Nigerian fish, crop businesses gain highest amid declining food prices

Nigerian farmers and agric business owners were major contributors to the growth of Nigerian economy which rose by 0.51% in the first quarter of this year after escaping recession last year Q4.

In a recently released sectoral performance by the Nigerian Bureau of Statistics, NBS, for Q1 2021, Agric sector topped its recorded report for the corresponding period.

Despite prices of food declining, the agric industry increased their economic contribution to 2.28% during the first quarter of this year, to rise above the 2.20% they added to the economy in Q1 2020.

Although check showed that the contribution dropped when compared to what the gross domestic product recorded from the Agric businesses in 2020 fourth quarter, which is 3.42%.

Major segment contributors are fishing and crop producers. Fishing business grew by 3.24% in Q1 this year, against the -3.60% decline recorded in Q4 2020 & 1.49% in Q1 2020.