The dwindling prices of oil have caused the Nigerian economy to suffer in the recent years and the Nigeria has become a case study on the disadvantages of basing an economy on a singular product. According to reports via Bloomberg further diversifying the Nigerian economy and the bid to boost exports shall inspire a $1 billion crop-processing park in Northern Nigeria.
The Badeggi Crop Processing Zone in Niger state is expected to come to life in June next year, with an initial investment of $250 million by a Turkish investor according to deputy director at the Nigerian Investment Promotion Council, Aminu Takuma. The initial investment shall be supplemented by an additional $800 million and the investor will operate the park while maintaining 60 percent stake in the venture.
Over 750,000 metric tons of crops including rice, maize, yam, cassava, groundnuts and peas shall go through the facility every year. The government reportedly hopes to implement 15 similar zones across the country in coming years. Hopefully, the next few projects like these do not see majority foreign ownership