Many years ago, Nigeria used to be a very risky ground to infuse investments because of over-dependence on crude oil. The oil boom that Nigeria witnessed in 1970s led to the neglect in its Agricultural sector in favour of over-dependence on crude oil thus making Agricultural sector to suffer from mismanagement, inconsistent and bad government policies. This used to be what is obtainable in Nigeria in the past but since the decline in oil prices, the vandalization of oil pipelines that rocked the oil producing states, and the economics crunch that plagued the country, Nigeria government has since made efforts to diversify its economy into non-oil sectors with Agriculture being a focal point.
In 2015, Ventures Africa reported a meeting between President Buhari, Nigeria’s President and the President of International Fund for Agricultural Development, Dr Kanayo Awanze at the Aso Villa where the President noted that he is bent on expanding the country’s Agricultural Sector since petroleum will no longer be sufficient for major revenue generation and the high point of the meeting is the IFAD’s pledge to help promote Agricultural growth in Nigeria.
Upon the conclusion of Nigeria’s premier Economic discussion forum put together by Nigeria Economic Summit Group where industry leaders, members of the private sector and the government are able to engage and identify their issues in a bid to come to speed on workable solutions, the Minister of Budget and National Planning, Senator Udoma Udo Udoma noted that the Federal Government is working on relevant policies to support its diversification effort with a pivotal vision to produce its own food especially.
Moving forward, It is safe to note that Nigeria has enjoyed ground-breaking efforts in its Agricultural sector and Olam Nigeria is a successful case study on which this premises is predicated. Investments efforts by Olam Nigeria to build a Rice Farm is a giant stride and according to Vanguard in 2016, Federal Government is making huge efforts to achieve self-sufficiency in Rice Production in Nigeria and in line with this, Olam Nigeria has increased paddy rice production by 40,000 metric tonnes. Olam Rice Farm is making efforts in line with FG’s efforts to scale up rice production and has since scaled up her paddy rice production by 40,000 metric tonnes per year in 2 cycles of planting (wet and dry seasons) while her rice mills have a milling capacity of 210,000 tonnes.
This is in line with the current demands for rice in the country estimated at 6 million metric tonnes.
The supply of rice in Nigeria is currently at 3.5 million metric tonnes yet with a gap of 2.5 million metric tonnes and like Vanguard indicated in her report, the only way to bridge the gap in Rice Production is supposedly a massive in-flow of Foreign Direct Investments like Olam into rice sub-sector.
It is however gladdening that government policies are consistently being reviewed to support diversification process and strengthen the country’s effort to attract investors and this to a large extent tells about why investors need a country like Nigeria to invest in as it remains a go-to country for Agricultural growth and development in Africa.
This year, Chief Audu Ogbeh; Honourable Minister of Agriculture, Okechukwu E. Enelamah; Minister for Industry, Trade and Investment, Kemi Adeosun; Minister of Finance, Deputy Governor, Sarah Alade, Central Bank Of Nigeria will be available at AAIM Investment Forum to illuminate investors on Government Policies that supports Prospective investors in the Nigerian Food and Agribusiness Sector. In particular, this session will highlight both past and present government policies implemented to drive investment into the agriculture sector.
It will also highlight various schemes and policies put in place by the Government to help support both new and existing investors keen to venture into Nigeria’s Agricultural sector and this will done in partnership with African Development Bank, AFEX Commodities Exchange Limited and Nigerian Investment Promotion Commission.
There is also an Exclusive Site Visit which will come after the Forum, it would also be an opportunity for 8 Investors and key stakeholders of Nigeria’s Agricultural sector to visit 4 Agribusinesses seeking expansion finance, Please click here for more informationon the site visit component of the mission, taking place on the 15th+16th June, 2017.
The Investment forum component of the mission, open to 150 delegates, takes place on 13th+14th of June, at Sheraton Hotel, Abuja, Nigeria, secure your pass now.
Key features of AAIM2017 include
· Examination of the latest investment/finance strategies for Nigeria’s Agribusiness Sector
· Blended Finance for Agribusiness development in Nigeria
· Innovative and Sustainable financing approaches for Agribusiness in Nigeria
· Government policies to promote investment and agribusiness development in Nigeria
· Agribusiness investment trends in Nigeria
· Pitches from pre-vetted Agribusinesses seeking expansion finance
· Case studies from Agribusiness Investors in Nigeria
Our organization has also partnered with Nigerian Investment Promotion Commission to make provisions for our Speakers/Delegates to enjoy Visa upon arrival. You cannot afford to miss out of this.
For more information about the investment forum and to register, please visit www.agriqueafrica.com or email [email protected]