By Hillary Asemota
The Federal Government through the Ministry of Finance, KPMG and a private sector organization in a proactive move that aligns with the administration’s vision are concluding partnership to reduce Nigeria’s £3 billion annual food import bill.
This the Ministry said will be achieved by expanding mechanised farming, strengthening local refining capacity, and enhancing food security, adding that the collaboration emphasises private sector participation, transparency, and scalability.
In the groundbreaking move, the private sector has therefore unveiled a pioneering investment fund to revolutionize Nigeria’s agricultural landscape and drive food security.
This initiative takes the form of a private sector-led large-scale agribusiness financing programme, presented to the government as a collaborative effort to drive food sovereignty through large-scale investment in industrial agriculture.
At a high-level meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the CEO of Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, held in his office in Abuja, KPMG and private sector operators outlined an investment fund model designed to mobilise large-scale financing for the production and processing of critical crops, including oil palm, rice, maize, cassava, sugar, and soybean.
The Director, Information and Public Affairs in the Ministry, Mr. Mohammed Manga, in a statement, reiterated that the proposal aligns with the administration’s vision to reduce Nigeria’s £3 billion annual food import bill by expanding mechanised farming, strengthening local refining capacity, and enhancing food security.
According to him, It emphasises private sector participation, transparency, and scalability.
Edun and Takang welcomed the initiative, reaffirming the government’s commitment to working with the private sector to unlock investment and drive sustainable agricultural transformation, the statement added.
As Nigeria takes bold strides towards achieving food sovereignty, this innovative partnership between the private sector and the government marks a significant milestone in the country’s journey towards a more sustainable, self-sufficient, and prosperous future.
