Agricultural sector can be a major player in resolving FOREX crisis- Oscar Onyema

The Group Managing Director of Nigerian Exchange Group Plc, Oscar Onyema, has said that the Agricultural sector can play a key role in generating the much-needed foreign exchange for the Nigerian economy.

Onyema made this known at the 26th Annual Chartered Institute of Stockbrokers’ conference held in Benin City, the Edo State Capital.

Delivering a special remark at the conference, Onyema noted that food security and agricultural development are inextricably linked.

Quoting the Q2 2022 GDP report from the National Bureau of Statistics (NBS), he stated that crop production is the major driver of the agriculture sector, as it accounts for 91.99 per cent of the overall nominal growth of the sector in the second quarter of 2022.

According to him, Nigeria’s arable land area of 34 million hectares translates to a myriad of opportunities to achieve food security. “It comes as no surprise that Agriculture accounts for about 24 per cent of Nigeria’s GDP and Nigeria is a leader in various types of agricultural production, such as palm oil, cocoa beans, pineapple, and sorghum.

Oscar reiterated that NGX Group is more committed than ever to supporting efforts aimed at stimulating economic growth by providing platforms for businesses and individuals to raise capital through innovation, diversified products and services, enabling a regulatory environment, which will in turn unlock value for stakeholders.

Source: Agricultural sector can be a major player in resolving FOREX crisis- Oscar Onyema – StocksWatch (stocksng.com)

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