FG Unveils Fresh Incentives to Boost Agric Investment, Create 21 Million Jobs

News in brief:

-The Federal Government has introduced fresh incentives to attract investment in agriculture, focusing on irrigation, credit access, land reforms, and mechanisation to boost food security and rural jobs.

-Vice President Kashim Shettima assured investors that the reforms will transform Nigeria into one of Africa’s most competitive agricultural markets.

The Federal Government on Tuesday rolled out new incentives to attract large-scale investment into Nigeria’s agricultural sector. Vice President Kashim Shettima announced the measures at the Food and Agriculture Organisation’s National and Subregional Hand-in-Hand Investment Forum in Abuja.

The policies, he said, are targeted at expanding irrigation, improving farmers’ access to credit, accelerating mechanisation, and generating millions of jobs in rural communities under President Bola Tinubu’s economic reform agenda.

Shettima stressed that hunger is “the great equaliser that exposes humanity’s vulnerabilities,” noting that food security is both a survival issue and a global stability concern. He assured stakeholders that ongoing reforms and public-private partnerships would make Nigeria one of Africa’s most competitive agricultural markets.

Who It Concerns

The new incentives are expected to benefit farmers, agribusiness investors, and millions of unemployed youth in Nigeria. According to Shettima, strategic investment in irrigation alone could triple yields and reduce reliance on rain-fed farming. The initiative also targets rural households by creating job opportunities through large-scale mechanisation and expanded cultivation.

Government officials, including Minister of Agriculture and Food Security Abubakar Kyari and Minister of Budget and Economic Planning Atiku Bagudu, reinforced the message, emphasising Nigeria’s vast land resources, domestic market, and the centrality of agriculture to Tinubu’s Renewed Hope Agenda. Regional and international partners such as the EU, FAO, and The Gambia also pledged support, with the EU recently committing over €80 million to agricultural value chains across seven states.

What You Should Know

Nigeria currently faces rising food prices, climate shocks, and worsening food insecurity, exacerbated by the 2023 removal of fuel subsidies and currency reforms. Despite having the natural capacity to irrigate over three million hectares of farmland, less than 10% of this potential is utilised.

At the same time, youth unemployment remains a pressing challenge, with around 80 million young Nigerians out of work out of a total youth population of 151 million. The unemployment rate has averaged nearly 23% in the last decade, one of the highest globally.

By focusing on irrigation, land reforms, credit access, and mechanisation, the government hopes to transform agriculture into a driver of rural prosperity, reduce food imports, and secure national stability.