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Agriculture

Agribusiness Potentials

Nigeria has over 84 million hectares of arable land; only about 40% of this agro-business available land has been cultivated, leaving approximately 50.4 million hectares of land free for potential investors.

Nigeria has about 230 billion metric tons of water, abundant and reliable rainfall in over two-thirds of its territory, therefore making her the richest source of agricultural produce in Africa.

The country is the largest producer of Cassava and second largest producer of Citrus in the world; the fourth largest cocoa producer in the world with an output of 235,000 metric tonnes per season; and the largest producer of pineapple, mangoes, and tomatoes in Africa.

In spite of the aforementioned food statistics, Nigeria spends about USD 1.1billion annually on fruit juice and processed tomatoes sourced mainly abroad. This presents an opportunity that investors along the value chain of production can take advantage of.

Independently, Cassava as a crop has an enormous value chain with huge potential in this agro subsector.

Exportation of these products is also lucrative as there is a ready market internationally

* Nigeria is advantageously located in the gulf of Guinea with direct freight access to America (North & South) and Europe.

* Easy access to the developed markets of North America and Europe, which have a combined GDP of over US$43 trillion.

* An extensive network of transport routes that links the country to neighboring countries like Niger, Chad, Cameroun, and Benin Republic.

* A total of 54 airports (40 with paved runways, 14 with unpaved runways).

* Six (6) operational ports.

* Five (5) Heliports.

Abundant Land and Water Resources:

*  Land: 910,768 sq. km

*  Water: 13,000 sq. km

Competitive Labor Costs and Abundant Human Capital:

Nigeria’s labor cost is one of the most competitive in the world, with an average monthly wage of US$213 (according to the National Bureau of Statistics).

Nigeria has a young and dynamic population of over 70 million persons within the ages of 15 to 35.

Investment Incentives:

* Pioneer Status (tax holiday) granted for 3 years and renewed for the next two years.

* 100 percent repatriation of profit net of taxes.

* Capital allowance not restricted. Granted in full -100%

* Agricultural and agro-allied industries machines and equipment enjoy 0% duty.

* Agro-allied plant and equipment enjoy enhanced capital allowance of up to 50%.

* Agricultural Credit Guarantee Scheme Fund (ACGSF): Up to 75% guarantee for all loans granted by commercial banks for agricultural production and processing.

* Interest Drawback Program Fund: 60% repayment of interest granted to those who borrow from banks under the ACGSF for the purpose of agriculture production and processing provided such borrowers repay the loan as scheduled.

* Investment Promotion and Protection Agreement: The IPPA helps to guarantee the safety of investment of the contracting parties in the event of war, revolution, expropriation or nationalization.

For more information, advise and consultation bothering on immigration issues, foreign investment and participation in the Agriculture or any other sector in Nigeria, contact:

Business Advisory & Investment Dept

5A Dozek Close,

Off Alternative Route,
Chevron Drive,

Lekki, Lagos State, Nigeria.
TEL: +2348034869295, +2348020550410
E-mail: info@princejoelandassociates.com

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