According to the Nigerian National Bureau of Statistics, the Agricultural sector accounted for about 20% of Nigeria’s GDP in Q1 2016. However, the country has a huge food import bill because farming is still largely at a subsistence level. With a population of over 182 million people in 2016 forecasted to become 210 million by 2021 the potential presented by the Agricultural sector is immense.
Monument is positioning to take advantage of the opportunities, which are being actively promoted by the Federal Government. With abundant farmland in Northern Nigeria, Monument plans to deploy modern and innovative technology to develop farms that will set themselves apart and materially impact supply. The strategy includes plans to vertically integrate into food processing that will add tangible value while increasing productivity and sustainability.
Sources: (nigerianstat.gov.ng, www.population.gov.ng).