The Federal Government of Nigeria has called for the active participation and engagement of individuals, professionals and investors in a bid to ensure that the agricultural sector flourishes.
Minister of Agriculture and Food Security, Senator Abubakar Kyari made this known at the 4th edition of the Agric-Investment and Capital Market Conference (AICM) held in Lagos State recently.
Kyari, who was represented by Mrs. Omolara Folashade Abimbola, Lagos State Coordinator, Federal Ministry of Agriculture and Food Security while delivering the keynote address titled Connecting Deals; Seeding Growth”.
“It is through the active participation and engagement of individuals, professionals and investors that the agricultural sector can flourish. This can be achieved by nurturing a sense of togetherness, encouraging collaboration, and investing in infrastructure, education, and social programs.
Governments and businesses must understand the importance of investing in innovation, research, and development. By supporting entrepreneurship, fostering an environment that encourages creativity and providing resources for start-ups, we can cultivate an ecosystem that paves the way for economic growth and prosperity from here.
We will identify and establish strategic alliances, collaborations and investments that have the potential to drive expansion, increase market reach, enhance capabilities, or achieve other desired objectives that will bring development to our nation” Kyari said.
Meanwhile, the Founder and Chief Executive Officer Welcome2Africa International Limited, Bamidele Seun Owoola disclosed that the organization has facliitated $24 million in investment for various Nigerian Agribusinesses at the Agri-Investment and Capital Market Conference (AICM). “This outstanding accomplishment is a turning point in our mission to strengthen agribusinesses, encourage agribusiness innovation, and propel economic development throughout Africa. AICM 2024 had in attendance the Minister of Agriculture and Food Security ably represented by Mrs. Omolara Folashade Abimbola, Lagos State Coordinator, Federal Ministry of Agriculture and Food Security. The event also had in attendance key figures such as Tonye Cole, diplomats of the Spanish embassy and portfolio investors such as the International Finance Corporation, Dutch Entrepreneurial Development Bank, Emerging Africa, ARM, and NORfund amongst others.
AICM 2024 is an improvement above 2023, which procured investments totaling $12 million. The $24 million investment demonstrates the faith and belief in our aim to change the agricultural landscape of Africa. It was obtained through strategic partnerships and collaborations with global investors through the AICM deal room components. Participating agribusinesses will be able to expand their operations and activities, boost productivity, and seize new chances for expansion and development thanks to the finance they have secured.
At Welcome2Africa International, we are aware of how much African agriculture can contribute to sustainable development, reduce poverty, and bring prosperity to a vast number of people. Our dedication lies in aiding the expansion and prosperity of farming businesses in Nigeria and around the African continent” she enthused.
On his part, the former Group Executive Director of Sahara Group, Tonye Cole said in the development of agriculture in Nigeria, the smallholder farmers, who are mostly in the rural areas must not be neglected.
“So, I believe that Nigeria is at a crossroads. On the one hand, you have a huge population of which a lot of them are farmers and a lot of them are in the rural areas, which means that the smallholder farmer is an integral part of the Nigerian economy.
“When you are dealing with the future of agriculture and agribusiness, you have to deal with smallholder farmers and you have to ensure that the women and the children of those smallholder farmers are taken care of, which means that policy has to bear them in mind.”
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To grow the agricultural sector, according to him, there is a need to increase access to arable land for mechanised farming.
He said: “Nigeria has to have a mix, an integral mix between smallholder farmers and large-scale industrial farming. That mix must be done.” On the way out of food insecurity in the country, Cole said Nigeria must deal with the security challenges facing the country.
“Well, I would say that if you look at what happened in the world between 2012 and 2023, you saw that the world actually tackled food security and there was an improvement in food security.
“But the data shows that Nigeria was one of the few countries that had not dealt with it adequately. But if you look at it deeper from our own issues, we find out that what has driven that has been a lot of insecurity.
“Had we dealt with the security issues, then we would have been able to deal with food security because we actually have the people, we have the land, we have the ability to grow, we have the temperature, we have what is needed. So, we have to deal with security. Once you deal with security, you deal with food security.
He also emphasised the role of the capital market in promoting agricultural development.
Cole posited: “Capital market is a platform. It’s a place where trade exchanges are made. And so, the capital market always has money looking for opportunities. Once you can bring the opportunities to the capital market, then money will flow.
“And that’s exactly what it is. If not, you just have money by sitting down and not doing anything. But money must work. So, the capital market has the investment, it has the money, and it has to find the opportunity. When we enter the equity exchange market and begin to trade such commodities on the market, it brings liquidity into the market. And that
