The Minister of Agriculture and Food Security, Senator Abubakar Kyari, has underscored the importance of investing in research and development to propel the growth of Nigeria’s agricultural sector. This call to action was made during his remarks at the 4th edition of the Agric-Investment and Capital Market Conference 2024, held in Lagos.
Addressing the conference, Senator Kyari emphasized that “governments and businesses must recognize the crucial role of investing in innovation, research, and development. By promoting entrepreneurship, nurturing an environment that fosters creativity, and providing resources for startups, we can cultivate an ecosystem that paves the way for economic growth and prosperity.”
The minister, represented by Mrs. Omolara Abimbola, the Lagos State Coordinator of the Federal Ministry of Agriculture and Food Security, further stressed the need for inclusive growth. “We must strive for growth that benefits everyone, leaving no one behind. By promoting equality, preserving our natural resources, and embracing sustainable practices, we can foster growth that is both beneficial and long-lasting.”
In her address, Bamidele Owoola, the Chief Executive Officer of Welcome2Africa International, highlighted the conference’s efforts to spur sustainable agricultural development across the African continent. She proudly announced that Welcome2Africa International successfully facilitated $24 million in investment for various Nigerian agribusinesses at the event, surpassing the previous year’s achievement of $12 million. This remarkable feat reflects the robust support for the organization’s mission to revolutionize Africa’s agriculture through strategic partnerships with global investors.
Former Group Executive Director of Sahara Group, Tonye Cole, emphasized Nigeria’s unique position as a nation with a large population, many of whom are smallholder farmers in rural areas. He underscored the need to address the challenges faced by these farmers, including access to arable land for mechanized farming and ensuring the well-being of women and children in these communities.
Cole further highlighted the importance of addressing security challenges as a key factor in achieving food security in the country. He noted that while global food security improved from 2012 to 2023, Nigeria lagged due to unresolved security issues. Tackling these security problems is crucial to unlocking the country’s agricultural potential and ensuring food security.
Additionally, Cole stressed the vital role of the capital market in boosting agricultural development, describing it as a hub for trade and investment. “By bringing agricultural opportunities to the market, money flows, enhancing liquidity, and attracting long-term investments,” he added.