Despite the prohibition of Cannabis, media sources indicate that Nigeria is one of the world’s largest users of the substance. All thanks to a thriving Cannabis farming culture across the country, New Frontier estimates that just under 20% of the population uses cannabis each year, with more than 12% consuming almost every month. The plant is most often cultivated in the states of Edo, Ekiti, Delta, Ondo, Osun, Ogun, and Oyo, where the tropical environment aids the plant’s growth and the naturally fertile lands provide premium standard Cannabis.
How Nigeria Could Profit From Cannabis?
According to statistics, cannabis’ economic potential is a subject of debate among many individuals in the country. Bloomberg reported recently that the market for using the plant recreationally and medicinally would be worth $90.4 billion by 2026. Moreover, if legalized, Africa’s cannabis industry could reach $7.1 billion by 2023, according to a recent analysis by Prohibition Partners.
However, based on data from New Frontier’s global consumption study, Nigeria looks to be capable of exceeding those projections on its own. When you consider the rest of Africa, Africa’s cannabis business has the potential to become a worldwide power.
And seeing how Cannabis is cultivated on a large scale in Nigeria, it would be a matter of time before the country is making it to the top charts of the biggest distributors around the world.
The crumbling economy of the country requires a change in economic policies of the country and with pandemic sucking the blood out of crisis-torn people, Cannabis could be the only solution to boost the economy and bring in billions in revenues.
Export Cannabis For Medical Reasons
Mr. Rotimi Akeredolu, the executive governor of Ondo State, said in early 2019 that the state may look into Cannabis cultivation for therapeutic purposes as part of its efforts to generate jobs and thrive towards the growth of the economy. A bill to decriminalize the cultivation of Cannabis was presented in front of the regulatory authorities as well to promote the cultivation of medical Cannabis in the country.
It is indeed, one of the best steps taken towards the commercialization of Cannabis in the country and if the bill is approved, Norwegian people would be able to cultivate and export billions of dollars worth of medical Cannabis to major countries like Canada, the UK, and the U.S where the use of medical Cannabis is allowed.
Contribution towards the Manufacturing Sector
Aside from its therapeutic benefits, the plant can also be used to make fabric, rope, and paper, which may be a substantial source of foreign money for the country as well as a cause of developing employment opportunities.
Improving Foreign Exchange Market
A government official is stepping up efforts to grow the economy via agriculture and that Cannabis is a vital part of that strategy. He further added that we must not underestimate the drug’s economic potential for Nigeria’s agriculture industry. The plant’s cultivation and commercialization have the potential to generate much-needed foreign exchange earnings, create jobs, and contribute significantly to the economy’s growth.
Companies Investment and Merger
Since Nigeria is among the largest producers and buyers of cannabis, if its companies merged or brought other companies from across the world to come to invest in their country, it will cause a boost to its economy. For example, multimillion-dollar agreements are being made as governments on the continent change their attitudes about Cannabis. On June 3, Goodleaf, one of South Africa’s first commercial cannabis companies, combined with Highlands Investments from neighboring Lesotho in a $45.2 million transaction.
Based on the information above, it is safe to say that Nigeria can uplift its economy by legalizing and cultivating Cannabis and exporting it to many countries around the globe where the medical and recreational use of Cannabis is decriminalized. For people interested in Learning Cannabis on Leafing with Cannabis, check out our other articles as well.