Agriculture is key to Diversification- Nigeria’s President

The Nigerian government says as it endeavors to revamp the economy through its diversification plan, the agricultural sector remains the most viable tool it has.

President Muhammadu Buhari disclosed this in a broadcast to the nation as the country celebrates 61 years of nationhood.

According to the President: “The Agricultural sector remains key to our economic diversification efforts as the sector has been a consistent driver of the non-oil sector contributing 22.35% and 23.78% to the overall GDP in the first and second quarter of 2021.

“We have seen significant private sector investments in almost all areas of the agricultural value chain. And these have continued even during the COVID-19 pandemic.

“Unfortunately, as our food production capacity has increased, food prices have been going up due to artificial shortages created by middlemen who have been buying and hoarding these essential commodities for profiteering.”

He said the activities of middlemen would be curtailed in order to make agriculture more beneficial to both farmers and consumers.

President Buhari added that he had since directed the Ministry of Agriculture and other relevant agencies to collaborate with the National Assembly in finding a permanent solution to the problem.

“To address this, I am hereby directing the Ministry of Agriculture and Rural Development to rehabilitate the National Food Reserve Agency and also work with security agencies, the Nigerian Commodity Exchange, and the National Assembly to find a lasting solution to these disruptive and unpatriotic hoarding activities.

“To further enhance food production, we have completed several new dams and are in the process of rehabilitating several River Basin Development Authorities to enhance ground water supply for rain fed agriculture as well as surface water for irrigation agriculture,” he said.