FG outlines $256bn support programme for Nigerian agricultural sector at Agribusiness Food Security Summit 2012
The Federal Government, through the Ministry of Agriculture announced a supportive program towards creating a Nigerian agricultural sector worth $256 billion by 2030 at the BusinessDay Agribusiness Food security Summit 2012.
Kola Masha, representing the Minister of Agriculture – Adesina Adewunmi – highlighted the government’s intention to stop food importation valued at over N1 trillion annually and ensure a massive growth in the sector, in partnership with the private sector.
As against the annual loss of funds to importation, N350billion would accrue to the nation’s economy by the end of 2015 following the import substitution policy for rice, while the substitution of wheat flour content in bread with cassava flour will generate over N60 billion.
Other stakeholders present at the event were: Jude Uzonwanne, head, NIRSAL Project Implementation Office of the Central Bank of Nigeria (CBN); Bert Ronhaar, the Nertherlands ambassador to Nigeria; Jacques Taylor, head specialist finance, Stanbic IBTC, Nigeria; Jite Okoloko, the group chief executive, Notore Gbenga Ibikunle; executive director, British American Tobacco Nigeria (BATN); Emmanuel Ijewere, chairman, agriculture and food security policy commission (NESG).
Participants from various sectors stated the challenges of doing business in Nigeria and also highlighted the tremendous potential of the Nigerian agricultural sector.
The summit came to a close with core agriculture investors taking a stand to mobilize a strong private sector advocacy group to the Presidency to ultimately resolve to drive the agricultural transformation agenda of government.