As part of its bid to enhance local food sufficiency, the Federal Government says it has approved new incentives for investors in the agricultural sector to improve high-level private sector participation in the nation\u2019s food production and processing industry, <\/p>\n
the Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar, made this known in Abuja on Thursday during the 29th edition of the LAPO Annual Development Forum with the theme, \u2018Financing agriculture and rural development initiatives in Nigeria: Issues and way forward\u2019.<\/p>\n
Among the incentives included tax and duty-free holidays for a period of five years for agricultural production and processing in Nigeria; tax-free agricultural loans with a moratorium period of over 18 months and repayment period of not more than seven years; and zero-tariff rates on the importation of agro chemicals.<\/p>\n
While calling Nigerians to invest in agriculture, the minister explained that the sector was experiencing a reinvigoration with dedicated policies of the Federal Government aimed at allowing the private sector to get involved and make more contributions in growing the nation\u2019s Gross Domestic Product.<\/p>\n
He said, \u201cAgriculture will continue to be an established driver of Nigeria\u2019s GDP growth. The agricultural growth in Nigeria has steadily increased from 3.48 per cent in 2015 to 6.48 per cent as of 2020.<\/p>\n
\u201cThe Federal Government, through the Ministry of Agriculture and Rural Development, harps on the imperative of improving the country\u2019s agricultural produce and turning agriculture itself into big business.\u201d<\/p>\n
The minister reiterated the Federal Government\u2019s commitment towards creating investment opportunities for the private sector to participate in industrialising the agricultural sector; adding that its annual budgetary allocation to agriculture had been increased.<\/p>\n
Abubakar stressed that the government was making efforts across the length and breadth of the country to ensure sustainable food security and agribusiness as its core.<\/p>\n
He said, \u201cThe government of the Federal Republic of Nigeria has established viable institutions, which provide services that will accelerate the tempo of private investment in Nigeria\u2019s agriculture<\/p>\n
\u201cWe have shown more commitment to secure investment in agriculture by increasing budgetary allocation from seven percent to 10 per cent.\u201d<\/p>\n
He also said that under the proposed National Livestock Transformation Programme, some areas of cooperation would have to be addressed for the private sector to consider<\/p>\n
They included beef and dairy production and processing, veterinary drugs and vaccine production, sheep and goat production, animal feed production and several others.<\/p>\n","protected":false},"excerpt":{"rendered":"
As part of its bid to enhance local food sufficiency, the Federal Government says it has approved new incentives for investors in the agricultural sector to improve high-level private sector participation in the nation\u2019s food production and processing industry, the Minister of Agriculture and Rural Development, Dr. Mohammad Abubakar, made this known in Abuja on […]<\/p>\n","protected":false},"author":39,"featured_media":208049,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[49118,46362,371,46771],"class_list":["post-224823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-agric-investors","tag-dr-mohammad-abubakar","tag-fg","tag-lapo"],"yoast_head":"\n