FG harps on innovation, research to grow agric sector

The minister of agriculture and food security, Abubakar Kyari, has called for more investment in research and development to grow the agriculture sector of the economy.                

The minister stated this over the week at the 4th edition of the agric-investment and capital market conference (AICM 2024) in Lagos.

Kyari said: “Governments and businesses must understand the importance of investing in innovation, research, and development. By supporting entrepreneurship, fostering an environment that encourages creativity and providing resources for start-ups, we can cultivate an ecosystem that paves the way for economic growth and prosperity from here.

“It is through the active participation and engagement of individuals, professionals and investors that the agricultural sector can flourish. This can be achieved by nurturing a Good sense of togetherness, encouraging collaboration, and investing in infrastructure, education, and social programme.”

Represented by the Lagos state coordinator, Federal Ministry of Agriculture and Food Security, Mrs. Omolara Abimbola, Kyari, who declared the event opened noted that growth must not be pursued at the expense of the environment or marginalized communities.

“We must strive for growth that benefits everyone, leaving no one behind must be our watchword. By promoting equality, preserving our natural resources, and embracing sustainable practices, we can foster growth that is both beneficial and long-lasting.”

In her address, the Chief Executive Officer of Welcome2Africa International, Bamidele Owoola noted that the 4th edition of the AICM was an effort to spur sustainable agricultural development throughout the African continent having successfully facilitated huge investment in agriculture in the continent.

She posited: “We are pleased to announce that Welcome2Africa International successfully facilitated $24 million in investment for various Nigerian Agribusinesses at the Agri-Investment and Capital Market Conference (AICM).

“This outstanding accomplishment is a turning point in our mission to strengthen agribusinesses, encourage agribusiness innovation, and propel economic development throughout Africa.”

She disclosed that the 2024 conference was an improvement over last year.

“AICM 2024 is an improvement above 2023, which procured investments totalling $12 million. The $24 million investment demonstrates the faith and belief in our aim to change the agricultural landscape of Africa. It was obtained through strategic partnerships and collaborations with global investors through the AICM deal room components,” she added

The former group executive director of Sahara Group, Tonye Cole said in the development of agriculture in Nigeria, the smallholder farmers, who are mostly in the rural areas must not be neglected.

“So, I believe that Nigeria is at a crossroads. On the one hand, you have a huge population of which a lot of them are farmers and a lot of them are in the rural areas, which means that the smallholder farmer is an integral part of the Nigerian economy.

“When you are dealing with the future of agriculture and agribusiness, you have to deal with smallholder farmers and you have to ensure that the women and the children of those smallholder farmers are taken care of, which means that policy has to bear them in mind.”

To go agriculture, according to him, there is a need to increase access to arable land for mechanised farming.

He said: “Nigeria has to have a mix, an integral mix between smallholder farmers and large-scale industrial farming. That mix must be done.”

On the way out of food insecurity in the country, Cole said Nigeria must deal with the security challenges facing the country.

“Well, I would say that if you look at what happened in the world between 2012 and 2023, you saw that the world actually tackled food security and there was an improvement in food security.

“But the data shows that Nigeria was one of the few countries that had not dealt with it adequately. But if you look at it deeper from our own issues, we find out that what has driven that has been a lot of insecurity.

“Had we dealt with the security issues, then we would have been able to deal with food security because we actually have the people, we have the land, we have the ability to grow, we have the temperature, we have what is needed. So, we have to deal with security. Once you deal with security, you deal with food security.

He also emphasised the role of the capital market in promoting agricultural development.

Cole posited: “Capital market is a platform. It’s a place where trade exchanges are made. And so, the capital market always has money looking for opportunities. Once you can bring the opportunities to the capital market, then money will flow.

“And that’s exactly what it is. If not, you just have money by sitting down and not doing anything. But money must work. So, the capital market has the investment, it has the money, and it has to find the opportunity. When we enter the equity exchange market and begin to trade such commodities on the market, it brings liquidity into the market. And that liquidity brings long-term investment.”