Home Business Soya beans: Expert puts Nigeria`s annual production value at N300bn

Soya beans: Expert puts Nigeria`s annual production value at N300bn


Lagos-  Mr Sotonye Anga, the Agribusiness Coordinator, Community of Agricultural Stakeholders of Nigeria (CASON), on Tuesday said that the current worth of soya beans production in Nigeria was N300 billion.

Anga, who was a guest lecturer at the Top Deal Farms Annual Lecture in Lagos, said that Nigeria currently produces 500,000 tons of soya beans annually.

He said that the commodity was a veritable source of income and a multi-billion Naira business with high expansion and investment prospects.

“Nigeria’s Annual Production capacity of 500,000 tons makes soya a multi-billion Naira business in Nigeria.

“Also, there is room for expansion and investment, considering its diverse industrial uses.

“Soya is a suitable raw material in food production and it ranks among the richest and cheapest sources of protein globally.

“The current demand for soya beans is worth around N300 billion annually,’’ Anga said.

He attributed the sliding trend in the value of Naira in the country to the classification of Nigeria as a non-producing nation.

“The devalued currency has a negative impact on the importation of products into the country as it increases the cost of imported products.

“But on a good note, it favours exports of agricultural products.

“As useful as the computer is, no one ever feeds on it, but in whatever we do, we must feed and that is agribusiness,’’ he said.

Commending the Agricultural Transformation Agenda (ATA), Anga urged the Federal Government to increase investment on the programme to boost soya production and utilisation.

According to him, investing more on ATA will enhance job creation and improve soya farmer’s income. (NAN)

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