Private sector innovation can drive agricultural development, transform economy-Minister

The Minister of Agriculture and Food Security, Abubakar Kyari, emphasized the vital role the private sector plays in promoting agricultural progress in Nigeria. He made these comments during the Stanbic IBTC Breakfast Summit in Abuja on Thursday.

Kyari highlighted the summit’s significance, which was themed “Driving Economic Transformation through Agro-processing: Building a Sustainable Future.” He noted that this theme is in line with President Bola Tinubu’s recent declaration of a food security emergency and the Renewed Hope Agenda aimed at fostering an agricultural revolution.

“It’s promising to see agriculture gaining traction in trade and investment discussions, especially given the ongoing decline in oil prices,” Kyari remarked. He called for stronger collaboration between public and private sectors, encouraging stakeholders to utilize technology and innovation in agro-processing to enhance the value of agricultural products.

The minister reiterated the government’s dedication to nurturing a dynamic agribusiness environment. “Agriculture should be viewed as a business and a prime area for investment,” he stated, emphasizing the need for integration across food production, storage, processing, and industrial manufacturing to bolster the agricultural value chain.

Kyari also pointed out that the private sector should take the lead in agriculture, asserting, “Our current agricultural policy places the private sector in the driver’s seat, while the government creates a supportive environment.” He urged stakeholders to focus on increasing value addition in agriculture and minimizing post-harvest losses to achieve food security and economic growth.

Wole Adeniyi, CEO of Stanbic IBTC, echoed these views, recognizing the critical role of agriculture, particularly agro-processing, in Nigeria’s development. He noted that agriculture significantly contributes to the nation’s GDP and sustains millions of livelihoods.

Adeniyi stressed the need to transform raw agricultural products into high-quality goods for both domestic and international markets. He also addressed challenges in the sector, highlighting a substantial gap in tomato production, with demand at 2.2 million tonnes but actual production only at 1.5 million tonnes, primarily due to unfavorable weather conditions and harvesting difficulties.

He also mentioned the $182 billion financing gap facing agriculture and assured attendees of Stanbic IBTC’s commitment to supporting agro-processors by providing funding for machinery, minimizing procurement losses, and helping close the financing gap.

In conclusion, he called for collaboration to seize growth opportunities, enhance Nigeria’s agricultural landscape, and create a sustainable future for both the agricultural and cultural sectors. The summit served as an important forum for stakeholders to engage in discussions aimed at advancing Nigeria’s agricultural sector through initiatives led by the private sector, ultimately striving for a stronger and more sustainable agribusiness economy.