According to managing director of Universal Quest Nigeria, approximately N100 billion was lost by Nigerian farmers in the recent flood that destroyed markets, homes, and farms around the nation.
The floods had a significant detrimental influence on the economy and the way of life of farmers. As a result of the flood, there is a decrease in the export revenue from agricultural production as well as a decrease in the foreign exchange gains from the agriculture sector.
Farmers typically lost all of their harvest, claiming such losses definitely means he will be left with nothing to sell. There will be decline in the volume of export going to the ports, as the only thing the flood didn’t affect every part of Nigeria and so those places that were not affected can still have goods to export. “But in the worst hit areas, there will be very low volume for export.