Dr Olabode Adetoyi, a former Commissioner for Agriculture and Food Security in Ekiti State and an Agribusiness investor, has urged the Federal and State Governments to increase the budget on Agriculture to 25% above the 10% Maputo declaration in order to rescue the nation’s economy.
He made this call while addressing Cassava Cooperative Farmers during a recent visit to his Cassava Farm in Ekiti State.
In addition to increasing the Agriculture budget, Adetoyi also advised the Government to focus on at least two key crops and livestock in each of the six Geopolitical zones and the Federal Capital Territory (FCT).
He emphasized that the provision of cheap loans with a single interest rate is essential to fund Agriculture, as no farmer can use bank loans with a 30% interest rate to do any meaningful business in Agriculture.
Furthermore, Adetoyi stressed the importance of partnerships with Tractors and farm machinery manufacturers to come to Nigeria.
He also highlighted the need for land to be made available to big commercial investors for farming, which should be devoid of community upheaval, as obtaining land at a high cost can be a barrier to investment in Agriculture.
“I want to propose that the State and Federal Government should move to 25% above 10% Maputo declaration in order to rescue the economy.
They should focus on at least two key crops and livestock in the 6 Geopolitical zones and FCT.
Other areas that attention should be given include cheap loans with single interest rate to fund Agriculture as no farmers can use bank loans with 30% to do any meaningful business.
There should be partnership with Tractors and farms machineries manufacturers to come to Nigeria.
Land should be made available to big commercial investors for farming that will be devoid of community upheaval, apart from high cost to get land,” Adetoyi stated.
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