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FG, NSIA signs MoU for commercialized agriculture

Guardian Newspaper - June 24, 2016

The Federal Government on Friday signed a Memorandum of Understanding with the Nigerian Sovereign Investment Authority (NSIA), to explore investment opportunities in commercialized agriculture to boost food production in the country.
The Minister of Water Resources, Mr. Suleiman Adamu, while signing in Abuja, said the MoU is a positive milestone in line with government’s determination to invest in agriculture for food security.
He said, “30 years from now, the population of Nigeria would outgrow food production, so we need to start to address the issue to avoid conflict of food shortage in the future.”
He stressed the need for all stakeholders and investors to look inward in exploring the many opportunities in the sector and develop the potential to the fullest.
Adamu reiterated the commitment and confidence of the Steering Committee on the partial commercialization of the River Basins, saying this would go a long way to restructure them for optimal performance.
He added that apart from commercialized agriculture, there were other opportunities, such as the development of small hydro power schemes for power generation through the use of available dams.
The Managing Director of the Authority, Mr Uche Orji, said that water and agriculture were pivotal to the food security agenda of the present administration.
He said that the organisation has access to capital and would do its best in the commercialisation of capital projects of the ministry for optimal benefit to the country.
The Nigeria Sovereign Investment Authority is a Nigerian establishment, which manages the Nigeria Sovereign Wealth Fund (SWF) into which the surplus income produced from Nigeria’s excess oil reserves is deposited.
This Fund was founded for the purpose of managing and investing on behalf of the government of Nigeria.


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