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FG Eyes N24bn Revenue from Groundnut Pyramids

Source: pointblanknews.com

The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, has said Nigeria will return to massive production and processing of groundnut pyramids, noting that the production would add N24 billion to the country's  Gross Domestic Product (GDP).

Adesina said this while launching the Groundnut Value Chain yesterday in Abuja.

The minister noted  that Nigeria was the largest producer of groundnut globally before the advent of crude oil, adding that his ministry  would ensure  the revival of  the long dead groundnut pyramid in the northern part of Nigeria.

According to him, “When Nigeria found oil, it abandoned agriculture in general and groundnut production suffered. Nigeria's exports of shelled groundnuts plummeted from 502,000 MT in 1961 to 291,000 MT in 1970 and zero by 1980. The groundnut pyramids disappeared. “

He also said the groundnut value chain would produce additional 120,000 metric tons of groundnut grains, which, according to him, is valued at N24 billion.

“The groundnut value chain will produce an additional 120,000 metric tons of groundnut grains valued at N24 billion (US$ 155 million) and supplied to small, medium and large scale processors. This is part of our mandate to improve agricultural productivity in Nigeria and restore the nation's past glory in farming,” he said.

Adesina added that “a significant part of our economy in the 1960s revolved around groundnut pyramids in the northern Nigeria. Nigeria at the time was the largest producer of groundnut, with a market share of over four per cent of shelled groundnut globally.”

He however said the discovery of oil led to the disappearance of the groundnut pyramid in the northern Nigeria.

Also speaking, the Permanent Secretary of the ministry, Mrs. Ibukun Odusote, said objective of the groundnut value chain was to increase production, processing and marketing of groundnut along the value chain in the country.

The project is targeted at covering 1.8 million farmers and would be implemented directly in 15 states  including Jigawa, Kaduna, Kano, Katsina, and Bauchi, Benue, Borno, Gombe, Kebbi, Kwara, Nasarawa, Niger, Taraba, Yobe and Zamfara.