FG calls for synergy over expansion of agribusinesses in Nigeria at AICM
By Omolola Dede Adeyanju
The Honourable Minister of Agriculture and Food Security, Senator Abubakar Kyari (CON) has called for synergy amongst all players in the Agriculture sector to create a sustainable and consistent food supply in the nation.
The Minister made the call at the Agri-investment and capital market conference (AICM) 2024 Fourth Edition in Lagos yesterday. This follows the facilitation of funds by Welcome2Africa International for various Nigerian Agribusinesses at the AICM.
According to Senator Abubakar, the conference aimed at addressing critical issues concerning food and nutrition security, with a focus on “CONNECTING DEALS;
SEEDING GROWTH” is most relevant in the socioeconomic space. He explained that when it comes to the global economy, seeding growth becomes crucial. Governments and businesses must understand the importance of investing in innovation, research, and development, he said.
The Minister who was represented by Lagos State Coordinator for the Ministry of Agriculture and Food security, Farmer Omolara Abimbola Oguntuyi further urged, ‘we are here to link up business deals or partnerships that can contribute to the growth and development of Nigeria most importantly the agricultural sector. We will identify and establish strategic alliances, collaborations and investments that have the potential to drive expansion, increase market reach, enhance capabilities, or achieve other desired objectives that will bring development to our nation.
“We are all seated to lay down the groundwork or foundation for future growth which involves investing resources, such as time, effort and capital, into initiatives, strategies, or projects that have the potential to yield long-term benefits and facilitate growth that will bring development in all spheres of our lives.
By connecting deals and seedling growth, companies and organizations here present can tap into external resources and expertise, leverage synergies, access new markets and customer bases.
Meanwhile, the CEO, Welcome2Africa International, Bamidele Owoola expressed that the 4th Edition of the Agri-Investment and Capital Market Conference (AICM) was a success in its efforts to spur sustainable agricultural development throughout the African continent. She said, ‘We are pleased to announce that Welcome2Africa International successfully facilitated funds in investment for various Nigerian Agribusinesses at the Agri-Investment and Capital Market Conference (AICM).’
Bamidele further stated that AICM 2024 is an improvement above 2023, which procured investments totaling $12 million. She said that the $24 million investment facilitated this year demonstrates the faith and belief in the firm’s aim to change the agricultural landscape of Africa. ‘It was obtained through strategic partnerships and collaborations with global investors through the AICM deal room components. Participating agribusinesses will be able to expand their operations and activities, boost productivity, and seize new chances for expansion and development thanks to the finance they have secured.
The keynote speaker, co-founder and former Group Executive Director, Sahara Group and energy conglomerate, Tonye Cole while speaking to press men stated that Nigeria is at a crossroad. In respect to mechanized farming, he said, ‘Even at the same time, you have to go to mechanized farming, you have to increase access to arable land for mechanized farming. Now, it’s almost contradictory because a lot of times when you move there, you wipe away smallholder farmers. Nigeria has to have a mix, an integral mix between smallholder farmers and large-scale industrial farming.
Well, I would say that if you look at what happened in the world between 2012 and 2023, you see that the world actually tackled food security and there was an improvement in food security. But the data shows that Nigeria was one of the few countries that had not dealt with it adequately. But if you look at it deeper from our own issues, we find out that what has driven that has been a lot of insecurity.
As regards investment and capital market, Tonye enumerated that the capital market is a platform, a place where trade exchanges are made. And so, the capital market always has money looking for opportunities. Once you can bring the opportunities to the capital market, then money will flow.In addition, Tonye explained the privileges in the Agriculture sector and how young people could take advantage of loans and grants as well as the durability of loans and it’s implications. He expressed, ‘It’s that long-term financing that will sweat the equity over time. So if anyone is going to take a six-month loan, three-month loan, one-year loan, it won’t work. So you must be able to give long-term financing into that space which will make it attractive for them.’
AICM however had in attendance key figures such as; the Minister of Agriculture and Food Security ably represented by Mrs. Omolara Folashade Abimbola, Lagos State Coordinator, Federal Ministry of Agriculture and Food Security; Tonye Cole, diplomats of the Spanish embassy and portfolio investors such as the International Finance Corporation, Dutch Entrepreneurial Development Bank, Emerging Africa, ARM, and NORfund amongst others.
