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Nigerian govt targets $18bn FX Inflow from cassava export

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The federal government is targeting to boost the country’s foreign currency earning from exporting cassava.

The Minister of Industry, Trade and Investment, Niyi Adebayo, made the disclosure at the weekend when he received the Chief Executive Officer of BKG Exhibitions, Mr. Ifeanyichukwu Agwu

According to him, plans are on ground for Nigeria to fully take advantage of the growing demands of the commodity in the global market.

He added that Nigeria has the capacity to generate as much as $18 billion from the export of its estimated 45 million metric tonnes of cassava products every year

However, Adebayo lamented that though a world leader in cassava production, Nigeria is currently not an active player in the cassava trade in the international market.

READ ALSO: FG says Nigeria is world leader in cassava production, pledges food sustainability

Cassava and oil palm are strategic commodities in our quest for growth and development of the non-oil sector of our economy. Available statistics point to the fact that Nigeria is a leading producer of cassava with a production process o capacity of 45 million metric tons per annum, estimated at about $18 billion.

“This accounts for a fifth of the world’s cassava production followed by Thailand, Indonesia, Brazil, Ghana, Congo, and others However, though a world leader in cassava production, Nigeria is not an active player in cassava trade in the international market,” he said.

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