The Minister of Agriculture, Dr. Akin Adesina has said that the Agribusiness sector in Africa would hit $1 trillion by the year 2030. The seasoned technocrat who is described as one of the leading reformers of the Jonathan administration also said that Foreign Direct investment into Agriculture would rise from $10 billion in 2005 to $45 billion by 2020.
Speaking at the 2014 International AgrikExpo held in Lagos, Adesina said that the Rice Sufficiency program of the Federal Government had saved Nigeria $2.5 billion annually and was empowering local communities and farmers economically.
He stated: “Against all odds, we are succeeding. Through massive free distribution of high yielding rice varieties, provision of fertilizers and mechanised services supported by small-scale irrigation, rice production has exploded in the country.
“Within two years, our national paddy rice production rose by 4.3 million metric tonnes. The number of integrated modern rice mills in the country rose from five to 15 within two years, all processing the local paddy into high quality finished rice,” he added.
Speaking on the impact of the program, Adesina said over 360,000 jobs had been created in rural areas and net income to farmers and rice processors was in excess of $1 billion.
He said as part of the President’s Agricultural Transformation Agenda (ATA) and with over 84 million hectares of land, abundant water and cheap labour, Nigeria was positioned to become a major global player in the sector.
He said, “At the forefront of our effort was reforming the corrupt government-dominated fertilizer procurement and distribution system. We ended the corruption of decades within 90 days. Nigeria launched the Growth Enhancement Scheme (GES), under which farmers across the country now receive their subsidised fertilizer and seeds via electronic coupon known as e-wallet on their mobile phones.”
He continued: “The impact has been massive. Within two years, the e-wallet system reached over eight million genuine farmers. As high quality fertilizers and improved seeds reached millions of farmers, food production rose dramatically while improving the food security of 40 million persons in rural households.”