is N1.6 trillion.
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