Plans are underway by Nigeria’s federal government to grow the livestock sector into a $74 billion industry over the next ten years, with the aim of using it as a major tool to combat food shortages, reduce inflation, and strengthen the economy.
The initiative was presented at the ninth Vanguard Economic Discourse in Lagos and is part of wider efforts to rejuvenate the agricultural sector, which accounts for about a quarter of the nation’s GDP and provides jobs for nearly 40 percent of the population.
Representing the Minister of Livestock Development, Idi Maiha, adviser Eustace Iyayi explained that the government intends to expand the industry from an estimated $32 billion to $74 billion by 2035 through a structured 10-point reform agenda.
He noted that agriculture continues to play a vital role in Nigeria’s economy, even as the country faces ongoing challenges with food availability.
Growing pressure on the food system has made these reforms more urgent. Over 25 million people are currently at risk of severe food insecurity, while food inflation has remained above 30 percent in recent times, weakening consumers’ purchasing power.
Despite contributing between five and eight percent to GDP and about a third of agricultural output, the livestock industry is still underdeveloped. Daily animal protein consumption averages just 7 to 10 grams per person, far below the recommended minimum of 20 grams.
Although Nigeria boasts one of the largest livestock populations in Africa including millions of cattle, sheep, goats, and nearly 700 million poultry birds—output remains low due to challenges such as poor feed quality, limited veterinary services, weak genetics, and inadequate infrastructure.
To address these gaps, the government’s plan includes improving feed systems, strengthening animal healthcare, boosting access to financing, and upgrading market structures. Iyayi pointed to high interest rates as a key barrier, noting that borrowing costs of 23 to 25 percent are too high for sustainable agricultural investment.
He argued that no agricultural venture can thrive under such lending conditions and advocated for single-digit interest rates.
Authorities also highlighted insecurity in farming areas and post-harvest losses estimated at up to 40 percent for perishable products as major issues that need urgent attention.
Stakeholders at the event, including development partners and local industry players, emphasised that ensuring food security is now closely linked to economic strength and national stability.
Iyayi stressed that food security should no longer be viewed solely as an agricultural concern, but as a critical factor for national security and economic resilience.