Victoria Mbangwa
The Federal Government has announced plans to attract $3.14 billion in agricultural investments under the Food and Agriculture Organization (FAO) Hand-in-Hand Initiative, a move aimed at achieving food sovereignty, creating jobs, and lifting millions out of poverty.
Minister of Agriculture and Food Security, Senator Abubakar Kyari, disclosed this at the National and Sub-Regional Hand-in-Hand Investment Forum on Agriculture in West Africa and the Sahel, held recently in Abuja.
According to him, the portfolio comprising $1.75 billion in government funding and $1.39 billion in private sector commitments will target five high-impact value chains: tomato, cassava, maize, dairy, and fisheries.
“This investment pipeline, with an average internal rate of return of 14 percent, is designed to lift millions out of poverty, create jobs, and enhance food and nutrition security,” Kyari said.
The minister explained that the initiative also has strong climate benefits, noting that per capita incomes are projected to rise by $657 while over 1.2 million tonnes of carbon would be sequestered.
“With 70 million hectares of agricultural land, of which only 20 percent is cultivated, and irrigation potential of over three million hectares, Nigeria represents one of the most compelling agricultural investment destinations in Africa,” he added.
Highlighting enabling measures for investors, Kyari said the government is investing in Special Agro-Industrial Processing Zones, expanding cold chain logistics, recapitalizing the Bank of Agriculture, and promoting local input manufacturing.
“Together, these incentives create one of the most comprehensive enabling environments for agribusiness investment in Africa,” he stressed.
In his remarks, FAO Country Representative in Nigeria and ECOWAS, Dr. Hussein Gadain, praised Nigeria’s commitment to the Hand-in-Hand Initiative, describing it as a “vehicle for achieving the SDGs and Africa’s vision as outlined in the Kampala Declaration.”
He commended Vice President Kashim Shettima’s leadership in mobilizing investment and the Agriculture Ministry’s efforts in developing bankable investment cases.
“We have seen significant strides in matching private sector players, bilateral and multilateral partners with Nigeria’s clear agricultural development priorities. These are not just commitments on paper; they are tangible investments beginning to drive transformative growth,” Gadain said.
The Head of the European Union Delegation in Nigeria, Mr. Gautier Mignot, also expressed the EU’s support, noting that the bloc recently invested over €80 million to unlock value chain opportunities in seven states.
“The EU is Nigeria’s long-term partner in agriculture, and we are committed to deepening collaboration to ensure irrigation becomes a pathway for economic growth and transformation,” he stated.
The forum was attended by top government officials, including the Minister of Budget and National Planning, Deputy Governor of Ebonyi State, development partners, and members of the diplomatic community.
