Private sector innovation can drive agricultural development, transform economy — Minister
At the Stanbic IBTC Breakfast Summit in Abuja, Minister of Agriculture and Food Security, Abubakar Kyari, emphasized the pivotal role the private sector must play in transforming Nigeria’s agricultural landscape. Speaking on the theme “Driving Economic Transformation through Agro-processing: Building a Sustainable Future,” Kyari reiterated that the agricultural sector is becoming increasingly vital as Nigeria seeks to diversify its economy amidst declining oil revenues.
Kyari noted that the Federal Government, under President Bola Tinubu’s administration, is committed to creating a favorable environment for agribusiness by promoting policies that position agriculture as a critical economic driver. By integrating agro-processing, storage, and industrial manufacturing, the government aims to strengthen the agricultural commodity value chain, with the private sector at the forefront.
The minister stressed that innovative technologies in agro-processing are essential for value addition, food security, and wealth creation. Stanbic IBTC’s CEO, Wole Adeniyi, echoed this sentiment, highlighting the $182 billion financing gap in the agricultural sector. Adeniyi noted the challenges faced in sectors such as tomato production and reaffirmed the bank’s commitment to financing agro-processors and helping to close these gaps.
The summit served as a platform for stakeholders to explore growth opportunities, collaborate on solutions, and chart a sustainable path for Nigeria’s agribusiness economy.
Source: Punch
Expert Review for Agri-food Stakeholders
The emphasis on private sector leadership in agricultural transformation is timely and essential for Nigeria’s economic diversification. With the government taking a supportive role, private sector innovation in agro-processing, storage, and industrial manufacturing will be critical to boosting productivity and reducing post-harvest losses. This shift aligns with global trends, where agribusiness is increasingly driven by market forces and innovation.
Stakeholders must seize this moment to invest in technologies that enhance value addition and reduce wastage. As highlighted by both Kyari and Adeniyi, agro-processing is key to unlocking the full potential of Nigeria’s agriculture. By transforming raw produce into high-quality goods for both local and international markets, stakeholders can improve profitability and contribute to national food security.
However, addressing the $182 billion financing gap in the sector remains a significant challenge. Banks like Stanbic IBTC offer vital support, but broader financial strategies, including public-private partnerships and international funding, are necessary to bridge this gap and facilitate the growth of agro-processing enterprises.
To capitalize on these opportunities, stakeholders must focus on scalable solutions that address infrastructure, financing, and market access. By doing so, Nigeria’s agriculture sector can truly become a cornerstone of economic growth and development.
