Nigeria loses N200b yearly to soya beans importation - THE NATION
Nigeria loses N200 billion to its inability to meet up with the local demand of soya beans, the Managing Director of Complit Afro Products, Jamiu Lawal, has said.
Speaking to participants at a training workshop on soya beans production in Minna, Niger State capital, yesterday, Lawal said the country annual local demand for soya beans is estimated at about 2.5 metric tons which is valued at N250 billion.
He stated that the local supply of soya beans is about 500 metric tons leaving the gap of 2 million metric tons valued at N200 billion to importation.
“Nigeria foreign reserve been expended on import of about two million tons of soya beans annually which is estimated at over N200 billion can be saved for more pressing infrastructural development projects if focus on soya beans production can be increased in the country,” he said.
He said the workshop intends to improve productivity and profitability in soya beans farming, help the trainees to have access to agricultural mechanism and other farm inputs and to expose beneficiaries to various opportunities of financing agric-business enterprises.
He added that the organisation plans to acquire 500 hectares of land for soya beans production, adding that 500 youths would be employed for the project as each youth would get one hectare