Aaior K. Comfort

The Minister of Agriculture and Food Security, Abubakar Kyari, has emphasized the vital role of the private sector in boosting agricultural development and transforming Nigeria’s economy. Speaking at the Stanbic IBTC Breakfast Summit in Abuja on Thursday, Kyari highlighted the summit’s theme, “Driving Economic Transformation through Agro-processing: Building a Sustainable Future,”as directly aligned with President Bola Tinubu’s Renewed Hope Agenda and the state of emergency declared on food security.

Kyari stressed the increasing importance of agriculture, particularly in the context of fluctuating oil prices, and called for stronger collaboration between the public and private sectors. He urged stakeholders to adopt innovative technologies and practices in agro-processing to add more value to agricultural products and reduce post-harvest losses.

“Agriculture must be seen as a business and a haven for investment,” the minister stated, outlining the government’s commitment to creating an enabling environment for the private sector to lead agricultural development. He emphasized that integrating food production, storage, processing, and industrial manufacturing will enhance the agricultural value chain and promote economic growth.

Wole Adeniyi, Chief Executive Officer of Stanbic IBTC, echoed these sentiments, noting the critical role of agriculture in Nigeria’s economy, which contributes significantly to GDP and provides employment for millions. Adeniyi underscored the importance of transforming raw agricultural products into high-quality goods for both local and international markets.

Addressing sector challenges, Adeniyi pointed out gaps such as Nigeria’s tomato production shortfall, where demand stands at 2.2 million tonnes while production reaches only 1.5 million tonnes, due to adverse weather and harvest issues. He also highlighted a $182 billion financing gap facing the agricultural sector and assured that Stanbic IBTC is committed to supporting agro-processors by providing financing for machinery and reducing procurement losses.

The summit offered a platform for stakeholders to explore private sector-led initiatives in agriculture, with the aim of developing a more sustainable and robust agribusiness economy. Both Kyari and Adeniyi called for continued collaboration to drive innovation and unlock growth opportunities in Nigeria’s agricultural landscape.