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Nigeria invests US$1.3 billion in exportable crops

A total of US$1.3bn has been invested in Nigeria’s exportable agricultural commodities between 2011 and 2012, a report by the countrys National Bureau of Statistics (NBS) has revealed

The report stated that out of US$1.3bn, around US$838mn allocated came out of diverse personal funds, while micro-lenders injected US$229.8mn in to the sector.

“Community banks contributed the lowest amount to the venture, expending a mere US$8mn, 0.61 per cent of the outflow, in the last two years,” said the NBS, which regulates and publishes statistics for Nigeria.

The statement disclosed that co-operative banks had made an investment of six per cent in farming activities, which totalled US$78mn and the Bank of Agriculture invested US$13mn.

Kaduna state reported the highest contribution with 7.09 per cent , while Kano state made an investment of 7.04 per cent, the NBS stated.

The bureau, which came into existence with the merger of the Federal Office of Statistics (FOS) and the National Data Bank (NDB), has offices in all 36 states in Nigeria and another in Abuja federal capital territory.