The federal government has launched a $3.14 billion agricultural investment portfolio.
Abubakar Kyari, the minister of agriculture and food security, presented the initiative during the Food and Agricultural Organisation (FAO) national and subregional hand-in-hand investment forum in Abuja on Tuesday.
Kyari said the project, which will benefit over 4.1 million Nigerians, aims to transform the country’s food systems and boost its role as a regional hub for agribusiness.
The minister said the portfolio focuses on five high-impact value chains: tomato, cassava, maize, dairy, and fisheries.
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He said the plan is backed by $1.75 billion in government funding and $1.39 billion in private sector commitments, designed to attract further global investment and create sustainable growth opportunities.
“The initiative is expected to benefit more than 4.1 million Nigerians directly and indirectly, raise per capita incomes by up to $657, and deliver an average internal rate of return of 14.2%,” Kyari explained.
“Cassava leads with a 21.4% return, followed by maize at 18.7%, tomato at 15.2%, dairy at 12.2%, and fisheries at 12.5%.
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“Nigeria’s agricultural sector currently contributes around 25 percent of GDP and employs nearly half of the labour force, yet only 20 percent of the country’s arable land is cultivated and less than 10 percent of its irrigation capacity is utilized.
“Officials say these gaps present huge opportunities for investors, supported by government efforts to expand irrigation, develop Special Agro-Industrial Processing Zones, and strengthen digital agriculture systems.”
The minister further said the government has also introduced incentives, including zero customs duties on farm machinery, tax holidays, exemptions for local sourcing, and multi-year tax credits to attract long-term investment.
Kyari described the forum as not only a national milestone but also a regional platform for West Africa and the Sahel, laying the foundation for Nigeria’s participation in the upcoming Rome hand-in-hand roundtable.
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