The Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, has said that the amount of agricultural investment by private businesses in Nigeria in the last one year has hit $8 billion.
The minister said that the huge agricultural investment by private businesses came as a result of the ongoing transformation in the sector.
He said the government had changed its notion of treating agriculture as a social sector, adding that the industry was currently managed as a business.
According to him, “We have been treating agriculture almost like a developmental activity or a social sector. But it is not a social sector and that is why this administration has taken agriculture as a business so as to optimise the use of land and ensure profitability for farmers and investors.
“It will interest you to know that $8bn worth of investments has been invested in agricultural development in Nigeria in just one year by investors in our private sector. And this is since we came onboard.”