By Elizabeth Adegbesan
The economy is expected to receive a boost as Integrated Produce City Limited set up $135 million commodities exchange in Edo State.
Chief Executive Officer of Integrated Produce City, Mr. Pat Utomi, disclosed this in Abuja.
Utomi explained that the exchange was the first agricultural commodities exchange accessible to nearby growers of cocoa, palm oil, rubber, cassava and local manufacturing companies.
He said: “The concept of a wholesale-produce market is to enable the farmer to fully dispose his produce, instead of today where he loses 80 percent of his output that rots before it can reach the market.”
According to the national Bureau of Statistics, Nigeria is boosting investment in agriculture to increase exports and cut food imports that cost it $3.2 billion in 2015.
The economy of the country has been hit hard by lower output and prices of crude, which has accounted for more than 90 percent of foreign income and two-thirds of government revenue.