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Nigeria set to see US$11.6bn economic output from biotechnology

Nigerian economy is projected to have an economic output of around US$11.6bn if the country embraces biotechnology in its agricultural practices, said a report from Monsanto

A company source said that in the next five years, the demand for poultry will be high and the demand for corn will also increase in Nigeria. With biotechnology, smallholder farmers will be able to match up with such demands.

Monsanto had brought more than 40 varieties of corn that will be tested in Nigeria, added the source.

Monsanto has a strategic determination to commercialise and develop the market for genetically modified (GM) crops. The GM crops will be reaching to different companies in Nigeria, which will help the company to commercialise the products in a better way, said Frank Mike Frank, vice-president of Global Commercial at Monsanto.

“Nigeria’s smallholder farmers will ultimately be able to have access to ‘another tool in their toolbox’ to make planting decisions and make important contributions to increase food security,” he added.