![](\"http:\/\/arewa.ng\/wp-content\/uploads\/2018\/05\/Vice_President_Prof_Yemi_Osinbajo.jpg\")
<\/p>\nSpeaking at the Nigerian-German Investment Dialogue in Berlin, Germany, Osinbajo said Nigeria is a leading investment destination for potential and serious investors.<\/p>\n
According to him, \u201cHe said consumer spending in Africa was $1.4 trillion by 2015, with Nigeria, Egypt and South Africa accounting for more than half of that total,\u201d Osinbajo said.<\/p>\n
\u201cThere is also increasing economic opportunities in Nigeria because of deliberate actions by our government to diversify the economy and improve the business environment.<\/p>\n
\u201cIt is encouraging that there are significant economic ties between Nigeria and Germany. Germany is a significant exporter to Nigeria, which is its second largest trading partner in Africa.<\/p>\n
\u201cRecent reports show that German investment in Nigeria contributes as much as $1 billion in turnover annually. This is good, but we must agree that there is scope for even deeper collaboration given that Nigeria\u2019s GDP is close to $500bn.\u201d<\/p>\n
\u201cToday we produce locally 10 million metric tonnes of paddy rice annually. And we are importing only two percent of our rice consumption now,\u201d Osinbajo said.<\/p>\n
\u201cInvestments in milling capacity has risen astronomically since then, with one investor putting a million tonnes of milling capacity into the market.<\/p>\n
\u201cCarlos Farms, a Mexican fruit and vegetable investor, had initially planned to grow bananas and pineapples for export; until he discovered that he was making more money selling his bananas locally at $3 dollars a kilogramme, for what he would have been paid only a dollar per kg in Europe.<\/p>\n
\u201cWith a substantial percentage of the world\u2019s arable land and over half of that uncultivated, it is becoming clearer that the world will be looking to Africa, and Nigeria in particular, as its food basket.<\/p>\n
\u201cJust to take China\u2019s demand alone, China has 27% of the world\u2019s population, but only 7% of the world\u2019s arable land for agriculture. China needs 2 million tonnes of hybrid Soya beans per annum for livestock feed and vegetable oil. But we have not met that demand.\u201d<\/p>\n
\u201cWe are also diversifying within oil, while adding that Nigeria is already exporting urea since it is producing more than enough for its domestic needs and in the very near future.<\/p>\n
\u201cIn the service sector, about 1.8 million international travellers spend two nights on average at Nigeria\u2019s estimated 10,000 hotel rooms yearly.<\/p>\n
\u201cThis generated about US$210 million in revenue for the industry in 2017, which barely reflects on Nigeria\u2019s US$500 billion GDP size.<\/p>\n
\u201cNigeria\u2019s hotel industry alone is projected to grow by double digits by 2020, as the sector bounces back post-recession to one of the fastest growing in the world, and the possibilities for investors is significant.\u201d\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Vice-President, Yemi Osinbajo has claimed that Nigeria is now the food basket of the world. Speaking at the Nigerian-German Investment Dialogue in Berlin, Germany, Osinbajo said Nigeria is a leading investment destination for potential and serious investors. According to him, \u201cHe said consumer spending in Africa was $1.4 trillion by 2015, with Nigeria, Egypt and […]<\/p>\n","protected":false},"author":1,"featured_media":20879,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2829,3],"tags":[8758,1187],"class_list":["post-68955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-agriculture","category-news","tag-nigeria-feeding","tag-yemi-osinbajo"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/68955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68955"}],"version-history":[{"count":0,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/posts\/68955\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=\/wp\/v2\/media\/20879"}],"wp:attachment":[{"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arewa.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}