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Stakeholders target $100bn proceeds from agric initiative

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Stakeholders in the agricultural sector through the Information Marketing and Management Institute and the Federation of Agricultural Commodity Association of Nigeria on Thursday launched an initiative called the Agricultural Commodity Value Chain Expansion Project.

The initiative is expected to transform the agricultural commodity sector by creating jobs and building wealth across the country.

Speaking at a press conference in Abuja, the President of FACAN, Victor Iyama, said that the project, if properly harnessed, could enable the country achieve food sufficiency, tackle its foreign exchange challenges and attract $100bn into the sector annually.

He said, “This initiative, if properly harnessed, will help us to attain food sufficiency and sustainability. It can also help us tackle the problems the country is facing with regards to forex inflows; in fact we can generate about $100bn annually through the project.”

On his part, the President, IMMI, Ekenechukeu Aloefuna, said that while the government has been active in promoting agricultural development, primarily through loans offered by the Central Bank of Nigeria, more needs to be done to encourage agricultural value chain expansion.

He noted that the initiative was born out of the need to fill the gap in the agricultural value chain, adding that if effectively managed, it can create at least two million jobs for Nigerians.

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