Home Business Promotion of Agribusiness: FG inaugurates committee to Implement regulation to protect farmers

Promotion of Agribusiness: FG inaugurates committee to Implement regulation to protect farmers


It is common knowledge that the Agribusiness sector in Nigeria provides one of the best prospects for accelerating inclusive growth, job creation, and poverty reduction in the country.

The Food and Agriculture Organisation of the United Nations(FOA) reports that agriculture contributed 22.35 percent of the total Gross Domestic Product of the nation between January and March 2021.

Despite the contribution to the economy, Nigeria’s agricultural sector faces many challenges which impacts on its productivity.

To mitigate these challenges, the Nigerian Government which has implemented several initiatives and programmes to address the situation in the past, added a recent regulation to the list with the approval of a memo banning any direct purchase of farm produce involving indigenous farmers and foreign nationals.

The Federal Government on Tuesday took a step further when it inaugurated a 15-Member Technical Committee to promote Agribusiness in Nigeria.

This is in line with the approved Federal Executive Council(FEC) Memo on Promotion of Agribusiness in Nigeria through Right Farm Gate Pricing and Ban of Foreigners from purchasing Agricultural Commodities at the Farm Gates.

“The Memo which was graciously approved by Council is aimed at addressing the challenges impending the development of the agricultural commodity subsector of the economy”.

Inaugurating the Committee In Abuja, the Minister, Industry Trade and Investment, Otunba Adeniyi Adebayo stated that the committee was set up with the aim of addressing the challenges impeding the development of the agricultural commodity subsector of the economy.

Adebayo charged the committee to ensure that the regulation is properly articulated and implemented for the growth and development of the country’s economy.

The Minister further directed the committee to collaborate with States and Local Governments, as well as other relevant stakeholders nationwide to enforce the ban and compliance.

Responding on behalf of the Committee, Chairman of the Committee, Suleiman Audu said the full implementation of the FEC approval on promotion of Agribusiness in Nigeria will help farmers to get commensurate value for their hard work.

Pledging that the Committee will promptly deliver on its mandate, Audu assured that the new policy will aid in the elimination of threats to sustenance of the nation’s non-oil export, particularly in strengthening Government’s efforts at diversifying the economy away from oil and gas.

” I hereby express my readiness and willingness to provide the required leadership and coordination to ensure efficient implementation of the Committee “.

Recall that FEC approved a memo on Promotion of Agribusiness in Nigeria on the 9th of March, 2022, mandating all foreign nationals to go through licensed local buying agents to transact business with the farmers. This is to ensure that the farmers have the appropriate incentives to guarantee their continued participation in Agribusiness.

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