The Minister of Agriculture, Senator Abubakar Kyari, said the government of Saudi Arabia has expressed interest in setting up manufacturing factories in Nigeria for farming equipment.
Kyari made this disclosure in a statement on his X (formerly Twitter) account on Saturday following a meeting with stakeholders from the Middle East state.
He said the aim Is to support Nigeria’s agricultural sector through mechanization by establishing the plants in the country.
He also said the Middle Eastern country has pledged to purchase from Nigeria 200,000 metric tons of red meat annually, as well as one million tons of soya.
According to him, this initiative will further strengthen the agricultural sector and increase the country’s production capacity.
“Following our fruitful discussions, the Minister of Agriculture of Saudi Arabia paid a return visit to Nigeria. During his two-day stay, we facilitated engagements with our agri-business entrepreneurs. These interactions were highly productive, leading to far-reaching discussions and mutual understanding.
“Shortly after the visit, we received an expression of interest from Saudi Arabia, indicating their desire to procure 200,000 metric tons of red meat annually, as well as one million tons of soya. I want to assure everyone that the supply of these valuable commodities will not affect Nigeria’s domestic consumption.
“Additionally, the Saudi government has expressed their willingness to support our country with mechanization by establishing factories for the manufacture of farm equipment. This will further bolster our agricultural sector and enhance our capacity for sustainable production,” Kyari said.
What you should know
Nigeria is currently battling a food security crisis with food inflation at 40.5% as households struggle to provide for their family across the country.
Furthermore, the price of staple foods especially grains has seen an over 100% increase in prices in the past year.
The steep rise in food prices is significantly burdening households nationwide, intensifying the challenges within an already precarious economy.
With projections indicating that approximately 31 million Nigerians could confront severe food shortages by August, the situation demands urgent attention and strategic interventions.
Recently, the federal government announced plans to share N50,000 to 100,000 households across the country’s 36 states for three months and purchase food items worth N155 billion to be distributed across the country.
President Tinubu disclosed this during the National Economic Council (NEC) meeting held in the Presidential Villa on Thursday where he rolled out construction, housing and other support programs for Nigerians.
The president also called on state Governors to work towards meeting the food security needs of their states.