Nigeria unveils $3.14bn agric investment portfolio to boost food production

…Targets 4.1m Nigerians, raises per capita income by $657

Nigeria has launched a $3.14 billion agricultural investment portfolio aimed at transforming food production, creating jobs, and positioning the country as a regional agribusiness hub.

The Honourable Minister of Agriculture and Food Security, Senator Abubakar Kyari, CON, announced the package at the Hand-in-Hand Investment Forum in Abuja on Wednesday.

According to him, the portfolio focuses on five high-impact value chains—tomato, cassava, maize, dairy, and fisheries—with direct and indirect benefits to over 4.1 million Nigerians.

Senator Kyari said: “In total, $1.75 billion will come from government funding while $1.39 billion has already been secured from private sector commitments.

“The portfolio is designed to attract additional global investment and foster sustainable growth opportunities across the country.”

The initiative projects a per capita income increase of up to $657 and an internal rate of return averaging 14.2 percent. Cassava tops with a 21.4 percent return, followed by maize at 18.7 percent, tomato at 15.2 percent, fisheries at 12.5 percent, and dairy at 12.2 percent.

Officials say the investment will help bridge gaps in Nigeria’s underutilised agricultural resources, with only 20 percent of arable land currently cultivated and less than 10 percent of irrigation potential developed.

To attract and secure investor participation, the Federal Government has rolled out incentives including zero customs duties on farm machinery, tax holidays, exemptions for local sourcing, and multi-year tax credits.

“The government is expanding irrigation, developing Special Agro-Industrial Processing Zones, and strengthening digital agriculture systems to unlock Nigeria’s full agribusiness potential,” Senator Kyari stated.

He described the Forum as both a national milestone and a regional platform for West Africa and the Sahel, setting the stage for Nigeria’s participation in the upcoming Rome Hand-in-Hand Roundtable.