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From Okwe Obi, Abuja
The Federal Government and the Food and Agriculture Organization (FAO) have projected a $3.14 billion agricultural investment portfolio from the Hand-in-Hand Initiative.
Minister of Agriculture and Food Security, Abubakar Kyari, explained that the initiative would target tomato, cassava, maize, dairy and fisheries.
Kyari, in a statement yesterday by the Assistant Chief Information Officer, Information Department, Obe Mabel, said the initiative would eradicate poverty, hunger and build resilience in rural communities, achieve food sovereignty and align with global frameworks like the Sustainable Development Goals (SDGs) and the Africa Union’s Comprehensive Africa Agriculture Development Programme (CAADP) Action Plan.
The Minister who spoke during the National and Sub – Regional Hand – in – Hand Investment Forum to enhance Agriculture Investment in West Africa and the Sahel, in Abuja, stated 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 percent, was designed to lift millions out of poverty.
He added that the portfolio would also deliver climate gains, noting 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”.
He pointed out that “with 70 million hectares of agricultural land, of which only 20 percent is cultivated, and irrigation potential of over three million hectares, Nigeria represents one of the most compelling agricultural investment destinations in Africa,”
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The Minister revealed that “We are investing in Special Agro-Industrial Processing Zones, expanding cold chain logistics, recapitalizing the Bank of Agriculture, and promoting local manufacturing of inputs and equipment,”
He stated that investors would leverage on tax incentives, exemptions on agricultural machinery imports, pioneer status tax holidays, and credits for firms sourcing raw materials locally.
FAO Country Representative in Nigeria and ECOWAS, Dr. Hussein Gadain applauded Nigeria’s commitment to the Hand-in-Hand Initiative, describing it as a vehicle for achieving the SDGs and Africa’s vision as outlined in the Kampala Declaration.
Gadain lauded the Nigerian government’s leadership, particularly Vice President Shettima’s role in mobilizing investment and innovation, as well as the Agriculture Ministry’s work in developing bankable investment cases across critical value chains.
He added that “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.”
In his Goodwill Messages, the Head of the European Union Delegation in Nigeria, Gautier Mignot stated that the Hand-in-Hand Initiative reflected Nigeria’s strong commitment to strengthening food security and deepening investment across the agribusiness value chain.
He revealed 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.’’
