Govt plans livestock sector expansion to $74bn

The Federal Government is targeting a near doubling of its livestock industry to $74bn over the next decade as part of broader efforts to transform agriculture, improve food security, and stabilise the economy.

The plan, outlined on Wednesday at the ninth edition of the Vanguard Economic Discourse held at the Civic Centre, Lagos, forms part of a national strategy to reposition agriculture as a driver of growth amid rising food inflation and deepening hunger.

Speaking on behalf of the Minister of Livestock Development, Idi Maiha, his Special Adviser, Eustace Iyayi, said the government had developed a 10-pillar livestock transformation plan aimed at expanding the sector’s value from about $32bn currently to $74bn by 2035.

“Agriculture remains central to Nigeria’s economy, contributing roughly 24 to 26 per cent of GDP and employing up to 40 per cent of the labour force,” Iyayi said. “Yet, despite this significance, the country continues to grapple with persistent food insecurity.”

The event, themed “Food Security and Socio-economic Stability: Options for Nigeria’s Agriculture Sector Rebound”, drew participation from global agencies, including the Food and Agriculture Organisation and the International Fund for Agricultural Development, alongside Nigerian policymakers and industry stakeholders.

Nigeria faces mounting pressure on its food systems, with more than 25 million people at risk of acute food insecurity, according to estimates cited at the forum. Food inflation has also remained above 30 per cent in recent periods, eroding purchasing power and worsening poverty levels.

Iyayi said the livestock sector, which contributes between five and eight per cent of GDP and about a third of agricultural output, is central to addressing these challenges, particularly in tackling protein deficiency.

“Average per capita animal protein consumption in Nigeria is about 7 to 10 grams per day, far below the recommended minimum of 20 grams,” he said.

Despite having one of Africa’s largest livestock populations, including roughly 58.7 million cattle, 60.2 million sheep, 107.8 million goats, and nearly 700 million poultry, Nigeria continues to face low productivity due to constraints in feed availability, genetics, animal health systems, and market infrastructure.

The government’s reform agenda includes improving feed and fodder systems, strengthening animal health services, expanding access to finance, and investing in data and infrastructure across the livestock value chain.

A key priority, Iyayi noted, is unlocking affordable financing for farmers, warning that high borrowing costs remain a major barrier to investment.

“There is no viable agricultural business with interest rates at 23 to 25 per cent. It is simply not sustainable,” he said, calling on financial institutions to develop lending models that offer single-digit interest rates to farmers.

He added that improving security in farming communities, reducing post-harvest losses estimated at 30 to 40 per cent for perishables, and strengthening value chains would be critical to achieving meaningful transformation.

Stakeholders at the forum agreed that food security must be treated as a national priority, warning that rising food prices and supply disruptions could fuel broader socio-economic instability if left unaddressed.

“Food security is no longer just an agricultural issue,” Iyayi said. “It is a pillar of national security and economic resilience.”