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Agric sector attracts $8bn private sector investment in 2 years

09 December 2013, 15:13

Abuja - The Minister for Agriculture and Rural Development has said that agriculture attracted private sector investment of $8 billion in the past two years.

Adesina said that the huge investment was realised because of the positive impact of the Federal Government’s Transformation Agenda on agri-business in the country.

Adesina added that the best performing stocks in the Nigerian market today were agriculture-related stocks, which he said, "perform better than banks".

According to him, agriculture is now seen as a viable and profitable sector that creates a money trail that the banks can lend to.

He said the banks were currently adapting their profit-driven business to accommodate the agriculture sector owing to the massive potentials inherent in the sector.

The Minister pointed out that through the Federal Government’s Growth Enhancement Support (GES) scheme, banks had begun to offer loans to farmers, seed companies, and agro-businesses like never before.

“Last year, the banks lent to those agro-dealers, N3.5 billion. This year, the banks lent N20 billion to those agro-dealers.”

The minister said banks’ readiness to extend the loans offered to farmers and agro-dealers testified to the significant progress that had been made in the sector.

He commended the Central Bank Governor, Lamido Sanusi, for his contribution to the growing confidence of the banks in the agriculture sector.

-   NAN


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