Senator Abubakar Kyari, the Minister of Agriculture and Food Security, has stressed the importance of investing in research and development to grow the agriculture sector of the economy.
Kyari revealed this at the 4th edition of the 2024, Agric- investment and Capital Market Conference, in 2024.
He said, “Governments and businesses must understand the importance of investing in innovation, research, and development. By supporting entrepreneurship, fostering an environment that encourages creativity and providing resources for start-ups, we can cultivate an ecosystem that paves the way for economic growth and prosperity from here.
“It is through the active participation and engagement of individuals, professionals and investors that the agricultural sector can flourish. This can be achieved by nurturing a sense of togetherness, encouraging collaboration, and investing in infrastructure, education, and social programs.”
The Minister who was spoke for by Mrs Omolara Abimbola, the Lagos State Coordinator, Federal Ministry of Agriculture and Food Security, stated, “We must strive for growth that benefits everyone, leaving no one behind must be our watchword. 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, the Chief Executive Officer of Welcome2Africa International, Bamidele Owoola, said that the 4th edition of the AICM was an effort to spur sustainable agricultural development throughout the African continent having successfully facilitated huge investment in agriculture in the continent.
Owoola said, “We are pleased to announce that Welcome2Africa International successfully facilitated $24 million in investment for various Nigerian Agribusinesses at the Agri-Investment and Capital Market Conference.
“This outstanding accomplishment is a turning point in our mission to strengthen agribusinesses, encourage agribusiness innovation, and propel economic development throughout Africa.”
She announced that the 2024 conference was an improvement over 2023.
“AICM 2024 outperformed 2023, securing $12 million in investments and a total of $24 million. This reflects robust support for our goal of revolutionising Africa’s agriculture, achieved through strategic partnerships with global investors via the AICM deal room,” she added.
Also speaking, Tonye Cole, the former Group Executive Director of Sahara Group, noted that, “So, I believe that Nigeria is at a crossroads. On one hand, you have a huge population of which a lot of them are farmers, and a lot of them are in rural areas, which means that the smallholder farmer is an integral part of the Nigerian economy.
“When you are dealing with the future of agriculture and agribusiness, you have to deal with smallholder farmers and you have to ensure that the women and the children of those smallholder farmers are taken care of, which means that policy has to bear them in mind.”
According to him, for the growth of Agriculture, it is necessary to increase access to arable land for mechanised farming.
Cole said, “Nigeria has to have an integral mix between smallholder farmers and large-scale industrial farming. That mix must be done.”
On it’s way out of food insecurity in the country, Cole said Nigeria must deal with the security challenges facing the country.
He stressed that the global between 2012 to 2013, but Nigeria lagged due to unresolved security challenge. The key, as emphasised, lies in tackling security problems to unlock the country’s agricultural potential, and ensure food security.
Cole emphasized the critical role of the capital market’s in boosting agricultural development, adding that it’s a hub for trade and investment.
“By bringing agricultural opportunities to the market, money flows, enhancing liquidity and attracting long-term investments,” he added.
