Private Sector Launches Agribusiness Fund to Boost Nigeria’s Food Security

The private sector has launched a transformative Large-Scale Agribusiness Financing Programme to revolutionize Nigeria’s agricultural sector and bolster food security.

Announced in Abuja, the initiative aims to achieve food sovereignty by attracting significant investments into industrial agriculture. This innovative funding model was presented to the Federal Government during a high-level meeting with Finance Minister Wale Edun and Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated.

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The programme, described as a groundbreaking effort, seeks to mobilize resources for cultivating and processing essential crops like oil palm, rice, maize, cassava, sugar, and soybean. Representatives from KPMG and other private sector stakeholders emphasized the fund’s focus on transparency, scalability, and private-sector leadership.

Aligned with the government’s strategy to reduce Nigeria’s £3 billion annual food import bill, the initiative prioritizes mechanized farming and enhanced local refining capacity to promote self-sufficiency in food production. It also addresses critical challenges such as insufficient funding, inadequate processing infrastructure, and post-harvest losses.

Finance Minister Edun and Dr. Takang welcomed the programme, highlighting its potential to expand mechanized farming, boost local food production, and create jobs across the agricultural value chain. They reiterated the government’s commitment to fostering private-sector participation as a cornerstone of sustainable food security.

This initiative is expected to reshape Nigeria’s agricultural landscape, driving economic growth and reducing reliance on food imports.