PRIVATE SECTOR UNVEILS AGRIBUSINESS INVESTMENT FUND TO BOOST FOOD SECURITY

The Federal Government has welcomed a groundbreaking move by the private sector in pioneering investment fund to revolutionize Nigeria's agricultural landscape and drive food security. The initiative takes the form of a private sector-led Large-Scale Agribusiness Financing Programme, which was presented to the Federal Government as a collaborative effort to drive food sovereignty through large-scale investment in industrial agriculture. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, was present at the unveiling of the initiative during a high-level meeting with the CEO of Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, which was held in his office in Abuja.  During the meeting, KPMG and other private sector operators outlined an investment fund model designed to mobilise large-scale financing for the production and processing of critical crops, including oil palm, rice, maize, cassava, sugar, and soybean. In a statement, the Director of Information and Public Relations in the Finance Ministry, Mohammed Manga, said the proposal aligns with the administration’s vision to reduce Nigeria’s £3 billion annual food import bill by expanding mechanised farming, strengthening of local refining capacity, and enhancing food security. He said Minister Edun and Dr Takang welcomed the initiative and reaffirmed the government’s commitment to working with the private sector to unlock investment and drive sustainable agricultural transformation.