According to Nigeria’s new President Muhammadu Buhari, private investment in the country’s agriculture sector is the best way of unlocking its potential of feeding its citizens and reducing over-dependence on oil to develop the country.
The oil rich West African country has come into headwinds since the last quarter of 2014 after global prices of its main export commodity, oil, tumbled and have remained subdued for most of this year. This has made the government to rethink its strategy on agriculture.
It is estimated that Nigeria has 84 million hectares of arable land, but only 40 percent of this is under cultivation. The country also has one of the best rainfall supply on the continent due to the tropical climate condition in the west African region.
“A nation that does not feed itself becomes a threat to its sovereign existence. Growing our own food, processing what we produce, becoming competitive in export markets, and creating jobs all across economy, are crucial for our national security,” Buhari said in speech during an annual general meeting and conference of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture.
“As we drive a private sector led agricultural transformation, we are also paying close attention to potential challenges such as inequality and impact on small holders.”
With a population of over 177 million people, Nigeria is the largest single market in Africa and using its Agricultural land properly could help it not only to feed its populace but also export to other African countries that always facing food shortages.
President Buhari decried that Africa expends $36 billion yearly on food import that go to boost the economies of foreign countries while hurting local farmers and exporting much needed jobs from the continent .
Source: afkinsider.com
