Govt policies boost FDI in Nigerian agric sector

Following Nigerian government’s policies on agriculture, the sector has witnessed a huge Foreign Direct Investment in the last six years.

This is according to the National Bureau of Statistics data, which shows that the sector attracted N176.4bn (about $490m) in 2019 compared to N104.4bn in 2018. The rise represents 69 per cent.

According to the Head, Agribusiness, Lagos Chambers of Commerce and Industry, Afioluwa Mogaji, “The agric sector has become attractive to investors since government renewed focus on the sector.

“Also, the potential and opportunities in agribusiness have brought lots of investors into the sector.”

The sector has witnessed a steady rise in FDI in six years at a yearly average of 82 per cent.

Meanwhile, some experts believe that government’s policies attracted investments to the sector.

“The recent policies of the government have made agriculture attractive to investors. We now have new farmers as a result of these policies,” says Abiodun Olorundenro, a manager with AquaShoots.

Recently, the government came up with a string of policies such as placing a ban on importation of select agro commodities, the Anchor Borrowers Scheme, and the border closure.

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