In a transformative push to bolster Nigeria’s agricultural sector, the Federal Government on Tuesday announced a sweeping package of incentives aimed at attracting investment and creating 21 million rural jobs.
The ambitious plan, unveiled by Vice President Kashim Shettima at the Food and Agriculture Organisation’s (FAO) National and Subregional Hand-in-Hand Investment Forum in Abuja, seeks to revolutionise farming through enhanced irrigation, improved credit access, and large-scale mechanisation.
Speaking with urgency, Shettima described hunger as “the great equaliser that reveals our vulnerabilities and the shared fragility of our existence.”
He outlined a vision under President Bola Tinubu’s Renewed Hope Agenda to leverage Nigeria’s vast agricultural potential, including the capacity to irrigate over three million hectares of farmland—currently underutilised at less than 10 percent.
“Strategic investment in irrigation alone could triple yields, free us from seasonal dependency, and fortify our resilience against climate shocks,” he said, emphasising that food security is a matter of global security.
The announcement comes at a critical time, as Nigeria grapples with soaring food prices and climate challenges, exacerbated by 2023’s fuel subsidy removal and currency reforms, which deepened inflation.
The new measures include single-window platforms for land registration, strengthened agricultural credit systems, and strategic irrigation projects to drive productivity and reduce reliance on food imports.
Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, detailed the initiatives in a statement titled, ‘More Incentives for Farmers as FG Unveils New Agric Investment Incentives.’
The reforms align with the 2021–2025 National Development Plan, which targets lifting 35 million people out of poverty and ensuring food and nutrition sufficiency.Shettima assured investors that regulatory reforms, public-private partnerships, and agri-tech innovations signal that “Nigeria is open for business.”
He called for collaboration to build a nation and sub-region where “no one goes to bed hungry, and rural communities are hubs of wealth creation.”Minister of Agriculture and Food Security, Abubakar Kyari, highlighted Nigeria’s vast market, arable land, and growing digital economy as prime opportunities for investors.
Meanwhile, Minister of Budget and Economic Planning, Senator Atiku Bagudu, underscored agriculture’s pivotal role in Nigeria’s economic diversification and transformation.
The FAO’s representative in Nigeria and ECOWAS, Dr. Hussein Gadain, praised the Hand-in-Hand Initiative as a country-led program to accelerate agricultural transformation.
The Gambia’s Minister of Agriculture, Dr. Demba Sabally, lauded Nigeria’s leadership, citing its rice and cassava value chains as models for the region and urging peer reviews to address shared challenges.
As Nigeria bets big on agriculture to drive economic growth and food security, the success of these incentives hinges on effective implementation and investor confidence. With millions of jobs and the nation’s resilience at stake, the stakes couldn’t be higher.Word count: 420