FG unveils special incentives for investors in agriculture sector – Business – The Guardian Nigeria News – Nigeria and World News
In an effort to improve private sector participation in the agricultural sector, the federal government revealed yesterday that it has designed investment incentives to support high-level private sector participation in the sector.
Some of the incentives include tax exemptions, exemptions and reliefs, specific government policies based on company performance, and relevant international treaties.
Agriculture and Rural Development Minister Dr Mohammad Mahmood Abubakar said this yesterday in Abuja during the first edition of the National Agribusiness Stakeholders and Investors Summit and the Nigerian Award for agribusiness on the theme ‘Promoting Agribusiness for Sustainable Agricultural Development in Nigeria.’
The minister, while urging Nigerians to invest in agriculture, said agribusiness is experiencing revitalization with federal government policies aimed at encouraging farmers and investors, as well as increasing gross domestic product. (GDP) of the country.
Reiterating the government’s commitment to industrialize the agricultural sector for increased productivity, efficiency and competitiveness across local and international borders, he said the sector should be seen as a business platform and haven for business. investment that would sufficiently meet the socio-economic needs of its practitioners and grow the country’s economy.
Abubakar underscored the ministry’s commitment to regularly engage relevant stakeholders in the public and private sectors of the economy with noble and innovative ideas to advance Nigeria’s agricultural economy.
He revealed that the federal government is integrating food production, storage, food processing and industrial manufacturing to make the necessary links in the agricultural product value chain.
He also informed that the Federal Government is investing in the development of 10 additional large-scale integrated rice mills across the country with a combined minimum capacity of 320 metric tons per day, which when completed would enhance Nigeria’s self-sufficiency in the field. rice production.
Earlier in his welcome address, Permanent Secretary Dr Ernest Umakhihe, represented by the Ministry’s Special Functions Director Ms Fausat Lawal, said the private sector will remain in the lead as the process engine for the agricultural sector, while the government would continue to facilitate and provide supporting infrastructure, systems, control processes and oversight.