The Federal Government has unveiled plans to attract a $3.14 billion agricultural investment portfolio under the Food and Agriculture Organization (FAO) Hand-in-Hand Initiative, with focus on boosting food security and achieving food sovereignty.
Minister of Agriculture and Food Security, Senator Abubakar Kyari, disclosed this at the National and Sub-Regional Hand-in-Hand Investment Forum held in Abuja.
He said the initiative will focus on five priority value chains tomato, cassava, maize, dairy, and fisheries designed to eradicate poverty, end hunger, and build resilience in rural communities.
According to Kyari, the investment pipeline is backed by $1.75 billion in government funding and $1.39 billion in private sector commitments, with an expected average internal rate of return of 14 per cent.
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He noted that the programme is projected to lift millions of Nigerians out of poverty, create jobs, and improve food and nutrition security.
“Per capita incomes will rise by as much as $657 and we will contribute to global climate goals by sequestering over 1.2 million tonnes of carbon,” he said, stressing that Nigeria’s vast agricultural resources make it one of the continent’s most compelling investment destinations.
Highlighting ongoing interventions, the minister listed investments in Special Agro-Industrial Processing Zones, expansion of cold chain logistics, recapitalisation of the Bank of Agriculture, and promotion of local manufacturing of inputs and equipment.
He added that investors would benefit from tax incentives, duty waivers on machinery, pioneer status tax holidays, and credits for firms sourcing raw materials locally.
“Together, these incentives create one of the most comprehensive enabling environments for agribusiness investment in Africa,” Kyari said.