Nigeria Unveils National Soybean Production Policy to Boost Economy and Combat Food Insecurity

Strategic Insights -

In a move to propel Nigeria's agricultural sector and ensure food security, the government has launched the National Soybean Production Policy and Strategy. This ambitious initiative, aimed at generating over $3.9 billion in economic value annually, has the potential to create over one million jobs and cultivate one million hectares of farmland across 22 states and the Federal Capital Territory (FCT).

Key Takeaways:

  • The National Soybean Production Policy and Strategy aims to generate over $3.9 billion in economic value annually and create more than one million jobs across 22 states and the FCT.
  • Nigeria currently produces about 1.35 million metric tonnes of soybeans annually, far short of the estimated demand of 2.7 million metric tonnes.
  • The policy targets the cultivation of one million hectares of farmland, with the goal of producing an additional 460,000 metric tonnes of soybean within the next two years.
  • The Nigerian Soybean Partnership, a multi-stakeholder framework, will be established to implement the strategy, involving federal and state governments, private agribusiness investors, farmer cooperatives, research institutions, and development partners.
  • Benue State has announced a bold, seven-point roadmap to transform its agricultural economy and lead the national soybean development effort, including initiatives such as seed and soil innovation, climate-smart mechanisation, and market access enhancement.
  • The Benue Food City Complex, an agro-processing hub, will be established to process at least 50,000 metric tonnes of soybean annually, with the goal of reaching 200,000 farmers within three years and unlocking 30,000 hectares through public-private partnerships.

Statistics:

  • Nigeria currently produces about 1.35 million metric tonnes of soybeans annually, far short of the estimated demand of 2.7 million metric tonnes.
  • The National Soybean Strategy aims to cultivate one million hectares of farmland, with the goal of producing an additional 460,000 metric tonnes of soybean within the next two years.
  • Benue State produces less than 200,000 metric tonnes of soybeans annually and aims to increase this to over 400,000 metric tonnes in three years.
  • The National Soybean Strategy is expected to generate over one million jobs in farming, logistics, processing, and trade.
  • The strategy aims to increase Benue's soybean output from less than 200,000 metric tonnes to over 400,000 metric tonnes in three years.

Sources:

  • "Nigeria Unveils National Soybean Production Policy to Boost Economy and Combat Food Insecurity." [Source: Channels Television]
  • "Federal Government Unveils National Soybean Policy, Targets 1 Million Jobs." [Source: Daily Trust]
  • "Benue State Launches Seven-Point Roadmap to Transform Agricultural Economy." [Source: Vanguard News]