FG moves to secure farms, attract investors

The Federal Government has moved to address insecurity threatening agricultural investments, signing a partnership agreement to develop security arrangements for farms and attract investors to multibillion-dollar soybean and sugarcane projects in Yobe and Jigawa states.

The Ministry of Finance Incorporated (MOFI), Integranium Holdings and Defence Agricultural Assets and Projects Development Company (DAPCO), supported by Defence Holding Company Limited, signed a Memorandum of Understanding (MoU) in Abuja.

Speaking at the signing ceremony, Dr Femi Ogunseinde, MOFI’s Executive Director, Investments, said: “We have a soybean initiative in Yobe, we have a sugarcane initiative in Jigawa—all large-scale, all multibillion-dollar projects.

“Without having that security anchor to ensure that whatever comes from wherever to invest, the investments are safe, it becomes very difficult for us to do anything.”

He said the partnership would provide a platform to approach prospective investors with security arrangements designed to protect their investments.

Also speaking, the Managing Director of MOFI, Dr Armstrong Takang, said: “Nigeria needed to make better use of its land, water resources and people to produce sufficient food for households and industries, while generating additional supplies for export.”

He said the partnership would focus on developing bankable agribusiness opportunities capable of attracting public and private investment. On his part, DAPCO Chairman and Chief Executive Officer, Aliyu Abdulhameed, said: “The defence establishment’s role was to ensure that financing reached agricultural opportunities in rural areas under secure and properly structured arrangements.”

He added that surrounding communities would be involved in projects established in their areas, while serving military personnel and veterans would also be considered.

Ogunseinde said: “An estimated 30 million to 35 million hectares of land could be available for farming, providing considerable scope for expanding large-scale agricultural production.”

He added that the partners had identified several opportunities and expected at least one project to break ground before year-end, although he did not identify the project or specify a commencement date.

The Group Managing Director of Defence Holding Company Limited, Air Vice Marshal A.V. Ndache, said: “The memorandum of understanding signed by the institutions was a broad agreement covering agriculture, hospitality and other investment areas.”