Lagos — Minister of Science and Technology, Dr Bako Zaku, on Thursday in Abuja, said $500 billion (about N72.3 trillion) was realised from the sale of biotechnology products every year worldwide.

He made the announcement at the launch of the third Open Forum on Agricultural Biotechnology in Africa, organised by the National Biotechnology Development Agency (NABDA).

Zaku, who spoke on the theme, "Biotechnology and its application in Agriculture", said there were 4,000 biotechnology firms in the world, adding that 50 per cent of them were in Europe, 30 per cent in the U.S., and 20 per cent in Asia.

"It is encouraging to note that Africa recorded a substantial growth in 2008, with Burkina Faso (Cotton) and Egypt (Maize) planting biotech crops commercially for the first time.

"They have joined South Africa, which has been growing such crops for a decade now," he added.

The minister said globally, 13.3 million farmers in 25 countries planted biotech crops, 15 of which were developing countries, that grew 125 million hectares of biotech crops.

He said in the past five years, China had increased its investment in the development and application of biotechnology to $1.5 billion.

Zaku said China now had 900 modern biotechnology companies and more than 20 biotechnology parks.

"The development of biotechnology in China has contributed a lot to the economy, food security, and the environment. China has slipped into an influential role within the global biotech industry," he said.

Zaku said the success of the development of genetically modified cotton in China would bring about an increase of $600 million in farmers' income every year in that country.

He said agricultural biotechnology would enable stakeholders to share knowledge and experiences as well as explore new avenues of bringing the benefits of biotechnology to Africa's agricultural sector, "in which Nigeria is a strategic nation of interest".

Nigeria, he added, was strategic because of its population, biodiversity and agricultural potential.

Zaku said the objective of the forum was to enlighten and sensitise the society on the need to domesticate agricultural biotechnology, which would complement the efforts that had been put in place by the ministry.

He urged Nigerians to embrace agricultural biotechnology, saying that the ministry would start the distribution of biotechnology seeds to farmers during the current farming season.

The forum was organised by NABDA in collaboration with the Kenya-based African Agricultural Technology Foundation (AATF) and the Agricultural Research Council of Nigeria (ARCN).