In an effort to address rising food prices and national food insecurity, the House of Representatives has unveiled plans to increase agricultural funding.
The Speaker, Tajudeen Abbas, announced this during the “Second Interactive Session and Workshop on Developing Bankable Business/Proposal Business Plans for Youth and Women in Agriculture” organised on Monday by the AfDB Group, in partnership with the International Institute of Tropical Agriculture, the Nigerians in Diaspora Commission and the Nigerian Agricultural Insurance Commission.
Abbas, represented by Deputy Speaker Benjamin Kalu, emphasized the importance of diversifying Nigeria’s economy away from its reliance on crude oil.
The Speaker stated, “We are dedicated to establishing a robust legislative framework that supports agricultural banks or financial institutions, enabling them to provide low-interest loans to farmers. This framework is essential for fostering a thriving agricultural economy.
“As we gather here, it is crucial to acknowledge that our over-reliance on oil as our primary export has become neither sustainable nor prudent.
“The future of oil is increasingly uncertain, especially as the global community shifts towards greener, more sustainable energy sources. This reality makes it not just necessary but urgent for us to explore and invest in alternative sectors, with agriculture standing out as a critical area for development.
“Agriculture and Information Technology offer a vast potential for economic growth and sustainability. By focusing on developing and implementing bankable business proposals, we can empower our youth and women, two of the most vital demographics in our society to become key players in these sectors.”
Abbas further urged the Africa Development Bank (AfDB) to continue its collaboration with the Committee on Cooperation and Integration in Africa, noting that the partnership is vital for advancing initiatives capable of driving significant progress across the continent.
“By working closely with the executive branch, we aim to launch public work programs targeting young people, particularly in infrastructure development and agriculture.
“I urge the African Development Bank to continue its collaboration with the Committee on Cooperation and Integration in Africa” he said during the event in Abuja.
‘Future Of Oil No Longer Certain’ – Reps Plan To Boost Agricultural Funding is first published on NewsNGR Newspaper