How the agricultural sector can change Nigeria forever

– The need for Nigeria to diversify its source of income has been overemphasized

– There have been constant calls from various quarters for government to kick-start the process

– Agriculture has been identified as one area where government should look into

”Agriculture is the new oil” is one sentence that has been reverberating around Nigeria since President Muhammadu Buhar took over power last year.

Indeed, Agriculture has the potential to change the economic indices in Nigeria to a positive one and shore up the earnings of the nation.

READ ALSO: Ben Bruce advises Nigerian government on how to tackle youth unemployment

Agriculture can also feed Nigerians, West Africa and indeed have enough to be imported outside the shores of the nation.

Agriculture as a channel for economic growth

Amidst the challenges that confront Nigeria as a nation, there are immense opportunities that abound in the agricultural sector that can help change the fortunes of the nation.

A consistent and committed approach to agriculture and the implementation of its policies will no doubt empower Nigerians given the unemployment situation on the country, but most importantly, boost economic growth in Nigeria.

There is also a need to make the sector attractive to the private sector because agriculture is now a key investment opportunity in Nigeria.

Government policy must involve organising information about the sector, attracting capital, markets, land and other resources.

With this, smallholder farmers will earn decent income from agriculture in the next few years that will have a spiral effect across the nation.

Buhari’s government and agriculture

Fortunately, the government of President Muhammadu Buhari, takes the sector seriously.

Speaking at the at 8th Annual Bola Tinubu Colloquium with the theme: “Agriculture: Action, Work, Revolution”, the president restated his government’s plan.

He said: ”We intend to organize an efficient market infrastructure that will make agriculture viable for investors. We are providing an enabling environment so as to ensure certainty and predictability for the private sector.

”We intend to also ensure that the market is fair and worth to transform small holder farmers from beggars to businessmen.”

The government has since prioritized agriculture in its fiscal plans for 2016. From both economic recovery and social investment perspectives, the Buhari government has shown that it is ready to do more for the sector.

Suffice to say that the current minister of agriculture, Chief Audu Ogbeh is also a farmer and is from a state (Benue) that prides itself as the food basket of the nation.

READ ALSO: Ode to Nigerians and the economy

Buhari’s government plans for agriculture

Revealing its strategy for the implementation of the 2016 budget as regards agriculture, the government outlined the plans below:

 Diversify the economy by fast-tracking industrialization, agriculture and agro-allied processing

● Implement measures to achieve self-sufficiency & become net exporters of certain agricultural items like:

Rice – 2018

Tomato paste – 2016

Wheat – 2019

Increase local production of maize, soya, poultry & livestock, so as to achieve self-sufficiency: deadlines to be announced in due course.

● Revitalize and expand agro-allied processing to intensify local production and processing of cassava, cocoa, cashew, fruits and sesame seed

● Utilize 5,000 hectares of irrigable land in the 12 River Basin Development Authorities and utilize 22 dams for commercial farming activities by prospective investors

3 main facts about agriculture in Nigeria

To underscore its importance to Nigeria, there are several facts about the agricultural sector that if properly utilized will enhance the nation’s growth economically.

Three of them listed below are key indices that cannot be overlooked

Read  below:

1. Agriculture accounts for about two-thirds of Nigeria’s employment (120 million people), contributing at least 22% to the country’s economic growth.

2. Nigeria has 84 million hectares of fertile land and also boast of two of Africa’s largest rivers.

3. 75% of the farming population in Nigeria are women.

International interventions

Luckily, the United States of America is interested in the Nigerian agricultural sector.

Recently, John Kerry, the United States secretary of state, referring to Nigeria’s agricultural sector, revealed that ”our long-term food security programme, Feed the Future, is helping to create more efficient agriculture and to raise rural incomes in doing that.” 

Similarly, the Bill and Melinda Foundation  is partnering with Synergos in Nigeria  to improve cassava varieties in Nigeria.

More than 35 improved varieties of cassava had been developed and registered in Nigeria through the partnership.

There are more of such initiatives scattered across the nook and crannies of Nigeria.

READ ALSO: Herdsmen attacks: FG plans 50,000 hectare grazing reserve in 6 months

Funding

There are several initiatives by government and its agencies to encourage farming.

For instance, the Central Bank of Nigeria has set aside 40 billion naira to support small holder farmers at a maximum interest rate of 9%.

The single digit interest rate will increase access to finance for smallholder farmers. This will allow them to invest in advanced farming equipment, storage facilities, and quality fertilisers, which will in turn, increase their income and develop their local communities.

It is designed as a one-stop solution for agricultural value chain by creating economic linkages between farmers and processors to not only ensure a clear agricultural output but to also reduce dependence on imported food.

The initiative is called ”Anchors Borrowers Programme”

There are also so many funding initiatives put in place by the Bank of Industry.

The post How the agricultural sector can change Nigeria forever appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.