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Local and international stakeholders to invest N800 billion in Nigeria’s agricultural sector

Bizwatch - August 26, 2015

The Permanent Secretary, Federal Ministry of Agriculture and Rural Development, Mr. Sonny Echono, has disclosed that the nation’s key development partners under the New Alliance Cooperative Agreement Framework/Grow Africa initiative are committed to a funding equivalent of N100bn ($500m) for the country’s agricultural sector for a three-year period, the Federal Government has said.
He also disclosed that international and local business establishments were committed to make investments of about $4bn (N800bn) in the agricultural sector.
The Permanent Secretary made this known on the occasion of the validation workshop on the New Alliance Report involving Nigeria, private sector investors and its development partners.
The development partners, according to Echono, include the European Union, United Kingdom, Japan, France, Germany and the United States.
The permanent secretary, who was represented by the Director of Special Duties, FMARD, Mrs. Ademola Abiri, stated that the new alliance was a collaborative approach geared towards developing the agricultural sector of the Nigerian economy.
Echono said the Federal Government was hopeful that through the partnership, more investments would come to the sector as the FMARD would implement the 13 policy actions in order to improve the environment and attract investors.
He explained that the new alliance was formed in Nigeria in 2013 when the Federal Government, private sector players and the development partners made written commitments on key actions to be embarked upon.
This, he said, was in order to improve agricultural investments and food and nutrition security in line with the principles of the Comprehensive African Agriculture Development Programme.
He noted that the purpose of the workshop was to review the progress made so far under the alliance in order to produce a final document which would be submitted to the AU commission on August 31, 2015.
 
 

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