Ernest Umakhihe, permanent secretary of the Federal Ministry of Agriculture and Rural Development, has said Nigeria’s livestock sub-sector is able to rake in over N33 trillion annually, as it has huge economic potential waiting to be harnessed.
Umakhihe said this in Benin at the inauguration of the Animal Science Association of Nigeria (ASAN), Edo chapter.
He noted that the sub-sector was estimated to contribute about 17 percent of the Agricultural Gross Domestic Product (GDP) and 5 percent of the National GDP,” Umakhihe said.
“As we all know the livestock sector is very vital to the socio-economic development of the country and it represents an important source of high-quality animal protein.
“It provides about 36.5 percent of the total protein intake of Nigerians, generates employment, income, and earns foreign exchange for the country.”
Also speaking, Eustace Iyayi, registrar of the Nigerian Institute of Animal Science (NIAS), commended the state government for creating a department of animal husbandry.
“As an institute, we are going to key into the mandate of helping the state grow livestock to harness the potential in the sector,
“I am confident that at a time when Nigeria’s oil industry is failing, we will be able to tap into the N33 trillion huge potential earnings in the value chain,” he said.
Livestock, in Q2 2022 saw a 2.8 percent decline in its contribution to GDP year-on-year and an 11.3 percent decline quarter-on-quarter.
This decline, according to BusinessDay findings, owes to the rising cost of inputs.