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FG unveils special incentives for investors in agricultural sector

By Joke Falaju, Abuja
26 November 2021   |   2:43 am
In an effort to improve private sector participation in the agricultural sector the Federal Government yesterday, disclosed that it had designed investment incentives to support high-level private sector

Minister of Agriculture and Rural Development, Dr Mohammad Mahmood Abubakar

In an effort to improve private sector participation in the agricultural sector the Federal Government yesterday, disclosed that it had designed investment incentives to support high-level private sector participation in the sector

Some of the incentives include tax holidays, exemptions and reliefs, specific government policies based on the company’s performance and relevant international treaties.

The Minister of Agriculture and Rural Development, Dr Mohammad Mahmood Abubakar, stated this yesterday, in Abuja, while speaking at the maiden edition of the National Agribusiness Stakeholders and Investors Summit and Nigerian Farmers Agribusiness Award with the theme, ‘Promoting agribusiness for sustainable agricultural development in Nigeria.’

The minister, while urging Nigerians to invest in agriculture, said the agro-industry is experiencing revitalisation with dedicated Federal Government policies towards encouraging farmers and investors, as well as growing the nation’s Gross Domestic Product (GDP).

Reiterating the government’s commitment towards industrialising the agricultural sector for increased productivity, efficiency and competitiveness across local and international frontiers, he said the sector should be seen as a business platform and haven for investment that would sufficiently satisfy the socio-economic needs of its practitioners and grow the nation’s economy.

Abubakar emphasised the Ministry’s commitment to regularly engage relevant stakeholders in both the Public and Private sectors of the economy with noble and novel ideas to move Nigeria’s agricultural economy forward.

He disclosed that the Federal government is integrating food production, storage, food processing and industrial manufacturing to establish the linkages necessary in the agricultural commodity value chain.

He also informed that the Federal Government was investing in the development of additional 10 large-scale integrated rice mills across the country with a combined minimum capacity of 320 metric tonnes per day, which when completed, would enhance Nigeria’s self-sufficiency in rice production.

Earlier in his welcome address, the Permanent Secretary, Dr. Ernest Umakhihe, represented by Director, Special Duties in the Ministry, Mrs Fausat Lawal, stated that the private sector would remain in the lead as process drivers for the agricultural sector, while the government would continue to facilitate as well as provide supporting infrastructure, systems, control processes and oversight.