Why states should collaborate on food production, by LCCI

TO PROMOTE SUS TAINABLE DEVELOP MENT, job creation and address hunger, Lagos Chamber of Commerce and Industry (LCCI) has emphasised the need for states to find mutual areas of collaboration in the agribusiness value-chain.

According to the chamber, such collaboration, with a renewed focus at unveiling viable and sustainable investment opportunities in the agribusiness value chain, is critical to national economic diversification and self-reliance, especially as the coronavirus pandemic continues to disrupt global supply chains.

Toki Mabogunje, the LCCI president, at a recent webinar, themed: “Exploring Agribusiness Opportunities in Southwest Nigeria”, organised to unveil viable agribusiness opportunities in the South-West zone of the country, said the move had become imperative, following the havoc wreaked by the coronavirus pandemic on both the national and global economies.

According to her, the pandemic has brought to fore the need for a reawakening of the critical importance of economic diversification, self-reliance and backward integration.

She recalled that revenue from agriculture used to be the mainstay of the region before the oil boom of the 1970s, adding that the same thing also applied to many other parts of the country.

Mabogunje said: “Major projects like the Cocoa House were funded from revenue from agriculture. Regrettably, the advent of oil changed the story and has led to the relegation of agriculture in the scheme of things.

“As a country, we have competitive and comparative advantage in agriculture and agribusiness. This is a sector that can readily be the anchor and key driver of our economic transformation but we need the right policies, infrastructure and institutions to make this happen.

“The renewed focus on the development of the non-oil economy by the Federal Government has led to implementation of policies geared towards encouraging farmers and investors in the agribusiness value chain.

“But the sector is still grappling with numerous productivity challenges, as we have yet to harness the enormous opportunities in the agricultural space.” According to her, Africa is the new investment frontier and Nigeria, the key to opening the continent.

“Nigeria, Africa’s largest country by market size, is gradually getting the attention of international investors, who are keen on maximising profits from the country’s vast natural resources.

“Some of these resources are fertile land and export crops, including sesame seeds, cashew nuts, cocoa beans, ground,” she said.