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.
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