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The Minister of Agriculture and Rural Development,
Dr Akinwumi Adesina, has said that agriculture attracted private sector
investment valued at eight billion dollars in the past two years.
Adesina said this in an a News Agency of Nigeria (NAN) Forum on Sunday in Abuja.
He
said that the huge investment was realised because of the positive
impact of the Federal Government’s Transformation Agenda on
agri-business in the country.
“In the last two years, we have
been able to attract eight billion dollars of private investment
commitment in to agriculture sector in Nigeria and four billion dollars
is being implemented as we speak.
“ Dangote has put nine billion
dollars into a petrochemical plant and a fertiliser manufacturing
plant; Indorama put 1.3 million dollars into fertiliser
manufacturing.Indorama is an Indonesian company.
“Notore has invested 1.5 billion dollars to expand its fertiliser manufacturing plant in Nigeria.
“Why are they doing that? It is because they see that the direction we are going with agriculture as a business is working.”
The
minister said Syngenta, the world’s leading seeds production company,
had established a company in Nigeria and hired 14 Nigerians as staff.
He
quoted Michel Demare, the Global Chairman of Syngenta AG, a specialized
chemicals company which markets seeds and pesticides, as saying: “the
direction Nigeria is going makes me feel that the demand for seeds is
going to rise in the country.”
Adesina added that the best
performing stocks in the Nigerian market today were agriculture-related
stocks, which he said, “perform better than banks.”
The minister
pointed out that through the Federal Government’s Growth Enhancement
Support (GES) scheme, banks had begun to offer loans to farmers, seed
companies, and agro-businesses “like never before.”
He said the
banks were currently adapting their profit-driven business to
accommodate the agriculture sector owing to the massive potentials
inherent in the sector.
“Last year, the banks lent to those agro-dealers, 3.5 billion naira, first time ever.
“Tthis year, the banks lent 20 billion naira to those agro-dealers.“
The
minister said banks’ readiness to extend the loans offered to farmers
and agro-dealers testified to the significant progress that had been
made in the sector.
He commended the Central Bank Governor, Malam
Lamido Sanusi for his contribution to the growing confidence of the
banks in the agriculture sector.