The Federal Government says it is targeting a $3.14 billion agricultural investment portfolio in collaboration with the Food and Agriculture Organisation
By Doris Esa
The Federal Government says it is targeting a $3.14 billion agricultural investment portfolio in collaboration with the Food and Agriculture Organisation (FAO) Hand-in-Hand Initiative to achieve food sovereignty.
This is contained in a statement by Mrs Mabel Obe, Assistant Chief Information Officer, Ministry of Agriculture and Food Security, on Wednesday in Abuja.
Obe quoted the Minister of Agriculture an
d Food Security, Sen. Abubakar Kyari, as saying this at the National and Sub – Regional Hand – in – Hand Investment Forum to enhance agriculture investment in West Africa and the Sahel.
The minister stated that the government is targeting five high-impact value chains: tomatoes, cassava, maize, dairy, and fisheries.
Kyari said that the investment pipeline, backed by $1.75 billion in government funding and $1.39 billion in private sector commitments with an average internal rate of return of 14 per cent, was designed to lift millions out of poverty, among others.
He said that the portfolio would also deliver climate gains, adding that “Per capita incomes will rise by as much as $657 and we will contribute to global climate goals by sequestering over 1.2 million tonnes of carbon”.
Kyari explained that with 70 million hectares of agricultural land, only 20 per cent is cultivated, as well as an irrigation potential of over three million hectares, Nigeria represents one of the most compelling agricultural investment destinations in Africa.
“We are investing in Special Agro-Industrial Processing Zones, expanding cold chain logistics, recapitalising the Bank of Agriculture, and promoting local manufacturing of inputs and equipment,” he said.
He said that investors would leverage on tax incentives, exemptions on agricultural machinery imports, pioneer status tax holidays, and credits for firms sourcing raw materials locally.
“Together, these incentives create one of the most comprehensive enabling environments for agribusiness investment in Africa,” Kyari said.
Dr Hussein Gadain, FAO Country representative in Nigeria and ECOWAS, applauded Nigeria’s commitment to the Hand-in-Hand Initiative.
He described it as a vehicle for achieving the SDGs and Africa’s vision as outlined in the Kampala Declaration.
Gadain also lauded the Nigerian government’s leadership role in mobilising investment and innovation, as well as the Agriculture Ministry’s work in developing bankable investment cases across critical value chains.
“We have seen significant strides in matching private sector players, bilateral and multilateral partners with Nigeria’s clear agricultural development priorities.
“These are not just commitments on paper; they are tangible investments beginning to drive transformative growth,” he said.
He said that Nigeria’s involvement in the Hand-in-Hand for the Sahel sub-regional initiative on water and irrigation was “a game-changer” , unlocking agricultural and fisheries potential while building climate resilience.
In a goodwill message, Mr Gautier Mignot, the Head of the European Union Delegation in Nigeria, said that the Hand-in-Hand Initiative reflected Nigeria’s strong commitment to strengthening food security and deepening investment across the agribusiness value chain.
He said that the EU is Nigeria’s long term partner in Nigeria’s agricultural journey.
‘’It is committed to investing in value chain development in the country, starting with the recent investment of over 80 million euros to unlock opportunities in key value chains across 7 states,” he said.
Mignot pledged that the EU would deepen collaboration with Nigeria to ensure that irrigation becomes a pathway for economic growth and agricultural transformation.(NAN)(www.nannews.ng)