By Adetunji Ayo-Brown
For Nigerian economy to recover faster, cassava and it by-products has been described as veritable tools, full of abundant revenue generating potentials.
Used as an important raw material, cassava is a valuable food source in many developing countries. extensively employed for producing starch, bioethanol and other bio-based products like animal feeds, medicine, cosmetics, and biopolymers.
Prof Ken Ife, a Macro-economist and a public analyst stated these during an interview with Channels TV nominated by National Pilot while analysing impacts and performance of CBN’s policy on key sectors of the nation economy.
He said, “considering cassava for example, with over 54million metric tonnes, Nigeria is the biggest cassava producer in the world.
Cassava value chain which includes bio ethanol, where Brazil is the world number one producer. Starch for pharmaceutical industries and others. It is the basis of multitude of products, including food, flour, animal feed, alcohol, starches for sizing paper and textiles, sweeteners, food preservatives and bio-degradable products.
“Ranging from its fresh leaves to roots to modified cassava starch, there are different products derived from many forms of cassava”, he said.
He also noted that, “looking at the Anchor Borrowers programme, just by having their BVN, over 3.7million farmers got loans credits without collaterals and satellite coordination of their lands”.
He said, “about five million hectares of land are under cultivation irrespective of the shrinking ecological system caused by asymmetric warfare in the six geopolitical zones. On this fate, it is a major step forward”.
He said that, from that value chain alone, Nigeria can earn more than 40billion US dollars as that would definitely block the country’s revenue generation shortages.
The country is struggling with inflations instability caused by higher demands for US dollars for the importation of goods which is more than what the nation earns from the exportation of oil and gas. This must be checked and regulated.
“Aside providing agro raw materials for the processing industries which not enough but providing quality infrastructure to enable smooth exportation to abroad for earning returns in foreign currencies”, he said.
According to the Don, “if that gap must be met, Nigeria needs to add more exportations of foods, vegetables and processed foods”.
He further cited yam as another example, saying that, “Nigeria is the world biggest producer with 70% to 71% of the total produce, with of over 32million metric tones, while Ghana produces about 22.3% whereby over 70% of them are exported to European and American nations.
“If Hibiscus and ginger are considered too, they have great value chains that generate more revenue than that of oil and gas. But Nigeria economy is not playing in any of these markets.
“Nigeria has over 22 highly exportable agro produces all over the country. But we are not adding enough values to them”.
“Over 80% of cargo flights and vessels that brought goods containers into the country are going back empty which out market is forced to pay for. It cost $2500 to bring in a container and $500 to return, which is $3000 in total. But this can reduce to $1500, if we have enough to export. Nigeria market is paying penalty for not exporting”. Prof. Ife clarified.
