Private sector investment in agriculture is necessary to boost food security, hence, the need for active participation of the private sector towards the attainment of food security in Nigeria.
This assertion came weekend in Umuahia from a Michael Okpara University of Agriculture Umudike, MOUAU don and former Abia State Commissioner for Finance and Economic Development, Dr Philips Nto who said that although the government has the primary responsibility to fund the sector, the input of the private sector was urgently needed to ensure that the much talked about agriculture diversification and value chain are realized.
Dr Philips Nto, who is currently the Director, Agribusiness Incubation Centre, Michael Okpara University of Agriculture, spoke to newsmen in his officebwhile commenting on the essence of World Food Day celebration that held in Umuahia few weeks ago, notIng that the theme of the celebration,”Hand in Hand for Better Food and Better Future”, sharply drew attention to the need for private sector participation in the agricultural value chain.
According to him, governments wt all levels can initiate a policy that could make it mandatory for leading private concerns in the oil, telecom and banking subsectors among others to invest percentage of their profit after tax to any aspect of the value chain in agriculture.
“The best way to diversify the economy for optimal food security and productivity is to invest money from the non-agricultural sector to agriculture”, Nto, who was the immediate past Provost of Abia State College of Education, Technical, Arochukwu said, noting that if the federal government could through the Central Bank of Nigeria mobilize N68b to revatalize the National Theatre, Lagos, it could do more for the agricultural sector.
“Why can’t we adopt such a model in fund raising to develop agriculture and agribusiness sectors that will enhance food security and independence,’ he asked
Nto listed the long value chain range that requires private sector funding and support to include financing, input supply, production, packaging, and distribution to final consumers and expressed his convinction that a synergy among the public and private sectors along with farmers will ensure enhanced food production and ultimate food security in Nigeria.
