News in Brief:
– Nigeria’s agriculture minister highlighted innovation and collaboration as key to growth at an investment conference.
– The event secured $24 million for Nigerian agribusinesses, showcasing investor interest and the sector’s potential.
Nigeria’s Minister of Agriculture and Food Security, Senator Abubakar Kyari, has highlighted the importance of research and development in propelling the country’s agricultural sector at the 4th edition of the Agric-Investment and Capital Market Conference (AICM) 2024.
The Minister was represented at the occasion by the Lagos State Coordinator, Federal Ministry of Agriculture and Food Security, Mrs Omolara Abimbola.
He emphasised collaboration between government, businesses, and individuals to foster innovation and entrepreneurship in agriculture. Investing in infrastructure, education, and social programs alongside sustainable practices were also identified as crucial for long-term growth.
Fostering innovation, collaboration key to agricultural growth
The minister noted that it is through the active participation and engagement of individuals, professionals and investors that the agricultural sector can flourish. However, this requires nurturing a sense of togetherness, encouraging collaboration, and investing in infrastructure, education, and social programs.
He also admonished governments and businesses to understand the importance of investing in innovation, research, and development. Kyari opined that 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.
Meanwhile, the conference, facilitated by Welcome2Africa International, reportedly secured $24 million in investments for Nigerian agribusinesses, which exceeded the previous year’s figures. It reflects growing interest from global investors in Africa’s agricultural potential, with the AICM platform serving as a key driver.
Experts at the conference, including former Group Executive Director of Sahara Group, Tonye Cole, stressed the need for a multi-pronged approach. It includes balancing the needs of smallholder farmers with large-scale mechanised farming.
This measure, alongside addressing security challenges that hinder production, were identified as critical factors in ensuring Nigeria’s food security.
