FG unveils plan to grow livestock sector from $32bn to $74bn by 2035

The Federal Government has launched the National Livestock Growth Acceleration Strategy, an ambitious roadmap aimed at expanding Nigeria’s livestock industry from its current value of $32 billion to $74 billion by 2035.

The Minister of Livestock Development, Idi Maiha, disclosed this at the 2025 Agriculture Summit Africa (ASA) in Abuja, organised by Sterling Bank. He said the plan is central to the government’s efforts to diversify the economy and strengthen national food security.

Maiha urged banks and financial institutions to create dedicated livestock financing desks to improve access to credit for pastoralists, processors and other key players in the value chain. According to him, achieving the $74 billion target would reduce reliance on imported animal products, generate millions of rural jobs and elevate Nigeria’s position in Africa’s livestock market.

He praised Sterling Bank for its role in agricultural financing and for hosting the summit, describing ASA as a vital platform for shaping Africa’s food systems.

Sterling Bank’s Group Head of Agric and Solid Mineral Finance, Olushola Obikanye, said the summit embodies “ideas, conviction and hope” for Africa’s agricultural future. He called for stronger regional partnerships, innovative financing models and firm policy implementation to drive transformation across the continent.

A major highlight of the event was the government’s formal unveiling of the livestock growth strategy. Additionally, the National Agricultural Development Fund (NADF) announced an on-lending partnership with Sterling Bank aimed at de-risking agricultural investments and attracting private capital to high-impact areas.

NADF Executive Secretary, Mohammed Ibrahim, said the partnership demonstrates how catalytic financing can make agriculture more bankable and attractive to investors.

Representing the Governor of Yobe State, Mai Mala Buni, Permanent Secretary Garba Usman reaffirmed the state’s commitment to mechanised farming and rural development. He emphasised the importance of technology and innovation in boosting productivity and urged stakeholders to support tech-driven agricultural solutions.

The summit featured panel discussions on key issues, including enabling policies for agricultural growth, innovative financing for catalytic capital, technology and green innovation, inclusion of women and youth, and climate-resilient food systems.

Industry leaders such as Vice Chairman of Noor Takaful, Aminu Tukur; Chairman of the Bank of Agriculture, Mohammed Babangida; and Managing Director of Sunbeth Global Concepts, Olasunkanmi Owoyemi, delivered goodwill messages. Exhibitions and networking sessions also provided participants with opportunities to explore sustainable growth prospects across the agricultural value chain.