A group of investors are targeting export of Rhodes grass estimated at $55 billion to the United Arab Emirates (UAE) this year.
The team is led by the Commodities Development Initiative (CDI) which has signed Memorandum of Understanding (MoU) with the Federal Ministry of Agriculture and Food Security to commercially develop Nigeria’s livestock and pasture industries for export markets.
This was one of the highlights of Agric Summit Africa x AU-IBAR Investment Webinar held virtually which drew participation from Nigeria, India and Kenya.
The event was organised by African Union InterAfrican Bureau for Animal Resources, Federal Ministry of Agriculture and Food Security, Sterling Bank and other partners.
Rhodes grass is high quality forage for livestock producers in the Middle East. It is highly valued as a feed option for livestock, particularly for grazing and hay production.
CDI is implementing Made in Nigeria for Export (MINEx) which seeks to expand selected Nigeria’s export products by 15 per cent annually till 2030 and contribute to achieving the Federal Government $1 trillion gross domestic product (GDP) target.
The Managing Director Commodity Development Initiative (CDI), Mr Roland Oroh, said the target is to achieve $505.6 million by 2029 taking a large share of the Middle East Pasture Hay Market.
According to him, the group has secured an order for 240,000 metric tonnes of Rhodes grass to UAE Market, as well as six per cent of the Middle East Market.
He mentioned other top exporters of the Pasture hay to the Middle East to include Egypt, UAE, Turkey.
He explained that the rising price of feed concentrates is affecting commercial livestock markets around the world, urging Nigerians to take advantage of this to invest in Rhodes grass to support producers in the Middle East involved in commercial livestock production who require affordable feed.
Speaking during the forum, Group Head, Agric Finance & Solid Minerals Group at Sterling Bank Plc, Olushola Obikanye said the bank was ready to propel large and small and medium-scale enterprise (SME) operators in the livestock feed and fodder sector into the realm of scaleable exports.
Obikanye underscored Nigeria’s need to ensure that domestically produced feeds secure access to well-structured markets both domestically and internationally.
He highlighted the need to ensure sustainable feed and fodder production for the development of the livestock sector.
He also stressed the need for a strong partnership e for feed and fodder production through optimum utilisation of available land and the promotion of value-added fodder technologies.
Peoplesmind
