The presidency has revealed why President Bola Tinubu created the livestock ministry.
Dada Olusegun, special assistant to the president on social media, in a post on X, outlined why the ministry was created.
”Beyond solving the lifelong problem of farmers-herders crisis, the livestock industry in Nigeria is a potential multi-billion dollar industry with the capacity to fast-track the ongoing economic diversification process,” he noted.
Olusegun stated that according to data, the livestock sector currently accounts for approximately 10% of Nigeria’s non-oil GDP and a substantial 30% of its agricultural GDP.
He said the sector directly and indirectly employs about 20 million Nigerians, underscoring its role in job creation nationwide.
According to him, annually, livestock farming generates an estimated income exceeding ₦1.33 trillion ($3.2 billion).
He further stated that Nigeria’s production output includes 8.5 million tons of meat and 1.4 million tons of milk, cementing its position as a key player in the global agricultural market.
The presidential media aide said the industry’s by-products such as hides and skins contribute approximately ₦500 billion ($1.2 billion) to the economy.
”The meat processing industry is valued at approximately ₦3 trillion ($7.2 billion). The leather industry, which relies on livestock, generates about ₦1 billion ($2.4 million) in exports annually.
”Nigeria exports approximately 15,000 tons of meat and meat products annually. The export potential for livestock products is valued at around ₦200 billion ($480 million) annually.
”The livestock sector attracts around ₦70 billion ($168 million) in local and foreign investments annually. Integrated livestock-crop farming systems can improve overall farm productivity by up to 40%. Proper management can reduce overgrazing, impacting over 200,000 hectares of land positively.
”The livestock sector contributes approximately ₦300 billion ($720 million) annually in taxes and levies. Export duties from livestock products generate about ₦50 billion ($120 million) annually.
”Livestock-related festivals and events attract over 1 million tourists annually. These events contribute approximately ₦10 billion ($24 million) to the tourism sector,” he added.
In conclusion, he wrote: ”The proposed creation of a new ministry for this goldmine will provide a lifeline for the government towards turning a chaotic situation into economic opportunities that will provide jobs and bring the needed dollars for forex purposes.
”As he has done with the Blue Economy, Mining and Creative Economy, this is surely another legacy expected to provide a foundation for the economic growth deserving of this nation in the years to come.”
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