Mr. Tajudeen Abbas, Speaker of the House of Representatives, has announced that the legislature intends to pass legislation aimed at increasing funding for agricultural development.
The move aims to support the country’s goal of achieving food security through increased investment in the agricultural sector.
The speaker highlighted the need to diversify the country’s economy, especially in agriculture, given the unpredictable future of crude oil.
Abbas disclosed this on Monday at an event with the title, “Developing Bankable Business/Proposal Business Plans for Youth and Women in Agriculture.”
The event is a joint effort between four key organizations: the African Development Bank Group, the International Institute of Tropical Agriculture, the Nigerian Diaspora Commission, and the Nigerian Agricultural Insurance Commission.
Represented by the Deputy Speaker, Mr. Benjamin Kalu, Abbas urged the AfDB to continue its collaboration with the Committee on Cooperation and Integration in Africa, noting that the partnership is vital for advancing initiatives capable of driving significant progress across the continent.
He said: “We are dedicated to establishing a robust legislative framework that supports agricultural banks or financial institutions, enabling them to provide low-interest loans to farmers. This framework is essential for fostering a thriving agricultural economy.
“As we gather here, it is crucial to acknowledge that our over-reliance on oil as our primary export has become neither sustainable nor prudent.
“The future of oil is increasingly uncertain, especially as the global community shifts towards greener, more sustainable energy sources.
“This reality makes it not just necessary but urgent for us to explore and invest in alternative sectors, with agriculture standing out as a critical area for development.
“Agriculture and Information Technology offer a vast potential for economic growth and sustainability.
“By focusing on developing and implementing bankable business proposals, we can empower our youth and women—two of the most vital demographics in our society—to become key players in these sectors.”
“By working closely with the executive branch, we aim to launch public work programmes targeting young people, particularly in infrastructure development and agriculture.
“I urge the African Development Bank to continue its collaboration with the Committee on Cooperation and Integration in Africa.”
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