Osinbajo, former leaders say agriculture will take Nigeria out recession

Acting President Yemi Osinbajo, former President Olusegun Obasanjo and former military Head of State Abdulsalam Abubakar, have urged Nigerians to focus more on the agriculture sector, saying it is capable of taking Nigeria out recession.

They were unanimous on
Acting President Yemi Osinbajo
this while delivering their respective speeches at the Niger State Investment Summit recently in Minna, the Niger State capital.

Osinbajo who spoke first noted that if Nigeria can successfully harness its vast agricultural potential, the country will not only ensure food security for the huge population, she will also conveniently feed 50 per cent of the African population.

He said the Federal Government has been working with the Niger State Government to reposition the state as the food basket of the nation. He urged the state government not to relent in its effort to attract serious investors and to do more to compliment Federal Government’s efforts in infrastructural development.

On his part, Chief Obasanjo said “If we have anything to take us out of recession and to lift Nigeria, it is agribusiness and not oil or minerals because it is the renewable business that we can do to sustain us and give us all the job creation and wealth creation we need in the country.”

He challenged the Federal Government to find ways of reducing the interest rate charged by banks on loan-seeking farmers, adding that high interest rate is killing agriculture and agribusinesses. “Charging of double digit interest rate by banks has caused the failure of agriculture in the country,” he said.

Gen. Abubakar urged the banks to look into their interest rate and come up with rates that would be friendly to farmers to encourage agricultural development. He described as encouraging that agriculture was taking the centre stage in the country. According to him, food would soon cease to be a challenge as investments in agriculture would have addressed it.


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