The Minister of Livestock Development, Idi Maiha, has said that the livestock industry has the potential to contribute N33 trillion to the nation’s economy if effectively restructured and developed.
Speaking during his inaugural meeting with the House of Representatives Committee on Livestock Development in Abuja, Maiha called for a restructuring of the sector to maximize its economic value.
According to him, investing in innovation and attracting capital inflow will transform the Nigerian livestock industry into a major source of revenue.
The minister urged state governments to establish dedicated Ministries of Livestock to facilitate closer collaboration with the Federal Government.
Highlighting the role states play in the sector’s advancement, Maiha stated, “We are currently reviewing which state governments have established ministries for livestock and fisheries. For those that have not, it is imperative to take action and create one. This will enable seamless coordination between the Federal Ministry of Livestock Development and the states.”
He reiterated the sector’s estimated worth, stating, “The livestock industry holds an approximate value of N33 trillion once fully unbundled.
This presents an opportunity to attract investments into the country while improving the ranching and dairy industries. Many Nigerian entrepreneurs are already expressing keen interest in these areas.”
Maiha revealed that efforts are underway to integrate the sector into the formal economy to mitigate risks and enhance investor confidence.
He emphasized the importance of political will in achieving these goals, adding that both the Office of the President and the House Committee on Livestock Development are firmly backing the initiative.
“This will help de-risk the industry, providing clear and tangible opportunities for investors. It is important to highlight that, contrary to previous skepticism, there is now robust political backing for this initiative, with strong support from both the office of the president and this committee.”
In his remarks, Hon. Wale Raji, Chairman of the House Committee on Livestock Development, highlighted the sector’s potential to create jobs and foster economic growth.
Raji acknowledged the urgency of overhauling the industry and assured the minister of the committee’s commitment to facilitating meaningful reforms.
Lamenting the delay in establishing the Federal Ministry of Livestock Development, Raji said, “While we regret that the creation of this ministry comes at such a late stage, we firmly believe that it is better late than never.
“With your vast experience as both a technocrat and a practicing farmer, we are confident that you are the right fit for the role. This move is ultimately aimed at advancing the development and progress of our nation,” he stated.