Agric sector attracted $8bn private sector investment in 2 years - Minister
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Monday, 09 December 2013 00:00
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.
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.
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