In a major push to transform Nigeria’s food production landscape, the Federal Government has announced a new set of incentives aimed at attracting both local and foreign investment into the agricultural sector. The initiative is part of President Bola Tinubu’s Renewed Hope Agenda, which prioritizes food security, agricultural innovation, and economic diversification.
Vice President Kashim Shettima disclosed the development in Abuja on Tuesday during the Food and Agriculture Organization (FAO) National and Sub-regional Hand-in-Hand Investment Forum, where key stakeholders gathered to drive strategic investment in agriculture and rural development.
“Nothing unifies humanity as much as hunger. It is the great equaliser that reveals our vulnerabilities and the shared fragility of our existence,” Shettima said. “Food is not merely a matter of survival; it is a matter of global security.”
The new policy direction comes at a time when Nigeria is under increasing pressure to reduce food imports and combat rising food insecurity — a situation worsened by the 2023 fuel subsidy removal and currency reforms, which spiked inflation and strained household incomes.
Vice President Shettima emphasized that while Nigeria has the potential to irrigate over three million hectares of farmland, less than 10 percent of that capacity is currently utilized.
“Strategic investment in irrigation alone could triple yields, free us from seasonal dependency, and fortify our resilience against climate shocks,” he stated.
Shettima noted that agriculture plays a central role in the 2021–2025 National Development Plan, which targets the creation of 21 million rural jobs and aims to lift 35 million Nigerians out of poverty.
“Nigeria is open for business, and we are ready to partner with you,” Shettima told investors. “Let us work hand-in-hand to build a sub-region where no one goes to bed hungry, where rural communities are hubs of wealth creation, and where agriculture is the true foundation of our prosperity.”
Also speaking at the event, Minister of Agriculture and Food Security, Abubakar Kyari, highlighted Nigeria’s competitive advantages for agribusiness inlcuding large domestic market, vast arable land, favorable climate conditions and rapid growing digital economy
He described these factors as critical levers for unlocking opportunities across the entire agricultural value chain — from production and processing to marketing and exports.
Similarly, Minister of Budget and Economic Planning, Senator Atiku Bagudu, underscored the untapped potential in Nigeria’s agriculture and irrigation sectors, noting that they hold significant promise for economic transformation under the Tinubu administration’s Renewed Hope Agenda.
“Agriculture remains a pivotal component of our medium- and long-term national development strategies,” Bagudu added.
The Minister of Agriculture, Livestock and Food Security of The Gambia, Dr Demba Sabally, praised Nigeria’s leadership role in regional agricultural development. He cited Nigeria’s progress in the rice and cassava value chains as models for other countries in West Africa.
He also commended the FAO for facilitating cross-border collaboration through the Hand-in-Hand initiative, which aims to strengthen food systems and boost sustainable agricultural practices across Africa
