Southwest agric sector attracts N30 billion FDI

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The agricultural sector of the Southwest has attracted N30 billion in foreign direct investments (FDI) in the last four years, it was gathered on Thursday. The investments were in fisheries and poultry.

Speaking in Lagos at a forum to announce this year’s Feed Nigeria Summit, the Southwest Chairman, Poultry Association of Nigeria (PAN), Prince Olabode Adetoyi said the FDI were recorded in Ogun, Oyo and Lagos states.

He said the FDI in poultry production will boost the meat and egg market.

According to him, the FDI in the Southwest is a welcome move on the government’s part, stressing however that there were some more steps required to enhance the poultry business. He said one major step is to recognise egg as an important ingredient of healthy food.

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He urged the government to open up the sector for foreign investments because doing so will help farmers and consumers get better rates.

The Director-General, Feed Nigeria Summit, Barr Richard Mbaram, said the International Fund for Agricultural Development (IFAD) supported farmers with $17 million through its programmes. He said FDI in agriculture boost the sector.

According to him, there is a huge opportunity for more investment in the sector, adding that the summit scheduled for August 27 and 28 at Sheraton Hotel, Abuja is meant to promote the opportunities for investment in agriculture.

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