The Minister of Agriculture and Food Security, Sen. Abubakar Kyari has revealed that the federal government targeted a $3.14 billion agricultural investment portfolio in collaboration with the Food and Agriculture Organization (FAO) Hand-in-Hand Initiative, targeting five high-impact value chains of tomato, cassava, maize, dairy and fisheries.
This initiative would eradicate poverty, end hunger, and build resilience in rural communities, achieve food sovereignty as well as align with global frameworks such as the Sustainable Development Goals (SDGs) and the Africa Union’s Comprehensive Africa Agriculture Development Programme (CAADP) Action Plan.
The Minister made this known during the National and Sub – Regional Hand – in – Hand Investment Forum to enhance Agriculture Investment in West Africa and the Sahel, held in Abuja, recently.
Sen Kyari stated that the investment pipeline, backed by $1.75 billion in government funding and $1.39 billion in private sector commitments with an average internal rate of return of 14 percent, is designed to lift millions out of poverty, create jobs, and enhance food and nutrition security.
He added that the portfolio would also deliver climate gains, noting that “Per capita incomes will rise by as much as $657 and we will contribute to global climate goals by sequestering over 1.2 million tonnes of carbon”.
He pointed out that “With 70 million hectares of agricultural land, of which only 20 percent is cultivated, and irrigation potential of over three million hectares, Nigeria represents one of the most compelling agricultural investment destinations in Africa.”
The Minister revealed that “We are investing in Special Agro-Industrial Processing Zones, expanding cold chain logistics, recapitalizing the Bank of Agriculture, and promoting local manufacturing of inputs and equipment.”
He stated that investors would leverage on tax incentives, exemptions on agricultural machinery imports, pioneer status tax holidays, and credits for firms sourcing raw materials locally.
“Together, these incentives create one of the most comprehensive enabling environments for agribusiness investment in Africa.”
In his remarks, FAO Country Representative in Nigeria and ECOWAS, Dr. Hussein Gadain applauded Nigeria’s commitment to the Hand-in-Hand Initiative, describing it as a vehicle for achieving the SDGs and Africa’s vision as outlined in the Kampala Declaration.
Dr. Gadain lauded the Nigerian government’s leadership, particularly Vice President Shettima’s role in mobilizing investment and innovation, as well as the Agriculture Ministry’s work in developing bankable investment cases across critical value chains.
He added that “We have seen significant strides in matching private sector players, bilateral and multilateral partners with Nigeria’s clear agricultural development priorities. These are not just commitments on paper; they are tangible investments beginning to drive transformative growth.”
He stressed that Nigeria’s involvement in the Hand-in-Hand for the Sahel sub regional initiative on water and irrigation was “a game-changer,” unlocking agricultural and fisheries potential while building climate resilience.
He appreciated the role of Nigeria’s ministries of Water Resources, Budget and Planning, and Livestock Development in advancing the initiative while calling for deeper collaboration with development partners and private investors.
In his Goodwill Messages, the Head of the European Union Delegation in Nigeria, Mr Gautier Mignot stated that the Hand-in-Hand Initiative reflected Nigeria’s strong commitment to strengthening food security and deepening investment across the agribusiness value chain.
He revealed that the EU is Nigeria’s long term partner in Nigeria’s agricultural journey, ‘’it is committed to investing in value chain development in the country, starting with the recent investment of over 80 million euros to unlock opportunities in key value chains across 7 states’’.
He pledged that the EU would deepen collaboration with Nigeria to ensure that irrigation becomes a pathway for economic growth and agricultural transformation.
In attendance were the Hon. Minister of Budget and National Planning, Deputy Governor of Ebony State, FAO Representative in Nigeria and ECOWAS, Development Partners, Members of the Diplomatic Community, among others.
Signed
Obe M. Mabel
Assistant Chief Information Officer
For Head, Department of Information
17/09/2025
