In H1’22, foreign capital inflow into Nigeria’s agriculture sector fell 37.9% YoY due to security issues. The National Bureau of Statistics report on Foreign Capital Importation reveals that capital flow to the sector dropped to $59.17 million in H1’22 from $95.1 million in the same period in 2021. Additionally, the agriculture sector’s share of total capital inflow declined to 1.9% in H1’22 from 3.4% in H1’21. This highlights the challenges facing the sector, with farmers blaming insecurity and insufficient funding for slow growth and calling for government action to improve security and increase productivity to attract more investment.

Chief Adams Olu-Adebayo, Chairman, of the Nigeria Association of Small and Medium Enterprises (NASME), speaking at the forum, said: “When this administration came in 2015, one of its promises was to diversify Nigeria’s oil-dominated economy by investing heavily in agriculture and encouraging farming. We are in 2022, and we still understand and know where we are. “The incoming government should focus on the security of lives and properties and concentrate on food production by revamping the economy through a Public-Private Partnership.”

Source: Vanguard News

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