From Okwe Obi, Abuja
The federal government has disclosed that there is a deficit of about $182 billion to boost food production.
This comes as the government pledged to collaborate with banks to facilitate increased access for agroprocessors to affordable credit, mechanised agriculture, infrastructure at agro-industrial clusters, and extension services.
The Minister of Agriculture and Food Security, Abubakar Kyari, stated this yesterday at the Stanbic IBTC Summit in Abuja.
Kyari, represented by the Director of Agribusiness and Market Development, Adebiyi Michael, said: “As part of sectorial growth and sustaining the development of agribusinesses, the Ministry is committed to ensuring access for farmers to production inputs and collaborating with banks like Stanbic IBTC to facilitate increased access for agroprocessors to affordable credit, mechanised agriculture, and infrastructure at agro-industrial clusters/zones.
“Also, the government will ensure the provision of extension services, the establishment of Agribusiness Incubation Centres for skill development and youth training, the promotion of on-farm storage and processing to prevent post-harvest losses, and the development of sound policies and laws to regulate agricultural produce marketing, involving marketing agents, processors, and other stakeholders towards establishing a sound commodity trading system in Nigeria.”
“The current policy on agriculture is to have the private sector in the driver’s seat while the government provides an enabling environment, making agriculture a business and haven for investment instead of a development programme as was the case in the past.”
On his part, the Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, said there was a shortfall of $182 billion, despite government efforts to boost funding in the sector.
Adeniyi explained that the true potential of agriculture is beyond cultivation, as it involves value addition and transforming raw products into high-quality goods that can compete both locally and globally.
According to him, agro-processing has the power to unlock untapped potential, generate wealth, create jobs, and reduce post-harvest losses, positioning Nigeria as a leading agro-industrial hub in Africa.
“The Nigeria Economic Summit Group (NESG), in its H1 2024 outlook report, highlighted a significant gap in our tomato production.
“While annual demand is 2.2 million tonnes, we only produce 1.5 million tonnes annually, largely due to losses during post-harvest activities.
“Additionally, the agricultural sector faces a financing gap of USD 182 billion, despite government efforts to boost funding.”