Nigeria Starts Yams Exports to Strengthen Economy

Nigeria began to export yams to Europe and the United States, as part of moves to diversify its oil-dependent economy and earn much-needed foreign exchange.

Agriculture minister Audu Ogbeh flagged off the first consignment of the fibrous tuber from the port in the country’s economic capital, Lagos.

According to the UN Food and Agricultural Organization (FAO), Nigeria accounts for 61 per cent of the world’s total yam output.

Yams, a staple grown across Nigeria, have gone up in price since last August when the country slipped into recession as a result of low global oil prices.

Nigeria relies on crude oil sales for 90 percent of foreign exchange earnings and 70 percent of government revenue. But the worldwide oil slump slashed revenues, weakened the naira, pushed up inflation and stalled investment prompting the government to look to the non-oil sector to stem the tide. The yam export is going to strengthen the country’s economy and help it gain an important place in worldwide trade.