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LIVESTOCK ECONOMY: Importation extends dominance, rises 14.5% to N1.7trn

LIVESTOCK ECONOMY: Importation extends dominance, rises 14.5% to N1.7trn
**Nigeria's Livestock Economy: Foreign Imports Dominate Despite Local Efforts** Nigeria's economy has been on a diversification drive, but a recent statistic from the National Bureau of Statistics (NBS) reveals a concerning trend. Despite efforts to boost local production, imports of livestock and related products have surged to a whopping N1.7 trillion, representing a 14.5% increase. This development raises questions about the effectiveness of local livestock production, especially in the face of competing foreign products. Stakeholders in the sector have expressed concerns over the structural challenges hindering the growth of Nigeria's livestock industry. For instance, the high cost of feed and veterinary care is a major challenge faced by local farmers. The cost of producing a kilogram of beef in Nigeria is significantly higher than in countries like Brazil and Argentina, making it difficult for local farmers to compete. Moreover, inadequate infrastructure and logistics pose significant challenges to the transportation and storage of livestock products, leading to spoilage and inefficiencies. These challenges are compounded by power outages and inadequate access to credit facilities, which further hinder the growth of the sector. In an effort to address these challenges, stakeholders have made recommendations to boost local production and reduce reliance on foreign imports. One of the key areas of focus is the development of a robust feed production industry, which would reduce the cost of feed and make local farmers more competitive. Additionally, there is a need to improve infrastructure, including the construction of modern abattoirs and the expansion of rural roads to facilitate the transportation of livestock products. Furthermore, efforts should be made to improve access to credit facilities and provide incentives to farmers to invest in their businesses. The Nigerian government has a crucial role to play in addressing these challenges and promoting the growth of the livestock industry. By implementing policies that support local production and reducing the cost of doing business, the government can help to reduce the dominance of foreign imports and promote economic diversification. Ultimately, the growth of Nigeria's livestock economy is crucial to the country's economic development. By addressing the structural challenges and implementing policies that support local production, Nigeria can reduce its reliance on foreign imports and promote the growth of a vibrant livestock industry that contributes to the country's economic prosperity.
Source: Original Article • AI-enhanced version for clarity & Nigerian context

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