FG partners private sector on agricultural transformation

Minister for Agriculture and Rural Development, Dr. Akinwumi Adesina, stated this during a meeting with the new Nigeria Agribusiness Leadership Group (NABG), a select group of chief executive officers from Nigeria’s top agribusiness and financing institutions.A statement issued by the Director of Press of the ministry Tony Ohaeri quoted the minister saying: “In diversifying away […]

Minister for Agriculture and Rural Development, Dr. Akinwumi Adesina, stated this during a meeting with the new Nigeria Agribusiness Leadership Group (NABG), a select group of chief executive officers from Nigeria’s top agribusiness and financing institutions.
A statement issued by the Director of Press of the ministry Tony Ohaeri quoted the minister saying: “In diversifying away from the one-dimensional oil and gas economy of Nigeria and build on the investment inertia of the agricultural sector, we must engage the private sector to help drive and coordinate regulatory and policy reforms in the country.”
Adesina reckoned that, so far, private sector investments have reached US $11 billion since inception of ATA in 2012 with over US $4 billion in executed Letters of Intent (LOIs) in investment commitments by 30 private sector agribusinesses under the Cooperation Framework for New Alliance on Food Security and Nutrition in Nigeria in the past 12 months alone.
Reacting to the initiative, Alhaji Sani Dangote, Chairman of Dansa Foods Division of Dangote Group, said that “this group will drive inclusive market growth, representing the interests of farmers, aggregators, input providers, supply chain management, food processing, marketing and consumers.”
In his contribution, Honourable Mohammed Abubakar, CEO of UMZA Farms in Kano, stressed that “private sector support of necessary policy and regulatory reforms will ease doing business in Nigeria’s agricultural sector and reforms to sustain the gains of ATA beyond 2015.”
Given their significant investments into integrated agriculture and agribusiness, the NABG is expected to lead, support and advocate in favour of institutional, policy and regulatory reforms by working with the three tiers of government in Nigeria, federal, state and local governments.
“The intent is for these forums to become the Grow Africa and World Economic Forum voices to attract global investors and build competition among investors in the agricultural sector of our economy,” the minister said.