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Vote 10% Annually For Agric, FG Told
The Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, has called for the allocation of 10 per cent of the nation’s annual budget to agriculture.
Adesina made the suggestion while contributing to a discussion in Abuja yesterday at the 19th Nigeria Economic Summit on ways to sustain the nation’s agenda on agriculture.
He said that financing the growth and development of the agriculture sector should be significantly expanded for realistic growth.
“At the moment, we are not spending enough on agriculture. As we go forward, we have to restructure the modes of financing of the sector.
“We need to make at least 10 per cent of our budget to go to agriculture, if we want to sustain this particular agenda.
“The issue of getting financing from the private sector is key. Nobody is going to do agriculture and borrow money at 25 per cent interest rate and also make profit.
“So we need to find new institutions, new arrangements and new platforms that will allow us to get affordable financing as well as long-term financing.
“So we really cannot get far until we tackle this particular issue.’’
Adesina also said that adequate funding of research and development institutes that were geared toward innovative agriculture discoveries was important.
“I think it is very crucial for us to invest heavily in research and development because no nation in the world has been able to achieve this without spending money on innovative technologies.
“Talk about China, Brazil, Pakistan and India, all of them invested in innovative technologies.
“Right now we are spending less than one per cent on research and development and it is not enough. To be the global power we want to be, we must spend more on research.’’
He said that another factor stunting the growth of agriculture in the country was the issue of agricultural extension, diverse means of transportation of farm produce, among others.
The minister said that the way forward was for young and fresh minds to come into the business of agriculture.
Adesina said that this was the reason why the recently launched Nurturing the Successor Generation of Nigerian Farmers and Agriculture Enterprises by President Jonathan, was a welcome development.
The Chairman of Heir Holdings, Mr Tony Elumelu, said that there should be continuity in the transformation of the agriculture agenda, to achieve sustainability in the sector.
He said that the ultimate goal of the agriculture agenda would be achieved when policy reforms and incentives were put in place.
“We also need to think of how to make agriculture more lucrative. It employs a lot of people but in actual wealth, it doesn’t make a lot of them rich.
“So if we succeed in making it lucrative and people begin to make money, naturally others would want to join in,’’ he said.
The Chief Executive Officer, Stanbic IBTC Holdings, Mrs Sola Borha, said that for affordable lending for agriculture purposes, the sector needed to be attractive, to enable banks feel safe to advance loans.
“ NIRSAL funds provided by the Central Bank is a step in the right direction since it is aimed at sharing risk, this will result to bankers feeling more comfortable in advancing agricultural loans.
“ This would help to bring the lending rates to the agricultural sector down.
“A commodity exchange, plus warehousing system, is absolutely key in providing the appropriate structure to agric business,’’ she said.
The Minister of the National Planning Commission, Dr Shamsudeen Usman, said that an alternate funding of the agriculture system apart from the traditional funding by banks was necessary.
“ At the federal level more economic policies like the NIRSAL funds should be fashioned to cushion risks in agriculture funding.
“Diversifying the transport sector is also important, which is why a step in that direction is already being taken, through resurrecting the train routes of Kano to Lagos and Port Harcourt to Borno,’’ he said.
The Managing Director, PZ Industries Plc, Mr Christos Giannopolus, also harped on the importance of having the right transportation system in place to aid movement of goods and services.
“ However, time is costly, if it takes over a month to move goods from Port Harcourt to the north, that becomes a challenge.’’
Giannopolus also urged the government to create more road corridors in the country.
He noted that the cost of using a particular means of transport half way through a journey and having to change to another was not cost effective and that it affected prices in the long run.
The 2025 annual general meeting (AGM) and conference of the Rivers/Bayelsa states chapter of the Manufacturers Association of Nigeria (MAN) has come to a close with a strong call for both states to drive the blue economy.
The communique just issued after the AGM pointed to what it called emerging prospects in fish processing, seaweed cultivation, ship repair, and marine technology.
The communique which also mentioned human capital gaps that must be filled through technical and vocational training that are aligned with modern industrial needs, said the blue economy represents a viable pathway for Nigeria’s industrialisation.
