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

The Minister of Agriculture and Food Security, Abubakar Kyari, has underscored the crucial role of the private sector in advancing agricultural development in Nigeria.

He made this statement at the Stanbic IBTC Breakfast Summit held in Abuja on Thursday.

Kyari highlighted the importance of the summit, themed “Driving Economic Transformation through Agro-processing: Building a Sustainable Future.”

He noted that the theme aligns with President Bola Tinubu’s declaration of a state of emergency on food security and the Renewed Hope Agenda, which is aimed at promoting an agricultural revolution.

“It is encouraging that agriculture is becoming a key focus across trade and investment circles, particularly in light of the persistently declining oil prices,” Kyari stated.

He called for increased collaboration between the private and public sectors, urging stakeholders to leverage appropriate technology and innovation in agro-processing to enhance the value addition to agricultural produce.

The minister outlined the government’s commitment to fostering a vibrant agribusiness sector.

“Agriculture must be seen as a business and a haven for investment,” he asserted, emphasising the need to integrate food production, storage, processing, and industrial manufacturing to strengthen the agricultural commodity value chain.

Kyari also stressed the importance of the private sector taking a leading role in agriculture, stating, “The current agricultural policy is for the private sector to be in the driver’s seat, while the government provides an enabling environment.”

He encouraged stakeholders to work towards increasing value addition in agriculture and reducing post-harvest losses in order to achieve food security and wealth creation.

The Chief Executive Officer of Stanbic IBTC, Wole Adeniyi, echoed these sentiments in his remarks.

“I recognise the essential role that agriculture, particularly agro-processing, plays in Nigeria’s development,” he said.

Adeniyi pointed out that agriculture significantly contributes to the nation’s gross domestic product and provides livelihoods for millions.

He emphasised the importance of transforming raw products into high-quality goods for both local and international markets.

Addressing challenges within the sector, Adeniyi noted, “There is a significant gap in tomato production, with demand at 2.2 million tonnes and production at 1.5 million tonnes, largely due to adverse weather conditions and harvest issues.”

He further discussed the $182 billion financing gap facing the agricultural sector.

Adeniyi assured attendees of Stanbic IBTC’s commitment to supporting agro-processors by providing financing for machinery, reducing procurement losses, and helping to bridge the financing gap.

He concluded with a call to action, saying, “Let’s collaborate to drive growth opportunities, enhance Nigeria’s agricultural landscape, and build a sustainable future for both the agricultural and cultural sectors.”

The summit provided a crucial platform for stakeholders to engage in discussions on improving Nigeria’s agricultural landscape through private sector-led initiatives, with the ultimate aim of developing a more robust and sustainable agribusiness economy.