A three-day virtual Business of Agriculture Masterclass 2024 has brought together key stakeholders to discuss innovative approaches to advancing Nigeria’s agricultural sector.
Organised under the auspices of Cluster 5 of the Private Sector Advisory Group and the British American Tobacco Nigeria (BATN) Foundation, this year’s event aimed to chart a path toward sustainable agribusinesses that could bolster Africa’s largest economy.
Held from September 17 to 19, 2024, and themed “Cultivating a Rich Future through Agriculture,” the masterclass was executed by the BusinessDay Foundation and sought to equip aspiring and current agro-entrepreneurs with knowledge and strategies to transform agriculture into a profitable business.
The event highlighted how agriculture, which contributes roughly 24 per cent to Nigeria’s gross domestic product (GDP) and employs about 70 per cent of the workforce, holds the key to the nation’s future. Yet, the sector faces persistent challenges such as outdated farming practices, limited access to technology, insufficient investment, and a lack of youth engagement.
Through ten expertly curated sessions, industry leaders and practitioners shared practical insights, step-by-step processes, and personal experiences designed to help participants turn agriculture into a thriving enterprise. The sessions covered topics ranging from crop production and aquaculture to agro-processing, agri-finance, and agricultural technology.
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Key Themes and Sessions
The masterclass kicked off with a focus on the importance of innovation in agriculture. The session, “Planting the Seeds of Innovation: Opening the Pathway to Agricultural Transformation,” set the tone for discussions on how adopting a business mindset and leveraging new technologies could unlock the potential of the sector. Other key sessions included:
- The Business of Crop Production: Focused on improving crop yields and increasing profitability through innovative farming techniques.
- AgriFinance: Explored how entrepreneurs can navigate financing options to grow their agricultural businesses.
- The Business of Branding: Discussed strategies for building strong agricultural brands that resonate with consumers.
- The Business of Agro Logistics and Trade: Highlighted the importance of efficient logistics in optimising supply chains and market access.
- The Business of Agricultural Technology: Emphasised the role of digital tools and technologies in driving agricultural growth.
The masterclass also featured sessions on animal husbandry, aquaculture, and value addition in agro-processing, all of which focused on boosting productivity and profitability.
Keynote Address and Insights from Experts
In his keynote address, Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, called for an urgent shift from traditional farming methods to innovative, data-driven practices. “For Nigeria to thrive in agriculture, innovation must take the lead,” Kyari said, stressing the need for collaboration between the private sector and international organizations to achieve sustainable growth.
Mories Atoki, co-chair of the UN Private Sector Advisory Group Cluster 5, advocated for a data-driven approach to optimize agricultural value chains. “Innovation is the seed from which transformative changes occur. By harnessing our local resources, we can create scalable farming practices that benefit our communities,” she remarked.
Oludare Odusanya, General Manager of the BATN Foundation, reiterated the foundation’s commitment to empowering smallholder farmers. “For the past 20 years, we have championed innovative agricultural initiatives that contribute not only to poverty reduction but also to achieving multiple UN Sustainable Development Goals,” he said.
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Infrastructure and Climate-Smart Agriculture
A critical part of the discussions centred on infrastructure development to support agriculture. Senator Kyari announced significant investments to improve road access, irrigation systems, and market connectivity—key factors in reducing post-harvest losses and boosting farmer profitability.
With climate change posing a growing threat to agriculture, the event also tackled the integration of climate-smart practices. The Federal Ministry of Agriculture is working on strategies to help farmers adapt to extreme weather patterns, ensuring long-term food security.
A Vision for the Future
As the masterclass concluded, participants left with actionable strategies to navigate the complexities of agribusiness, fueling hopes for a robust agricultural sector that can drive economic growth and secure food supply for Nigeria. The seeds planted at this masterclass signal a bountiful harvest in the future, where innovation and collaboration pave the way for a sustainable and prosperous agricultural landscape.
