Nov 21 (Lagos) - Though still the sole major non-oil sector to record positive growth, GDP growth in agriculture came in weaker than anticipated at 3.06%, particularly as Q3 is a seasonally-adjusted stronger quarter.
The slower growth was driven by crop production (90% of agriculture GDP), and comes despite Federal Government (FG) and Central bank of Nigeria (CBN) efforts to improve farmers’ access to inputs (through the Growth Enhancement Scheme and the Agriculture Credit Guarantee Scheme Fund) and access to credit (through the Anchor Borrower’s Programme and the National Collateral Registry).
Analysts at Vetiva Capital Management Ltd in Victoria Island note that the sector may have been adversely impacted by improved foreign exchange liquidity in the country stalling import substitution especially considering the rapid rise in domestic food prices in 2017.
Refinery.
reporting for easykobo.com on Tuesday, Nov 21 2017 from Lagos, Nigeria