FG Reassures On Foreign Investments In Agriculture

The Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, has reiterated the Federal Government’s commitment to increase Nigeria’s foreign investments to achieve the goals of the Agricultural Transformation Agenda (ATA).

Adesina made the statement in Abuja on Monday when he received the Overseas Private Investment Corporation (OPIC) under the U.S. Corporate Council on Africa (CCA) Infrastructure Trade Mission to Nigeria.

OPIC is the U.S. Government’s development finance institution that mobilises private capital to help solve critical development challenges and also advance the U.S. foreign policy.

OPIC achieves its mission by providing investors with finance, guarantees, political risk insurance and support for private equity investment funds.

According to Adesina, ‘investment drive’ is important for the sector to open up the potential of some crops in some states.

He said that mechanisation and the provision of basic amenities were vital to achieving the success of private investments.

“We hope to discuss mechanisation systems; how tractors can be leased to farmers as against each one of them owning one.

“The Federal Government would also ensure that basic amenities, such as roads, water and power around staple crop zones are provided to enable processors establish their processing plants in areas where food production is high,’’ the minister said.

He said that the sector was looking out for new incentives for the private sector that would create ‘zero percent duty on all machinery and equipment’ in the country.