The Director General of the Nigeria Institute of Animal Science, Prof. Eustace Iyayi, has said the livestock industry in Nigeria could be valued at least N50 trillion over the next decade if all the right structures are put in place.
Making this revelation in a recent interview he granted in Abuja, Iyayi also said the industry is currently growing at an annual rate of 12.7 per cent.
Currently, according to him, the industry is worth at least N30 trillion.
He cited the right structures to include proper infrastructure for value chain development, expansion and sustenance, financing, research and development for new breeds, and capacity development of operators.
The current worth of the industry would therefore constitute approximately 20 per cent of Nigeria’s Gross Domestic Product, and more than 30 per cent at the rate of the 10 year projected figure against today’s GDP.
In spite of the growth rate, Iyayi argued that the industry was grossly under-producing.
“We are grossly under producing because we still import 70 per cent of our beef and 25 per cent of poultry. We consume about 1.3 million metric tons of milk annually and 60 percent of it is imported,” Iyayi said.
He added the feeds industry alone, is a multi-billion naira industry. He also cited that the poultry subsector is N1.6 trillion.
“We see the industry growing to a net worth of about N50 Trillion in the next decade if all the right structures are put in place,” Iyayi stressed.
In charting the way forward to actualise the growth potential of the livestock industry, he said, “the first step to increased production is to improve on the breeds of our animals so as to maximise their genetic potential. Second, is to adopt ranching for our beef and dairy cows. Rearing them in confinement will lead to their improved productivity,” he stressed.
“Third is for livestock producers to also be incentivised in terms of input subsidy. Fourth is to develop the value chains for the poultry and livestock species.
“This way people will see livestock production as agribusiness, leading to expansion of markets and business opportunities in the sub-sector.”
Asked what ready markets are there for Nigerian livestock exports when the country becomes self-sufficient, Iyayi said, “For some of the products, we are already exporting. Our eggs are exported to several sub-regional countries, especially up north.
“FIPAN is registered with the International Feed Industry Foundation (IFIF) of the FAO. Coupled with our regulatory activities, our goal is to have a formidable feed sub-sector that can export feed to the global market very soon. For other commodities such as poultry meat, beef, milk, hides, and skin much work needs to be done first to satisfy the internal market before export.
“Our institute is already facilitating this by using a regulatory model that is helping to upscale businesses in the feed, hatchery and poultry sub-sectors through maintaining international best practices.
“This is being expanded to other sectors of the livestock industry as well. We also engage the relevant stakeholders to know their challenges and how best to help overcome such.”