Philips Nto | File Image
By George Ofor
Abia State former Commissioner Dr Phillips Nto, has said that private sector investment in agriculture is vital for boosting food security in Nigeria.
He pointed out that although the government has the primary responsibility to fund the sector, the input of the private sector was urgently needed to ensure that the much talked about agriculture diversification and value chain are realized.
This perspective aligns with recent initiatives aimed at transforming the country’s agricultural landscape and reducing reliance on food imports.
Nto, who is currently the Director, Agribusiness Incubation Centre, Michael Okpara University of Agriculture, spoke to newsmen in Umuahia at the sidelines of World Food Day celebration in Umuahia.
He noted that the theme of the celebration, “Hand in Hand for Better Food and Better Future,” has drawn attention to the need for private sector participation in the agricultural value chain.
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He called on the government to initiate a policy that could make it mandatory for leading private concerns in the oil, telecom and banking sub-sectors among others to invest percentage of their profit after tax to any aspect of the value chain in agriculture.
His words: “The best way to diversify the economy for optimal food security and productivity is to invest money from the non-agricultural sector to agriculture.”
Nto, who is the immediate past Provost of Abia State College of Education, Technical, Arochukwu, noted that if the federal government could through the Central Bank of Nigeria mobilize N68b to revatalize the National Theatre, Lagos, it could do more for the agricultural sector.
“Why can’t we adopt such a model in fund raising to develop agriculture and agribusiness sectors that will enhance food security and independence,’ he asked.
The director listed the long value chain range that requires private sector funding and support to include financing, input supply, production, packaging, and distribution to final consumers.
Nto was convinced that a synergy among the public and private sectors along with farmers will ensure enhanced food production and ultimate food security in Nigeria.
Nigeria aims to reduce its annual food import bill of £3 billion by expanding mechanized farming and strengthening local refining capacity.
Recent proposals include a Large-Scale Agribusiness Financing Programme to mobilize investment in critical crops like oil palm, rice, and maize.
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