Nigeria has reiterated its commitment to transform the agriculture sector to enable it to reclaim its place as the main stay of the economy.[/size]
Minister for Agriculture and Rural Development, Dr. Akinwumi Adesina, stated this at the just-concluded Agric Business Summit in Washington DC, United States organised by the Embassy of Nigeria and the Corporate Council on Africa (CCA). It was supported by the World Bank.[/font][/size]
In his keynote address, Adesina listed the investment opportunities in the agric sector. He noted that agric accounts for 75 per cent of the growth of the non-oil sector of the economy, and assured that the administration is "creating enabling environment, developing infrastructure, safeguarding investments, reducing official bottlenecks and motivating local and international investors."[/font]
[/size]The minister also noted the possibility of reclaiming the former glory of Nigeria as a net exporter of food from its current position as a net importer. He said there is 20-30 per cent return on investment potential for investments in tomato, cassava, cotton, rice, maize and soya beans value chain.
[/size]One of the panel discussion focused on the huge potential for tomato paste processing and fresh produce grading and packaging export centres.
[/size]The Minister drew applause, triggering more than a dozen prospective investors meeting with him after his presentation. A former United States Ambassador to Nigeria, Ambassador Howard Jeter, said of the Minister of Agriculture: "We are deeply impressed with the calibre, knowledge and vision of the Minister of Agriculture of Nigeria. This is Nigeria at its best. If Nigeria keeps on this way, it will become Africa’s leader in agriculture."
[/size]US-Exim BankVice-President, Wanda Felton, praised Adesina for his "smart leadership" in steering a revolution of agric as a business, with several results, in such a short time in office. "This has a huge potential to transform Nigeria’s economy and diversify it away from oil and gas", she said.
[/size]Vice-President Namadi Sambo led the high-powered delegation, which also included the governors of Rivers, Kaduna, Kwara, Nasarawa and Ekiti states.
[/size]The event was attended by 600 delegates from the US and Nigeria.
[/size]Among them were Mallam Sanusi Lamido, Governor, Central Bank; Evelyn Oputu of the Bank of Industries; Chief Executive Officer, Union Bank, Funke Osibodu; her counterpart at the Nigerian Stock Exchange (NSE), Oscar Onyema; former United States Ambassador to Nigeria, Robin Sanders; and Chairman, Nigerian Economic Summit Group, Foluso Phillips, who moderated the panel discussion on Nigeria’s agribusiness investment climate and financing framework.
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TheNation