The Federal Government has unveiled a $3.14 billion agricultural investment plan under the Food and Agriculture Organization’s (FAO) Hand-in-Hand Initiative, aimed at boosting food production, creating jobs, and achieving national food sovereignty.
Minister of Agriculture and Food Security, Senator Abubakar Kyari, announced the initiative at the recent National and Sub-Regional Hand-in-Hand Investment Forum held in Abuja. He said the program will focus on five priority value chains including tomato, cassava, maize, dairy, and fisheries to eradicate poverty, end hunger, and build resilience in rural communities.
According to Kyari, the investment pipeline comprises $1.75 billion in federal government funding and $1.39 billion in private sector commitments, with an average internal rate of return of 14 percent.
“This portfolio is designed to lift millions out of poverty, improve food and nutrition security, and create sustainable jobs,” he said.
He added that the plan would also deliver climate benefits, including the sequestration of more than 1.2 million tonnes of carbon, and raise per-capita incomes by as much as $657.
Highlighting Nigeria’s untapped potential, Kyari said only 20 percent of the country’s 70 million hectares of arable land is currently under cultivation, with over three million hectares available for irrigation.
“This makes Nigeria one of Africa’s most attractive agricultural investment destinations,” he noted.
The minister also disclosed ongoing efforts to strengthen the sector, including the establishment of Special Agro-Industrial Processing Zones, expansion of cold-chain logistics, recapitalization of the Bank of Agriculture, and promotion of local production of farm inputs and equipment.
He assured investors of generous incentives, including tax holidays, duty-free importation of agricultural machinery, and credits for sourcing raw materials locally.
FAO Country Representative for Nigeria and ECOWAS, Dr. Hussein Gadain, commended Nigeria’s leadership and commitment to the initiative, describing it as a key driver for achieving the SDGs and Africa’s agricultural vision.
He praised Vice President Kashim Shettima’s role in mobilizing investments and the ministry’s success in developing bankable projects across critical value chains.
“These are not just pledges but concrete investments that are beginning to drive real, transformative growth,” Gadain said, calling Nigeria’s participation in the sub-regional water and irrigation program a “game-changer” for food security and climate resilience.
Head of the European Union Delegation to Nigeria, Mr. Gautier Mignot, also pledged continued EU support, noting that over €80 million has already been invested in developing key value chains across seven states.
He said the EU would work with Nigeria to expand irrigation as a driver of economic growth.
The event was attended by the Minister of Budget and National Planning, the Deputy Governor of Ebonyi State, members of the diplomatic corps, development partners, and other stakeholders.
