In Nigeria, the agricultural sector, particularly crop production, plays a significant role in the country's GDP, with potential for growth through infrastructure investment and technological advancements.
Nigeria has seen a decrease in both import and export values due to factors like currency devaluation, lower demand for goods, and global price fluctuations.
Nigeria's food inflation in August 2023 increased by 3.87% and 6.22%, MoM and YoY, respectively. It is attributed to rising prices driven by disruptions in global supply chains, currency devaluation, and climate change impacts.
Summary: Maize prices in Nigeria has surged in 2023 due to failure to meet rising demand because of production problems, limited imports, climate change,...
In 2021 and 2022, the top 10 Nigerian startups in food and agricultural industry secured 90% or more of the total investment in the agriculture sector.
