Karima Babangida, Director, Federal Department of Agriculture, Federal Ministry of Agriculture and Rural Development has stated that the agricultural sector has become increasingly attractive to local and foreign investors in the past five years.
Babangida made the call during the 2021 agriculture sector round table hosted by Jobberman in partnership with the Mastercard Foundation, while also calling on stakeholders to work hand in hand to support the effort of the government in the development of the Nigerian agricultural sector.
The virtual event which was themed, ‘Harnessing technology and innovation to close the talent gap in the Nigerian agricultural sector’ also featured major stakeholders across relevant industries.
What they are saying
The director noted that it is highly critical to raise new challenges and transform the agricultural sector given the increasing use of technology and innovation in all industries. According to her, Agriculture in Nigeria is the current biggest employer of labour and provides a means of livelihood for over 70% of Nigerians.
She said, “The sector has become increasingly attractive to local and foreign investors in the past five years. In 2019, the sector recorded its highest foreign direct investment of $490 million, an increase from the $290 million recorded in 2018 which is largely attributed to the innovative tech drive by the young and vibrant entrepreneurs raising high capital from foreign and local investors.
“It is clear that the agricultural sector presents tremendous opportunities and potential to unlock the economy and transform the labour dynamics in the country thereby providing the potential for diversified revenue, create decent jobs and wealth, especially for the youths. Similarly, the sector’s activities in the coming year will help to reduce poverty, youth unemployment, as well as achieve food security in the country.”
Babangida also added that there is a need for strategic multi-partnerships as it is impossible for the government alone to bring about the needed change.
“Cooperation and integration play an important role in the development of the countries agricultural. This is very important so that we have shared ownership with accountability, collective successes that would ensure relevant strategies are in place to bring about growth. Events like the Jobberman roundtable are now being organized by the private sector in partnership with development partners such as the Mastercard foundation. This truly embodies one of such efforts to work together to achieve collective result,” Babangida added.
Also speaking during the event, Lois B Sankey, Program Lead Agriculture at MasterCard foundation, pointed out that skills are required to grow the agricultural sector, hence the need to have in place, an educational system that would create the needed skills.
What you should know
Nairametrics had reported that the agricultural sector grew 1.22% (year-on-year) in real terms in the 3rd quarter of 2021; a decrease of 0.17% points from the corresponding period of 2020, and a decrease of 0.08% points from the preceding quarter which recorded a growth rate of 1.30%. The sector also grew on a quarter-on-quarter basis at 39.83%.
