With over 27 million cattle which is more than the entire human population of the Cameroons, and a market valuation of about N4.144 trillion and no developed industry, Nigeria’s Cattle Industry is causing major problems in the country due to open grazing, if a ranching industry is developed, Nigeria stands to benefit not just from solving the problems between farmers, the local communities, and the cattle herders, but also stimulating huge economic benefits and impacts from Job creation, Increasing GDP, and the natural birth of other industries linked to the value chain like the Hay Industry, the Dairy Industry, the Corned Beef Industry, Leather Industry, Logistics, and a host of other industries associated with Ranching which will spring up. The Industry and Its value chain if developed, is capable of generating a minimum of 1.5 million to 2 million jobs, and has the capacity through its economic impact to add between US$150 billion to US$180 billion annually to the Nigerian GDP. Nigeria has the capacity to grow hay for both the local and export markets due to its favorable weather, and can generate between US$100 million to US$150 million from Export of Hay annually with the hay industry alone having the capacity to generate over 200,000 jobs. Watch Roman Oseghale give a detailed analysis of this industry and what Nigeria stands to benefits both from local and international trade if the industry is developed.
The Nigerian Economic Model was not designed to create wealth, it impoverishes the people. Like most Economies in Sub-Saharan Africa, the Economic Model is based on Asset Depletion, where assets are depleted to fund expenditure without appropriate investments to create wealth or renew depleted assets.
Illegal activities in the Mining, Logging, and Oil sectors of the economy are massively contributing to the increasing number of Extreme Poverty in Nigeria.