It said MAN and Arican Marine Environment Sustainability Initiative (AFMESI) have the capacity to unlock Nigeria’s blue economy sustainably and inclusively, but said the region required dedicated infrastructure upgrades, including roads, waterways, and power.
The communique was signed by Vincent Okuku (Chairman of Rivers/Bayelsa States Branch); Michael Nosa Agana (Branch Vice Chairman/Chairman AGM planning Committee); and Chibuzor Eze (Executive Secretary, Rivers/Bayelsa States Branch).
The resolutions said the future of the Niger Delta economy lies in diversification rather than dependence on extractive industries. “Technology and innovation, value addition and local processing, strategic infrastructure, and a skilled workforce are essential pillars for the future of manufacturing in the region.
“Governments in the region must intensify support for manufacturing activities. Various forms of collaboration across sectors should be actively encouraged.”
It specifically advised Bayelsa and Rivers States to fully develop and harness the blue economy as strategic gateways for sustainable growth; and called for cross-border partnerships with neighbouring states to enhance trade, security, and environmental management.”
The Rivers/Bayelsa States branch of MAN held its first (41st) AGM outside Port Harcourt for the first time, hosted by Bayelsa State Government at the Chief D.S.P. Alamieyeseigha Memorial Banquet Hall, with the theme: ‘Trade, Technology, and the Future of Manufacturing in the Niger Delta.’
In his welcome address, the chairman of the branch, Okuku, commended the Bayelsa State Government under the leadership of Gov Douye Diri for its efforts in industrial development, investment promotion, and strong partnership with the private sector.
He also acknowledged the Rivers State Government for its commitment to rehabilitating industrial clusters, improving access roads, and delivering key infrastructure.
He, however, expressed concern over persistent challenges such as high energy costs, unreliable electricity supply, weak transport systems, rising logistics expenses, multiple taxes and levies, inconsistent regulatory frameworks, and pressure from host communities, which continue to hinder manufacturing growth in both states.
The President of MAN, Francis Meshioye, noted that the Niger Delta, with its abundant resources and strategic location, holds vast potential for industrial expansion. He called for policy frameworks that promote local manufacturing, enhance trade, and attract investments to the region.
Goodwill messages were delivered by the Minister of the Federal Ministry of Regional Development, Abubakar Momoh, represented by Wasa Festus, Director of Community Development and Education. Another goodwill message was also presented by the Bayelsa State Commissioner for Trade, Industry and Investment, Ebieri Jones.
In his remarks, Gov Diri praised MAN for its contributions to Nigeria’s manufacturing sector, noting its resilience, innovation, and strategic role in national development. He stated that the conference theme aligns with his administration’s mantra of “Assured Prosperity.”
Gov Diri offered 24-hour service to manufacturers wishing to relocate to the state, and highlighted the State’s ongoing transformation through deliberate investment in infrastructure, security, and human capital aimed at positioning Bayelsa State as a hub for industrial growth, particularly in the blue economy, agriculture, and manufacturing.
He further noted that hosting the 41st AGM fulfilled a long-desired aspiration of the State following the successful 2024 MAN event in Port Harcourt, Rivers State. He officially declared the exhibition open.
The Nigerian Education Loan Fund has alerted the public to a fraudulent message circulating online, claiming that the NELFUND Student Loan Registration Portal is open.
The message directs applicants to a third-party link (http://gvly.xyz/Nelfund-Student-Loan, which NELFUND confirms is unauthorised and fraudulent.
In a post obtained from its X handle, yesterday, NELFUND urged students and the general public not to click on the link or provide any personal information, emphasising that the official loan registration portal is only accessible through the Fund’s verified channels.
The agency reminded applicants to exercise caution online and to report any suspicious links or communications claiming to be from NELFUND.
“Applicants are encouraged to always verify official announcements via NELFUND’s official website and social media channels,” NELFUND said.
This advisory comes as part of NELFUND’s ongoing efforts to safeguard students and ensure the integrity of the student loan application process.
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