The Nigerian government has signed a Memorandum of Understanding (MoU) with the Nigerian Sovereign Investment Authority to explore the investment opportunities in the area of commercialised agriculture to boost food production in the country.
The Minister of Water Resources, Mr. Suleiman Adamu, who stated this at the signing ceremony in Abuja, also said that the MoU was a milestone as it is in line with government’s objectives and determination of investing in agriculture for food security.
“30 years from now, the population of Nigeria would out grow food production, so we need to start to address the issue to avoid conflict of food shortage in the future,” he stated.
He therefore called on investors to look inward in exploring the many opportunities in the sector and develop the potentials to the fullest.
Mr. Adamu also reiterated the commitment and confidence of the Steering Committee on the partial commercialisation of the River Basins for optimal performance.
He added that apart from commercialised agriculture in the sector, there are other opportunities in the sector especially the development of small hydro power schemes for power generation by using the available dams.
Meanwhile, the Managing Director/Chief Executive Officer of the Authority, Mr. Uche Orji, in his remarks said, that Water and Agriculture are essential to the food security agenda of the present administration.
He also noted that the organisation has access to capital and would do its best in the commercialisation of the capital projects of the ministry for optimal benefit of the country.
The Nigeria Sovereign Investment Authority is a Nigerian establishment which manages the Nigeria Sovereign Wealth Fund (SWF) into which the surplus income produced from Nigeria’s excess oil reserves is deposited. This Fund was founded for the purpose of managing and investing on behalf of the government of Nigeria.