Business

Foreign investment in Agric sector increases by 3,161% despite challenges



Capital importation into Nigeria’s agriculture sector increased by 3,161 percent from $1.76 million in the first quarter of 2022 to $57.41 million in the second quarter of 2022.

This means that there was a 3,161 percent growth within three months.

This was contained in the Nigerian Capital Importation report for Q2 2022 released by the National Bureau of Statistics.

The agriculture sector grew by 13.83 percent year-on-year in nominal terms in Q2 2022, showing an increase of 7.47 percent from the same quarter of 2021.

Read also: Simplified by Cowrywise: Agriculture needs patient capital, not short term funding with the promise of ridiculous returns

Crop Production was the major driver of the sector, accounting for 91.99 percent of the overall nominal growth of the sector in the second quarter of 2022.

Quarter-on-Quarter growth stood at 3.09 percent in Q2 2022.

The sector contributed 21.90 percent to nominal GDP in the second quarter of 2022. This figure was lower than the rate recorded for the second quarter of 2021 and higher than the first quarter of 2022 which recorded 22.13 percent and 21.09 percent respectively.



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