Agribusiness Finance and Investment Summit Delivers Insight into Industry Growth and Opportunities in Nigeria
On August 6, 2019 the first annual Agribusiness Finance and Investment Summit brought together over 200 participants in Abuja, Nigeria to discuss challenges, opportunities and solutions to increase growth and expand the nation’s agribusiness sector.
The Summit was organized by the USAID-funded Feed the Future (FTF) Nigeria Agribusiness Investment Activity as part of its overall strategy to facilitate increased levels or ag-related financing and investment in the West African country over the next five years. With Cultivating New Frontiers in Agriculture (CNFA) as the prime implementing partner, the $15.7 million activity is working with lead firms to integrate thousands of micro small and medium enterprises (MSMEs) and producer organizations as high-performing commercial actors in the rice, maize, soybean, aquaculture, and cowpea value chains.
The day-long event, which also served as the Activity’s official launch, was a convening forum for lenders, investors, agribusinesses and public-sector stakeholders to discuss challenges and mutually beneficial solutions to strengthen the sector, improve food security, and grow Nigeria’s economy. Guests included U.S. Ambassador Stuart Symington, the Governors of Kebbi and Cross River States, the Chiefs of Staff for Kaduna and Niger States, and a panel of speakers representing government, financial institutions, investors, agribusinesses, and women’s associations.
During the summit, attendees participated in a variety of interactive panel sessions featuring prominent leaders in industry and government. Each speaker, based on their area of expertise, brought a unique perspective to the panel discussion which centered around three themes: 1) creating a more conducive enabling environment for agribusiness finance and investment; 2) bridging the financial gap — agribusiness loans and investments; and 3) creating commercially viable business linkages between producers and off-takers.
Yemi Osinbajo, Vice President of the Federal Republic of Nigeria, was represented by his Senior Policy Advisor (SSA), Dr. Andrew Kwasari, who emphasized the agricultural sector as foundational to the growth of the nation’s economy and as the largest employer of the nation’s youth. Dr. Kwasari also highlighted the importance of ensuring policy and regulatory coherence at the state and federal levels.
The summit concluded with a discussion on proposed solutions, and closing remarks by Dr. M.A. Olaitan, Director of the Development Finance Department, Central Bank of Nigeria (CBN).
