ABUJA (BG) — Nigeria’s private sector has introduced a new investment fund aimed at transforming the country’s agricultural sector and strengthening food security, the Ministry of Finance announced.
The Large-Scale Agribusiness Financing Programme, presented to the federal government, seeks to promote food sovereignty through substantial investments in industrial farming.
At a meeting in Abuja, Finance Minister Wale Edun and Ministry of Finance Incorporated CEO Dr. Armstrong Takang met with KPMG and private sector leaders to discuss the plan.
The fund is designed to raise large-scale financing for producing and processing key crops, including oil palm, rice, maize, cassava, sugar, and soybean.
The proposal supports the government’s goal of cutting Nigeria’s £3 billion annual food import bill by expanding mechanized farming, improving local processing, and increasing food production.
“As Nigeria takes bold strides towards achieving food sovereignty, this innovative partnership between the private sector and the government marks a significant milestone in the country’s journey towards a more sustainable, self-sufficient, and prosperous future,” according to a statement from the Ministry of Finance on Monday.
The partnership marks a significant step in Nigeria’s efforts to achieve food self-sufficiency and economic growth.
