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FG hinges economic growth on Agric Sector Development

By BusinessNews Staff on April 5, 2014

The Federal Government has restated its commitment to the development of the agricultural sector.

According to the Minister of Agriculture, Mr. Akinwumi Adesina, the agric sector has the capacity to stimulate the country’s growth.

Adesina who was represented by the Managing Director of the Nigerian Agricultural Insurance Corporation (NAIC), Mr. Bode Opadokun, said this at the launch of a book titled: “Agricultural Finance – a Practical Guide for Lenders and Entrepreneurs,” written by the Chairman, Lagos chapter of the Chartered Institute of Bankers of
Nigeria (CIBN), Mr. Bolade Agbola, in Lagos yesterday.

Continuing, Adesina said agricultural financing in recent times has become an issue of concern not only in Nigeria but in developing countries of the world.

This, he pointed out, was due to the importance of agriculture to countries across the globe.

“The agricultural sector in Nigeria plays a huge role in the economy; it accounts to 30 per cent of our Gross Domestic Product and provides an average of 60 per cent of employment in Nigeria,” the minister said.

Therefore, he said there was an urgent need to begin to see agriculture as a business and not as development project as it used to be seen in the past.

“With this strategic approach to agric business, more funding especially from the private sector involving banks, lending institutions and developmental partners has been attracted to the agric sector which would impact the economy,” the minister declared.

He further advised agricultural investors across the nation and across the value chain to take advantage of the insurance opportunities being provided by insurance firms, not only by NAIC.

Adesina also commended the author for contributing his knowledge to the growth of the sector.

Speaking on his book, Agbola stressed the need for the federal government to establish more schools of agriculture to produce trained farmers.

He further said there was need for funding in research to boost the sector.

He added: “It is important to conduct research on continuous basis on various aspects of agricultural production.”

Adesina also advised the government to think of ‘smart subsidy’ to encourage and transform the agricultural sector.

He also explained his book would help entrepreneurs understand how to get, manage funding and also make a profitable business from agriculture.

He said: “We need to look out on what Nigeria would be without oil. I have always said, there is always one thing that can bring our nation down is our dependence on foreign countries for food and energy.

Agriculture is the backbone of our economy and I believe this is the time we give agriculture the attention it deserves as individuals and as a state as a nation to secure our nation.”

[This Day]

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