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Nigeria making progress in rice production, processing – AfDB

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The African Development Bank (AfDB) says Nigeria is making progress in rice production and processing.

Mr Ebrima FAAL, Senior Country Director of the bank, stated this while suggesting measures to be taken for quick economic recovery during an interview with Nigeria News Agency on Thursday.

FAAL said this achievement should be scaled up and broadened to other sectors and commodities.

He said that leveraging on Nigeria’s agricultural potential to stimulate agro-led industrialisation could rejuvenate the economy and improving rural incomes.

“Economic diversification remains key to Nigeria’s inclusive growth and the productive structure of the economy is generally more diversified now than say 20 to 30 years ago”.

FAAL, however, noted that the production had shifted from oil to agriculture and manufacturing to services, mainly wholesale and retail trade, transport, real estate among others.

According to him, the problem is that most services are in the informal sector.

“Some estimates suggest that the informal sector accounts for about 60 to 70 per cent of the economy.

“Services sector can contribute to jobs creation but there is need for measures to improve productivity, especially through ICT enabled financial and other technology driven services,” he said.

The director said that growing non-oil revenues would insulate the economy from the cyclicality of oil revenues and create stability in government budget.

Edited By: Felix Ajide
(NAN)

Mustapha Sumaila: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng