Bismarck Rewane, chief executive officer, Financial Derivative Company has said that the Nigeria agricultural sector is responsive to incentives such as interest rate, logistics and exchange rate amongst others.
Rewane made the assertion at the recently held Nigeria-Britain Association seminar with the theme ‘Agriculture: The New Goldmine.’
“The agricultural sector performed because it does not depend on foreign exchange and it is responsive of exchange rate as people were forced to grow more,” he said.
“Nigeria’s agricultural value chain is underdeveloped and the focus has continued to remain on crop production.”
He stated that the sector is expected to grow between four and five percent in 2018 and various opportunities exists across the entire value chain while calling for policy consistency to drive the growth.
In his presentation, Antti Ritvonen, country manager, Dizengoff Nigeria said that despite the abundance of arable land in the country, only a small portion is being used for production and it is not efficiently utilised.
“Nigeria potential in agric is really huge. If things are done right and resources efficiently utilised, Nigeria will be a global power house in food production,” Ritvonen said.
“Nigeria ranks low in mechanisation in Africa and globally and this has continued to limit the country’s productivity. Yields can increase significantly through use of high quality seeds, inputs good farming practice and use of farm machines,” he said.
He emphasized the need for farmers training on modern farm techniques and practice.
Also speaking during the seminal, Funmi Onabolu, president, Nigeria-Britain Association said “We need to help people see the economic dimension and the opportunity in agric and its various value chains. Also how funds can be leverage for the sector.”
“We hope that through interaction like can start taking advantage of the opportunities in the various value chain to ensure food security,” Onabolu said.
Source: Business Day