Table of Contents
- Policy Issues in Nigeria
- Details of the Session
- CBN Initiatives on Agriculture
- Role of Private Investment
The Emir of Kano, Lamido Sanusi, has pointed out that inconsistent policies hinder Nigeria’s economic and agricultural progress.
Sanusi made these remarks during a joint session of the United Nations World Food Programme (WFP) and the African Development Bank (AfDB), held alongside the Nigeria Economic Summit in Abuja.
The focus of the session was on ‘Investing in Innovative Food Systems Solutions in Challenging Contexts’.
“The most significant issue I have observed in our country is the absence of policy continuity. Each time there is an election, it feels like everyone starts over from scratch,”
“A civil service that should maintain institutional memory has, whether intentionally or unintentionally, failed to do so. Consequently, every few years, we find ourselves revisiting the same issues,” he stated.
The former governor of the Central Bank of Nigeria (CBN) recounted that during his time as CBN governor, he launched a study of six agricultural value chains aimed at enhancing lending and encouraging investments in local production.
“We identified 13 tomato varieties suitable for paste production, but outdated regulations hindered their commercialization. We had to advocate for policy reforms. Unfortunately, before the changes could take effect, the project was discontinued.
“The government does not have sufficient funds to resolve every farmer's issues. What it can do is foster an environment of trust for private investment to flourish,” he concluded.
Frequently Asked Questions
What are the main challenges facing Nigeria's agricultural sector?
The primary challenges include inconsistent policies, lack of investment in local production, and outdated regulations that hinder commercialization of agricultural products.
How can private investment be encouraged in agriculture?
The government can create a stable and trustworthy environment that fosters confidence among private investors, leading to increased investment in the agricultural sector.
