The Federal Government of Nigeria has introduced new incentives to boost agricultural investment as part of President Bola Tinubu’s Renewed Hope Agenda. This move is aimed at unlocking the country’s vast food production potential through innovative policies and investments in agriculture and infrastructure.
According to Vice President Shettima, who announced the incentives at the Food and Agriculture Organization of the United Nations (FAO) National and Sub-regional Hand-in-Hand Investment Forum in Abuja, Nigeria must leverage its strengths to ensure a future of abundance, given the global security implications of hunger. “Food is not merely a matter of survival; it is a matter of global security,” he emphasized.
Nigeria has been facing pressure to reduce its reliance on imports and address food insecurity, which has worsened since the removal of fuel subsidies and currency reforms led to increased inflation in 2023. To address these challenges, the government has introduced measures such as single-window platforms for land registration, strengthened agricultural credit systems, large-scale mechanization, and strategic irrigation projects.
The Vice President noted that Nigeria has the capacity to irrigate over three million hectares of farmland but currently utilizes less than 10% of this potential. He believes that strategic investment in irrigation could triple yields, reduce seasonal dependency, and enhance resilience against climate shocks.
The government’s blueprint under the 2021-2025 National Development Plan aims to lift 35 million people out of poverty, create 21 million jobs in rural communities, and achieve food and nutrition sufficiency. The Minister of Agriculture and Food Security, Abubakar Kyari, highlighted Nigeria’s unique opportunities for investors, including its large domestic market, arable land, and growing digital economy.
The Minister of Budget and Economic Planning, Senator Atiku Bagudu, emphasized that Nigeria’s economic potential, particularly in agriculture and irrigation, remains largely untapped and holds significant promise for economic diversification and transformation. The government has assured investors that regulatory reforms, public-private partnerships, and agri-tech innovations will make Nigeria an attractive destination for investment.
The introduction of these incentives is a significant step towards addressing Nigeria’s food insecurity challenges and promoting economic growth. As the government moves forward with its Renewed Hope Agenda, it is likely that the country will see increased investment in the agricultural sector, leading to improved food production and reduced reliance on imports.
