The Minister of State for Agriculture and Rural Development, Mustapha Baba Shehuri, has stated that the ministry, in collaboration with African Development Bank (AfDB), would promote and develop Special Agro-Industrial Processing Zones (SAPZs) in the country.
This he said is aimed at enabling both local and foreign partners to advance the level of trade and investments in the agricultural sector as a veritable strategy to diversify the economy.
The minister made this known during the Ecobank Agribusiness Summit with the theme, “Unlocking Productivity and Investment Opportunities across Nigeria’s Agribusiness Value Chain,” a collaboration with Vanguard Newspapers, held in Lagos recently.
Shehuri noted the need for a viable synergy and collaboration of all the relevant stakeholders including the financial sector as well as governments at various levels and the development partners.
He further said, “within the overall set of policy principles, the Federal Government is concentrating on providing an enabling environment and a level playground for stakeholders at all levels to enhance investment and capital flow into the agric sector.”
He stated that, “this summit also marks another milestone and traction in the journey of economic diversification in line with the vision of the Economic Recovery and Growth Plan (ERGP) of the present administration of President Muhammadu Buhari.”
According to him, it is critical “to boost agricultural production, food security, promote innovative technologies and investment in the agricultural sector in order to achieve poverty reduction and job creation, especially for our aspiring youths.”
He emphasised that Nigeria’s potential and prospects make the agricultural sector a pivot for economic stabilisation, diversification and growth for the country, adding that the sector remains a major contributor to the GDP with about 27 per cent and the biggest in the area of job creation in the non-oil sectors.
Mustapha pointed out that, “it is gladdening that this forum has brought together smallholder farmers, input dealers, agro-processors, development finance agencies, policymakers and captains of industry under one roof to discuss the problems and challenges facing the agricultural sector with a view to finding solutions and way forward.”
He reiterated that the ministry is presently “creating jobs through the ongoing review of agricultural policy, focusing on technology and innovation for agricultural mechanisation, strengthening research and development, training and funding of extension services, in addition to livestock and diary development.”
The minister stressed that, “with the noticeable growth in production in the agricultural sector of the economy, a major emphasis has been on stimulating agricultural export to increase our foreign exchange earnings. In doing this, we are giving attention to meeting the standard of the requirements of not only the local but also international markets.”
In his welcome address, the Chief Executive Officer, Ecobank Nigeria, Mr. Patrick Akinmuntan said, “our immediate focus is to invest N70 billion in agriculture financing within the next three years. With an initial take off tranche of N15 billion dedication funding in association with credible financing partners and instruments.”
Akinmuntan pointed out that agriculture is pivotal to the success and development of any nation, adding that the bank is committed to working with its notable partners to open up the vast opportunities that abound in the agriculture sector.
He said, “we will leverage on the successful templates generated in the commodities and agribusiness sectors in the economies that we have supported across the continent, so we can replicate same in Nigeria…”