November 15, 2006

Nigerian grain production expected to exceed internal demands

Nigeria's grain production would soon exceed domestic demand, Nigerian President Olusegun Obasanjo said Monday (Nov 13), signaling the recovery of the agriculture industry, which has been flagging in recent years.

If the industry maintains the current 10 percent growth rate, the country would be producing one million tonnes of grains by 2010, said Obasanjo to a delegation of the Board and Management of Abuja Securities and Commodity Exchange (ASCE).

However, these excess grains would be fed into the strategic grains reserve and not exported, he said

Obasanjo commended the ASCE activities so far, urging it to intensify its internal and external marketing to identify those who can produce and use grains.

The exchange started trading in grains such as maize, sorghum, millet, sesame seed, soya beans and cowpea in July this year.

Once among agricultural products exporting countries, Nigeria has seen the weakening of its agriculture in recent years.