• EP 10 | Bunmi Agbato: Agrifood Business: Insights from the Nigerian & UK markets.

  • Sep 27 2024
  • Length: 2 hrs and 2 mins
  • Podcast

EP 10 | Bunmi Agbato: Agrifood Business: Insights from the Nigerian & UK markets.

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  • Summary

  • Last year the value of trade between Nigeria and UK reached £7.1bn, almost doubling in the last decade. Nigeria’s exports represent £3.1bn of the £7.1bn and agricultural & food items form 45% of the 31 items that constitute the £3.1bn trade. However, this 45% just make up 0.4% of the £3.1bn value. Mineral fuel, oil & distillates take 77%. This is true as oil exports form bulk of our foreign earnings, even while agriculture is the highest contributor to the Nigerian gdp. Last saturday, I sat with Olubunmi A. Agbato (Yahya) to assess the agrifood market, opportunities for small agribusinesses with increasing globalisation, were we addressed the aforementioned issue among many others. Olubunmi questioned the data veracity and informed that many of exported agrifood products are not being captured in the data process, as they are informal & small often go unregistered. She maintained that more Nigerian agrifood businesses are internationalizing accessing global opportunities and with foreign businesses participating to serve the Nigerian/African diaspora market. Agbato recognised the chellenges the domestic agrifood business face with certification, competition & also efficient foreign players. She emphasised that foreign participation rather proves the expanding market and calls for supporting domestic players with proper structure, certification and to cost-effectively produce and effectively compete. Yahya acknowledged the increased competition landscape for agrifood businesses & especially for small business and advised for continuous learning, capacity building, innovation adoption, adapting strategies, doing new things and differently to survive and scale. It was reiterated entrepreneurs or small agribusinesses seeking to internationalize must conduct appropriate research of the market and target audience and evaluation of internal factors to their business & establish accordingly foreign market entry, marketing, business strategies. Bunmi canvassed the need for government to commit to agriculture to unleash the potential of the sector raising domestic output to drive non-oil commodities exportation & foreign earnings. The gap between the four subsectors of the agriculture sector is huge that if the lagging sectors were improved the value of the nation’s agriculture would rise significantly. Crop production form about 90% of the discussed sector & the livestock, fishing, and forestry subsectors sharing the rest. The livestock unit particularly has great potential with its industry worth ₦30trn and projected could double if conditions were right. All these sectors improving accordingly would mean greater domestic output & exports. We discussed many other issues encompassing business management challenges for multinational players and effective management stragies, etc., which are in a recorded video to be published on Spotify and YouTube & will be shared soon.
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