National Soybean Production Expansion Policy: A Game-Changer for Nigeria's Agriculture

Strategic Insights -

The Federal Government has unveiled the National Soybean Production Expansion Policy, a transformative initiative aimed at generating ?3.9 trillion in annual revenue and creating 1 million farm and off-farm jobs across 22 states and the FCT. The strategy, which marks a significant milestone in Nigeria's agricultural history, seeks to cultivate one million hectares of farmland and deliver 460,000 metric tons of soybean grain to the market within two years. Benue State, with its fertile land, production history, and public-private partnerships, has emerged as the linchpin of this national soybean revolution.

Key Takeaways:

  • The National Soybean Production Expansion Policy aims to generate ?3.9 trillion in annual revenue and create 1 million farm and off-farm jobs across 22 states and the FCT.
  • Benue State has emerged as the linchpin of this national soybean revolution, leveraging its fertile land, production history, and public-private partnerships.
  • The state has committed to doubling its soybean output from 202,000 to at least 400,000 metric tons in three years.
  • The Benue Food City Complex, valued at $250 million, will process at least 50,000 metric tons of soybeans annually into soy oil, livestock feed, and soy-based food products.
  • The state is partnering with research institutions and local seed companies to distribute high-yielding, disease-resistant soybean varieties.
  • Extension services and mechanisation are being deployed in 15 producing LGAs to train farmers in climate-smart and best agronomic practices.
  • The Open Farmland Initiative is unlocking 30,000 new hectares for soybean farming, using public-private partnerships and land aggregation models.
  • Benue is expanding silos and aggregation centres with digital tracking systems to reduce post-harvest losses, stabilise prices, and facilitate market access.
  • The state is working with national agencies to develop export certification frameworks and broker buyer-supplier agreements with BRICS+ markets.
  • The Benue Investment Promotion Agency (BENIPA) will coordinate and facilitate investments into the sector.
  • Over 100,000 new jobs are expected to be created in farming, processing, logistics, and trade, with farmers' net income expected to rise to ?40,000 per hectare.

Statistics:

  • 1 million hectares of farmland will be cultivated under the National Soybean Production Expansion Policy.
  • 460,000 metric tons of soybean grain will be delivered to the market within two years.
  • ?3.9 trillion in annual revenue is expected to be generated by the policy.
  • 1 million farm and off-farm jobs are expected to be created across 22 states and the FCT.
  • Benue State will double its soybean output from 202,000 to at least 400,000 metric tons in three years.
  • The Benue Food City Complex will process at least 50,000 metric tons of soybeans annually.
  • Over 100,000 new jobs are expected to be created in farming, processing, logistics, and trade.
  • Farmers' net income is expected to rise to ?40,000 per hectare.

Sources:

  • "Federal Government Launches National Soybean Production Expansion Policy and Strategy", Vanguard Newspaper, February 14, 2023.
  • "Benue Is Ready to Provide the Land, Farmers, and an Enabling Environment for Soybean Production", The Nation Newspaper, February 15, 2023.
  • "Soybean is Not Just a Crop, It is a Business", Business Post Newspaper, February 16, 2023.