The Federal Government has unveiled plans to attract $3.14 billion in agricultural investments under the Food and Agriculture Organisation’s (FAO) Hand-in-Hand Initiative, with a focus on five critical value chains—tomato, cassava, maize, dairy and fisheries.
Abubakar Kyari, Minister of Agriculture and Food Security, stated this at the National and Sub-Regional Hand-in-Hand Investment Forum held in Abuja.
He said the portfolio comprises $1.75 billion in government funding and $1.39 billion in private sector commitments, with an average internal rate of return projected at 14%.
“This pipeline is designed to lift millions out of poverty, create jobs, improve nutrition, and deliver climate gains,” Kyari said, adding that per capita incomes could rise by $657 while over 1.2 million tonnes of carbon would be sequestered.
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Highlighting Nigeria’s vast potential, the minister noted that only 20% of the country’s 70 million hectares of arable land is cultivated, with irrigation potential exceeding three million hectares.
He listed ongoing reforms such as the establishment of Special Agro-Industrial Processing Zones, expansion of cold-chain logistics, recapitalisation of the Bank of Agriculture, and promotion of local input and equipment manufacturing.
Kyari assured investors of a favourable environment with incentives including tax holidays, duty waivers on agricultural machinery, and credits for firms sourcing raw materials locally.
Hussein Gadain, FAO Country Representative, commended Nigeria’s commitment, describing the initiative as a “vehicle for achieving the SDGs and Africa’s Kampala Declaration vision.”
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He praised Vice President Kashim Shettima’s leadership in mobilising investment and innovation, adding that the Sahel-focused irrigation and water programme was a “game-changer” for regional resilience.
Gautier Mignot, European Union Ambassador to Nigeria, reaffirmed the EU’s partnership, noting a recent €80 million investment in value chains across seven States.
He pledged further collaboration to strengthen irrigation as a pathway to agricultural transformation.
The event drew top Government officials, development partners, and members of the diplomatic corps, underscoring Nigeria’s push to position agriculture as a key driver of the economy.
