Follow Us on Google
By Chinenye Anuforo
The Executive Director, Cormat Nigeria Limited, a subsidiary of the TGI Group, Dr. Johannes Flosbach, has emphasised the need for sustainable funding in Nigeria’s agribusiness industry.
Flosbach made the submission during the 11th German-Nigerian Business Forum (GNBF) held in Lagos recently.
Speaking on the topic, “Strengthening the Nigerian Agribusiness Industry for Food Security and Export,” during a panel discussion, Dr. Flosbach highlighted agriculture’s pivotal role in Nigeria’s future while calling attention to the pressing challenges of securing adequate financing for the sector.
He stated that, “agriculture is the future and agriculture means food processing. However, we also need to address a key challenge – funding. Working capital at 30 per cent interest or more is unsustainable, making it almost impossible to invest in new projects. I believe future forums will need to focus on funding solutions to enable the growth of this critical sector.”
He also highlighted the importance of innovative agricultural practices, noting TGI Group’s investments in rural farming and sustainable agriculture. He called for continued collaboration between Nigerian and international partners to unlock the potential of Nigeria’s agribusiness industry, positioning it to meet both local and international demands.
Organised by AHK Nigeria and Afrika Verein with support from the German Federal Ministry for Economic Affairs and Climate Action, the forum served as a platform for discussions on strategic sectors including agribusiness, renewable energy, construction and vocational education.
