The Federal Government, in collaboration with the United Nations Food and Agriculture Organisation (FAO) under its Hand-in-Hand Initiative, has announced plans to mobilize an investment portfolio worth \$3.14 billion to boost Nigeria’s agricultural sector.
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, disclosed this yesterday during the National and Sub-Regional Hand-in-Hand Investment Forum on Agricultural Investment in West Africa and the Sahel, held in Abuja.
According to Kyari, the investment pipeline comprises \$1.75 billion in government funding and \$1.39 billion in private sector commitments, with an expected internal rate of return of 14 percent. He noted that the initiative is designed to lift millions out of poverty, create jobs, and enhance food and nutrition security.
He added that the portfolio will also deliver climate benefits:
“Per capita incomes will rise by as much as $657, and we will contribute to global climate goals by sequestering over 1.2 million tonnes of carbon,” the minister said.
Kyari emphasized that Nigeria remains one of Africa’s most attractive agricultural investment destinations, boasting over 70 million hectares of arable land and about 3 million hectares of irrigable land.
He highlighted incentives available to investors, including tax holidays, exemptions on agricultural machinery imports, and credits for firms sourcing raw materials locally.
FAO Country Representative in Nigeria and ECOWAS, Dr. Hussein Gadain, praised Nigeria’s commitment to the Hand-in-Hand Initiative, describing it as a practical pathway to achieving the SDGs and Africa’s Comprehensive Africa Agriculture Development Programme (CAADP) targets.
He commended Vice President Kashim Shettima’s leadership in mobilizing investment and innovation and described Nigeria’s participation in the Sahel sub-regional water and irrigation initiative as a “game-changer” for unlocking agricultural and fisheries potential.
The Head of the European Union Delegation in Nigeria, Mr. Gautier Mignot, reaffirmed the EU’s partnership with Nigeria, citing its €80 million investment to strengthen value chains across seven states.
The event was attended by the Minister of Budget and National Planning, the Deputy Governor of Ebonyi State, development partners, diplomats, and key stakeholders in the agricultural sector.