Nigeria’s Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina has said that the country’s agriculture sector attracted a total investment of $5.6bn from private investors. Adesina said at the launch of the Agricultural Transformation Agenda Policy Working Group in Abuja on Monday that the Nigerian government was able to attract investments through the development of the agricultural value chains.
He disclosed that the group would help to document the agricultural policies of the government and institutionalize it.
According to him, the private sector has woken up to see agriculture as the new wealth sector and that between 2011 and 2014, the sector attracted over $5.6bn of private sector investments.
Private sector investments in fertilizer manufacturing have also expanded, with $5bn of private sector investments in fertilizer manufacturing within the past three years.
â€œTo drive this new approach, we decided to focus on promoting investments and development of agricultural value chains. Not only would we produce more food, we would add value to all the commodities, all across the agricultural value chains,he said.
The minister noted that the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending of the Central Bank of Nigeria had reduced the risk in banks’ lending to farmers.
Adeshina said that the government should ensure that farmers are encouraged and supported through sustainable and subsidized agriculture input.
What is important is to develop ways of effectively targeting support to reach farmers, while ensuring that the private sector, not the government, delivers farm inputs to farmers, he added.