The Federal Government has announced fresh incentives to boost agricultural investment under President Bola Tinubu’s Renewed Hope Agenda.
The move is part of ongoing reforms to unlock Nigeria’s vast food production potential through new policies that serve as a game-changer for agriculture and infrastructure investments in the country.
Shettima, who disclosed this in Abuja on Tuesday during the Food and Agriculture Organization of the United Nations (FAO) National and Sub-regional Hand-in-Hand Investment Forum, noted that while hunger poses a global security issue, Nigeria must mobilise its strengths to secure a future of abundance.
“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,” he said.
Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed details of Tuesday’s meeting.
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.
The measures include single-window platforms for land registration, strengthened agricultural credit systems, large-scale mechanisation, and strategic irrigation projects.
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 noted 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 presents unique opportunities for investment across the agribusiness ecosystem.
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.
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Source: Channels TV
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