Vice President Kashim Shettima has urged the private sector to increase investments in Nigeria’s food system to address the persistent hunger and economic hardship facing the nation. Speaking at the ‘Strategic Workshop on Agriculture and Food Security’ organized by the Presidential Food Systems Coordinating Unit (PFSCU), the National Bureau of Statistics (NBS), and the Nigerian Economic Summit Group (NESG), Shettima emphasized the critical role of private sector collaboration in transforming Nigeria’s agricultural sector.
Represented by his Special Adviser on General Duties, Dr. Aliyu Modibbo, Shettima highlighted the Tinubu administration’s efforts to revolutionize the food system, including the declaration of a state of emergency on food production and the signing of a $4.3 billion Memorandum of Understanding (MoU) with Brazil during the G20 summit in November 2024. The MoU aims to boost fertilizer production, hybrid seed development, and agricultural credit lines.
Private Sector as the Engine of Growth
Shettima described the private sector as the engine of economic growth and stressed its importance in shifting Nigeria’s food systems from subsistence farming to full-scale commercial agriculture. “The private sector is and will remain the engine of economic growth in Nigeria’s systems. Your leadership in agribusiness is essential to transforming our food systems,” he said.
He pointed out the vast opportunities in Nigeria’s agricultural sector, noting that the country’s over 200 million consumers represent an untapped market with significant potential for profitability. “Agriculture is our golden egg. Nigeria’s domestic market alone presents huge opportunities for return on investment that can drive substantial agribusiness profitability,” Shettima added.
Market-Driven Approach to Food Security
The Vice President emphasized that a market-driven approach is the only sustainable pathway to achieving long-term food security. He assured stakeholders that the government’s policies and programs are designed to support competitive, private-sector-led agricultural growth. “We recognize that a market-driven approach is the only sustainable pathway to achieving long-term food security. Our policies and programs are designed to foster innovation and growth in the agricultural sector,” he said.
Shettima also called for investments in climate-smart agriculture, regenerative farming practices, and digital solutions to enhance resilience and productivity. “We encourage investment in climate-smart agriculture, regenerative farming practices, and digital solutions that enhance resilience. The government is committed to working with you to deploy modern technologies that can optimize yields, reduce waste, and enhance productivity across the value chain,” he stated.
Minister of Agriculture Highlights Private Sector’s Role
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, echoed Shettima’s sentiments, emphasizing that the private sector is best positioned to drive food production in Nigeria. Represented by the Executive Secretary of the National Agricultural Development Fund (NADF), Ibrahim, Kyari stated, “The Honorable Minister recognizes that agriculture in Nigeria cannot thrive without the full participation of the private sector.”
He highlighted the NADF’s efforts to address financing challenges in the agricultural sector and attract both public and private capital. “Through NADF, we are facilitating access to finance, catalyzing innovation, and unlocking new investment opportunities to accelerate the attainment of food security,” he said.
PFSCU’s Prioritized Initiatives
Marion Moon, Executive Secretary of the PFSCU, outlined the unit’s 2025 prioritized initiatives, emphasizing the need for Nigeria to produce 3.6 million metric tonnes of food to meet its population’s needs. “We need reserves of almost 3.6 million metric tonnes for our population size. Farmers, this is also a market for you to grow for,” she said.
Moon called for the institutionalization of early warning systems within the government to address food security challenges proactively. “We are looking at institutionalizing a system within the Office of the National Security Advisor to gather critical information on food security,” she added.
Private Sector Participation Key to Food Security
On the sidelines of the workshop, Uchenna Ogbonna, Executive Director of the Ernest Shonekan Centre at NESG, stressed the importance of private sector participation in achieving food security. “We need the private sector’s participation because the government cannot produce all the food we need. The private sector must drive agricultural companies to achieve food security in Nigeria,” he said.
Ogbonna highlighted Nigeria’s potential to not only feed itself but also export food to other regions. “With all our resources, we have the capacity to produce enough food to feed the rest of Western Europe. However, we currently struggle to feed ourselves due to challenges in the agricultural sector. Collaboration between the government and the private sector is essential to overcome these challenges,” he added.
The call for increased private sector investment in Nigeria’s food system underscores the urgent need to address hunger and economic hardship through sustainable agricultural practices. With the government’s commitment to creating an enabling environment for agribusiness, stakeholders are optimistic that collaboration between the public and private sectors can unlock the full potential of Nigeria’s agricultural sector.
As the nation works towards building a resilient, market-driven food economy, the strategic workshop serves as a platform for fostering innovation, investment, and partnerships that will drive Nigeria’s food security and economic prosperity.
