A former Abia State Commissioner for Finance and Economic Development, Dr. Philips Nto, has called for active private sector participation in agriculture to achieve sustainable food security in Nigeria.
He said that although the government has the primary responsibility to fund the agricultural sector, private sector input is urgently needed to ensure that the much-talked-about agricultural diversification and value chain development are realized.
Dr. Nto, who is currently the Director of the Agribusiness Incubation Centre at the Michael Okpara University of Agriculture, spoke to newsmen in Umuahia on the sidelines of the World Food Day celebration.
He noted that the theme of this year’s event, “Hand in Hand for Better Food and Better Future,” underscores the urgent need for private sector involvement in the agricultural value chain. According to him, the government could initiate a policy requiring major players in the oil, telecom, and banking sectors, among others, to invest a percentage of their profit after tax in any aspect of agriculture.
“The best way to diversify the economy for optimal food security and productivity is to invest money from the non-agricultural sector into agriculture,” he said.
Nto, who is the immediate past Provost of the Abia State College of Education (Technical), Arochukwu, noted that if the Federal Government could, through the Central Bank of Nigeria (CBN), mobilize ₦68 billion to revitalize the National Theatre, Lagos, it could do even more for the agricultural sector.
“Why can’t we adopt such a model in fundraising to develop agriculture and agribusiness sectors that will enhance food security and independence?” he asked.
The director listed key areas within the agricultural value chain requiring private sector funding and support to include financing, input supply, production, packaging, and distribution to final consumers.
Dr. Nto expressed confidence that a synergy among the public and private sectors, along with farmers, would guarantee enhanced food production and lasting food security in Nigeria.
