The International Institute of Tropical Agriculture (IITA) and its partners have emphasised the need for the government and private sector to collaborate and invest in agribusiness in order to attract more youths into the sector.
This was the submission at the Agribusiness Investors Network organised by the Innovative Youth in Agriculture (I-Youth) recently in Lagos. The event was put together by IITA in partnership with Mastercard Foundation and Ecobank.
In attendance were former President Olusegun Obasanjo, and representatives of African Development Bank, Lagos State government, among others.
Ken Dashiell, deputy director, general partnership for partnership and delivery, IITA, said it has become imperative for stakeholders to work together to empower the youth in transforming Nigeria’s food system.
Dashiell said the government and other developmental partners must begin to put the right policies and programmes in place to attract the youth into agriculture.
Former President Obasanjo, who is an ambassador of IITA, said that a concerted effort must be made to ensure that the funding gap in agribusiness is bridged, adding that financial institutions, investors and entrepreneurs must collaborate.
Obasanjo noted that the sector must be attractive for the youth, saying no serious entrepreneur would be interested in seeking a double-digit loan.
He explained that the agricultural sector had suffered for too long due to the lack of commitment to industry development and inadequate funding from the government as well as uncertainty from potential investors and other key stakeholders.
He stressed the need for government to invest heavily in the agricultural sector, noting that no nation has witnessed reasonable industrial development without paying adequate attention to agriculture.
Also speaking, Bolaji Lawal, managing director and regional executive of Ecobank Nigeria, stated the commitment of the bank to support any investment that will stimulate the growth of Nigeria’s economy and transform the opportunities in Nigeria into business and empowerment for the youth.
Areo Evelyn, the CEO of Farm2Fill Enterprises and beneficiary of the I-Youth project, stated that participating in IITA’s training programme impacted her entrepreneurial journey as she now offers a variety of agricultural produce to local and international markets.
Aline Mugisho, the executive manager, I-Youth Project, who spoke on ‘De-risking agro-industry investment,’ emphasised the need for stakeholders to work together to, demystify the agricultural sector’s myth around profitability, sustainability, and growth.
Mugisho said that youths were catalysts in agriculture technology and innovation scaling, and when empowered with skills and expertise, they become invaluable assets to companies.
