- Kyari expressed optimism about agriculture’s growing prominence amid declining oil prices
Abubakar Kyari, the Minister of Agriculture and Food Security, has emphasized the vital role of the private sector in advancing agricultural development in Nigeria.
Speaking at the Stanbic IBTC Breakfast Summit held in Abuja on Thursday, Kyari underscored the importance of collaboration in the agricultural sector to drive economic transformation.
The summit, themed “Driving Economic Transformation through Agro-processing: Building a Sustainable Future,” aligns with President Bola Tinubu’s Renewed Hope Agenda, which focuses on promoting an agricultural revolution and enhancing food security in the country.
Kyari expressed optimism about agriculture’s growing prominence amid declining oil prices and called for stronger cooperation between public and private sectors. He stressed the need for stakeholders to adopt technology and innovation in agro-processing to improve value addition to agricultural products.
The minister reiterated that agriculture should be viewed as a business and a prime area for investment, outlining the government’s commitment to creating a conducive environment for agribusiness. “The private sector must be in the driver’s seat, while the government plays a supportive role,” Kyari said, encouraging efforts to increase value addition and reduce post-harvest losses.
Stanbic IBTC’s Adeniyi also addressed challenges in the sector, citing a gap in tomato production and a $182 billion financing shortfall in agriculture. He reaffirmed Stanbic IBTC’s dedication to supporting agro-processors through financing for machinery and addressing procurement losses.
The summit served as a platform for discussing how private sector initiatives can strengthen Nigeria’s agricultural value chain, aiming to build a sustainable and robust agribusiness economy.