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NESG hails plant protection law, projects $2bn seeds export revenue

NESG hails plant protection law, projects $2bn seeds export revenue
May 28
21:48 2021

The Nigerian Economic Summit Group (NESG) says the implementation of the plant variety protection (PVP) law will enable the country to generate $2 billion from seed exports within five years.

The PVP bill, signed into law by President Muhammadu Buhari on May 21, 2021, seeks to give plant breeders intellectual property over a new plant variety, with exclusive rights to commercialize seed and/or propagation material of the variety.

It also aims to incentivise national and multinational agribusiness investments and aid the development of Nigeria’s agriculture value chain.

The NESG, in a statement issued by Yinka Iyinolakan, its head of corporate communications, urged the government and stakeholders to ensure implementation guidelines are properly set and act speedily in ensuring that critical aspects of the bill are effectively enforced.

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“Once it is fully implemented, Nigeria will move from generating $0 from seeds export to generating well over $2.0 billion from seeds export within the first five years,” the statement read.

“The PVP also promotes marketing of new varieties and allow breeders to earn back the considerable costs involved in the long process of variety development.

“Furthermore, a well-functioning Plant Variety Protection (PVP) system will encourage in-country breeding activities; this will also attract foreign companies to introduce high quality improved varieties, knowing that others cannot easily copy their effort or take advantage of it.”

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The economic summit group said it would continue to partner with stakeholders in the agricultural ecosystem and other sectors to improve the PVP Act and ensure it is beneficial to plant breeders, smallholder farmers and every stakeholder in the Nigerian agricultural ecosystem.

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