The Minister of Agriculture and Food Security (FMAFS), Abubakar Kyari on Thursday said an estimated $3.13bn investment in tomatoes, fishery, cassava, dairy and maize would boost the country’s agricultural potential.
Kyari said this at a forum in Rome, Italy.
In a post he shared on the microblogging platform X, Kyari said the challenges on tax, foreign investors profits repatriation, and local content incentives were a major hindrance in agricultural investment.
He noted that the sector with a Gross Domestic Product (GDP) of approximately $430bn, has vast agricultural potential, contributing 25.58 per cent to GDP in 2022.
He highlighted numerous investment opportunities in the sector and called for increased investment to unlock its full potential at the state level.
He said, “Tomato: Investment of $869.4m is aimed at improving productivity and reducing post-harvest losses by supporting irrigation, processing facilities, and seed multiplication. The initiative targets states like Kano, Bauchi, and Borno.
“Cassava: A $382.2m investment aims to boost yield and reduce losses through processing units, research support, and value chain financing, focusing on states like Ogun, Oyo, and Anambra.
“Maize: With a $1bn investment, the goal is to increase production and processing capacity in states like Katsina, Kaduna, and Oyo.
“Dairy: Addressing high import dependency, this $476.8m investment focuses on boosting productivity, processing, and pasture management, primarily in Bauchi, Kwara, and Oyo.
“Fisheries and Aquaculture: Targeting a production gap, $399.8m is allocated to improve fish farming, focusing on states like Ebonyi, Anambra, Ogun, Kwara, and Oyo”.
Speaking on creating an enabling investment environment, Kyari pledged to support investors through incentives, policies and programs.
According to him, “Various incentives, policies, and programs aim to support investment in agriculture, including tax breaks, repatriation of profits for foreign investors, and local content incentives”.
He stated that this approach is expected to attract $314bn in development financing, aimed at delivering significant economic returns and social benefits such as job creation, income growth, and a reduction in carbon emissions.