Agricultural stakeholders have called on the Nigerian government to create and implement policies that attract private sector investments into the agricultural sector. They emphasize that such policies are essential to address food insecurity and promote sustainable economic growth.
At a stakeholders’ consultative meeting organized by Grow Africa Partnership in Lagos, participants highlighted the need for a conducive regulatory environment to encourage private sector involvement in agriculture. The meeting provided a platform for farmers, food processors, public sector representatives, and research institutions to discuss strategies for boosting investments in the sector.
The President of the Nigerian-Brazilian Chamber of Commerce and Industry, Mr. Emmanuel Ibru, pointed out that while the oil sector generates revenue, its potential for job creation is limited compared to agriculture. He urged the government to develop policies and regulatory frameworks that support agricultural growth and called for increased support from development banks to finance agricultural initiatives.
These calls for policy reforms come in the wake of a recent Memorandum of Understanding between Nigeria and Brazil, projected to attract $4.3bn in private-sector investments. The agreement focuses on projects related to fertilizer production, hybrid seed technology, and agricultural financing, aiming to enhance Nigeria’s agricultural productivity.
