• Friday, December 08, 2023
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Nigeria’s agrics sector to benefit from $25b Chinese investment

Agricultural sector

Nigeria’s Agriculture sector is set to benefit from a multi billion Dollar investment worth $25b from a Chinese team of investors

The investment package which is being put together by the Africa Development Bank, AFDB is expected to boost the agriculture sector, with specific focus on crop production, forestry and livestock production

The Chinese team of investors led by the AFDB team had met with Vice President Yemi Osinbajo at the Presidential Villa as part of AFDB’s efforts to get the federal government support for the initiative

Vice President Yemi Osinbajo while meeting the investors on Tuesday at the Presidential Villa, hinted of government’s commitment to develop a thriving agro-industrial sector.

He also assured the team that Federal Government welcome such partnerships and initiatives that would make Nigeria actualize its potential of being the food basket of the world.

A statement by the Senior Special Assistant to the President on Media and Publicity, office of the Vice President, Laolu Akande, stated that the Chinese team are in the country at the instance of the African Development Bank to commence the processes of investing in Nigeria’s agricultural sector under an initiative known as the Agro-Industrial initiative with focus on crop production, forestry, fishery, and livestock production.
Osinbajo described Nigeria as a place where there is tremendous opportunity, adding that “We have the 9th largest arable land in the world and most of that is still largely untouched”

“We have a tremendous potential of being the food basket of the world but a lot of that will depend on how we are able to get high quality inputs, seedling and others, and how we are able to use technology especially the benefits of industrial agriculture to our advantage.
“we believe very strongly that this partnership is the one that will deliver the kind of growth, the kind of quantum leap we are looking forward to.

“We think that with your partnership with us, especially the agro-allied aspect of it, if it works very well, we can achieve a lot.”

He disclosed that Federal government is engaging with the AfDB, to ensure that the investors have no trouble at all in being able to operate their businesses and do their businesses efficiently.

Speaking earlier, Zhao Zhihai, who led the Chinese delegation, said a consortium of Chinese investors were committed to the development of Nigeria’s agro-processing zones and especially the agro-allied sector.

In his own remarks, Oyebanji Oyelaran-Oyeyinka, the head of the AfDB team said the framework of the initiative is to develop a programme that leverages Nigeria’s comparative advantage in key areas of agricultural production.

According to him, “the overall investment, under the initiative, amounts to between $16 billion to $25 billion over a period of four years with a strong government support and private sector leadership.”


Tony Ailemen, Abuja