The Federal Government on Tuesday reeled out a slew of new incentives to attract agricultural investment, which it said could create 21 million jobs in the country.
It also pledged reforms to expand irrigation, improve access to credit and create millions of rural jobs under President Bola Tinubu’s economic agenda.
Vice President Kashim Shettima outlined the plans at the Food and Agriculture Organisation’s National and Subregional Hand-in-Hand Investment Forum in Abuja, calling hunger “the great equaliser that reveals our vulnerabilities and the shared fragility of our existence.”
Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed details of Tuesday’s meeting in a statement titled, ‘More incentives farmers as FG unveils new agric investment incentives.’
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The measures include single-window platforms for land registration, strengthened agricultural credit systems, large-scale mechanisation, and strategic irrigation projects.
Tuesday’s unveiling comes as rising food prices and climate shocks have intensified calls for long-term investment in the sector.
Nigeria has been under pressure to cut its reliance on imports and address food insecurity, which worsened after fuel subsidy removal and currency reforms deepened inflation in 2023.
Shettima said Nigeria had the capacity to irrigate more than three million hectares of farmland but currently uses less than 10 percent of that potential.
“Strategic investment in irrigation alone could triple yields, free us from seasonal dependency, and fortify our resilience against climate shocks,” he stated.
“Nothing unifies humanity as much as hunger. It is the great equaliser that reveals our vulnerabilities and the shared fragility of our existence.
“Food is not merely a matter of survival, it is a matter of global security,” Shettima added.
The Vice President noted that Nigeria’s blueprint under the 2021–2025 National Development Plan aims to lift 35 million people out of poverty, create 21 million jobs in rural communities and secure food and nutrition sufficiency.
Shettima specifically observed that irrigation is a game-changer, noting that Nigeria has river basins and aquifers capable of irrigating over three million hectares but currently uses less than ten per cent.
“Strategic investment in irrigation alone could triple yields, free us from seasonal dependency, and fortify our resilience against climate shocks,” he added.
He assured investors that regulatory reforms, public-private partnerships and agri-tech innovations would make Nigeria “open for business.”
“Nigeria is open for business, and we are ready to partner with you. Let us work hand-in-hand to build Nigeria and a sub-region where no one goes to bed hungry, where rural communities are hubs of wealth creation, and where agriculture is the true foundation of our prosperity,” VP Shettima said.
Earlier, the Minister of Agriculture and Food Security, Abubakar Kyari, described Nigeria’s market, large arable land and growing digital economy as unique opportunities for investors.
He said a combination of Nigeria’s domestic market, large arable land, clement weather and fast-growing digital economy present unique opportunities for investment across the agribusiness ecosystem.
For his part, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, said the economic potential of Nigeria remains largely untapped, especially in agriculture and irrigation, which hold significant promise for economic diversification and transformation.
He noted that agriculture, particularly agribusiness, remains a pivotal component of Nigeria’s national development plan in the medium and long term, as well as the Renewed Hope Agenda of President Tinubu.
For his part, the Minister of Agriculture, Livestock and Food Security of The Gambia, Dr Demba Sabally, commended the FAO for hosting the event and Nigeria’s leadership in agriculture, highlighting the country’s success stories in the rice and cassava value chains as worthy of emulation by countries in the sub-region and beyond.
Sabally emphasised the need for peer review among countries in the West African sub-region because of their common challenges and opportunities for growth and transformation.
In the same vein, the representative of the FAO in Nigeria and ECOWAS, Dr Hussein Gadain, said the Hand-in-Hand Initiative is FAO’s “evidence-based, country-led, and country-owned flagship programme, designed to accelerate agricultural transformation and sustainable rural development.”
Commending Nigeria’s clear agricultural development priorities and describing them as catalysts for transformative and sustainable growth within Africa’s agri-food systems, Gadain hailed Vice President Shettima’s genuine commitment and visionary leadership in transforming Nigeria’s agri-food systems.
According to the FAO rep, the VP’s “passion for agriculture, food security, and nutrition is unmatched. He has been a driving force in attracting crucial investments and fostering innovation, and his continued engagement deserves our highest commendation.”
Also, the Head of the EU Delegation in Nigeria, Mr Gautier Mignot, said the Hand-in-Hand Initiative reflects Nigeria’s strong commitment to strengthen food security and deepen investment across the agribusiness value chain.
He declared that the EU remains Nigeria’s long term partner in Nigeria’s agricultural journey and is committed to investing in value chain development in the country, starting with the recent investment of over 80 million euros to unlock opportunities in key value chains across seven states.
Reacting to the announcement, farmers urged the government to back the new farm incentives with action, pointing out that the initiatives would not yield results without implementation.
The National President of the All Farmers Association of Nigeria, Kabir Kebram, stressed the need for follow-through.
“Definitely, it will boost if they are implemented. Of course, you can have a policy but unless you implement it very well, you cannot see the results. So we call on the Vice President to actualize what he promised and then to follow it up and make sure that it is properly implemented. We are sure that that will make a difference in the food system,” Kebram said.
The Chairman of the Competitive African Rice Forum, Agric, Peter Dama, also cautioned against ‘’a cycle of promises without delivery.’’
“Pronouncements are different from implementation. While we welcome all these pronouncements, we are still hoping that the pronunciations will be met with practicality, that it will be implemented the way they have said it.
“Somebody can come and read a speech, but then the actual implementation is something that might take some time. They made pronouncements about tractors. Today we are in August. Have those tractors been given? Already, we are moving toward the dry season.
“Government can make statements, but the implementation might take quite some time. I believe that if pronouncements are going to be made, let the actuality be on ground, as you are making pronouncements, you are dishing them out.